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re: OT: Corona Panic 2020
Posted on 4/6/20 at 9:32 am to DawgsLife
Posted on 4/6/20 at 9:32 am to DawgsLife
quote:
However, one thing that is helping us weather the financial aspect of this storm is out Emergency Fund. Dave Ramsey suggests people have 3-6 months of take home wages in a savings account for just such emergencies. Stuff like this and loss of job, car breakdowns, etc.
Always nice to have one when you can. Unfortunately, a lot of people can’t put away that much when they’re younger and have to pay off different debts/bills.
Ramsey has some good thoughts, but also others that make me question his financial knowledge (e.g, not using credit cards). I do think he is really good for people with spending issues though.
2
Posted on 4/6/20 at 9:43 am to Dawgsontop34
Posted on 4/6/20 at 12:08 pm to Dawgsontop34
quote:
Always nice to have one when you can. Unfortunately, a lot of people can’t put away that much when they’re younger and have to pay off different debts/bills.
I get it. But I was young once, too. (A long, long time ago!)
I always used the excuse that I couldn't afford to get into my companys 401K. But when I did....my wife and I lived (and still do) under a fairly strict budget. The only thing we owe money on is our house, and if we wanted to (Or had to) we could pay it off tomorrow.
You have to start young, though. Well, the younger you start the better off you will be. Is it easy? Not really. You can't do what other people do...or live the way they live.
Look up a book called "The Millionaire Next Door" by by Thomas J. Stanley and William D. Danko...then read Dave Ramsey's book "The Total Money Makeover".
They will open your eyes to a lot of things. It's not about looking like you have money....it's about actually having it. Most people that look like they have money actually owe a ton of money.
My apologies. I didn't mean to hijack this thread and turn it into a Financial seminar. Finances have always been an interest of mine.
ETA
The credit card thing is an area I part ways with him. We use credit cards, but we make sure we can pay them off every single month. I don't remember ever having to pay interest on a credit card. I'm sure it has happened, but I don't remember it.
If anybody else wants to discuss finances start another thread. I'll keep an eye on it and will join in on it, but I don't want to start a thread if nobody is really interested. And, that will keep us from derailing this thread anymore than we (I) already have.
This post was edited on 4/6/20 at 12:24 pm
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