The Briefing Room
General Category => Economy/Business => Topic started by: OfTheCross on September 23, 2019, 02:26:08 pm
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Answering the question of how much the American has in savings depends on how you define savings. According to data from the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), Americans actually have an average of $183,200 in savings as of June 2019. That number includes all bank accounts and retirement accounts, though. Although this sounds promising, across all households, 29% of Americans have less than $1,000 in savings.
Tumin recommends setting aside an emergency fund of at least six months of your current income. “In my previous career, I witnessed many coworkers being laid off during recessions,†he said. “An emergency fund of at least six months is very helpful if you experience this.â€
If you’re young, single and not a homeowner, you might be able to get away with less (at least three months of income would be good, though). If you’re married, you have children, you own a home or you have frequent medical bills, you might want to save more (at least six months of income). If you’re self-employed, you might want to save even more (as much as nine to 12 months of income).
depositaccounts (https://www.depositaccounts.com/blog/average-american-savings.html)
I'm of the theory that we really don't need Emergency Funds anymore thanks for credit cards and insurance policies. It's not a hard and set rule, but it's a theory I have
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I'm of the theory that we really don't need Emergency Funds anymore thanks for credit cards and insurance policies. It's not a hard and set rule, but it's a theory I have
It's a good theory for people who don't understand Interest.
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I'm of the theory that we really don't need Emergency Funds anymore thanks for credit cards and insurance policies. It's not a hard and set rule, but it's a theory I have
Ah... youngster, I see...
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I'm of the theory that we really don't need Emergency Funds anymore thanks for credit cards and insurance policies. It's not a hard and set rule, but it's a theory I have
"Americans actually have an average of $183,200 in savings as of June 2019."
Crappy statistic. There's a whole lot of large numbers skewing the "so called average" savings. If you were to take a "median", I'd bet it will be much less than half of that. Fact is, Americans in general has prepensity of living pay check to paycheck, and on the edge with their credit cards. Savings is a hobby only for the few of us who are left to care.
And as far as emergency funds, people in disaster prone areas need to have a cache of solid cash to cover expenses, while banks are closed. In Rita's aftermath, the banks were closed 3 weeks.
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"Americans actually have an average of $183,200 in savings as of June 2019."
Crappy statistic. There's a whole lot of large numbers skewing the "so called average" savings. If you were to take a "median", I'd bet it will be much less than half of that. Fact is, Americans in general has prepensity of living pay check to paycheck, and on the edge with their credit cards. Savings is a hobby only for the few of us who are left to care.
And as far as emergency funds, people in disaster prone areas need to have a cache of solid cash to cover expenses, while banks are closed. In Rita's aftermath, the banks were closed 3 weeks.
A crappy statistic from a purveyor of crappy statistics. Watching some people wield statistics is like watching a 3-year-old who just found Dad's gun in the nightstand. Scary as Hell.
What you are describing is a curve that is wildly "non-normal," where the Median is never equal to the Mean. Fertile ground for shysters.
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"Americans actually have an average of $183,200 in savings as of June 2019."
Crappy statistic. There's a whole lot of large numbers skewing the "so called average" savings. If you were to take a "median", I'd bet it will be much less than half of that. Fact is, Americans in general has prepensity of living pay check to paycheck, and on the edge with their credit cards. Savings is a hobby only for the few of us who are left to care.
Fitty bucks. That's what is in the bottom of all my actual accounts. Pretty much zero.
And as far as emergency funds, people in disaster prone areas need to have a cache of solid cash to cover expenses, while banks are closed. In Rita's aftermath, the banks were closed 3 weeks.
See, that's more the thing. I have hit personal disaster, and weathered it fine for more than two years. Part of my 'investment in savings' translates into long term food storage as a matter of course, and general independence.
It really does not take a lot of money. What it takes, as most country folk know, is that spirit of independence - Knowing you gotta take care of you. And planning accordingly.
Generally that isn't about money - It;s about lifestyle.
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Fitty bucks. That's what is in the bottom of all my actual accounts. Pretty much zero.
See, that's more the thing. I have hit personal disaster, and weathered it fine for more than two years. Part of my 'investment in savings' translates into long term food storage as a matter of course, and general independence.
