- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: 47% say they couldn't cover emergency $400 expense with cash
Posted on 6/1/15 at 9:16 am to Fat Bastard
Posted on 6/1/15 at 9:16 am to Fat Bastard
0
Posted on 6/1/15 at 9:22 am to lsufan1971
quote:
47% say they couldn't cover emergency $400 expense with cash
Posted on 6/1/15 at 9:27 am to Huey Lewis
quote:
It sickens me that a couple of those people will just stumble through life with incredible luck anyway, living to be very old without ever having any serious illnesses etc and what have you. Their biggest emergency will be the shake machine is down at McDonald's.
Why does that sicken you? I would think you'd hope everyone is so lucky.
Posted on 6/1/15 at 9:30 am to LNCHBOX
quote:
Why does that sicken you? I would think you'd hope everyone is so lucky.
Posted on 6/1/15 at 9:34 am to JayDeerTay84
This thread is the backbone of why we need government assistance on saving right? 
Posted on 6/1/15 at 9:37 am to NewIberiaHaircut
That's the ones expecting social security to be there for them as well without understanding how that scheme works. If only I could take my social security taxes and put that into my real estate and tell the government to frick off.
Posted on 6/1/15 at 9:39 am to JayDeerTay84
(no message)
This post was edited on 10/2/20 at 10:46 pm
Posted on 6/1/15 at 9:46 am to lsufan1971
quote:
No real shocker. I know several people that neither save for emergencies or retirement. These same people buy new 60" TV's and drive cars with 500-600 car notes.
Jesus.
I'm still pretty young, so I only keep a thousand liquid, but I'm working on maxing out my Roth every year, pumping money into a mutual fund so I can buy a house in 3 years or so, and that's on top of LASERS.
Posted on 6/1/15 at 9:47 am to Huey Lewis
Your position is understood. There's a happy medium to all this. I'd like to see numbers on a few things.
How many actually tried to be responsible for retirement and just had a bad run of luck to where social security is all they had
And
How many really just don't GAF???
My dicks been knocked in the dirt plenty times. Medical bills. Losing jobs. Deep debt. By my standards I'm nowhere near where I should be for my age. But I made no excuses and bounced back.
Then I look At the rest of the country and feel much better and that I am very close to being financially independent.
How many actually tried to be responsible for retirement and just had a bad run of luck to where social security is all they had
And
How many really just don't GAF???
My dicks been knocked in the dirt plenty times. Medical bills. Losing jobs. Deep debt. By my standards I'm nowhere near where I should be for my age. But I made no excuses and bounced back.
Then I look At the rest of the country and feel much better and that I am very close to being financially independent.
Posted on 6/1/15 at 9:49 am to Huey Lewis
quote:
It just does.
Congrats on being sickened by people having happy lives.
quote:
It's not that I hope bad things happen to them so that I can say "told you so," it's just that...yeah I do
How do I put this lightly.... go frick yourself. ETA: What you're saying is along the lines of someone saying "I hope you die young and pinched pennies and did all that preparation for retiring for nothing."
This post was edited on 6/1/15 at 9:51 am
Posted on 6/1/15 at 9:50 am to Huey Lewis
quote:
It just does. I hate when people that don't plan get lucky and feel validated for not planning. It's like people that don't own guns or lock their doors and never get home invaded and then preach about how you just need to live your life and not be scared of boogeymen. It's not that I hope bad things happen to them so that I can say "told you so," it's just that...yeah I do.
There should be some clarification on what an emergency is..
I work with a guy that had a severely disabled daughter. At the time she was born, he was making very good money in the upper middle class range.
He made far to much money to qualify for the medical assistance he needed and had to quit his job and become a farmer to qualify for the benefits to get his daughter the care she needed.
I ask the question from the standpoint of a true emergency. Upwards of 50K.
To me, it is not an emergency if you lose a job or have a transmission go out. You can cut lawns to pay for those things.
