"Emergency funds are for retards." Coli Poster
- Thread starter Sad Bunny
- Start date
I admit... I was driving and using talk to text so I have not been as articulate as I would have liked to.
Fair enough. A 1k emergency isn’t like...some insurmountable debt though.
401K loans Are For Broke people
Taking money from your retirement account is hustling backwards
You .my nikka in here but this is an ass backwards way of thinking.
Especially, being that you made the 1st stimulus thread.
No hate
And yes I've took money out of my 401k yet it's still growing
For the average American it might be.
I think $1,000 cash and a savings account at all times is good enough personally but again I have anxiety so maybe I'm basing it off of my own feelings because I have a family member call me every other week to help with a flat tire or to help with rent or to help with phone bills Etc
I will admit I didn't make the most money straight out of college and I wasn't the best with my money so I'm just really debt averse
I admit I said that without much thought behind it....I was driving and ready for war
im not against 401k loans but the other dude was suggesting to use 401k loans for any and every emergency instead of having liquid cash for emergencies. I highly disagree with that.
I don't think people should dip into their 401K when they have a flat tire or when their transmission goes
I think a small cash reserve is a better idea.
You .my nikka in here but this is an ass backwards way of thinking.
why doesn't she just get term life insurance?
I pay like $8 a month for 100K.
I get 125K via my job.
Sorry but these are things that we were never taught that cacs use to get ahead and stay ahead.
I'm not sharing my mom's personal information on here. But she will be taken care of
Again, no hate
I understand. No offense bro.
DaddyFresh
Superstar
That’s not the best logic because what if the market is in bear mode when you need to pull the cash? You might take the money out on a 20-40% hit. Everybody should have a emergency fund. Putting almost every dollar you have in the market is basically gambling not investing.
Dont touch a 401k. If you must use a retirement, you can withdraw contributions from a roth ira with no penalty..
My emergency fund/savings is in a brokerage account thats 85%/15%stocks. Safe with more earning upside than garbage rates from banks. Betterment makes it really easy
My emergency fund/savings is in a brokerage account thats 85%/15%stocks. Safe with more earning upside than garbage rates from banks. Betterment makes it really easy
Ezekiel 25:17
Veteran
He's somewhat right. I think you should have a minimum of $10k for emergency savings, everything else should go for investments