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Started By
Message
re: 60% of American adults don't have enough in savings to cover a $1,000 emergency
Posted on 5/9/19 at 9:08 am to GreatLakesTiger24
Posted on 5/9/19 at 9:08 am to GreatLakesTiger24
Bean counters.
0
Posted on 5/9/19 at 9:08 am to LSU0358
quote:this.....
I have the second to third highest salary at my office. I have a beat up 12 year old truck. The number of $50 to $60K+ trucks and cars in our lot astounds me. I'd never think of paying that much for a car and people that don't make near as much money as I do have a new $50K+ vehicle every 3 to 5 years. After car notes and house payments there just can't be that much left over.
Posted on 5/9/19 at 9:09 am to LSU0358
quote:
I have the second to third highest salary at my office. I have a beat up 12 year old truck. The number of $50 to $60K+ trucks and cars in our lot astounds me. I'd never think of paying that much for a car and people that don't make near as much money as I do have a new $50K+ vehicle every 3 to 5 years. After car notes and house payments there just can't be that much left over.
This very typically holds true.
People that actually have money don't flaunt it and a lot of times you'd never know it. People who don't have money like to look like they have money.
One follows the other. If you have lots of nice shite, it's probably financed and youre broke and in debt, especially if you're under 40. For the people who have money but don't look like it, well, that's why they have money.
My wife and I have older vehicles that are paid off. In fact, every one of them was paid in cash. We don't even pay to have them repaired. I do all the repairs myself. Our house is a modest little 1600 square foot house in an unincorporated area that we bought on the cheap and I renovated myself by buying materials with whatever cash we had left over from the previous week. Because we bought it so cheap we were able to pay it off in 4 years. We have no debt at all.
Because of all this, we have more disposable income than we can spend. We can afford anything we choose to afford now and pay cash yet my wife coworkers are flummoxed that we still drive around a beat up 17 year old economy car while the Mercedes sits in the garage collecting dust and all my baws are incredulous that we drive around in that economy car when I have a 12mpg lifted baw truck sitting in my driveway.
Some people just live in the moment and lack impulse control. Others have a plan.
Posted on 5/9/19 at 9:10 am to Tyga Woods
quote:
My bro in law is constantly buying boats, atv’s, yeti’s, etc and last week had to borrow $1100 from me when his a/c went out
And you gave it to him? Come on man
Posted on 5/9/19 at 9:12 am to wasteland
quote:
180k cc debt
Not doubting it.
But, how does that happen?
Posted on 5/9/19 at 9:13 am to GreatLakesTiger24
Where do they come up with these statistics. Nobody ever asked me this question
Posted on 5/9/19 at 9:13 am to choupiquesushi
I remember being younger and driving through the country and seeing all these old fat dudes with their suspenders and long beards putzing around their 40 acres full of cars, heavy equipment, tractors, all their little outbuildings and sheds, boats, sawmill, horses and cows, etc and thinking to myself, what a bunch of poor rednecks.
Now I realize, holy shite. Those dudes are/were loaded. It cost a fortune to acquire all that shite. I know because I'm trying to acquire all that shite.
Now I realize, holy shite. Those dudes are/were loaded. It cost a fortune to acquire all that shite. I know because I'm trying to acquire all that shite.
Posted on 5/9/19 at 9:17 am to notsince98
quote:
Anyone with a minimum wage job should be able to have $1k sitting somewhere for an emergency.
That's not true at all.
Minimum wage is nothing and if you have children/dependents, it can be very tough to save money on that wage.
That being said, I have an emergency fund that is separate from savings that I keep $3k in. I will never touch it probably, but it makes me feel all warm and cozy knowing its there.
Posted on 5/9/19 at 9:27 am to nola000
quote:this is very overstated
People that actually have money don't flaunt it and a lot of times you'd never know it
Posted on 5/9/19 at 9:39 am to nola000
quote:
My wife and I have older vehicles that are paid off. In fact, every one of them was paid in cash. We don't even pay to have them repaired. I do all the repairs myself. Our house is a modest little 1600 square foot house in an unincorporated area that we bought on the cheap and I renovated myself by buying materials with whatever cash we had left over from the previous week. Because we bought it so cheap we were able to pay it off in 4 years. We have no debt at all.
Very nice.
I'm not in that good of shape, though our only debt is the house note. I contemplate throwing more money at it, but at 4% interest I'm in no hurry.
Posted on 5/9/19 at 9:41 am to Tyga Woods
quote:
My bro in law is constantly buying boats, atv’s, yeti’s, etc and last week had to borrow $1100 from me when his a/c went out
Should have traded him for something.
