The Car Payment Thread Vol. Next time I'm buying Used..

Originally Posted by bijald0331

50K for a "rainy day" fund is laughable. Just call it a "Tornado and Hurricane during an Earthquake" fund.

How is the hospital thing relevant? You really think someone who can put aside 50k wouldn't have great insurance? You're living life way too scared after one unique situation.

I mean if you are making that much money to put at least 50k away for a special emergency fund, you should have investments, entertainment expenditures that you could curb back, etc.

I don't know how you are living but 50k is completely unreasonable for 98% of the American public. You just don't need that much for an emergency for most realities. 10-20k is more reasonable to me.
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See this is the problem.
Someone who makes 50k a year can easily save 50k in 5 years. Even living in NYC. I'm not speculating either.

So people who make 50k/year are now so well off to only have 10-20k in reserve? 10k won't even pay rent for a full year for a 1 bedroom in most of NYC.

Some of the diff ion thinking prob stems  from cost of living in NYC compared to other parts of the US. I'm telling you 10 or even 20k in reserve in a place like NYC will leave you naked in the middle of the street holding  your #$%! in your hand if something unforeseen happens.
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^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
 
^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
 
Originally Posted by bijald0331

^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
Click to expand...
Why only one scenario? "When it rains, it pours". A silly adage?
Even if you're single, you have no family that you would feel an obligation towards if they needed your help?
 
Originally Posted by bijald0331

^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
Click to expand...
Why only one scenario? "When it rains, it pours". A silly adage?
Even if you're single, you have no family that you would feel an obligation towards if they needed your help?
 
Originally Posted by bijald0331

^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
Click to expand...

really?

what about the recession? millions of people lost their jobs and many are still unemployed. if they didn't have a nice savings cushion, where would their family be right now?

question: how much do YOU have saved up? and how old are you?
 
Originally Posted by bijald0331

^NYC is one of the very few places in this country I could see needing more than 10-20k in an emergency fund.

50k is such a doomsday scenario for a single person.

Give me an example of a scenario where at least 50k would be needed.
Click to expand...

really?

what about the recession? millions of people lost their jobs and many are still unemployed. if they didn't have a nice savings cushion, where would their family be right now?

question: how much do YOU have saved up? and how old are you?
 
The actual amount of the "rainy day" fund all depends on what your expenses are. You should have enough savings to cover you for 12-18 months. For most people 10 grand isn't gonna cut it.

The average person isn't going to save $20 grand for a rainy day fund and another $30 grand to pay off a new car in cash. If they do, they probably aren't saving any money for retirement or they are eating ramen noodles for breakfast, lunch, and dinner.

I'm not saying financing a car is better than paying cash, but the peace of mind of having an extra cushion of cash in a recession can be worth it for some people. Especially if the interest rates are good.
 
The actual amount of the "rainy day" fund all depends on what your expenses are. You should have enough savings to cover you for 12-18 months. For most people 10 grand isn't gonna cut it.

The average person isn't going to save $20 grand for a rainy day fund and another $30 grand to pay off a new car in cash. If they do, they probably aren't saving any money for retirement or they are eating ramen noodles for breakfast, lunch, and dinner.

I'm not saying financing a car is better than paying cash, but the peace of mind of having an extra cushion of cash in a recession can be worth it for some people. Especially if the interest rates are good.
 
I just don't think 50k is a reasonable figure for most people.

Im 21. Obviously, I'm still in school. I just look at my parents and how they have used their money. My Dad would probably scoff at 50k as a specific emergency fund and that's with 2 kids and a wife. It's just unreasonable for most people to me.

Like it would seriously be a real doomsday scenario to need 50k to hold you off until you got a job. I mean 18 months to find a job? Really? You're going to sit on your !+! for 18 months and not pick up something up on the side, anything, while you continue your search? How about unemployment benefits, severance package, etc.? I just think 50k is way out there.

Again, are we talking about having your leg chopped off or something? Like that crazy? Or a Katrina-like storm running through your city?

50k is so much money when you don't have a job. You wouldn't be living your normal lifestyle if you lost a nice job. I wouldn't be.
 
I just don't think 50k is a reasonable figure for most people.

Im 21. Obviously, I'm still in school. I just look at my parents and how they have used their money. My Dad would probably scoff at 50k as a specific emergency fund and that's with 2 kids and a wife. It's just unreasonable for most people to me.

Like it would seriously be a real doomsday scenario to need 50k to hold you off until you got a job. I mean 18 months to find a job? Really? You're going to sit on your !+! for 18 months and not pick up something up on the side, anything, while you continue your search? How about unemployment benefits, severance package, etc.? I just think 50k is way out there.

Again, are we talking about having your leg chopped off or something? Like that crazy? Or a Katrina-like storm running through your city?

50k is so much money when you don't have a job. You wouldn't be living your normal lifestyle if you lost a nice job. I wouldn't be.
 
Originally Posted by recycledpaper

i have a feeling some people here are posting their LEASE payments. like homie above me paying $359 for an is350. you must have either 1) paid a LOT down with a low interest rate or 2) leasing that %+@$%.
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THE HELL ARE YOU TALKING ABOUT??????????????????????????????? ITS NOT A LEASE. IM FINANCING IT. WHICH MEANS I OWN THE CAR. ***KING IDIOT.

i hate when poeple assume things. 3.49 Insterest rate 12k down.


edit: whoops wrong username..
 
Originally Posted by recycledpaper

i have a feeling some people here are posting their LEASE payments. like homie above me paying $359 for an is350. you must have either 1) paid a LOT down with a low interest rate or 2) leasing that %+@$%.
Click to expand...

THE HELL ARE YOU TALKING ABOUT??????????????????????????????? ITS NOT A LEASE. IM FINANCING IT. WHICH MEANS I OWN THE CAR. ***KING IDIOT.

i hate when poeple assume things. 3.49 Insterest rate 12k down.


edit: whoops wrong username..
 
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