It really does not take a lot of money. What it takes, as most country folk know, is that spirit of independence - Knowing you gotta take care of you. And planning accordingly.
Generally that isn't about money - It;s about lifestyle.
Very good point. I am OCD when comes to checking net worth, and budgetting. I prep 3 budgets annually. Normal, Austere, and Emergency. It's not a point of only of how much you make, but how much you spend.
Excellent. You teaching preppers courses?
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Very good point. I am OCD when comes to checking net worth, and budgetting. I prep 3 budgets annually. Normal, Austere, and Emergency. It's not a point of only of how much you make, but how much you spend.
Excellent. You teaching preppers courses?
Nah, I am barely a prepper... The only claim to that I have is a pile of Mountain House for ultra long term food - But that ain't really fair either... Mountain House is a staple thing for out in the sticks... My go-bag has three days of MH in it at all times, and my truck has a bucketful, always - so it is something I go through some anyway... Which is why I stocked up... not because I figured to need it 25 years from now. I buy it by the bucket, and I wait for good deals - And then I buy a lot. So yeah, I could probably survive on MH alone for about a year after the canning shelves are dry. :shrug:
Mostly just country. Redneck 101, man. Grow your own, put it up yourself, and you will have a plenty that just don't quit. As a matter of course you'll get three years in the pantry... Same with keeping fuel around - That is because of the farm, not because I am a prepper... Same with tools and being able to fix for yourself... Buy it broke and fix it... That's how I get nice things.
That's why the money ain't all that - I went that way... six figures that way... And seen it all go up in smoke in three months. What I do now, hearkening back to my roots, is far more durable.
As far as money does go, I have found it far more useful to keep it rolling over on the local street than anything else. So long as I can keep flipping things, I am making more, with less investment that I ever did with 10 employees... In real, unencumbered cash.
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Nah, I am barely a prepper... The only claim to that I have is a pile of Mountain House for ultra long term food - But that ain't really fair either... Mountain House is a staple thing for out in the sticks... My go-bag has three days of MH in it at all times, and my truck has a bucketful, always - so it is something I go through some anyway... Which is why I stocked up... not because I figured to need it 25 years from now. I buy it by the bucket, and I wait for good deals - And then I buy a lot. So yeah, I could probably survive on MH alone for about a year after the canning shelves are dry. :shrug:
Mostly just country. Redneck 101, man. Grow your own, put it up yourself, and you will have a plenty that just don't quit. As a matter of course you'll get three years in the pantry... Same with keeping fuel around - That is because of the farm, not because I am a prepper... Same with tools and being able to fix for yourself... Buy it broke and fix it... That's how I get nice things.
That's why the money ain't all that - I went that way... six figures that way... And seen it all go up in smoke in three months. What I do now, hearkening back to my roots, is far more durable.
As far as money does go, I have found it far more useful to keep it rolling over on the local street than anything else. So long as I can keep flipping things, I am making more, with less investment that I ever did with 10 employees... In real, unencumbered cash.
I have quite a bit of Mountain House too...mainly because I like it and it's can be prepared using the microwave oven in the Master Bedroom galley. That and I need to be sure and rotate the vittles....most of it expires in 2047. 333cleo
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I have quite a bit of Mountain House too...mainly because I like it and it's can be prepared using the microwave oven in the Master Bedroom galley. That and I need to be sure and rotate the vittles....most of it expires in 2047. 333cleo
I dunno how much I have really... Somewhere around twenty buckets... If I can get at it for under 3 bucks a meal, I buy hard.
But I am going another way - Ever heard of Thrive Life Foods (https://www.thrivelife.com/)? They sell pure organic freeze-dried in coffee cans... Everything from meat, cheese, and butter, to veggies and berries... I am in it about 250 bucks right now... And I have to figure out how to roll it into my inventory (pantry)... Trying to come up with some good recipes... But if it works out like I think it will, I will be storing that instead, and making my own meals for up in the sticks... A whole lot cheaper.
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I was brought up where you should have about half year wages in your savings account to fall back on. Do people still do that? I don’t know too many people who don’t have more than a couple thousand saved up. I also know quite a few who have none.