Posted on 5/9/19 at 9:48 am to tigeraddict
quote:
on a side note, two weeks ago my compressor went out on my 4 ton unit, so i replaced the entire condensing unit. $1200 for the condenser and $200 cash for the tech. moved some money around from my accounts. Then the following week i get a check back from the dentist for $750 as insurance actually covered my daughter procedure, and then got back another $180 from the hospital for a bill we over paid a year ago. having to move money back into accounts.
This post was edited on 5/9/19 at 9:51 am
Posted on 5/9/19 at 9:49 am to LSU0358
quote:
I'm not in that good of shape, though our only debt is the house note. I contemplate throwing more money at it, but at 4% interest I'm in no hurry.
Paying off your house will be the biggest relief of your life. At least it was for us. You have three basic necessities. Food, water and shelter. To think that one of those cost hundreds of thousands of dollars just to buy in, not even considering the upkeep, and to think that you won't even actually own it until 30 years has elapsed, is unsettling. To say the least.
Then imagine that despite all the haggling that goes on during the negotiations of buying that house, that after that 30 years has elapsed, considering interest, you will have actually paid nearly four times what the original owner was actually asking for the house. Yeah. frick that noise. Pay that bitch off as soon as possible.
This post was edited on 5/9/19 at 9:49 am
Posted on 5/9/19 at 9:50 am to GreatLakesTiger24
quote:
$1,000 emergency
For an OT baller's wife that's like a broken nail.
Posted on 5/9/19 at 9:51 am to nola000
quote:
Then imagine that despite all the haggling that goes on during the negotiations of buying that house, that after that 30 years has elapsed, considering interest, you will have actually paid nearly four times what the original owner was actually asking for the house. Yeah. frick that noise. Pay that bitch off as soon as possible.
Generally , this is terrible financial advice.
Posted on 5/9/19 at 9:51 am to GreatLakesTiger24
To be fair, they may have just used average savings accounts. I barely have any in my savings in my banks just keep it in checking. It gains so little I really could care less. Been researching investing on my own for some time but waiting till comfortable enough to do it with as much knowledge as possible.
Posted on 5/9/19 at 9:51 am to nola000
quote:
People that actually have money don't flaunt it and a lot of times you'd never know it. People who don't have money like to look like they have money.
One follows the other. If you have lots of nice shite, it's probably financed and youre broke and in debt, especially if you're under 40. For the people who have money but don't look like it, well, that's why they have money.
As someone who lives in a place surrounded by people with money, I find the cliche that "people who actually have money don't buy expensive/flashy things" to be absurd. You don't really believe this.
That's not to say there aren't many wealthy, yet modest, folks out there who have little interest in fancy toys. The type and quantity of luxury items will vary per person, and per region, but how out of touch would someone have to be to think that wealthy people, generally speaking, don't spend money on luxuries and status symbols (large homes, cars, boats, jewelry, clothes, furniture, travel, etc.)? This is basically something that people without money tell themselves so they don't feel that they're missing out.
My boss shops the sale rack at Dillards, wears old shoes, and has zero interest in travel or fancy dining. But he has 2 homes, a Carrera GTS, and a collection of $10k+ watches.
This post was edited on 5/9/19 at 9:53 am
Posted on 5/9/19 at 9:52 am to GreatLakesTiger24
quote:
this is very overstated
I'm aware. I was engaging in hyperbole to make a point.
It annoys me when I see all these fiscally ignorant fools envious of these braggadocious broke backs walking that razor-thin edge of bankruptcy, oogle and turn green With envy without even realizing how weak of a financial position those people have put themselves in and then turn around and look down their nose at people like me and my wife who think we are poor because of our lifestyle.
This post was edited on 5/9/19 at 9:54 am
Posted on 5/9/19 at 9:54 am to Pecker
quote:
As someone who lives in a place surrounded by people with money, I find the cliche that "people who actually have money don't buy expensive/flashy things" to be absurd.
I'd be willing to bet half those folks don't have as much as you think.
Keeping up with the Jones's is serious bidness for some.
Posted on 5/9/19 at 9:55 am to JohnnyKilroy
I keep seeing people say things like paying off these huge debts is bad financial advice. I'm assuming because they think you can get a better return with that money somewhere else.
I'm not arguing with you but I'd like to see the numbers on it. I don't play in money markets. I only invest in hard assets because I'm risk-adverse
I'm not arguing with you but I'd like to see the numbers on it. I don't play in money markets. I only invest in hard assets because I'm risk-adverse
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