I read this thread with interest and would life to share my own story.
I was a high-flying investment hotshot until 2009 when I was retrenched in 2008 during the last crisis. Losing a $400k a year salary package and lifestyle is not easy. It was very painful for me and my family. I had to give up my 7 Series and downgrade to a Japanese 1.6. I sold my Bukit Timah landed and move to a cheaper landed, paying in full.

Today, I live simply. My children go to our top local schools, and I settled for a job paying me only $60k a year. We as a family are now closer and my children become nicer children and stopped being spoilt. I am saving the rental incomes from my fully paid investment properties (left only two today) to send my children overseas to further their education.

Humans have the ability to adjust, if I can still survive the fall from the top of the social ladder and still survive, so can you.