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I was brought up where you should have about half year wages in your savings account to fall back on. Do people still do that? I don’t know too many people who don’t have more than a couple thousand saved up. I also know quite a few who have none.
Not me. But I can comfortably live for years on what is in the pantry - and that is sustainable, as long as I can keep putting in the garden, raising chickens, beef, and hunting and fishing.
As for money, that is mostly tied up in hard goods that retain their value (or improve), that I can normally sell at a pretty good profit...
You have to understand though - my security went away when I got ill, and was not helped by a crashing portfolio (thank you Dubya) ... and insurance that dropped me like a hot rock the minute I needed em. Savings accounts, like all banking accounts, are a lie. Investment accounts are too. As is insurance.
ALL of it depends upon keeping all the balls in the air, and forces beyond your control doing the same.
If you fall down, or it falls down... doesn't matter why... In an instant, poof! No eyebrows.
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It's a good theory for people who don't understand Interest.
Or paying the debt down on a credit card...when you don't have any money to begin with.
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It's a good theory for people who don't understand Interest.
Or credit scores that happen when you cannot pay it off.
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I was brought up where you should have about half year wages in your savings account to fall back on. Do people still do that? I don’t know too many people who don’t have more than a couple thousand saved up. I also know quite a few who have none.
I'll take it a step simpler.
A lot of people do not even know what the term 'Savings' mean.
It is not stocks or bonds(and definitely not mutual funds), but a lot of folks who have piled money into those believe it is.
There are exceptions(like burying your gold) but my ROT is if not in an account FDIC or NCUA insured, it ain't savings.
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It's a good theory for people who don't understand Interest.
Think of it this way...if you already own a home and have insurance on it
You already own a car and have insurance on it.
You have Life Insurance on yourself, spouse and children
You live within your means...
Why do you need Emergency Funds? Anything more than a month of expenses seems excessive.
Now, that's not to say to not have Retirement and Investments. You can pull from there if things really get gnarly.
But an Emergency Savings account sitting at your bank or credit union with 6 months of expenses seems unnecessary.
If you're doing things the right way, you should have great credit and 25 - 30K available for emergency expenses via the credit card companies.
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Think of it this way...if you already own a home and have insurance on it
You already own a car and have insurance on it.
You have Life Insurance on yourself, spouse and children
You live within your means...
Why do you need Emergency Funds? Anything more than a month of expenses seems excessive.
Now, that's not to say to not have Retirement and Investments. You can pull from there if things really get gnarly.
But an Emergency Savings account sitting at your bank or credit union with 6 months of expenses seems unnecessary.
If you're doing things the right way, you should have great credit and 25 - 30K available for emergency expenses via the credit card companies.
You've either led a very sheltered life with a silver spoon in your mouth, or you're 13 years old, or you have a serious learning disability to ask a question like that.
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Think of it this way...if you already own a home and have insurance on it
You already own a car and have insurance on it.
You have Life Insurance on yourself, spouse and children
You live within your means...
Why do you need Emergency Funds? Anything more than a month of expenses seems excessive.
Now, that's not to say to not have Retirement and Investments. You can pull from there if things really get gnarly.
But an Emergency Savings account sitting at your bank or credit union with 6 months of expenses seems unnecessary.
If you're doing things the right way, you should have great credit and 25 - 30K available for emergency expenses via the credit card companies.
Sh*t happens. And in 3 months, all gone.
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Sh*t happens. And in 3 months, all gone.
I'm guessing a 13-year-old. Or a doctrinaire leftist who thinks we're all 13-year-olds.
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You've either led a very sheltered life with a silver spoon in your mouth, or you're 13 years old, or you have a serious learning disability to ask a question like that.
Sh*t happens. And in 3 months, all gone.
If whatever happens can't be resolved quickly then you'd have to liquidate your investments if cash is the only solution for it.
But most problems have other solutions. Like I said, all of your most expensive things are insured already. Home, car, self.
I rather use my cash to invest it, rather than having it earn me a nickle a month in interest.
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If whatever happens can't be resolved quickly then you'd have to liquidate your investments if cash is the only solution for it.
But most problems have other solutions. Like I said, all of your most expensive things are insured already. Home, car, self.
