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Many don't have $2,000 for a rainy day....

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  1. HK_MP5N HK_MP5N is offline

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    Jun 13th, 2011 (6/13/2011 2:32pm)

    http://money.cnn.com/2011/05/24/news...unds/index.htm

    Damn, it's scary how few out there don't obviously follow a more rigid savings plan for "emergencies" and such.

    NEW YORK (CNNMoney) -- Half of Americans say they aren't prepared for a minor financial emergency.
    A new study by the National Bureau of Economic Research shows 50% of Americans would struggle to come up with $2,000 in a pinch, for example in the event of an unanticipated car or home repair, a large medical bill or legal expenses.

    ......

    How many here truly follow the 6-month of expenses rule?
  2. Jaybone2315 Jaybone2315 is online now Professional Couch Ruiner

    San Diego, CA
    United States

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    Jun 13th, 2011 (6/13/2011 2:48pm) in reply to HK_MP5N

    Before i got paid friday, i had $150 left in the bank.
  3. SmokeyCasinos SmokeyCasinos is online now

    CA
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    Jun 13th, 2011 (6/13/2011 2:51pm) in reply to Jaybone2315

    I thought emergrency funds were for spending at the local casinos?
  4. (oIo) (oIo) is offline

    Troy, MI
    United States

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    Jun 13th, 2011 (6/13/2011 2:52pm) in reply to SmokeyCasinos

    Small loans are too easy to get. Why save?
  5. skeeze666 skeeze666 is online now

    United States

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    Jun 13th, 2011 (6/13/2011 2:53pm) in reply to SmokeyCasinos

    I would have a nice savings fund if fucking 32 would have hit
  6. snaggs snaggs is online now

    Lancaster, PA
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    Jun 13th, 2011 (6/13/2011 2:57pm) in reply to skeeze666

    Does tapping your 401k count?
     
  7. rayspizza rayspizza is offline

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    Jun 13th, 2011 (6/13/2011 3:13pm) in reply to snaggs

    I think most Americans are so credit laden, that having a savings is actually probably a bad thing. Why have 10K earning 1.1%, when you can pay down debt that is earning 6% plus.

    I used to have a savings, but I overextended myself when I bought my house and have been struggling for the past 5 years. I'm out of the tunnel though and starting to save again.
  8. mattg1983 mattg1983 is offline buying action

    Round Rock, TX
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    Jun 13th, 2011 (6/13/2011 3:20pm) in reply to rayspizza

     
    Originally Posted by rayspizza View Post

    I think most Americans are so credit laden, that having a savings is actually probably a bad thing. Why have 10K earning 1.1%, when you can pay down debt that is earning 6% plus.

    Applying math is next to impossible for most.
    I cringe everytime someone tells me to go out of my way to spend or pay interest on something because its a write off and they think I would want lots of write offs since I play poker.
     12
  9. WarpedWorld WarpedWorld is offline

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    Jun 13th, 2011 (6/13/2011 3:34pm) in reply to mattg1983

    Two years worth of expenses in savings. Yeah I know I'm a financial nit.
  10. jtown1010 jtown1010 is offline

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    Jun 13th, 2011 (6/13/2011 3:42pm) in reply to WarpedWorld

    I've been investing in alternative energy sources, water filtration systems, weapons/ammo, and hydroponic growing equipment.

    Money (specifically money in the bank) won't be very useful when the zombie apocalypse hits imo.

    Learn how to hunt/fish/grow crops and take a woman to some remote forest.

