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re: OT: Corona Panic 2020
Posted on 4/6/20 at 3:21 pm to deeprig9
Posted on 4/6/20 at 3:21 pm to deeprig9
quote:
One of those line items should be an automatic transfer to a Roth IRA on every payday.
For the record, I have both a Roth IRA and a 401k.
I just think people are being unrealistic about the safety nets available to many Americans. It’s easier for a 50 year old to say than it is for a 25 year old to execute.
3
Posted on 4/6/20 at 3:27 pm to Crowknowsbest
quote:
It’s easier for a 50 year old to say than it is for a 25 year old to execute
That's a straw man.
No one is saying that a 50 year old with more job experience and probably better pay is the same as a 25 year old.
The point is that any 25 year old can prioritize financial health.
And as life said, the earlier one starts, the better.
Step 1 is the 6 month emergency fund. That is why you get push back. It is literally the first step in a process.
Posted on 4/6/20 at 4:07 pm to Crowknowsbest
quote:
I just think people are being unrealistic about the safety nets available to many Americans. It’s easier for a 50 year old to say than it is for a 25 year old to execute.
Not sure I agree with you, there. My son is very young and still got himself a safety net. Look at it like Insurance. It's not needed until it is. but if you need it, you sure are glad you have it.
It's one of the most important things you can do financially. Hey...it's okay. I think it is a HUGE mistake not to get that safety net, but if you don't that's okay. You have to live your life. It could be the difference in being independent and moving back in with the parents, though, and who wants to ask a girl out and tell her you live with your parents? Or have hospital bills that put you deep in debt. Or you get a car repair bill that you have to pay with a credit card paying 10-15% interest.
Like I said, though, you are an adult and you have to make those decisions for yourself. You will reap the rewards or the problems of your decisions. And who knows? You might not ever need that safety net. I hope not. (That was not meant to be condescending....)
Posted on 4/6/20 at 8:16 pm to Crowknowsbest
quote:
It’s easier for a 50 year old to say than it is for a 25 year old to execute.
It’s never easy but something you have to do to CYA. Trust me, you will cash flow more when you’re 50 but your overhead will be a lot more too. Married with two kids I now spend more on groceries that I brought home my first job.
Buckle your arse down until you at least have 3 mths costs and then build from there. Trust me...you’ll sleep better knowing you’re not a paycheck away from being bankrupt.
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