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Location: Chapel Hill, NC, formerly NoVA and Phila
9,780 posts, read 15,797,090 times
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Quote:
Originally Posted by Tallysmom
I have cash. Since we are still in the accumulation phase of our lives, every month we have an inflow of cash that goes into a cash fund. Then in March, our tax guy tells us how much to put away into our SEP-IRA, and the cash fund goes down and the process starts all over again. But I always have cash -- like enough to cover your dental implants.
This is how both my husband and I were raised. Our parents did it this way. They saved x amount of dollars each check, and if a vacation was coming up they put away y dollars on top of that. You keep a check on things and know when you need new tires and put away a little each check...
Until Suze Orman, I had never heard the term emergency fund. None of the books I read used the term emergency fund. To me, it's a symbol of everything negative in financial planning. It sets you up to go from putting out fire after fire, and then saving for the next fire, and you never get to the business of setting up a financial life.
I don't think back in the day it was called an emergency fund. It was called "saving money for a rainy day." And there was no formula for the amount that was needed - six months, a year, etc. But the idea was definitely there that one needed to save money for unexpected expenses. My parents brought me up on the same concept, which was basically, don't spend all of the money that you earn, but put some away in savings.
They only really wealthy people I know are my brother in law's family and they are complete jerks. Drive fancy sports cars they trade in yearly (Aston Martin/Ferrari/Jaguar in the past 2 years), come from generational wealth, own giant mansions on acreage with cooks, maids and butlers just outside Phillidelphia as their main house but have several others as well, vacation around the world, belong to country clubs in Maine and Connecticut kind of wealth.
So yeah, I envy the toys and access but not the people at all in their particular case. If you have normal conversations with them, they seem perfectly fine, not rude to waitstaff or anything, but inside the home and other areas of the inner circle, you are definitely an outsider and looked down upon if you are not a member yourself. Anyways, back to the question, you can't ask them "what it's like to be rich" because they would not answer honestly because you are outside the circle, don't deserve their insights and they don't freely offer advice on how to join it.
You can call it a cash fund, an emergency fund, a rainy day fund, a cookie jar stash etc. The real tragedy is to have to borrow your way through car repairs, medical emergencies, housing repairs etc. You can't predict when these things will happen to you, but they happen to everybody, regardless of how much is in your bank account. No doubt, this is easier if you have good incomes, but regardless of income, it comes down to planning, organization and budgeting. The most important thing is to be willing to say NO, we can't afford it. It all comes down to choices. Some people make good choices, some do not.
Yes, they donate money and I believe have buildings with their name on it at some university in Pennsylvania- I don't recall which. They are horribly manipulative to their children and about as loving to their grandchildren as Santa at the mall is.
Instead of asking someone else how it is, why not become wealthy. For the majority it is a choice.I am not talking about the smaller percentage that inherited their money. You choose to be wealthy just as you choose to be poor.
No, I've never asked them what it's like to be rich. I've thanked them, told them that the party was lovely, that I really, really enjoyed the exquisite food, wine. I've complimented the hostess about her lovely outfit or the decor in her home. There really is nothing more to say.
Yes, they donate money and I believe have buildings with their name on it at some university in Pennsylvania- I don't recall which. They are horribly manipulative to their children and about as loving to their grandchildren as Santa at the mall is.
Can't answer that. It's between their own children and them. I'll just say in everyway they can, with money as the carrot for the children doing what the parents want them to do. That's fine when you are an actual kid, but we are talking kids in their '40s with children of their own. And that's just one way.
Can't answer that. It's between their own children and them. I'll just say in everyway they can, with money as the carrot for the children doing what the parents want them to do. That's fine when you are an actual kid, but we are talking kids in their '40s with children of their own. And that's just one way.
Do the kid work for their parents? Either way that is a family isssue.
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