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Forum » 40% of Americans can't cover a $400 emergency expense
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Thread: 40% of Americans can't cover a $400 emergency expense

post 1552138241 05-23-2018, 09:01 AM
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Originally Posted By Destor⏩
This article is advocating having a chunk of money just sitting in your bank account. If you’d need to pull money out of investments at that moment to cover an unexpected expense, you’d fall into the 40% here

I wouldn’t have money just sitting around, it’s either in my account for bills or is working in some other way. If a $400 expense came up I’d throw it on the credit line, pay it off next cheque, and eat the 10 cents of interest charges. Big fukn deal

Edit: In a more realistic scenario, it would probably go on the credit card. And the credit card bill wouldn’t come out until whenever, by which time the $400 would already be absorbed by my regular cash flow and would accrue no interest. But it would still qualify as “borrowing” under the article’s criteria
Can’t pay your mortgage with a credit card. Having 6 months worth of expenses sitting in a high interest savings account isn’t a bad idea. You never know what could come up where you need the cash immediately.
post 1552138461 05-23-2018, 09:04 AM
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Originally Posted By IH8RICE⏩
Can’t pay your mortgage with a credit card. Having 6 months worth of expenses sitting in a high interest savings account isn’t a bad idea. You never know what could come up where you need the cash immediately.
You can always liquidate investments in an emergency. I don't like having cash laying around. I have $9k in my checking right now and I cant wait to invest it into something that actually produces me some ROI. Would rather have $3k in checking MAX.
post 1552138751 05-23-2018, 09:09 AM
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Originally Posted By HMFIC_BROWSIN⏩
You can always liquidate investments in an emergency. I don't like having cash laying around. I have $9k in my checking right now and I cant wait to invest it into something that actually produces me some ROI. Would rather have $3k in checking MAX.
this too, if i got 100k in a IRA and some houses with some equity im doin alright even if i put my wisdom teeth on my capital one because i am too lazy to check and see if my mortgage line up with my kids daycare note (potentially(actually) well over 3 large combined).

maybe i would rather keep a few large in the check account because i got traumatized by overdrafting 3 times when i was 17 years old.
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post 1552138781 05-23-2018, 09:09 AM
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Originally Posted By HMFIC_BROWSIN⏩
Saving 75%+ of income crew...

Spending is the exception of the rule for me these days.

I accumulate several thousands into investments every month as the majority use of my money.

Kind of surreal watching the portfolio balances swinging around the way they do.
Yeah, on any given day my net worth swings about $3-5k.

I've had some days where I gain/lose over $10k.

Last year with the massive market gains, my portfolio actually outearned my salary.
post 1552139021 05-23-2018, 09:11 AM
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Originally Posted By Dan_S⏩
Yeah, on any given day my net worth swings about $3-5k.
u look at ur chit every day? adrenaline junky?
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post 1552139131 05-23-2018, 09:13 AM
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The people in power could eliminate poverty through population control and socialism (not advocating, just saying). There is guaranteed to be poverty in the USA given the economic structure. However, on an individual level, you do have the ability to not be in poverty. It takes different levels of effort to get there based on several factors.
Work hard
Enjoy yourself
Do the right thing
Compound your interest
post 1552139231 05-23-2018, 09:15 AM
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Originally Posted By FL_Z32⏩
I'd be so stressed out if I didn't have at least $8k cash in my checking account.
this.. wtf in a full time student and consider myself poor af but even after tuition and books I make sure to have absolutely no less than 5k and that makes me feel poor af. also I have a poverty part time job maybe raking in 2k a month lol
i voluntarily joined the pepperoni nips crew

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post 1552139311 05-23-2018, 09:16 AM
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Originally Posted By AltarOfPlagues⏩
I and they choose and re-choose this life because we dont want to live in a trailer like you dawg, no hate.

no hate for living in a trailer i mean, i do hate you personally though lol.
so much pride that could have been swallowed but instead you choose to swallow your bosses semen instead
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post 1552139571 05-23-2018, 09:21 AM
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Originally Posted By ashin1⏩
so much pride that could have been swallowed but instead you choose to swallow your bosses semen instead
thats right man. what threads have you got for us today?
do not read my posts and weep, i am not there i do not sleep
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of memes and trolls in toasted breads, i am not there, i am not dead.
post 1552139611 05-23-2018, 09:21 AM
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I used to do credit counseling when I did home loans and most people spend stupidly with no thought of tomorrow. A lot of people make decent money and simply spend it all and go into debt.
A million miles away - I don't.. feel.... anything.
http://www.youtube.com/watch?v=PXGZu4yxjW0
post 1552139661 05-23-2018, 09:21 AM
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Originally Posted By Willful⏩
Happens more often than not! Some men ignore their debts (credit card, student debt, etc.), get tied down with a kid or two, as well as a spouse who has their own debts, and then the spouse doesn't work (or does but their debt is huge). Spending is out of control because "oh I make 6 figs I can go out to a restaurant every day and hit up bars on the weekends," and then they get tied up with car payments for a vehicle worth $20k+ where the interest is 20-35% due to a chitty credit score.
I barely make 6 figs, go out to eat A LOT, hit the bars often, and will still be retired at 42. Paid for all my own college and expenses since 18. People literally burn their money.
Work hard
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Compound your interest
post 1552139761 05-23-2018, 09:23 AM
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I have a fear of being homeless.. srs

