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Yes it's literally how much do you have in your savings account. Sure let's keep thousands there and earn 0.039 per cent!
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Sep 28, 2016 04:41
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Fuzzy Mammal posted:Yes it's literally how much do you have in your savings account. Sure let's keep thousands there and earn 0.039 per cent! I mean $10,000 is an emergency fund right? I thought you weren't supposed to put that anywhere where you can't get to it easily in an emergency.
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Sep 28, 2016 05:52
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Fuzzy Mammal posted:Yes it's literally how much do you have in your savings account. Sure let's keep thousands there and earn 0.039 per cent! They asked "how much do you have in a savings account," they didn't measure actual bank accounts. This is a self-reported figure. But I'm not talking thousands. You should have at least one singular grand on hand in cash if you're a professional adult, it's not a lot of money, and most problems can be solved by $1000.
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Sep 28, 2016 08:21
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I just use a checking account for everything and don't have a savings account. The convenience factor outweighs the piddly 1% interest. 6 transactions per month is bullshit.
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Sep 28, 2016 08:48
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It's good to keep a relatively low balance in your checking account, maybe just enough to cover monthly bills, due to the annoying process of getting your money back in the event of fraud.
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Sep 28, 2016 11:44
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potatoducks posted:I just use a checking account for everything and don't have a savings account. The convenience factor outweighs the piddly 1% interest. 6 transactions per month is bullshit. If you were making 6 or more transactions a month then it wouldn't be a savings account anyway...
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Sep 28, 2016 12:21
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Read this a couple of days ago but didn't have a chance to post it.http://www.nytimes.com/2016/09/26/business/economy/millions-in-us-climb-out-of-poverty-at-long-last.html posted:Not that long ago, Alex Caicedo was stuck working a series of odd jobs and watching his 1984 Chevy Nova cough its last breaths. He could make $21 an hour at the Johnny Rockets food stand at FedEx Field when the Washington Redskins were playing, but the work was spotty.
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Sep 28, 2016 12:50
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Because part of escaping poverty for many people is having a reliable vehicle that is unlikely to break down and leave you stranded, cause you to miss work, or worse cause you to lose your job
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Sep 28, 2016 13:05
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Easychair Bootson posted:Read this a couple of days ago but didn't have a chance to post it. Is 40K really enough to support six people?
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Sep 28, 2016 13:06
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Cloks posted:Is 40K really enough to support six people? Considering that you pay negative several thousand dollars federal income tax with an income of $40k and four children, yes probably
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Sep 28, 2016 13:10
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BEHOLD: MY CAPE posted:Because part of escaping poverty for many people is having a reliable vehicle that is unlikely to break down and leave you stranded, cause you to miss work, or worse cause you to lose your job Do I really have to explain why buying a 2015 car when you make 40k and have a family living at the in-laws is a bad idea?
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Sep 28, 2016 14:18
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revmoo posted:Do I really have to explain why buying a 2015 car when you make 40k and have a family living at the in-laws is a bad idea? You can, but the rest of the thread probably doesn't want you to.
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Sep 28, 2016 14:24
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Switchback posted:Do they explain their methodology anywhere? Because if someone asked me "how much do you have in your savings account" I would answer with everything I have in savings, include all retirement, IRAs, short-term savings and cash in checking that's not already earmarked for living expenses. I bet they specifically asked about savings accounts and not other "non-liquid" assets because they know the only reason we're even reading that article is because of the clickbait headline. I don't have a whole lot in savings. Mostly enough for short term items I'm saving for and bail/insurance deductibles. Doesn't mean I'm BWM.
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Sep 28, 2016 14:33
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revmoo posted:Do I really have to explain why buying a 2015 car when you make 40k and have a family living at the in-laws is a bad idea? I've had enough poo poo cars in my lifetime to know that sometimes it's better to bite the bullet and pay for something that just WORKS. It's exhausting stressing out about when the next catastrophe is going to hit, and easier to budget for X dollar payment + the occasional scheduled maintenance than random 1K repairs on something not worth anything. Whether the 2015 Pathfinder is a good choice is debatable, but given a family of 6, it makes some sense.
