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It is not like I would never keep money in an account. My goal is get around 5000-6000 dollars. I am single btw no kids. I use to have way more than that just sitting there and there was so many other avenues I wanted to do with it. But after that is wasting especially if you are creative. You can use your extra quote emergency for other things and investment that will go better in the long term.
Seems to me that you just do not want to label part of your savings for emergencies. That is fine as long as you do not get in a situation where you lose money on an investment because you have to cash it in for unexpected living expenses. That is what most of us mean by an "emergency fund."
I definitely see this type of behavior when it comes to purchasing automobiles. They either scrimp together enough money to buy a piece of crap that's always in he shop or they buy new and trade it in every few years only focusing on the monthly payment.
I was able save and pay cash for a Honda accord that I drive payment free for 8 years. All the while paying myself a payment each month so in 8 years I'm able to pay cash again for the next car.
05 They realize that money is an unlimited, recirculated resource in the US. Running out of money is like running out of water. You can increase and decrease the flow as you wish.
HowTF does a burger flipper increase the flow of money?
Better yet, go to the library, rent a book and read up on mutual funds. Think of this fund as "your retirement account or "go to hell fund", just in case things get really bad, you will have a secondary fallback in addition to your e-fund. Again, this account is not to be used to buy clothes, gifts, nail polish, cars, trucks or airplane tickets to Tahiti!
I live on a poverty level income. Exactly what good would reading up on mutual funds do me?
HowTF does a burger flipper even have any money to invest after paying rent and student loan payments?
According to Mortgage News Daily, half of all low-income renters spend at least half their income on housing.
Spending at least half your income on housing is a very effective way to remain poor.
How does a burger flipper get money to invest?
Presumably the burger flipper took on those student loans to get a degree... So they could get a better job... So they wouldn't have to flip burgers anymore.
Presumably the burger flipper took on those student loans to get a degree... So they could get a better job... So they wouldn't have to flip burgers anymore.
You could go to the 'hood in my town at any day and see Lexus', Benz's, plenty of high end smartphones and designer clothes and see these owners standing on the bus stop, and going to broken down, rickety sham homes.
There are always people with messed up priorities. They get a little cash and spend it all. Someone a long time ago told me the difference between the rich and the poor is that the poor plan for the weekend and the rich plan for the next generation. And its sooo true.
Why do you have to go to the "hood" when you can go to the "burbs" and see people who make 30,000 yr living in 750,000 homes with no furniture.
^^^This says it all^^^. I might add that everything in our society encourages this kind of short term mindset. It's done deliberately to keep people dependent on their jobs, dependent on the government, etc. Anything and everything is done to encourage people to stay in "survival" mode so that they won't step back and take a look at what's really going on in the world.
And we have a winner
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