Discussion in 'The Pub' started by hobbes1, Apr 28, 2016.
Even if the savings/checking was wiped out and plastic was frozen, as long as pawn shops are around, sure.
After years of living in fear of sudden layoffs, yeah I keep significant liquid dough just in case.
It is a point of fact that the middle class in the US have had it's size and standard of living eroded over the last several decades, so that article come as no surprise.
Growing up poor, I feel fortunate in my current middle class life, but the ingrained fear of doing without make me a bit of hoarder financially speaking.
It's a sad reality. For the average person though, optimizing decisions on financial concerns does not seem to be a prevalent skill.
People seem to prefer to avoid thinking about money as much as possible.
Is it odd that I keep at least $500 in savings? LOL
I also have an "invisible" buffer in my checking. My zero level is actually at $1K. I know it's there, but I don't dare go below it. If I near it then I tell the kids we're eating at home and watching Netflix.
Oh yeah... I have an Amex that always has $400 room on it for a car repair.
I guess I'm not typical???
What if for some reason none of that was available?
What an opportunity to disparage the financial acumen of everyone who hasn't had the same good fortune as myself!
Then I guess I'm selling an amp (since I have two) or a couple of extra pedals lying around.
$400 for an emergency? You mean like a new pedal? Oh yeah, I've got that
probably that much in coins stashed in various containers around the house. I don't like carrying coins.
I guess I'm not typical either. I keep a $1,000 buffer in checking and shoot for at least 90 days of operating cash available in my savings account.
My CCs have about 15k available balance and I like to have at least 10K in my savings acct. Call me crazy but when you have a kid and one on the way w a stay at home wife I just sleep better that way.
The article refers to "middle class" people. I'm thinking if you can't come up with $400, you're poor, not middle class.
did you even read the article? It's by a writer who counts himself among the 47% of Americans who state that they could not come up with $400 in an emergency. His financial situation is due to his own choices over his lifetime. No one is disparaging anyone....he is shining a light on the financial situation of nearly half of the US (adult) population.
grew up poor, left school very early.
Deep seated fear of going through life poor meant I ensured I would never get down to my last $400 bucks.
Also despite a drive to acquire wealth I dont crave the trappings of wealth.
I dont carry debt and havnt since I was 30.
Neither did my Grandpa, who never spent a penny in his life...he just saved them up in used coffee cans. When he passed away, my Dad and I started sitting down every weekend to roll pennies. It became a bit of a bonding experience. All told, after what must have been at least six months of this routine, we had rolled more than $5,000 in pennies from my Grandpa's basement. Crazy, right?
I often have that in my pocket. At an ATM, there is a charge of $2-4 per withdrawal. Therefore, I withdraw the max to lower the percentage of the fee. Ymmv
I'm good now, but there were times in my younger days when it would've been tough. And who can say what the future will bring - don't get too cocky, rich guys!
In case of emergencies, I secretly keep a pillow stuffed full of c-c-c-cocaine! Don't tell nobody...