I rather use my cash to invest it, rather than having it earn me a nickle a month in interest.
I was correct in my guess: You don't understand Interest.
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I was correct in my guess: You don't understand Interest.
Why do you say that?
Every credit card I own allows me to pull cash out at 0% interest for 12, 15, or 18 months. What's a $300 or $400 transaction fee on 10K for 18 months?
You've got to use your leverage sometimes, my friend.
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I'm guessing a 13-year-old. Or a doctrinaire leftist who thinks we're all 13-year-olds.
Definitely naive.
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The idea of charging my cards up to those levels makes me feel physically ill. I use my credit cards extensively, but pay them off in full every month and I have never paid interest on them. They are a tool, not a safety net.
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If whatever happens can't be resolved quickly then you'd have to liquidate your investments if cash is the only solution for it.
But most problems have other solutions. Like I said, all of your most expensive things are insured already. Home, car, self.
I rather use my cash to invest it, rather than having it earn me a nickle a month in interest.
You REALLY don't know what you're talking about.
Insurance requires income.
Your entire theory assumes you will not get wrecked.
But chances are, you will get wrecked.
And all that happy crap is gone in 3 months.
*GONE*
What you believe is a lie, pure and simple.
To the basic premise: Profit requires risk.
That never changes.
Risk really cannot be insured against. When it blows up real good, someone is going to be the bagholder, and that won't be the folks with the money. That is how it works.
I know. I walked that road. There and back again.
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Why do you say that?
Every credit card I own allows me to pull cash out at 0% interest for 12, 15, or 18 months. What's a $300 or $400 transaction fee on 10K for 18 months?
You've got to use your leverage sometimes, my friend.
Man, you are Sandy-O the Bartender from the Bronx stupid.
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Why do you say that?
Every credit card I own allows me to pull cash out at 0% interest for 12, 15, or 18 months. What's a $300 or $400 transaction fee on 10K for 18 months?
You've got to use your leverage sometimes, my friend.
Because what you are not getting is, Interest is a two-way street. The people who understand Interest are the people who lend money, not the people who rack up debt and pay the Interest, which you are suggesting is a proper alternative to having savings. it's not, and suggesting it is is performing a disservice to anybody who listens to you.
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The idea of charging my cards up to those levels makes me feel physically ill. I use my credit cards extensively, but pay them off in full every month and I have never paid interest on them. They are a tool, not a safety net.
Yeah, it ought to make you ill.
I cut mine up. No more charging, anywhere. And guess what? other than about 40k left on my house, I don't owe nobody nothin.
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Man, you are Sandy-O the Bartender from the Bronx stupid.
Or he thinks we are. **nononono*
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Yeah, it ought to make you ill.
I cut mine up. No more charging, anywhere. And guess what? other than about 40k left on my house, I don't owe nobody nothin.
You're living right, @roamer_1. My retirement goal was no Mortgage at all, which I had satisfied when I retired a year ago last Saturday. I sold my paid-off home in the Suburbs to buy a small Castle that's over 2.5X the size of my old one, with cash on the barrel-head. The bar is forever open at my place.
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Or he thinks we are. **nononono*
Every year we get a low flyer. A Dem plant per se.
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You REALLY don't know what you're talking about.
Insurance requires income.
Your entire theory assumes you will not get wrecked.
But chances are, you will get wrecked.
And all that happy crap is gone in 3 months.
*GONE*
What you believe is a lie, pure and simple.
To the basic premise: Profit requires risk.
That never changes.
Risk really cannot be insured against. When it blows up real good, someone is going to be the bagholder, and that won't be the folks with the money. That is how it works.
I know. I walked that road. There and back again.
Of course there are scenarios where my plan won't work. I've already said in those cases you might have to liquidate some or your investments. But most emergencies can be handled with $500 - $5000.
Think auto repairs, medical deductible, etc.
What scenario were you specifically thinking of when you responded to me?
Because what you are not getting is, Interest is a two-way street. The people who understand Interest are the people who lend money, not the people who rack up debt and pay the Interest, which you are suggesting is a proper alternative to having savings. it's not, and suggesting it is is performing a disservice to anybody who listens to you.
