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That's not easily possible for people with low income where every penny is already allocated to living expenses.
I don't buy it.
And yest these poor we speak about have cable television, smart phones (at least a cell phone of some kind), internet access and the computer that goes with them. Not only that but most live in a house/apartment with air conditioning etc.
I have no doubt every last single person on CD could save at least $100 every month if they really, really wanted to. Problem is so much of what we have has become a "necessity" when it really isn't.
Where I live you would be amazed, absolutely amazed how many living on a near minimum wage job use what money they do have to purchase cigarettes at $5.15/pack. Cigarettes!
Quote:
Originally Posted by Kees
Right now I have about 8 months expenses saved up.... you'd be surprised how many don't though.
Every time I go to an ATM machine I always see receipts laying around on the ground, and I always pick them up (don't litter) and look... balances I see are 99% of the time less than $100.
The receipt I saw yesterday had a $6.03 checking account balance. I wonder if these people have huge 401k accounts?
If married with children it is my opinion you should have a minimum of three months savings in cash hidden in the house that nobody but your spouse, and a very trusted relative, knows about. I am talking about cash as in $100 bills. Nothing elaborate, just a fire box hidden in stud walls or between joists up in the attic.
What happens to your wife and kids if this evening you get killed in a traffic accident on the way home and your weekly paycheck stops?
And yest these poor we speak about have cable television, smart phones (at least a cell phone of some kind), internet access and the computer that goes with them. Not only that but most live in a house/apartment with air conditioning etc.
I have no doubt every last single person on CD could save at least $100 every month if they really, really wanted to. Problem is so much of what we have has become a "necessity" when it really isn't.
Where I live you would be amazed, absolutely amazed how many living on a near minimum wage job use what money they do have to purchase cigarettes at $5.15/pack. Cigarettes!
I save $200 per week... $100 because it's a nice round number and another $100 because it's twice what I would normally be spending on cigarettes in a week.
I moved out here 2 years ago from the east coast... Cigarettes went from $3 to $8 a pack. I quit 14 days after arriving here and am saving the extra $50 a week x 2.
The bigger number though is 750 days x $8 a day = $6000 not spent on cigarettes.
Quote:
Originally Posted by nicet4
If married with children it is my opinion you should have a minimum of three months savings in cash hidden in the house that nobody but your spouse, and a very trusted relative, knows about. I am talking about cash as in $100 bills. Nothing elaborate, just a fire box hidden in stud walls or between joists up in the attic.
What happens to your wife and kids if this evening you get killed in a traffic accident on the way home and your weekly paycheck stops?
I'm not talking like a family with kids or anything like that... Let's say you are just on your own, in your 20s, etc.
If you couldn't stand your job, and were going to quit before looking for a new job, how much money would you save up? Just out of curiosity.
I would never ever do that. I know several people who have done so, and had literally a year or two of savings, and actually burned through all of it and then some before finally finding a job - some three to four years later. As far as immediate survival, I'd certainly want at least 6 months, but even that would make me nervous.
Where I live you would be amazed, absolutely amazed how many living on a near minimum wage job use what money they do have to purchase cigarettes at $5.15/pack. Cigarettes!
I know some paying $9 a pack, while facing eviction and utility shutoffs.
The only times I've ever quit a job without having the next one lined up ready to start the following Monday were the two times I moved 2,000 miles to a new state.
I have held jobs that were so toxic and soul-killing that I count my time in those positions as credit toward my time in purgatory. Yes, I was job-hunting, but I never, ever considered quitting before having the next one lined up. I like having a roof over my head and food on the table, and I don't like depending on anyone (or anything) else besides me to provide those things.
At this stage in life, the amount I'd need to have saved up to induce me to quit without having another job lined up would be about 20% over my planned target total in my retirement account. I'll have my target total saved up by the time I reach my full retirement age, of course. And if I manage to significantly exceed the magic number sooner than that, I might consider leaving the workforce early. Otherwise, I'll stay where I am unless and until I have another position ready to step into.
[quote=Kees;28925283]....The receipt I saw yesterday had a $6.03 checking account balance....quote]
That's the checking account balance. Most people have a separate savings account too (at a separate bank) so they use their checking accounts just to pay bills.
I'm 30, i'm ok for 5-6 years if I quit, but I worked for like 10+ years and the stock market helped me a lot.
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I know some paying $9 a pack, while facing eviction and utility shutoffs. 
