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re: We have saved 60k and my fiancée and I have no debt please help.
Posted on 8/21/17 at 8:08 am to AcetylCoA
Posted on 8/21/17 at 8:08 am to AcetylCoA
quote:
young black male
quote:
We are both Black
quote:
My credit score is 749 with a 2 year history.
quote:
Her credit score is 724
First, make sure you are logging into the Black MyFICO portal, because you know, white people have a different credit scoring model than black people. I'm not sure how the credit bureaus know the race of a person, because it is not reported on one's credit file, but these people are good at their job.
Second, make sure you have enough emergency cash on hand. Actual cash. I personally recommend $1K to $2K.
And before we go any further, total up all of your living expenses. And once you have, ensure that you have 6 months worth of living expenses stocked away in a money market or savings account. Be liquid, in case you need access to it quickly.
You're not looking to make any real interest of these two suggestions I have given to you. Do these two steps before you look into any long term investment options.
Finally, race does not matter unless you make it matter.
This post was edited on 8/21/17 at 8:09 am
2
Posted on 8/21/17 at 10:10 am to Will Cover
quote:
GFunk
Thanks for linking those courses. It is awesome that free courses are offered in Finances and Money Management.
quote:
Will Cover
Thank you for post. Sorry for posting my race I see that it was a terrible idea that derailed the thread.
We will definitely total up or living expenses for the next six months. I never heard of a money market before your post so I will do research and learn. Thanks.
Posted on 8/21/17 at 10:20 am to Will Cover
quote:
Second, make sure you have enough emergency cash on hand. Actual cash. I personally recommend $1K to $2K.
I don't see the point in this at all. It may take a day or two to access your emergency fund, but I assume everyone keep money in their Bank accounts. There's no different between that and cash except cash is easier to steal/is less secure. Plus if you really get in a cash bind you can use a credit card.
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