so I save as much as I can. 50% of my income roughly.
post 1552139791 05-23-2018, 09:24 AM
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Originally Posted By DatFeelGuy⏩
I barely make 6 figs, go out to eat A LOT, hit the bars often, and will still be retired at 42. Paid for all my own college and expenses since 18. People literally burn their money.
i wanna say by the time both my sons are in public school they will have cost me 150 large total in pure childcare. leave alone medical bills, getting a bigger house, being unable to relocate, feeding them, etc etc etc

kids are the absolute worst.
do not read my posts and weep, i am not there i do not sleep
i am the thousand greens that rep, i am the ban bet dutifully kept
of memes and trolls in toasted breads, i am not there, i am not dead.
post 1552139811 05-23-2018, 09:24 AM
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Originally Posted By DatFeelGuy⏩
The people in power could eliminate poverty through population control and socialism (not advocating, just saying). There is guaranteed to be poverty in the USA given the economic structure. However, on an individual level, you do have the ability to not be in poverty. It takes different levels of effort to get there based on several factors.
Socialism will simply encourage more rotting if people simply got paid to sit at home and play games/rot.
A million miles away - I don't.. feel.... anything.
http://www.youtube.com/watch?v=PXGZu4yxjW0
post 1552140041 05-23-2018, 09:27 AM
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How can America save when the new iPhone, new Playstation, new 4K TV, etc is coming out?!?!
On a serious note live below your means....
post 1552140081 05-23-2018, 09:27 AM
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Originally Posted By AltarOfPlagues⏩
u look at ur chit every day? adrenaline junky?
No. I'm just saying a day like yesterday's 0.74% increase in the market, while tiny, is still a pretty massive swing in my net worth (almost an order of magnitude larger than the $400 so many people can't cover). Granted, we're talking net worth and not cash, but this thread has sort of gone a different direction.



Anyway, I want to address the question of why save a massive portion of your income. Just saying financial independence is the answer, but it doesn't tell the full story.

For instance: A lot of people here really like lifting. Maybe you want to spend your time being a personal trainer? But personal trainers don't make crap for money. But what if you've saved enough in your 20's that you don't "have" to work anymore; your investments cover all of your expenses. You could quit your desk job and become a personal trainer with your own hours. If the gym you're training people at sucks and they force rules on you that you don't like? Quit and find another one. In the meantime you won't have a paycheck from it, butit won't matter, because you didn't need the money.

Financial independence is freedom.

My wife and I have changed our plans, but we now intend to look at going part time at our current jobs in 25 months (July 2020); working just 3 days a week. I'll be 36 years old. We'll use those 4 day weekends every single week to figure out what we really want to do in retirement. I'm expecting to only do that for 18 months before we can completely early retire.
post 1552140141 05-23-2018, 09:28 AM
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#77
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great book: "stop acting rich" by Thomas J Stanley.

This book puts into perspective what it means to be wealthy, and how the numbers can be scaled down for middle class folk. example: someone with $10million net worth buys a $300k car. Their car is only 3% of their net worth. The equivalent of this for someone with a $1million net worth would be a $30k car. Or a $100k net worth would be a $3k car.

Rich people have flashy things, but the reality is that they are usually being a lot more financially conservative with a $300k car than the average american is with their $50k car.

It's all relative, and people get sucked into the shallow material things without realizing how much more is behind the math than just a yellow lambo.
post 1552140151 05-23-2018, 09:28 AM
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#78
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I get really anxious when i dont have enough in my accounts to cover 1-2 months of encase things happen money.
Misc BJJ crew
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post 1552140161 05-23-2018, 09:28 AM
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Originally Posted By DatFeelGuy⏩
People literally burn their money.
Well some people like me can't afford heating appliances you inconsiderate ******* . suck my dick *******. suck my dick
I'll see you on Mount Olympus
post 1552140351 05-23-2018, 09:33 AM
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Originally Posted By HMFIC_BROWSIN⏩
great book: "stop acting rich" by Thomas J Stanley.

This book puts into perspective what it means to be wealthy, and how the numbers can be scaled down for middle class folk. example: someone with $10million net worth buys a $300k car. Their car is only 3% of their net worth. The equivalent of this for someone with a $1million net worth would be a $30k car. Or a $100k net worth would be a $3k car.

Rich people have flashy things, but the reality is that they are usually being a lot more financially conservative with a $300k car than the average american is with their $50k car.