    If you get caught with your pants down, I'd recommend hijacking a cruise ship with 1 year of supplies ( plenty of weapons/ammo, bottled water, and canned food) then finding an off-shore oil rig where you can establish a vegetable farm. There's always plenty of fish in the sea.
    Edited By: jtown1010 Jun 13th, 2011 at 03:42 PM
  11. tamayo85 tamayo85 is offline

    Addison, IL
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    Jun 13th, 2011 (6/13/2011 3:46pm) in reply to jtown1010

    I had $2000 up until Saturday at which point I had to put it down for a car which I would classify as an emergency (got hit while driving my GFs car last week, then 3 days after rear end dropped in my car, woulda been fucked if i didn't have that saved up)
  12. Oh Rale Oh Rale is offline

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    Jun 13th, 2011 (6/13/2011 4:01pm) in reply to tamayo85

    Broke dick mother FUCKERS
  13. BigGunX BigGunX is offline Mr OT Party

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    Jun 13th, 2011 (6/13/2011 4:16pm) in reply to rayspizza

     
    Originally Posted by rayspizza View Post

    I think most Americans are so credit laden, that having a savings is actually probably a bad thing. Why have 10K earning 1.1%, when you can pay down debt that is earning 6% plus.

    I used to have a savings, but I overextended myself when I bought my house and have been struggling for the past 5 years. I'm out of the tunnel though and starting to save again.

    I agree with this for the most part.

    I don't keep a ton of cash in savings, but do have about 2 months of income readily available. I have close to 100k in available credit on cards, though, which is more important to me if I really need quick access to funds. I know that I can pay it back shortly and not incur the interest charges long-term.

    I also have my 401k, IRAs, and other investments but I consider those untouchable. I literally don't even look at them when making decisions.
    Edited By: BigGunX Jun 13th, 2011 at 04:19 PM
     
  14. HK_MP5N HK_MP5N is offline

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    Jun 13th, 2011 (6/13/2011 5:56pm) in reply to BigGunX

     
    Originally Posted by BigGunX View Post

    I also have my 401k, IRAs, and other investments but I consider those untouchable. I literally don't even look at them when making decisions.

    Exactly right on that!
    Thread Starter
  15. Niceguy Niceguy is offline I will find you.

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    Jun 13th, 2011 (6/13/2011 5:57pm) in reply to HK_MP5N

    But we got payday loans fellas, everything will work out okay.
  16. Cmoney3 Cmoney3 is online now

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    Jun 13th, 2011 (6/13/2011 6:01pm) in reply to Niceguy

    despite having no job i somehow can pony up 2k in a pinch
  17. Duffy08 Duffy08 is offline

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    Jun 13th, 2011 (6/13/2011 6:02pm) in reply to HK_MP5N

    I can sleep soundly at night knowing FTP is keeping my 2-year emergency fund safe and sound!
     1
  18. slapshot slapshot is offline

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    Jun 13th, 2011 (6/13/2011 6:14pm) in reply to Duffy08

  19. Admiral Admiral is offline

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    Jun 13th, 2011 (6/13/2011 6:23pm) in reply to slapshot

    Just got out of college and got my first "real job" but I have$2K if need be, I have about $20K in available credit but only use about $1500-$2K of that a month and always pay it off at the end, but half of that is 0% APR until next June so in a desperate emergency I could use that and pay it off by the end of the year pretty easily.

    I also have untouchable savings having just started an IRA and I have my 401K through work. I hardly have any cash on hand due to paying off $50K in student loans :(, any excess money I have at the end of the month all goes to the principal balance for that.
    Edited By: Admiral Jun 13th, 2011 at 06:25 PM
  20. Z-Fresh Z-Fresh is offline

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    Jun 13th, 2011 (6/13/2011 6:28pm) in reply to slapshot

     
    Originally Posted by slapshot View Post

    I love that pic.

    It wasn't until recently I've had $2,000 extra in the bank. Of course that will all be gone in two weeks when I go to Vegas.
  21. Hecklerz Hecklerz is offline

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    Jun 13th, 2011 (6/13/2011 7:51pm) in reply to Z-Fresh

    Can't remember when the last time I didn't have $2k on hand was.