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Sep 28, 2016 16:14
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Krispy Kareem posted:I bet they specifically asked about savings accounts and not other "non-liquid" assets because they know the only reason we're even reading that article is because of the clickbait headline. ...bail? e: Well I mean your personal stuff is none of my business but I'm actually curious as to the financial aspect, is bail like something you pay a deductible on, or do you mean "so I have enough money to make bail in case I get arrested" or something else? Shame Boy fucked around with this message at 16:26 on Sep 28, 2016 |
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Sep 28, 2016 16:22
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I keep my emergency fund in my bug-out bag.
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Sep 28, 2016 16:34
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Nail Rat posted:I keep my emergency fund in my bug-out bag. Only counts in the form of plata and plomo, no filthy fiat currency.
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Sep 28, 2016 17:02
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blackmet posted:I've had enough poo poo cars in my lifetime to know that sometimes it's better to bite the bullet and pay for something that just WORKS. It's exhausting stressing out about when the next catastrophe is going to hit, and easier to budget for X dollar payment + the occasional scheduled maintenance than random 1K repairs on something not worth anything. I've literally never had a mechanical breakdown in my life (edit: take that back, I had a 626 poo poo the harmonic balancer and I sold it at a profit just because I couldn't be hassled to bother with it), I don't know how you manage to have such bad luck. Our cars have 210k and 180k respectively and haven't needed any repairs in at least two years. Last was a water pump on my wife's car that could have been ignored if we'd just kept topping off the coolant. Maybe check the oil level a little more often? Regardless, you can spend 10k and get a fantastic gently used SUV or full sized german luxury sedan of your choice. Dropping 20k+ on a car for this dude's situation is wack. revmoo fucked around with this message at 17:41 on Sep 28, 2016 |
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Sep 28, 2016 17:38
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revmoo posted:I've literally never had a mechanical breakdown in my life (edit: take that back, I had a 626 poo poo the harmonic balancer and I sold it at a profit just because I couldn't be hassled to bother with it), I don't know how you manage to have such bad luck. Our cars have 210k and 180k respectively and haven't needed any repairs in at least two years. Last was a water pump on my wife's car that could have been ignored if we'd just kept topping off the coolant. Maybe check the oil level a little more often? Maybe you're wack. Someone post the pelican, quick.
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Sep 28, 2016 17:40
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revmoo posted:I've literally never had a mechanical breakdown in my life (edit: take that back, I had a 626 poo poo the harmonic balancer and I sold it at a profit just because I couldn't be hassled to bother with it), I don't know how you manage to have such bad luck. Our cars have 210k and 180k respectively and haven't needed any repairs in at least two years. You have to realize this is not the norm for most people, right?
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Sep 28, 2016 17:42
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WampaLord posted:You have to realize this is not the norm for most people, right? ?? I don't know anyone who has had to deal with strings of poo poo cars with multiple thousand-dollar repairs, no.
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Sep 28, 2016 17:46
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revmoo posted:?? I don't know anyone who has had to deal with strings of poo poo cars with multiple thousand-dollar repairs, no. I'll speak up with some friend and family anecdotes. Old cars have two four figure repairs that are pretty much guaranteed to happen sometime between 120k and 200k miles: Air Conditioners and automatic transmissions. If you get them fixed right, it's a fix that's not going to happen again for another decade. However, putting more than $1k into an old lovely car feels really, really bad, and if those two come close together in time it feels really awful and makes people sell the cars. I'd wager that a decent amount of people live lives where they buy old lovely cars, do the major repairs that you only do once every 15 years, and then get frustrated at that and sell it.
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Sep 28, 2016 17:52
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re: car chat again
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Sep 28, 2016 18:03
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revmoo posted:?? I don't know anyone who has had to deal with strings of poo poo cars with multiple thousand-dollar repairs, no. definitely a good barometer for the average car owner
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Sep 28, 2016 18:08
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Moneyball posted:re: car chat again I love that bird.
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Sep 28, 2016 18:07
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VendaGoat posted:I love that bird. Fuckin' legend.
