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Texas User, why are you badgering this poster about her financial decisions? I think she provides a stellar example of financial behavior. Prior to the husband's job loss, she & her husband lived below their means and socked away a sizable emergency fund. Then they experienced a financial emergency -- job loss. So they wisely used their accumulated emergency funds. He didn't qualify for unemployment. They got by just fine. They behaved responsibly and didn't try to suck the public teat. Emergency ended, and they've built back up their emergency. What could you possibly fault in that?? That's exactly how it's supposed to work!
Well, if she said she does not qualify for Welfare afterall.
I live in Dallas, one of the more affordable US cities, and I think $40K would be difficult to live on here. Ok, you could 'get by' but you wouldn't be able to save that much. Vacations would be difficult. And you wouldn't want to get surprised by any medical bills or large car repairs.
$40K in Dallas is more then enough. What kind of expenses are we talking about? Vacation is a luxury item.
Let's face it: Most American have decided for years to live off debt and not bother to save. If you can't scrape together some minimal amount of savings, it's your own fault. Blaming the government or evil corporations is very shortsighted.
I live on a poverty level income. It's my own fault I can't save on a poverty level income?
Nearly half of Americans are living in a state of "financial fragility," a new paper by the National Bureau of Economic Research reveals. To determine this statistic, researchers from the George Washington School of Business, Princeton University, and Harvard Business School asked survey participants whether they would be able to come up with $2,000 for an "unexpected expense in the next month." 22.2 percent predicted they would be "probably unable" and 27.9 percent said they'd certainly be unable to foot the unplanned bill.
That's sad, but not surprising. You're preaching to the choir here. The people who pay attention to this sort of thing don't need to. And most of the people who need to pay attention won't...or will insist there's no possible way they could ever save $2000 in cash.
Dave Ramsey never said $1,000 was realistic on a poverty-level income.
So you think $1,000 would be tough to save? It may take longer.
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