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re: How many of you have a six month emergency fund?
Posted on 4/7/20 at 7:57 pm to oilattorney4lsu
Posted on 4/7/20 at 7:57 pm to oilattorney4lsu
I have a 2 year emergency fund and that doesn’t include my 13 rental properties equity. And I’m an educator...
0
Posted on 4/7/20 at 7:58 pm to oilattorney4lsu
Good to go here. Year-ish. Probably way longer if necessary
This post was edited on 4/7/20 at 8:02 pm
Posted on 4/7/20 at 8:06 pm to aubie101
quote:
How many of you have a six month emergency fund?
Easy.
quote:I’m sorry for anyone who’s in a bind or been laid off but on the same note though I’m actually better off now than before since were not going out as much and telling the wife we need to watch our spending in case of an emergency. The stimulus check we’re expecting will just be lagniappe so that’s even more in our savings.
I am good. I am trying to hold back spending in case family members need help. I know some of my family may be in a bad spot soon.
Plus Ive been able to work from home all day on my own so finally jumped into the market with my own savings for the first time when we went below 20k. I’ve made decent returns so far so thus far the corona flu has been good to us financially!
Posted on 4/7/20 at 8:10 pm to oilattorney4lsu
Yes but more importantly, I have 20k + rounds of ammo!
GOOD AS GOLD.
GOOD AS GOLD.
Posted on 4/7/20 at 8:20 pm to oilattorney4lsu
I got one trillion sitting in an offshore account garnering .000004 percent interest.
Posted on 4/7/20 at 8:28 pm to RTM4
Add inflation maybe??? I don't see how we don't get inflation.
I'd be good for a while (6 months) and could stretch some stuff, I have a lot of decent assets, but man when the country is broke gonna be hard to unload them and even if I did it would be a % of what they are worth today.
If I sold it all, proll a couple of years, man would that suck. Now you know why I am so worried/pissed off. We worked hard for that stuff, and it could be gone with the declaration of the FLU.
I'd be good for a while (6 months) and could stretch some stuff, I have a lot of decent assets, but man when the country is broke gonna be hard to unload them and even if I did it would be a % of what they are worth today.
If I sold it all, proll a couple of years, man would that suck. Now you know why I am so worried/pissed off. We worked hard for that stuff, and it could be gone with the declaration of the FLU.
Posted on 4/7/20 at 8:36 pm to oilattorney4lsu
I believe the less you make, the less likely you are to have a 6 months reserve.
This post was edited on 4/7/20 at 8:36 pm
Posted on 4/7/20 at 8:37 pm to FightingTigers138
quote:
Your post didn't make any sense. I'm just trying to save you from looking stupid in front of real people
A liquid asset is cash on hand or an asset that can be readily converted to cash. So after my cash is gone I would convert those other assets, sorry you're stupid and dont know the full definition.
Posted on 4/7/20 at 8:47 pm to catholictigerfan
quote:
You got to save some but there can be too much savings. The national average is .09 APY, there are easy alternatives to getting a much better return on your money than a savings account. I’m not saying drain you savings account but why not invest when you have money sitting around?
My definition of savings includes retirement savings via 401ks and IRAs and taxable brokerage accounts. I max my 401k and Roth IRA every year and I save in a taxable brokerage account.
I am not suggesting saving all your money in a traditional savings account with a bank.
Posted on 4/7/20 at 10:03 pm to ItNeverRains
quote:I agree. HELOCs are great, but the borrower has to be smart. Pay more than the minimum monthly payment, and don't buy dumb things with the HELOC funds.
Anyone with a decent amount of equity in their home should have a HELOC. It’s the cheapest safety net/flexible/only pay what you use money a person can get.
Posted on 4/7/20 at 10:59 pm to Strannix
quote:
Prolly 24 months before I had to start selling liquid assets
Not sure what you consider "liquid assets" but I assume your comment was that you had 24 months of cash on hand. If so, that might look smart to you but overall is a stupid approach. Then again you post a lot without much substance.
Posted on 4/7/20 at 11:02 pm to oilattorney4lsu
Yep, 25 years all set.
Posted on 4/7/20 at 11:06 pm to boosiebadazz
quote:
shocked at some of the upper middle class folks who were paycheck to paycheck
Most
Posted on 4/7/20 at 11:18 pm to oilattorney4lsu
We have 6 years. Will that be enough?
Posted on 4/7/20 at 11:19 pm to oilattorney4lsu
I don't have that in cash, but we could make it 6 months.
Posted on 4/7/20 at 11:20 pm to FATBOY TIGER
quote:
FATBOY TIGER
Exactly
Posted on 4/7/20 at 11:27 pm to oilattorney4lsu
Not even close, and this has been a wake up call. We could get there pretty quickly and have access to money that would get us through for a year, but I wouldn’t want to utilize those resources.
Posted on 4/7/20 at 11:29 pm to lil 7thward
quote:boomba, and there you have it. I'd like to see the sum total of those who get behind. HELOC is like heroin to many unintiated heroin addicts. I'd like to see the top fifty of the amazing properties foreclosed upon, as well.
Pay more than the minimum monthly payment, and don't buy dumb things with the HELOC funds
This post was edited on 4/7/20 at 11:31 pm
Posted on 4/7/20 at 11:35 pm to oilattorney4lsu
Mine is in the bank. Of course, whether I would get it depends on if the teller believes the note I handed her.
Posted on 4/7/20 at 11:38 pm to Dandy Lion
Me and the wife could both be fired tomorrow and we could skate by 4 months or so before we started to have to sell shite, and then from there we could coast a couple years but that would be awful.
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