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Can you cover an unexpected $400 expense?

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How much of an expected expense can you cover

  • I can't cover $400

    Votes: 6 3.9%

  • I can cover $400

    Votes: 31 20.1%

  • I can cover $4000 because I have Tridentboy like wealth

    Votes: 65 42.2%

  • I can cover $40,000 because I am a ATOT millionaire

    Votes: 52 33.8%
  • Total voters
    154
s0me0nesmind1 said:
As my wealth goes up, I have increased my liability (both on my home and my auto insurance) to compensate - because I want to keep my wealth, not lose it in some accident.
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have any umbrella? i've thought about getting a million or two for lawsuit protection, but haven't pulled the trigger yet. i should, it's only like 150$ per mill per year.
 
brianmanahan said:
have any umbrella? i've thought about getting a million or two for lawsuit protection, but haven't pulled the trigger yet. i should, it's only like 150$ per mill per year.
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Matter o' fact - my company recently added that as employee benefit. I decided to jump in this past year.

Of course, I got it hoping to never have to use it obviously. But just knowing how greedy the American public is, you really have to take a defensive stance if you want to ensure success.

I based part of my decision on our new kid though - so that was definitely a weighing factor. When other people are dependent upon you then you have to get even more defensive. YMMV.
 
I spent about well over $400 just this weekend. 2 new tires, oil job and A/C tuneup. However It's not about how rich you are, it's all about how you manage your money and the county you choose to live in. You must have more coming in than what goes out and take advantage of any opportunities instead of ignoring them, it's pretty simple.

I'm always amused about how most non wealthy people are afraid to reveal what they actually take home per week, like if you ask them you get that uncertain look lol. But I make $17 an hour. My wife makes $11.53 /hr. We both have near perfect credit rating, or as perfect as it gets I guess. My house of $80,000 that I bought in 2007 will be paid off in about 2 or 3 weeks sometime in June. My 2012 Honda Fit is paid off. I'm typing on a MacBook Pro. My PC has an 8700 i7/1080gtx. I can buy for the most part, what I want. It's not hard but you just have to pay attention to money management and take advantage of financial opportunities that accumulate good credit or value. For example, 5 yrs ago we took out a $13,000 dollar loan that had such great interest rate to pay off something of higher interest and we pay bi monthly and more than we need to, to keep that interest down. That loan will be paid off in a few months, saving me thousands. There's also all sorts of help programs that crop up from time to time that can be taken advantage of, just tons of savings assistance programs from various groups and banks.
 
s0me0nesmind1 said:
Matter o' fact - my company recently added that as employee benefit. I decided to jump in this past year.
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nice, i've never been at a company that does that. if i get it, i'll probably just pick it up from geico or progressive or some local place. all umbrella is a little bit different so i have to compare what exclusions they might have.
 
If you get what you need you will be able to get what you want eventually. If you get what you want you may not be able to get what you need.
 
HeXen said:
I spent about well over $400 just this weekend. 2 new tires, oil job and A/C tuneup. However It's not about how rich you are, it's all about how you manage your money and the county you choose to live in. You must have more coming in than what goes out and take advantage of any opportunities instead of ignoring them, it's pretty simple.

I'm always amused about how most non wealthy people are afraid to reveal what they actually take home per week, like if you ask them you get that uncertain look lol. But I make $17 an hour. My wife makes $11.53 /hr. We both have near perfect credit rating, or as perfect as it gets I guess. My house of $80,000 that I bought in 2007 will be paid off in about 2 or 3 weeks sometime in June. My 2012 Honda Fit is paid off. I'm typing on a MacBook Pro. My PC has an 8700 i7/1080gtx. I can buy for the most part, what I want. It's not hard but you just have to pay attention to money management and take advantage of financial opportunities that accumulate good credit or value. For example, 5 yrs ago we took out a $13,000 dollar loan that had such great interest rate to pay off something of higher interest and we pay bi monthly and more than we need to, to keep that interest down. That loan will be paid off in a few months, saving me thousands. There's also all sorts of help programs that crop up from time to time that can be taken advantage of, just tons of savings assistance programs from various groups and banks.
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Dude, do you live in Pripyat/Chernobyl?
 
I'm fascinated that in the most posperous nation to ever exist that we have 40% plus of the population who can't afford a $400 emergency. Why is this? I don't think it's stupidity. Most of us have enough intelligence to navigate thru this hectic and crazy life. I also don't think it's laziness. Many work 2 jobs to support their families, and they are attending college so they can better their lives. What is it then?

