pf101
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You're in the minority unfortunately. Most people have to make choices between the lesser of the evils.
Personal Finance 101
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Mon Apr 07, 2008 3:30 am |
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Financial Matters
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The more funds the better, but I agree with a six month strategy. Very hard these days though. Usually, it can take up to six months to get another job if you are layed off or if you have been injured. I would recommend placing it in a high yield savings account like the Orange Account with ING. Last I checked it was over 4%.
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Thu Apr 10, 2008 6:23 am |
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montyloree
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Practically it's best to look around and see what's going to cause an emergency. If you've got old appliances, and old cars and old furniture then your emergency requirements might be more than if everything is working fine.
When we were younger we seemed to have emergencies all the time. I guess we didn't understand the difference between "need to have" and "want to have" spending.
It's all about money. If you have enough of it stored away and are prudent with spending then many of your emergencies go away naturally.
I'm with oldguy. I make more than enough money, have more than enough savings and don't have very many emergencies. It's kind of nice actually.
Canadian Money Advisor Founder
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Sun Apr 27, 2008 3:54 pm |
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Prince
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| My Two Cents on Emergency |
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Let me start off by saying everyone was a valid point in that an E Fund should be its tough now in my case I cannot fund both my Roth and my Emergency fund so I do half and half but base on the financail experts says you should fully fund your emergency fund before you start building wealth or investing its the foundation of your financail house your defense.
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Thu May 29, 2008 4:44 pm |
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financialpeace
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I would suggest that one should spend a year or two if it takes that to build the EF in a high yield MM account, and leave it alone, because if your Roth is your EF, you will very likely have an emergency sometime in the first 5yrs before you can actually touch the Roth for a savings account type feature, which is BAD in my opinion. This type of rollercoater, ping-pong retirement investing is what kills most financial plans. First they dip cause its a true emergency, then before you know it, a new truck, new camper, and an HDTV become emergencies, and the Roth gets funded, drained, funded, drained.
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Fri May 30, 2008 3:26 am |
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pf101
Senior Member
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Location: Portland, OR
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quote:
Originally posted by financialpeace
the first 5yrs before you can actually touch the Roth for a savings account type feature
You can remove your contributions from a Roth at any time for any reason. You do not have to wait 5 years.
If you have to choose one or the other I would always choose to fund the Roth first because once you don't fund it you can never go back and put that money in. The opportunity is lost forever. Whereas if you fund it and don't need to use it you'll have a great nest egg started for retirement.
Personal Finance 101
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Sat May 31, 2008 3:04 am |
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Prince
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| Emergency Fund?? |
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Who where has one and how much be honest
Me $100.00
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Wed Jul 30, 2008 1:43 pm |
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coaster
Senior Advisor
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Location: Wisconsin
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Ha!! That'd last about two days. 
~Tim~
Eye Candy : Why Whimsy
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Wed Jul 30, 2008 2:29 pm |
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Ashley Watson
Contributing Member
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Location: USA
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| Re: Emergency Fund |
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Place your emergency fund into a high interest savings account, checking account, or money market account (MMA). Stay away from certificates of deposit because if you pull your money out prior to the CD expiring, you will lose interest in the form of a penalty. So at your emergency you do not need to go any where. You can also apply for the Payday loan for the emergency money.
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Fri Aug 27, 2010 9:44 am |
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teal1066
Contributing Member
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Joined: 23 Aug 2010
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If you need a loan in emergency you can take online loan.Online loans are really better.You can have fast cash online.
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Mon Aug 30, 2010 1:15 pm |
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jlevitt
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I agree with those saying 3-6 months for the EF in principle. How you get to that point is of note. I've found that as little as $1,000 is a good "starter" EF. It will cover most of what life throws at you in the short term. From there, get rid of all of your non-mortgage debt then go back to build your 3-6 months EF.
I firmly disagree with the approach to use your retirement vehicles or loans as a sustainable EF strategy. Early withdrawals from IRAs and 401k are taxed and hit with penalties. It's never a good idea to mix your savings with investments, either. There are two distinct purposes for each.
Save your EF in a good money market or savings account. Once it is fully funded, go attack your IRA, 401k and other investments.
Josh Levitt
Levitt Coaching
www.levittcoaching.com
Contact me of a fee 30-minute consultation.
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Tue Aug 31, 2010 2:27 am |
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teal1066
Contributing Member
Cash: $ 5.40
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Joined: 23 Aug 2010
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If you are in emergency you can take online loans.Online payday loans are really helpful.You can get payday loan just in 1hour.
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Tue Aug 31, 2010 1:33 pm |
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Adria.John
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Location: UK
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Need cash fast? Household emergency? Received a final demand bill in the post? Short of petrol? Boiler broken down again...? There's no end to the frustrating and expensive bill scenarios that can occur as you're waiting for that paycheque to finally drop through your door - and it certainly always seems to be the case that all the domestic emergencies and short-notice bills hit exactly when your budget has run out!
So when you need cash fast, what should you do? Well there are various options really. You can ignore the bills and domestic emergencies - but it's not really a practical approach, as you could find yourself in real trouble if you ignore last demands or a freezing house! When you need cash you could also risk going overdrawn - but then the charges for overdraft use can be very high indeed and they end up cutting heavily into your pay when it does arrive in your account!
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Sat Sep 04, 2010 6:12 am |
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Motoring
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Location: Seattle
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| Emergency Buget Move |
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I keep a 1 year emergency fund in an online bond fund. I have made some decent money off the fund in a short time but I am contemplating moving it to a 2% apy online savings account.
I typically only keep a 6 month fund but my job is shaky right now.
I keep a 1 month buffer in my budget.
Regards,
Motoring
No Debt Is A Good Thing
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Mon Sep 06, 2010 7:04 am |
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mukeshkkashyap
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Location: india
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It won't make house payments, car payments, buy the groceries, or pay the heating bill.
Personal Finance Planner
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Wed Sep 08, 2010 7:02 am |
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