emergency fund anyone?

This is a discussion on emergency fund anyone? within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Just looking at a thread on a different forum where a person lost a job, just got me curious, who here believes in having an ...

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Thread: emergency fund anyone?

  1. #1
    Senior Member Array jca1's Avatar
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    emergency fund anyone?

    Just looking at a thread on a different forum where a person lost a job, just got me curious, who here believes in having an emergency fund?

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    Senior Member Array gilraen's Avatar
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    Not a bad idea, but who would watch it? And who would watch the watcher?
    "I pledge allegiance to the war banner of the united states of Totalitaria. And to the Republic, which no longer stands, several bankers, who are now god, indivisible, with Bernanke bucks and credit for all."

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    Member Array smotta's Avatar
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    Why...the government of course. SURELY our money is safe with them???
    "In God we trust, as for the rest of you... keep your hands where I can see them" - Unknown

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    Senior Member Array jca1's Avatar
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    ha, now that's funny. NO, I mean your own personal emergency fund, a savings account that you never touch except in emergencies. You know a moneymarket savings account or something that you can draw from at any time, not an investment account.

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    Senior Member Array jhh3rd's Avatar
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    Tried it, but too many Colt's out there.

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    Everybody should have $1000 in the bank for emegencies. Once you have saved that, increase it to 2-3 months pay. Most financial advisors will tell you that is the minimum "Emergency Fund" we should all have.
    "Mind own business"
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    Member Array JimH58's Avatar
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    Quote Originally Posted by jca1 View Post
    Just looking at a thread on a different forum where a person lost a job, just got me curious, who here believes in having an emergency fund?
    Yes, absolutely!!! Most financial advisors will tell you anywhere from 6 months to one year of living expenses as an emergency fund. I think in this environment that closer to one year would be more in line. Thats alot of money.
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    Yes, mine is not where I'd like it to be... but it is growing. Two things that I have learned is to A; have multiple streams of income B; ASAP stop working for money, annd let money work for you

    Using those two rules, I've spent some of my emergency fund to set up the multiple streams, but they should more than repay my investment in short order.
    "Just blame Sixto"

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    Emergency funds need to be in cash and they do not need to be kept in a bank or any other institution than your own.

    Lets the lessons of life work to your advantage. Look at hurricane victims, electrical outages, and in the not so distant future of a total banking collapse.

    Keep your money in a secure spot where you can get to it.

    Keeping your stash in a bank, only to find out that there has been a run on the banks while you and your wife are at work, will do you NO good whatsoever.

    When it hits the fan, the goverment will limit your withdrawals.


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    Distinguished Member Array SonofASniper's Avatar
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    Yep, but this last winter wiped me out with the downturn in construction. We havn't been able to recoup any of it, and we are within 12 months of pulling out some of the college accounts to keep a roof over our heads.
    I will support gun control when you can guarantee all guns are removed from this planet. That includes military and law enforcement. When you can accomplish that, then I will be the last person to lay down my gun. Then I will carry the weapon that replaces the gun.

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    I agree you need to have cash on hand and out of the bank for immediate Emergency availability.
    Cash is King in any emergency.

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    Distinguished Member Array Arko's Avatar
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    We had one. Didn't last as long as expected when everything started breaking just as we lost our jobs. (Thanks Murphy!)

    Take home lesson: Double what you think you need. Then double it again.
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    Senior Member Array jca1's Avatar
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    Quote Originally Posted by HotGuns View Post
    Emergency funds need to be in cash and they do not need to be kept in a bank or any other institution than your own.

    Lets the lessons of life work to your advantage. Look at hurricane victims, electrical outages, and in the not so distant future of a total banking collapse.

    Keep your money in a secure spot where you can get to it.

    Keeping your stash in a bank, only to find out that there has been a run on the banks while you and your wife are at work, will do you NO good whatsoever.

    When it hits the fan, the goverment will limit your withdrawals.


    If you are going to do it, do it right and keep them out of the loop.
    This makes a lot of sense, thanks....never really thought of it like that, seems so obvious now.

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    Good point HotGuns

    Quote Originally Posted by HotGuns View Post
    Emergency funds need to be in cash and they do not need to be kept in a bank or any other institution than your own.

    Lets the lessons of life work to your advantage. Look at hurricane victims, electrical outages, and in the not so distant future of a total banking collapse.

    Keep your money in a secure spot where you can get to it.
    That's a good point and something I began doing about a year ago.

    Only problem, is potential loss to fire or theft.

    I figure in a real emergency, with widespread electric outages, the machines that take plastic won't work.

  16. #15
    Senior Member Array JohnK87's Avatar
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    I'm a Dave Ramsey fan. $1000 emergency fund while I'm getting out of debt, then 3-6 months of expenses for a fully funded emergency fund.
    ‎An enemy of liberty is no friend of mine. I do not owe respect to anyone who would enslave me by government force, nor is it wise for such a person to expect it. -- Isaiah Amberay

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