IMO, the issue comes down to our unhealthy realitionship many of us have with money. You can't talk about money in public, so most of us don't focus on it. We are led to believe that making a lot of money is bad, and that rich people are evil. To live modestly. That's what God wants for us. Well if there is a God, I'd like to believe that he wanted me to have financial abundance. We are also taught to think small. "Oh, don't think too big. You can't have that because it's for other people, not you." You don't need money in your life. There is only so much to go around, etc. All bullsh*t. Just my opinion.
 
Mai72 said:
I'm fascinated that in the most posperous nation to ever exist that we have 40% plus of the population who can't afford a $400 emergency. Why is this? I don't think it's stupidity. Most of us have enough intelligence to navigate thru this hectic and crazy life. I also don't think it's laziness. Many work 2 jobs to support their families, and they are attending college so they can better their lives. What is it then?

IMO, the issue comes down to our unhealthy realitionship many of us have with money. You can't talk about money in public, so most of us don't focus on it. We are led to believe that making a lot of money is bad, and that rich people are evil. To live modestly. That's what God wants for us. Well if there is a God, I'd like to believe that he wanted me to have financial abundance. We are also taught to think small. "Oh, don't think too big. You can't have that because it's for other people, not you." You don't need money in your life. There is only so much to go around, etc. All bullsh*t. Just my opinion.
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I throw most of my spare coin at my house and car loans.

I think you should have $1000 or more in the bank at all times to cover things you need....and then pay the rest of what you have leftover each month on the principal of your highest interest loans. I do this with my mortgage, but it's only 2.5% APR and the rest of my debt is lower than 1.5% APR. I've been putting more in the markets these days and gambling a little since it's horse racing season. 😉
 
I just don't get it. I have 4K in an envelope I call my slush fund. I don't understand how folks can live without a sum of cash to buy things from time to time.
 
I grew up with some step-figures as kid that were very "YOLO" with their money. Probably could be multi-millionaire retirees but instead fell to the lifestyle inflation and big spending. When the 'great recession' hit, they hit a brick wall. Lost house, business, etc etc... Now they basically starting over in their 50's never going to retire from the looks of it...

Made me quite the opposite, I live to save lol if I don't need it I don't buy it. If it's sitting around my garage/house and never going to be used, eBay it goes. I still do what I want but I do it as wisely as possible to maximize my dollars.
 
What's been killing me lately is chasing maintenance on stuff. I'll buy really good furniture that has chinese-made pulls or handles out of cheap metal....stuff breaks, then it costs an arm and a leg to replace the parts.

I've probably dropped about $800 in the last month on crap that's broken that I didn't plan on replacing right away and have more junk I'll have to pay out over the course of the summer for stupid stuff. It's just tough when everything is made to throw away and repairs aren't possible or realistic for so much stuff they sell.
 
brianmanahan said:
have any umbrella? i've thought about getting a million or two for lawsuit protection, but haven't pulled the trigger yet. i should, it's only like 150$ per mill per year.
Click to expand...

For me it came out to be around a $40 per year increases in total insurance cost because it gave me additional discounts on my auto and home insurance.
 
SNC said:
I just don't get it. I have 4K in an envelope I call my slush fund. I don't understand how folks can live without a sum of cash to buy things from time to time.
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It's easy it goes right on the credit card, and you can make low monthly payments after that to keep buying more stuff.
 
If you want to have a good laugh, check out Easyhome. You can "rent to own" pretty much anything from living room lamps to video game consoles. They end up costing you like 10x what they would cost to buy outright. It's a way for people who don't have a lot of money to dig themselves in a deeper hole.
 
Just paid off latest monthly bill from Citibank credit card for $84,970.00. So yes, I can handle $400 expense or more anytime.

CASH REWARDS SUMMARY
Previous Balance:$1,660.26
Earned This Period:$1,738.79
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Not too bad for monthly cash back just from one credit card.
 
Svnla said:
Just paid off latest monthly bill from Citibank credit card for $84,970.00. So yes, I can handle $400 expense or more anytime.



Not too bad for monthly cash back just from one credit card.
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I hope you're trolling? Or those are business expenses? Otherwise I would just laugh at how much you must be wasting...
 
s0me0nesmind1 said:
I hope you're trolling? Or those are business expenses? Otherwise I would just laugh at how much you must be wasting...
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Nope, not trolling. Of course, those were not personal expenses. I am not an ATOT high roller/baller.

I rarely use cash, almost credit cards (to earn cash back/miles/points) exclusively. Only use cash a few times a month for laundry (large items), vending machines, and so on.
 
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