I keep very minimal in cash because interest rates are trash. I prefer to invest it and I could still liquidize it if I had too.
Anyone financially savvy?
- Thread starter jdcobra
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Emergency fund isn’t 6 months of salary....it is 6 months of your expenses. Can be a big difference between the two.
LOL, you make that statement without knowing how much we make, what our debt is, or anything else about our finances.
Judgemental much...?
I don't need to know any of that. You stated your car money is coming from your emergency savings (I really hope that's not your only savings) of a little over 6 months, which means you don't have other means of paying for it. I'm not being judgemental. Just practical. You need to have fun in life, but you also need to plan for the unexpected whether that's health or unforseen expenses.
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Just because that’s your opinion doesn’t mean he needs to do the same. I know where you’re coming from though.
Keep it civilized guys. To each their own! You do whatever you want with YOUR money
Agree. I've been in the investment/finance world for 10 years so probably coming from a different perspective.
This is where you assume and couldn't be any more wrong.
I already stated that I thought 6 months was a little extreme for an emergency fund, and you don't agree with that, but that's fine.
This emergency account is funded by an automatic withdraw from my wife's check in the amount of $1000 a month. Anything over our 3-4 month emergency fund gets pulled out and put extra on our mortgage. This extra money for the Saleen is in that account to be easily accessible. I don't know if you've ever tried to buy a car and scrape together $20K in a hurry so that you can purchase a car you've been hunting for for more than a year only to have it slip through your fingers because you didn't have the cash handy.
A little more info...We don't have any credit card debt or car payments. Our mortgage is $1800 a month and we bring in close to $200K a year and each of us fund our 401K's with 15%. My daughter has enough in her 529 right now at 5 years old to attend her first year of college already.
I could go on and on about more about my financial situation, but I won't. So please don't talk out of your ass about people you know nothing about...
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This.
A number of years ago, my position was eliminated and I wasn’t even close to being ready. Basically enough in savings to cover one month’s payment on the mortgage and car loan. I lost the house in foreclosure and my credit score dropped from 800+ to something in the high 400’s. I was so poor I couldn’t even pay attention. I was able to dig my way out: no credit card debit, my wife’s truck is paid off, my credit score went over 780 last month, my mortgage is half of the home’s appraised value, and I’m maxing out my 401k. Much more importantly, I have cash for 5 months worth of bills sitting in savings because I have zero desire to go through that shit again.
I know the question on everyone’s mind - how long did it take me to dig out?
Ten incredibly long ass years. I was RIF’d in 2008.
Good deal! No I've never had to scrape together cash to buy a car. Made sure it was available when I started looking. Bought my last three cars for cash. 2 Mustangs and a 2017 daily driver. Both mortgages get a few hundred more every month. I hover around the 6 months gross savings incase I need to incur any large expenses in my investment property. Plan to have both my properties paid off in 8 years when I hit 40, current market value of $800,000.
That's awesome. It sounds like you're in a great situation for your age. I got divorced at 34 and took a huge hit, it's hard to imagine how well off i'd be if it weren't for that.
That’s always true, but it could always be worse right? As long as there is breath in my lungs and I can work, I’m gonna bust my ass to get out of this hole I’m in and then some.
what do you mean you have been sick "most of the year" . I'm not a doctor but that sounds like dying to me homeboy
Felt like I was dying, that’s for damn sure.
Divorces suck. I was engaged for 3 months 2 years ago. She wanted her name on everything before marriage with no input from her end. We were together over 6 years.
Just put down a deposit on a ring for my current girlfriend.
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