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re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
Posted on 5/9/19 at 9:58 am to Pecker
Posted on 5/9/19 at 9:58 am to Pecker
Already responded to this but yeah, I agree with you. I guess I should be more specific. Just because you have a lot of assets or make a lot of money doesn't mean you're cash-rich. A lot of these people are cash poor and have to leverage assets to create liquid. Or, should there be a disruption in their cash flow, shite falls apart really quickly.
To me, that's not what rich is. Rich is not about a number. To me it's more about flexibility and security.
To me, that's not what rich is. Rich is not about a number. To me it's more about flexibility and security.
This post was edited on 5/9/19 at 10:00 am
1
Posted on 5/9/19 at 10:13 am to nola000
quote:
A lot of these people are cash poor and have to leverage assets to create liquid. Or, should there be a disruption in their cash flow, shite falls apart really quickly.
To me, that's not what rich is. Rich's last about a number and more about flexibility and security.
If you have money, it shouldn't be sitting in a savings account. It should be in real estate or securities. A disruption in cash flow could lead to liquidation of assets (some depreciating), but the fact that you have that option speaks to your financial flexibility. My boss could sell his vacation home for $600k (or car for $100k+, or watches for $'x'k) tomorrow if he needed cash.
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