    Seriously,
    • $78k available in credit (based on a lower income 2 1/2 years ago).
    • ~ $24k in RRSP's (wouldn't touch unless do or die)
    • + $10k in savings account
    • could easily borrow (use bike and/or truck as collateral)

    I do not prefer to borrow. Loans suck.....
  22. Pghfan987 Pghfan987 is online now

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    Jun 13th, 2011 (6/13/2011 7:58pm) in reply to Hecklerz

    There's no feeling like having $2,000 to your name but having $10,000 cash in your hand. Like going "all-in" with your entire life roll in a poker cash game. Or like having >$10,000 (yes, more than 10 K) in your bank account and walking eight miles back to school instead of taking a cab to save money. I have done all of these things.
    660 1
  23. NechitaCC NechitaCC is offline

    Las Vegas, NV
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    Jun 13th, 2011 (6/13/2011 9:30pm) in reply to Pghfan987

    cabs are so expensive these days its rediculous
  24. raisethis2 raisethis2 is offline

    Homer Glen, IL
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    Jun 13th, 2011 (6/13/2011 9:35pm) in reply to NechitaCC

    If you have a job, a credit card and a decent credit score you're fine in the short term. Not having $2000 today however, does not suggest you'll be able to eat when you need to retire.
  25. bluefin bluefin is offline

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    Jun 13th, 2011 (6/13/2011 10:08pm) in reply to raisethis2

    I give my maid 2k if I'm bored.

    All kidding aside, how can people not have at least 2k at their disposal for emergencies. That's a scary figure. Get with it people.

    And how do some of you have 75-100k in available credit? How many credit cards is that? Doesn't your credit score frown upon that? I have one CC, 10,800 limit. And an American Express, which in theory doesn't have a limit tied to it, but obviously there is a limit.
  26. BigGunX BigGunX is offline Mr OT Party

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    Jun 13th, 2011 (6/13/2011 10:38pm) in reply to bluefin

     
    Originally Posted by bluefin View Post

    I give my maid 2k if I'm bored.

    All kidding aside, how can people not have at least 2k at their disposal for emergencies. That's a scary figure. Get with it people.

    And how do some of you have 75-100k in available credit? How many credit cards is that? Doesn't your credit score frown upon that? I have one CC, 10,800 limit. And an American Express, which in theory doesn't have a limit tied to it, but obviously there is a limit.

    I have 4 CCs that make up my limit. From what I've read, my credit is not affected negatively by it. I have over 10 years of history and keep little to nothing on them. Pretty sure that as far as the credit score agencies are concerned, having a high limit with little to no balance suggests financial responsibility.

    Could be wrong, but my score is about 800 so it can't be affecting it that much.
     
  27. bluefin bluefin is offline

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    Jun 13th, 2011 (6/13/2011 10:45pm) in reply to BigGunX

     
    Originally Posted by BigGunX View Post

    I have 4 CCs that make up my limit. From what I've read, my credit is not affected negatively by it. I have over 10 years of history and keep little to nothing on them. Pretty sure that as far as the credit score agencies are concerned, having a high limit with little to no balance suggests financial responsibility.

    Could be wrong, but my score is about 800 so it can't be affecting it that much.

    I though the prevailing wisdom with credit scores was that this showed to much credit, thus a liability because of the risk. (ie., you charging a whole lot of stuff).

    And congrats on score, 802 here last time it was checked.
  28. userid363 userid363 is offline I want an undertitle

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    Jun 13th, 2011 (6/13/2011 11:24pm) in reply to bluefin

    It's the gov't's fault (Bush ldo)
  29. LeftyMark LeftyMark is offline Boss of Birds

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    Jun 13th, 2011 (6/13/2011 11:34pm) in reply to userid363

    2k? Lol poor people.
  30. Cmoney3 Cmoney3 is online now

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    Jun 14th, 2011 (6/14/2011 12:22am) in reply to BigGunX

     
    Originally Posted by BigGunX View Post

    Could be wrong, but my score is about 800 so it can't be affecting it that much.

    omg my score close to bgxs. finally some win in my life
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