Who has their $1,000 Dave Ramsey Emergency Fund?
- Thread starter benjamin
- Start date
feelosofer
#ninergang
1000 won't cover a month of rent.
1K EMERGENCY FUND IS TO COVER UNEXPECTED ISSUES.
FLAT TIRE
DOCTOR VISIT WITH PRESCRIPTION
BUSTED WINDOW IN THE HOME
6 MONTHS LIVING EXPENSES IS FOR JOB LOSS.
YOU SHOULD HAVE BOTH.
1K SITTING IN A CHECKING ACCOUNT READY TO GO.
6 MONTHS IN A SAVINGS ACCOUNT OR AN INVESTMENT ACCOUNT THAT CAN BE LIQUIDATED QUICKLY. PREFERABLY A LOW RISK SITUATION.
FLAT TIRE
DOCTOR VISIT WITH PRESCRIPTION
BUSTED WINDOW IN THE HOME
6 MONTHS LIVING EXPENSES IS FOR JOB LOSS.
YOU SHOULD HAVE BOTH.
1K SITTING IN A CHECKING ACCOUNT READY TO GO.
6 MONTHS IN A SAVINGS ACCOUNT OR AN INVESTMENT ACCOUNT THAT CAN BE LIQUIDATED QUICKLY. PREFERABLY A LOW RISK SITUATION.
Brolic
High Value Poster
NIKKA ITS ALL I GOT..NOT ERRBODY EATN BREH BREHHAVE MERCY BREH BREH
stretch dat shyt nikka
THERE ARE OBVIOUSLY DIFFERENT WAYS TO DO THIS BUT THIS IS JUST WHAT I DO.
Ezekiel 25:17
Veteran
It probably needs to be updated to $3,000
If we been real, a true emergency fund is 3 months of expenses. So about $10,000.
DAVE RAMSEY A BUSTER...SENILE OLD b*stard
NIKKA IM BROKE
Yall nikkas just trying to stunt now..
Hater Eraser
Veteran
thats not what Dave says.
He preaches a 1K total fund until youre debt free.
nothing more.
Cars paid off and home
But proper taxes, home insurance and utilities will still make $1,000 not enough
But proper taxes, home insurance and utilities will still make $1,000 not enough
THAT'S DEBATABLE. THE EMERGENCY FUND IS MORE IMPORTANT IF YOU CAN'T SECURE FINANCING BELOW THE RATE OF A HIGH YIELD SAVINGS.
IF YOU CAN'T GET A LOAN FOR LESS THAN 5% INTEREST, THE EMERGENCY FUND WILL OUT PACE YOUR DEBT.
IF I HAVE A 10K LOAN IN PLAY AT 1.5% INTEREST. ITS CHEAPER FOR ME TO PUT 10K IN A SAVINGS ACCOUNT THAT HAS A 5% INTEREST RATE. THEN JUST PAY THE NOTE OUT OF MY CHECK. IF AN EMERGENCY POPS UP, I CAN DIP INTO THE SAVINGS.
IF I PAY OFF THE LOAN, I NOW HAVE NO MONEY GENERATING INTEREST BUT IM DEBT FREE. DEBT FREE DOESN'T HELP ME IN THIS INSTANCE. DAVE'S ADVICE WOULD BE BAD.
NOW IF MY CREDIT IS BAD, YOUR INTEREST RATES WILL BE MUCH HIGHER. IT WOULD MAKE SENSE TO PAY DOWN YOUR DEBT BEFORE DOING 6 MONTHS OF EXPENSES. YOUR INVESTMENT PORTFOLIO WON'T OUT PACE YOUR DEBT'S INTEREST.
Now you need to save enough money to last a year. This country is cooked.