It's all relative, and people get sucked into the shallow material things without realizing how much more is behind the math than just a yellow lambo.
This. And it's all very basic math lol.
Work hard
Enjoy yourself
Do the right thing
Compound your interest
post 1552140421 05-23-2018, 09:34 AM
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Originally Posted By RyanT7⏩
Well some people like me can't afford heating appliances you inconsiderate ******* . suck my dick *******. suck my dick
Cheer up there, pal. You can do my landscaping if you can catch a ride from Aussieland.
Work hard
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Compound your interest
post 1552140451 05-23-2018, 09:35 AM
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yea i was just genuinely curious bc i dont personally know what i would do with my free time. financial independence i dont get, restart to be a personal trainer makin your own hours i definitely get.
do not read my posts and weep, i am not there i do not sleep
i am the thousand greens that rep, i am the ban bet dutifully kept
of memes and trolls in toasted breads, i am not there, i am not dead.
post 1552140601 05-23-2018, 09:37 AM
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Originally Posted By DatFeelGuy⏩
This. And it's all very basic math lol.
yep.

If a rich person is buying grey goose.... should you also buy it just because you can? what is the percentage of your net worth purchasing grey goose compared to a millionaire.... lol.

stick to the plastic jug vodka and become wealthy instead.
post 1552140611 05-23-2018, 09:37 AM
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Originally Posted By AltarOfPlagues⏩
i wanna say by the time both my sons are in public school they will have cost me 150 large total in pure childcare. leave alone medical bills, getting a bigger house, being unable to relocate, feeding them, etc etc etc

kids are the absolute worst.
They're damn expensive...That is for sure. I'll have to work a few extra years if I go that route.
Work hard
Enjoy yourself
Do the right thing
Compound your interest
post 1552140751 05-23-2018, 09:39 AM
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Originally Posted By AltarOfPlagues⏩
yea i was just genuinely curious bci dont personally know what i would do with my free time.financial independence i dont get, restart to be a personal trainer makin your own hours i definitely get.
you lack passion brah srs
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post 1552140991 05-23-2018, 09:43 AM
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But I bet you they all have the latest iphone.
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post 1552141281 05-23-2018, 09:46 AM
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Originally Posted By HMFIC_BROWSIN⏩
You can always liquidate investments in an emergency. I don't like having cash laying around. I have $9k in my checking right now and I cant wait to invest it into something that actually produces me some ROI. Would rather have $3k in checking MAX.
Originally Posted By AltarOfPlagues⏩
this too, if i got 100k in a IRA and some houses with some equity im doin alright even if i put my wisdom teeth on my capital one because i am too lazy to check and see if my mortgage line up with my kids daycare note (potentially(actually) well over 3 large combined).

maybe i would rather keep a few large in the check account because i got traumatized by overdrafting 3 times when i was 17 years old.
We keep about 6k in a HISA and invest the rest. Because I have a family, I want a little more cushion just in case I need to pull cash out. You never really know what can happen.
post 1552141481 05-23-2018, 09:48 AM
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Originally Posted By ashin1⏩
you lack passion brah srs
thanks breh, but you even suck at miscing, so you'll excuse me if i take your critique with a grain of salt
do not read my posts and weep, i am not there i do not sleep
i am the thousand greens that rep, i am the ban bet dutifully kept
of memes and trolls in toasted breads, i am not there, i am not dead.
post 1552141651 05-23-2018, 09:52 AM
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Originally Posted By HMFIC_BROWSIN⏩
great book: "stop acting rich" by Thomas J Stanley.

This book puts into perspective what it means to be wealthy, and how the numbers can be scaled down for middle class folk. example: someone with $10million net worth buys a $300k car. Their car is only 3% of their net worth. The equivalent of this for someone with a $1million net worth would be a $30k car. Or a $100k net worth would be a $3k car.

Rich people have flashy things, but the reality is that they are usually being a lot more financially conservative with a $300k car than the average american is with their $50k car.

It's all relative, and people get sucked into the shallow material things without realizing how much more is behind the math than just a yellow lambo.
probably because a large proportion of their networth is invested. It's not like rich people just keep $100 million untouched as deposit. if you look at businesses a fairly large proportion is considered fixed capital. only a small fraction of equity capital (~5 to max 15% ? ) is cash or cash equivalent.

so if you say a person has 10% of their total networth liquid, and they spend 3% of their networth on stuff like cars, that means they spend 30% of their cash or cash equivalents on private stuff.
post 1552141801 05-23-2018, 09:53 AM
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Originally Posted By AltarOfPlagues⏩
yea i was just genuinely curious bc i dont personally know what i would do with my free time. financial independence i dont get, restart to be a personal trainer makin your own hours i definitely get.
You don’t have to. If you’re financially free you can take all the time in the world to come up with a plan. Of course it’ll be more beneficial to know before retiring early though.
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