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SVTPerformance's Chain of Restaurants
Road Side Pub
Another "what would you do" financial situation
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<blockquote data-quote="LS2GTO" data-source="post: 14812714" data-attributes="member: 73731"><p>Not to go off on a completely different subject, but that is also something that I personally don't put as much importance on as it seems others do (and may just be my particular situation).</p><p></p><p>For example, I know both my wife and I have good careers with year and years of experience in our fields + good education. The likelyhood that both of us will get fired at the same time (and be out of a job for months on end) is very very unlikely, but like you said still there. Plus there is always unemployment to keep us afloat for 6 months..and we can always end up working at Walmart for a few months just to get by while looking for a real job. So for us, we keep enough money in our liquid savings account to take care of house bills for a few months just so we know we have a roof over our head. The rest of the stuff we may need can easily be put on a low/no interest credit card, or worst case scenario we take a loan out on a 401k which comes with no penalties and the interest that we do pay goes right back into our own accounts as apposed to a bank. </p><p></p><p>This way we have alot of money freed up to go into 401k, which like you mentioned gets matched to a certain degree and also compounds interest. It's a much better place to keep money than a savings account earning you 1/10th of a percentage point. I'd rather dump everything I can now into my 401k to earn interest rather than stash that money away unecessarily into a savings account that gains nothing and then later I can always take out this money penalty free. Yes a 401k loan means you lose interest gains, but those are made up by excessively putting in more money there all these years rather than in savings.</p><p></p><p>Not saying that you should change your mind about how much you feel comfortable with in pure savings, but there are other ways around it and better ways to save your money than in a regular savings account.</p></blockquote><p></p>
[QUOTE="LS2GTO, post: 14812714, member: 73731"] Not to go off on a completely different subject, but that is also something that I personally don't put as much importance on as it seems others do (and may just be my particular situation). For example, I know both my wife and I have good careers with year and years of experience in our fields + good education. The likelyhood that both of us will get fired at the same time (and be out of a job for months on end) is very very unlikely, but like you said still there. Plus there is always unemployment to keep us afloat for 6 months..and we can always end up working at Walmart for a few months just to get by while looking for a real job. So for us, we keep enough money in our liquid savings account to take care of house bills for a few months just so we know we have a roof over our head. The rest of the stuff we may need can easily be put on a low/no interest credit card, or worst case scenario we take a loan out on a 401k which comes with no penalties and the interest that we do pay goes right back into our own accounts as apposed to a bank. This way we have alot of money freed up to go into 401k, which like you mentioned gets matched to a certain degree and also compounds interest. It's a much better place to keep money than a savings account earning you 1/10th of a percentage point. I'd rather dump everything I can now into my 401k to earn interest rather than stash that money away unecessarily into a savings account that gains nothing and then later I can always take out this money penalty free. Yes a 401k loan means you lose interest gains, but those are made up by excessively putting in more money there all these years rather than in savings. Not saying that you should change your mind about how much you feel comfortable with in pure savings, but there are other ways around it and better ways to save your money than in a regular savings account. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Another "what would you do" financial situation
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