Great Financial Advice

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bb49
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Joined: Jul 16th, 2019, 2:38 pm

Great Financial Advice

Post by bb49 »

I recall so many years ago when we were struggling with a big mortgage, one income, kids popping out every year and a half, and the experts were telling us this:

Always have three months wages/salary in the bank in case of emergencies.

We were never able to do that, just too darn difficult. Besides, I never figured out if they meant gross or net wages.
So no doubt this still holds true today, especially for younger people. Just think, three months salary in the bank and you get laid off, What, me worry? :laugh:
Were any of you able to build a nest egg that size?
I_am_a_Canadian (with unacceptable views)
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OKkayak
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Re: Great Financial Advise

Post by OKkayak »

People are in way over their heads financially. Just because you think you can "afford" the car payment for a $50000 SUV doesn't mean you can actually afford it. Get a smaller, less fancy SUV for $30000 (or even less) and start saving that extra car payment cash.

$700/month car payment vs $450/ month car payment. Buy the vehicle that's only $450/month and pretend you're paying $700/month and taking that $250/month, saving it and pretending it doesn't event exist.
seewood
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Re: Great Financial Advise

Post by seewood »

bb49 wrote:So no doubt this still holds true today, especially for younger people. Just think, three months salary in the bank and you get laid off, What, me worry? Were any of you able to build a nest egg that size?


Never, close at times though.


OKkayak wrote:Just because you think you can "afford" the car payment for a $50000 SUV doesn't mean you can actually afford it.


Bet many are lease payments on the big shiny trucks and SUV's.
I leased my work trucks, but to lease for personal use never made sense to me.
I am not wealthy but I am rich

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