Funny you say that...I've lent money on numerous occasions for a profit. Take it from the card at 3% and charge the borrower 10%.
The idea of charging my cards up to those levels makes me feel physically ill. I use my credit cards extensively, but pay them off in full every month and I have never paid interest on them. They are a tool, not a safety net.
Same here. I hate debt. I use my cards the same way and that's why I have the option to rack it up in case of an emergency.
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Every year we get a low flyer. A Dem plant per se.
Yes, and we're still having fun with this one. Aren't you glad we didn't lose him in the Crash?
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Same here. I hate debt. I use my cards the same way and that's why I have the option to rack it up in case of an emergency.
This may come as a shock, but I can agree with that. It's a form of self-insurance. :beer:
The only fly in that ointment is the moment you need to tap that credit to address a crisis, the lenders usually revoke the credit because life's circumstances changed, leaving one with no options.
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Yes, and we're still having fun with this one. Aren't you glad we didn't lose him in the Crash?
Yeah. I was just thrilled......
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You're living right, @roamer_1. My retirement goal was no Mortgage at all, which I had satisfied when I retired a year ago last Saturday. I sold my paid-off home in the Suburbs to buy a small Castle that's over 2.5X the size of my old one, with cash on the barrel-head. The bar is forever open at my place.
LOL! It only took me half my life, and getting wrecked by illness to get past the crap that @OfTheCross believes... And that was self-employed too... Making 6 figures, but by the time all the crap was added up, I was going in the hole... One client stiffs me for 20 to 50k for 90 days and suddenly I am in a tailspin and fighting like a junkyard dog to cover all that out-money and commitment.
And the funny part is that somebody somewhere stiffing me 20 to 50k for 90 days wasn't all that unusual.
Nah. It ain't worth it. Now I have a pretty unassuming cabin, I drive a truck so hillbilly and shitty looking that I never lock it, and leave the keys in it all the time. Heck, I could leave 10 grand in the glove box, and it would be fine... Yeah, it ain't pretty... But it hauls ass.
Same with everything. None of it new. Living within my means and then some. I am literally living on less money now than I used to burn in coffee and lunches alone.... and that means I have a bunch more liquid assets than I ever have before.
Out of debt, and the pressure is off... I make what I want to, and I take the work I want. Which means I make money every time.
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This may come as a shock, but I can agree with that. It's a form of self-insurance. :beer:
The only fly in that ointment is the moment you need to tap that credit to address a crisis, the lenders usually revoke the credit because life's circumstances changed, leaving one with no options.
Correct. That's why I happily take large credit card offers now. I don't ever use them for the most part, but it's good to have them there just in case.
Credit is funny that way. When you don't need it, every one wants to give you money. When you do, no one wants to lend you a dime.
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Correct. That's why I happily take large credit card offers now. I don't ever use them for the most part, but it's good to have them there just in case.
Credit is funny that way. When you don't need it, every one wants to give you money. When you do, no one wants to lend you a dime.
So why do you believe when the credit crunch comes that you will be allowed to retain those cards?
You do know don't you that they can be revoked upon the card company's whim?
First rule in freedom and independence is do not depend upon others for your wellbeing.
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You do know don't you that they can be revoked upon the card company's whim?
IMO credit cards have one function..... convienece. As far as I am concerned, they are a short term money replacement, and payed off automatically.
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So why do you believe when the credit crunch comes that you will be allowed to retain those cards?
You do know don't you that they can be revoked upon the card company's whim?
First rule in freedom and independence is do not depend upon others for your wellbeing.
We went through the 2008 crunch and they weren't affected.
If I fear they may be, I'd pull the cash out behorehand and just sit on it. If I didn't end up using it, I'd just pay it back to the card.
The only times my cards have been closed is due to inactivity...
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We went through the 2008 crunch and they weren't affected.
If I fear they may be, I'd pull the cash out behorehand and just sit on it. If I didn't end up using it, I'd just pay it back to the card.
The only times my cards have been closed is due to inactivity...
Do you think that a credit card company can't rescind a card, in part or in total, any time they want with no reason given? LOL!
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Do you think that a credit card company can't rescind a card, in part or in total, any time they want with no reason given? LOL!
