Rainy Day Funds...

[Quackerbox]

Count me as a scaredy cat also. Mines in the bank and some is hidden in the house

The second account is the one momma can't see
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[emoji16]

[Huntingfool]

I live by the mentality of pay yourself first.

Too many people pay everyone else first...truck payment, house payment, utilities, lease, etc and say they will save if there is any left, which rarely there is. That is backwards thinking. Put money into savings first and without fail and live off what is left over. Don't pay everyone else first and try to save off what is left over. It will never work.

I have been in financial planning business for 41 years and have a pile of clients.

I have preached this for all of those years - "pay yourself first". I have also counselled my clients that the most important part of accumulating money is not the investment return on your money or the taxes - rather it is systematically saving a percentage of your of money over the years and having the discipline to leave it alone. A 20% return on no money still equals no money.

I also have coached to save a percentage of your income and not a dollar number. That way as your income increases over the years your savings increases proportionally. Your goal should be saving 15-20% of your income - if you cannot start there then start at a lower percentage and gradually increase it every year - it is amazing how you adapt to living on what you have left after saving. Good luck to all

[Playa]

I’m not a saved by nature. But I try to put some back. When the tax laws changed I figured out how much both mine and my wife’s take home would increase. I set up an auto transfer on payday and moved it to savings. I made more $ last year than I ever have. Between that and some profit on the sale of a home we have managed to put aside about 10 months of living expenses. Some of that is set aside as a down payment on a vehicle, but it liquid and available for now.

Here is a question if we ever have a true SHTF financial scenario, that money in the bank probably does not mean squat. Any of you actually keep actual cash on hand at home?

[Mexico]

I’m not a saved by nature. But I try to put some back. When the tax laws changed I figured out how much both mine and my wife’s take home would increase. I set up an auto transfer on payday and moved it to savings. I made more $ last year than I ever have. Between that and some profit on the sale of a home we have managed to put aside about 10 months of living expenses. Some of that is set aside as a down payment on a vehicle, but it liquid and available for now.

Here is a question if we ever have a true SHTF financial scenario, that money in the bank probably does not mean squat. Any of you actually keep actual cash on hand at home?

I've thought about that myself. And no, no real money at home.

Guess if it gets really bad money is just paper. Those with chickens, cows and livestock will probably do the best in that scenario and the most bullets!

[Playa]

I've thought about that myself. And no, no real money at home.

Guess if it gets really bad money is just paper. Those with chickens, cows and livestock will probably do the best in that scenario and the most bullets!

Agree with you on livestock and ammo, but livestock isn’t an option for me. I figure cash would still have some value for a while, especially initially when folks realized that can’t get their from the bank.

In a perfect scenario I’d have 6 months of cash in a safe. 6 months in the bank and 2,000 rounds for every weapon. Plus a months worth of food stuffs and apparently toilet paper

[Mexico]

Agree with you on livestock and ammo, but livestock isn’t an option for me. I figure cash would still have some value for a while, especially initially when folks realized that can’t get their from the bank.



In a perfect scenario I’d have 6 months of cash in a safe. 6 months in the bank and 2,000 rounds for every weapon. Plus a months worth of food stuffs and apparently toilet paper

Lol... don't forget the TP! Or maybe invest in some broad leaf plants

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[HoustonHunter94]

I chimed in on the Dave Ramsey thread as well. It is pretty crazy how much $$ you can have when you don’t have any debt. I have a financial guy I trust, I just have him a big hunk on Monday. Have enough to go without a job for a year but I for sure don’t want to. I know people live paycheck to paycheck and I did it for years but the best advice I can give is get rid of debt and put some money away if at all possible. Makes times like these much less stressful.


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[HoustonHunter94]

I also have a copy of Total Money Makeover that I will send to someone for free. It’s in my office and I’m working from home now but when I got back I’ll happily send it to someone. Just DM me.


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[TxSpinner]

Great to see so many people placing a priority on savings. Good job everyone.

[Radar]

I chimed in on the Dave Ramsey thread as well. It is pretty crazy how much $$ you can have when you don’t have any debt. I have a financial guy I trust, I just have him a big hunk on Monday. Have enough to go without a job for a year but I for sure don’t want to. I know people live paycheck to paycheck and I did it for years but the best advice I can give is get rid of debt and put some money away if at all possible. Makes times like these much less stressful.


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Seems like it takes forever to get any real amount saved up, I always hate getting in my rainy day fund. Save up money and something comes along and takes it back. But you are right that it is a stress reliever.

[BonesandArrow]

I have been in financial planning business for 41 years and have a pile of clients.

I have preached this for all of those years - "pay yourself first". I have also counselled my clients that the most important part of accumulating money is not the investment return on your money or the taxes - rather it is systematically saving a percentage of your of money over the years and having the discipline to leave it alone. A 20% return on no money still equals no money.

I also have coached to save a percentage of your income and not a dollar number. That way as your income increases over the years your savings increases proportionally. Your goal should be saving 15-20% of your income - if you cannot start there then start at a lower percentage and gradually increase it every year - it is amazing how you adapt to living on what you have left after saving. Good luck to all

Does that 15-20% of savings, include the percentage you are contributing to 401k?

[Huntingfool]

Does that 15-20% of savings, include the percentage you are contributing to 401k?

yes - total amount of your income that is being saved at 15-20% including 401k (does not include your employers match) - if you are limited in how much you can contribute to the 401K then just invest on a monthly basis into a good balanced mutual fund - you can set it up to where it comes directly out of your income each month so you never get your hands on the money.

Anyone who has an employer match (no matter the percentage) should at the MINIMUM contribute an equal amount of the match - think about it - that is a 100% return on your money

[Hotrodd]

Wise words from a wise man!

[BonesandArrow]

yes - total amount of your income that is being saved at 15-20% including 401k (does not include your employers match) - if you are limited in how much you can contribute to the 401K then just invest on a monthly basis into a good balanced mutual fund - you can set it up to where it comes directly out of your income each month so you never get your hands on the money.

Anyone who has an employer match (no matter the percentage) should at the MINIMUM contribute an equal amount of the match - think about it - that is a 100% return on your money

Thank you. Good to know

[LivinADream]

Thank you. Good to know

I am here. 20% to 401K, after that, it's hard to save much more, with a single income and 3 kids at home. 401K looks NICE, bit it's useless in a time like this, I can't put my hands on it. Luckily we're doing ok, but I always wish I had more money that I could get my hands on if needed in a hurry.

Don't get me wrong, I could put some up if I just sat at home, but life is too short to be bored.

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