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Sep 28, 2016 18:09
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If you guys don't know about the cycle of lovely cars operated by poor people despite millions of them being on the road, don't know what's going to convince you. Congrats on having the know-how, space, and opportunity to work on cars and prevent them from breaking down in the first place, but that is not the norm. With 4 kids, they need a minivan. A sedan isn't going to cut it. There's an argument for a new vehicle, especially if you're putting your kids in it. Besides improved fuel economy of a new vehicle beyond even a perfectly maintained used one, they're safer. Sure, you could get one that's only a few years old that would have similar fuel economy and safety, but you save very little on the purchase price, have less favorable financing terms, and maybe that PO skipped a lot of scheduled maintenance that might cause the engine to poo poo the bed 100k miles prematurely. That said, I've no idea how they managed to spend $40k on a Pathfinder, and they probably should've gotten something like a Mazda5 which starts around $22k. Maybe that is what happens when you have four offspring to handle; sleep deprivation is a real bitch. e: just realized he makes $40k w/e BonerGhost fucked around with this message at 18:44 on Sep 28, 2016 |
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Sep 28, 2016 18:19
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Moneyball posted:re: car chat again How does he not fall on his face?! It's incredible.
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Sep 28, 2016 18:38
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Parallel Paraplegic posted:...bail? Most of my family has little if any positive cash flow so I try to keep a certain amount of cash on the ready. It's unlikely I'd bail out any of them, but I've had to bury a few. It's better than some crisis coming up and finding out your wife has taken out a 401k loan to help out her parents. 
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Sep 28, 2016 18:40
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Switchback posted:Methodology: This GOBankingRates.com survey posed the question, “How much money do you have saved in your savings account?” to 7,052 people among all 50 states and Washington, DC. Responses were collected through a Google Consumer Survey conducted from Aug. 1, 2016, to Aug. 9, 2016, and responses are representative of the U.S. online population. The survey has a 2.6 percent margin of error. Yeah that's a poorly worded question. There's no way I'd be saying my net savings including investments and such as an answer to that question, that's more like "what is your net worth" territory.
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Sep 28, 2016 18:49
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monster on a stick posted:Yeah that's a poorly worded question. There's no way I'd be saying my net savings including investments and such as an answer to that question, that's more like "what is your net worth" territory. Well, I just purchased a roll of life savers, so, 1.07.
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Sep 28, 2016 18:52
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People who have savings accounts, why?
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Sep 28, 2016 19:01
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Twerk from Home posted:People who have savings accounts, why? It's required in order to have a checking account at my credit union.
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Sep 28, 2016 19:05
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Twerk from Home posted:People who have savings accounts, why? Banks give discounts, waive fees, give special promotions and more for keeping a certain amount of money in them. Safe deposit boxes, free checks, credit card rewards, all sorts of poo poo. If you have money you get special treatment, in other words.
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Sep 28, 2016 19:07
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Twerk from Home posted:People who have savings accounts, why? I like the mental separation of having my emergency fund not be in my checking account. And while 1% interest is pathetic, it's not nothing.
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Sep 28, 2016 19:09
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As someone else pointed out, if everything's in your checking account it makes cleaning you out via fraud much easier.
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Sep 28, 2016 19:14
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Twerk from Home posted:People who have savings accounts, why? I keep my emergency fund in one which I think is the most common use. I also have a separate account with some money to use for a car downpayment when my 2001 Toyota I've had since high school finally kicks the bucket.
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Sep 28, 2016 19:15
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Parallel Paraplegic posted:As someone else pointed out, if everything's in your checking account it makes cleaning you out via fraud much easier. Pretty much this. At any given point in the month my checking is the same or slightly higher than my savings account, but I like having my emergency fund under a different account number that isn't in a million ACH databases all over the country.
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Sep 28, 2016 19:23
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THF13 posted:I keep my emergency fund in one which I think is the most common use. I also have a separate account with some money to use for a car downpayment when my 2001 Toyota I've had since high school finally kicks the bucket. Well I personally have never heard of anyone having car problems, so what makes you think that will ever happen??
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Sep 28, 2016 19:27
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Twerk from Home posted:People who have savings accounts, why? Emergency fund and I may be buying a house after all my professional certs are in
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Sep 28, 2016 19:28
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