No, I addressed that possibility.
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Of course there are scenarios where my plan won't work. I've already said in those cases you might have to liquidate some or your investments. But most emergencies can be handled with $500 - $5000.
Think auto repairs, medical deductible, etc.
What scenario were you specifically thinking of when you responded to me?
Well, most emergencies for me would be covered out of the mason jar - I don't know how much is in that thing, but it is choked by a tight roll of 100s. It is actually my business seed corn, but same difference...
But then, I don't have 'auto repairs' as I fix my own, nor 'medical deductible', because my doc is a Cheyenne medicine man, and generally, anything I will need done will be covered by a pound of tobacco and 50 bucks - to include any meds I can't get out of the woods.
And that is more my point. You can insure your risk till the cows come home, and you won't get it done. You can say your way is better than mine, because that roll of bennys is sitting on the shelf instead of drawing interest (which would not be true, btw)... And you can claim that using other people's money is a wiser way to handle your fallout (which also would not be true, btw).
Let me say it a different way - BECAUSE I am self contained, BECAUSE I put up food, BECAUSE I can fix my own, BECAUSE I owe no man, my real cost of living is under 600 per month, total.
Whatever machinations you might dream up, nothing beats that, because I can always self-finance, and about any storm can be weathered. My average income is somewhere around 5 to 10 times that much, depending on the month, so virtually all of what I make rolls back into making more. I have never been so bulletproof in my whole life. And I am sure as hell making more real, unencumbered money that when I was chasing all that bullshit around.
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No, I addressed that possibility.
No, you did not. You just repeated your incorrect assumptions made previously. This is the level of discourse we've all come to know and love from you.
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We went through the 2008 crunch and they weren't affected.
If I fear they may be, I'd pull the cash out behorehand and just sit on it. If I didn't end up using it, I'd just pay it back to the card.
The only times my cards have been closed is due to inactivity...
A medical emergency that stops your income is likely going to stop your credit. You provide income levels to the agency issuing the credit card. When that is no longer valid, neither is the credit.
And on the house, say a flood, there is a limit to what they are allowed to insure. And in a bad flood, it is easy to exceed those limits both with house and belongings.
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No, you did not. You just repeated your incorrect assumptions made previously. This is the level of discourse we've all come to know and love from you.
"If I fear they may be (canceled), I'd pull the cash out behorehand and just sit on it. If I didn't end up using it, I'd just pay it back to the card."
I acknowledged the possibility and gave a resolution.
What else didn't you understand?Well, most emergencies for me would be covered out of the mason jar - I don't know how much is in that thing, but it is choked by a tight roll of 100s. It is actually my business seed corn, but same difference...
But then, I don't have 'auto repairs' as I fix my own, nor 'medical deductible', because my doc is a Cheyenne medicine man, and generally, anything I will need done will be covered by a pound of tobacco and 50 bucks - to include any meds I can't get out of the woods.
And that is more my point. You can insure your risk till the cows come home, and you won't get it done. You can say your way is better than mine, because that roll of bennys is sitting on the shelf instead of drawing interest (which would not be true, btw)... And you can claim that using other people's money is a wiser way to handle your fallout (which also would not be true, btw).
Let me say it a different way - BECAUSE I am self contained, BECAUSE I put up food, BECAUSE I can fix my own, BECAUSE I owe no man, my real cost of living is under 600 per month, total.
Whatever machinations you might dream up, nothing beats that, because I can always self-finance, and about any storm can be weathered. My average income is somewhere around 5 to 10 times that much, depending on the month, so virtually all of what I make rolls back into making more. I have never been so bulletproof in my whole life. And I am sure as hell making more real, unencumbered money that when I was chasing all that bullshit around.
You, my friend, are living wisely. My only real expense currently is my mortgage. So I'm not too far behind where your are. :beer:
And for the record, I'm not saying that my way is better, it's just an alternative.
A medical emergency that stops your income is likely going to stop your credit. You provide income levels to the agency issuing the credit card. When that is no longer valid, neither is the credit.
And on the house, say a flood, there is a limit to what they are allowed to insure. And in a bad flood, it is easy to exceed those limits both with house and belongings.
That's a catastrophic event, indeed.