My point is, bad things are all but covered for most people.
Even if you save diligently, you can have it all wiped out with one medical expense and back at square one. Would you feel better about your self then?
Posted on 6/1/15 at 10:03 am to lsufan1971
Thankfully I am in the 53% that can cover a $400 emergency. Although my cash emergency savings is not as much as I want, I feel I can handle most emergencies without borrowing or selling anything.
Its a shame how little Americans save. People would not have survived in the 40s and 50s.
Its a shame how little Americans save. People would not have survived in the 40s and 50s.
Posted on 6/1/15 at 10:12 am to ThatsAFactJack
Yeah, if you asked me right now if I had enough savings to cover an emergency, I would have to say it depended on the emergency. Just in the past 3 months we've had 2 big car repair bills, an a/c unit replaced at the house, and a couple of other large unexpected expenses. So our savings is pretty depleted at the moment. We do have a HELOC we could tap into should another emergency arise, but we should have the savings back where we want in in a couple of months.
Seems our large expenses always hit at one time every year, and it's always at the beginning of the summer.
Seems our large expenses always hit at one time every year, and it's always at the beginning of the summer.
Posted on 6/1/15 at 11:03 am to ThatsAFactJack
Funny though how people made it before LBJ's great society programs and FDR's new deal.
Posted on 6/1/15 at 11:52 am to lsufan1971
I sweat when my checking drops below $5000.
I know of one guy that is overdrawn in his checking more than $700 and has two new cars and a house more than double mine's size (with a heloc). I couldn't sleep at night in his situation.
I know of one guy that is overdrawn in his checking more than $700 and has two new cars and a house more than double mine's size (with a heloc). I couldn't sleep at night in his situation.
Posted on 6/1/15 at 3:19 pm to kaaj24
quote:
Some people make well into six figures but still have no net worth.
All while living in very expensive homes.
My accountant told me he has clients (surgeons, executives) that haven't filed income taxes in years.
If you have a million in cash and 2 million in debt, that is not a good thing.
Many people who make a ton of money live way beyond their means.
We lived below our means and are now reaping the reward of no debt, would not substantially have to lower our living standards if both of us quit work tomorrow, and can pretty much do what we want.
Posted on 6/1/15 at 3:23 pm to Patrick_Bateman
quote:
I bet if you asked the same 47%, they would be able to cover a new car note or new iPhone, though.
Demographics and situation at time of survey - when we had our first son 12yrs ago we were put in this 47% - Down syndrome, 6wks early, and open heart surgery - It is surprising how quickly you drain your savings especially going to one income and having substantial medical bills. A $400 expense would have gone on a credit card during this time of our lives. I would do it again in a heart beat if I had to, your worth in a savings account or 401K is only a number - you put your emergency fund away based on how you live now, so unless the only emergency you are saving for is getting laid off and having to find a new job you should be OK, that wasn't our emergency.
We had about 6mnths worth of emergency money in our savings account during this event...
This post was edited on 6/1/15 at 3:59 pm
Posted on 6/1/15 at 3:26 pm to swanny297
quote:
Demographics and situation at time of survey - when we had our first son 12yrs ago we were put in this 47% - Down syndrome, 6wks early, and open heart surgery - It is surprising how quickly you drain your savings especially going to one income and having substantial medical bills. A $400 expense would have gone on a credit card during this time of our lives. We had about 6mnths worth of bills in our savings account at the time...
People here would classify you as a ****** who couldn't count to 10 and had 100 iPads.
Yet, you were simply dealing with your cards.
This post was edited on 6/1/15 at 3:36 pm
Posted on 6/1/15 at 3:43 pm to JayDeerTay84
(no message)
This post was edited on 6/1/15 at 3:59 pm
Posted on 6/1/15 at 3:44 pm to eye65
Page 2 of 3
Back to top
Follow TigerDroppings for LSU Football News