Regarding the credit...the banks don't know you got fired unless you tell them or apply for new credit. You can pull all of the money out beforehand and just sit on it like I told Cyber.
Thankfully I've got Flood Insurance and Homeowners' Insurance to cover any losses. I don't have may expensive toys, I suppose if someone did, they may not be 100% covered. I am, though.
Ultimately, in an even of that magnitude, it's likely you'd have to tap into your investments if the Insurance Companies are dragging their feet.
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Regarding the credit...the banks don't know you got fired unless you tell them or apply for new credit. You can pull all of the money out beforehand and just sit on it like I told Cyber.
Your belief you can predict emergencies in advance is very naive.
Thankfully I've got Flood Insurance and Homeowners' Insurance to cover any losses. I don't have may expensive toys, I suppose if someone did, they may not be 100% covered. I am, though.
Yeah, me too. But you may consider tractors and the like expensive toys, but keeping the cattle fed feels different to me. And my maxed out insurance did not cover costs in Harvey. It helped a long way, but depending on credit cards at that time would have been insane.
Ultimately, in an even of that magnitude, it's likely you'd have to tap into your investments if the Insurance Companies are dragging their feet.
Tapping investments at the wrong time can be a whole lot more expensive than being well prepared.
Cheers! I hope you don't have to learn these life lessons the hard way, but it appears you might.
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"If I fear they may be (canceled), I'd pull the cash out behorehand and just sit on it. If I didn't end up using it, I'd just pay it back to the card."
I acknowledged the possibility and gave a resolution.
What else didn't you understand?
That somebody who is intelligent enough to operate a checkbook and Credit Card would consider doing something that idiotic. And, in case you did not notice, the topic is "unforeseen emergencies," one of which you would have obviously foreseen in order to pursue your course of action. It's a non-sequitur.
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That somebody who is intelligent enough to operate a checkbook and Credit Card would consider doing something that idiotic. And, in case you did not notice, the topic is "unforeseen emergencies," one of which you would have obviously foreseen it in order to pursue your course of action. It's a non-sequitur.
You don't have to forsee the emergency to do what I'm suggesting.
If I need $5000 for an emergency that I didn't anticipate I can all my card provider and have cash put into my account within 24hrs. If something needs to get paid immediately I can just swipe the card, of course.
It's a viable option for most emergencies.
Your belief you can predict emergencies in advance is very naive.
Yeah, me too. But you may consider tractors and the like expensive toys, but keeping the cattle fed feels different to me. And my maxed out insurance did not cover costs in Harvey. I helped a long way, but depending on credit cards at that time would have been insane.
Tapping investments at the wrong time can be a whole lot more expensive than being well prepared.
Cheers! I hope you don't have to learn these life lessons the hard way, but it appears you might.
Understand, no one can predict emergencies. I don't know where you got that notion.
What you can do, is have a plan. Your situation is vastly different than the majority of Americans as we don't own livestock and tractors. So my idea may not be an option for you.
Depending on the investments you certainly may incur a fee. But something like a Roth IRA or a brokerage account should be a good option.
Lol. Honestly, I can't even begin to imagine how much it would cost to insure livestock ****sheep****
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That somebody who is intelligent enough to operate a checkbook and Credit Card would consider doing something that idiotic. And, in case you did not notice, the topic is "unforeseen emergencies," one of which you would have obviously foreseen in order to pursue your course of action. It's a non-sequitur.
Not to mention naive and convoluted........
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Yes, and we're still having fun with this one. Aren't you glad we didn't lose him in the Crash?
Third time's the charm?
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Third time's the charm?
:happyhappy:
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Third time's the charm?
Exactly! Which is why this old boy is NEVER going to take another flu shot! Barely survived the first two taken approx 30 years apart.
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catfish wrote:
"I prep 3 budgets annually. Normal, Austere, and Emergency."
What's a "budget" ....?
(never had one, ever)
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I was brought up where you should have about half year wages in your savings account to fall back on. Do people still do that? I don’t know too many people who don’t have more than a couple thousand saved up. I also know quite a few who have none.
I had enough to get through a couple of years....now down to a couple of months. Boom/bust economies stink on ice...