Comments on: Set Aside $1,000 in an Emergency Fund. Now http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/ Helping a unique generation achieve financial independence. Thu, 09 Feb 2012 03:12:52 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mack jackson http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-121695 Mack jackson Wed, 02 Sep 2009 04:08:37 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-121695 There is a great possibility of unexpected expenses for which you should keep some money as emergency fund. Post is giving great detailed knowledge regarding emergency fund, it will help the people who is having some less idea about it. There is a great possibility of unexpected expenses for which you should keep some money as emergency fund. Post is giving great detailed knowledge regarding emergency fund, it will help the people who is having some less idea about it.

]]> By: Debt Relief Geek http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-101102 Debt Relief Geek Sun, 11 Jan 2009 18:03:43 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-101102 Nice post, very informative. It is really a good thing and even though our budget is short we really tried to set aside money for emergency cases. An amount of $1000 is already enough for our family unlike for Atwater Village Newbie I guess they need more. And also, I agree with the comment of Retired at 24. We should learn to live within our means or we will be homeless after this economic collapse or we will never experience a debt relief. Nice post, very informative. It is really a good thing and even though our budget is short we really tried to set aside money for emergency cases.

An amount of $1000 is already enough for our family unlike for Atwater Village Newbie I guess they need more. And also, I agree with the comment of Retired at 24. We should learn to live within our means or we will be homeless after this economic collapse or we will never experience a debt relief.

]]> By: AlRitch http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-101101 AlRitch Sun, 11 Jan 2009 18:00:19 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-101101 Nice advice! Nice advice!

]]> By: fwp http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-93104 fwp Fri, 07 Nov 2008 06:59:21 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-93104 @movingonup! that's great you're saving as you can -- how did things go with your corporate office since you last commented? @retired at 24 wow, did you really retire at 24?! if so, congratulations, that is amazing. i indeed hope that more people will learn to live within their means too, so that they do not become homeless! @cheapfinance thanks for the compliments, and for sharing! @nabloid.com sound advice; thank you for sharing! i agree that $1000 isn't much. but that is only the beginning, according to ramsey. after paying off your debts, he recommends revisiting your emergency fund to grow that. you do this by directing the money you sent towards your previous debts to this account instead. but that's a topic for another article.. @brad castro thanks! and thank YOU for taking the time to read and share your thoughts. it sounds like in your own way, you do have an emergency fund, of well more than $65! that's great -- this approach won't necessarily work for everyone, and it sounds like your method works well for you. the important thing is to have something in the background, i think. @john that's great advice. i certainly wondered about that myself when i contemplated what sorts of payments should be included/anticipated for an emergency fund. @high return investing with dax i absolutely agree with you that this should be a continuous thing. as i mention above in response to another comment, ramsey does recommend building your emergency fund after all your debts are paid off. and inevitably, since you may dip into this emergency fund at some point(s), you'll need to continue to add funds to it. @robert that's great! thanks for sharing your success with us. i agree that this is about minimizing future debt by having the funds ready for those future emergencies, and not having to dip more and more into credit and borrowed money. @karla yes, you are absolutely right! this is ramsey's advice for a first step. he certainly encourages readers to later grow this fund even more later. not always spending cn be a wonderful and helpful habit indeed. thanks everyone, for these latest comments! @movingonup!
that’s great you’re saving as you can — how did things go with your corporate office since you last commented?

@retired at 24
wow, did you really retire at 24?! if so, congratulations, that is amazing.

i indeed hope that more people will learn to live within their means too, so that they do not become homeless!

@cheapfinance
thanks for the compliments, and for sharing!

@nabloid.com
sound advice; thank you for sharing!

i agree that $1000 isn’t much. but that is only the beginning, according to ramsey. after paying off your debts, he recommends revisiting your emergency fund to grow that. you do this by directing the money you sent towards your previous debts to this account instead. but that’s a topic for another article..

@brad castro
thanks! and thank YOU for taking the time to read and share your thoughts.

it sounds like in your own way, you do have an emergency fund, of well more than $65! that’s great — this approach won’t necessarily work for everyone, and it sounds like your method works well for you. the important thing is to have something in the background, i think.

@john
that’s great advice. i certainly wondered about that myself when i contemplated what sorts of payments should be included/anticipated for an emergency fund.

@high return investing with dax
i absolutely agree with you that this should be a continuous thing. as i mention above in response to another comment, ramsey does recommend building your emergency fund after all your debts are paid off. and inevitably, since you may dip into this emergency fund at some point(s), you’ll need to continue to add funds to it.

@robert
that’s great! thanks for sharing your success with us. i agree that this is about minimizing future debt by having the funds ready for those future emergencies, and not having to dip more and more into credit and borrowed money.

@karla
yes, you are absolutely right! this is ramsey’s advice for a first step. he certainly encourages readers to later grow this fund even more later.

not always spending cn be a wonderful and helpful habit indeed.

thanks everyone, for these latest comments!

]]> By: Karla (threadbndr) http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-93039 Karla (threadbndr) Thu, 06 Nov 2008 20:33:09 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-93039 As I understand it, Ramsey's view is that you should not use credit at all, for pretty much anything (though he does make an exception for a 15 yr fixed rate mortgage on your primary home). The $1000 is so that a minor emergency won't put you back on the credit card merry-go-round. He seems to focus most on those who are just beginning to get a grip on their family finances. And so $1000 is a reasonable first step. Just getting into the habit of not spending every penny (and then some) is good. As I understand it, Ramsey’s view is that you should not use credit at all, for pretty much anything (though he does make an exception for a 15 yr fixed rate mortgage on your primary home).

The $1000 is so that a minor emergency won’t put you back on the credit card merry-go-round. He seems to focus most on those who are just beginning to get a grip on their family finances. And so $1000 is a reasonable first step. Just getting into the habit of not spending every penny (and then some) is good.

]]> By: Robert http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-92745 Robert Tue, 04 Nov 2008 18:17:18 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-92745 My wife and I were big fans of Dave and did this - and it works just fine! The $1000 is there is keep you from using credit cards. Forget about interest, this is not wealth creation, this step is all about keeping you from going into further debt. Good Luck! My wife and I were big fans of Dave and did this – and it works just fine! The $1000 is there is keep you from using credit cards. Forget about interest, this is not wealth creation, this step is all about keeping you from going into further debt.

Good Luck!

]]> By: High Return Investing with Dax http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-92654 High Return Investing with Dax Tue, 04 Nov 2008 04:58:25 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-92654 I wouldn't just look at it as a 1 time thing. You should always be saving and have a buffer for emergencies. Those savings should be in liquid form and not in stocks. I wouldn’t just look at it as a 1 time thing. You should always be saving and have a buffer for emergencies. Those savings should be in liquid form and not in stocks.

]]> By: John http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-92311 John Sat, 01 Nov 2008 18:51:34 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-92311 If you still have debt other than mortgage than you should probably have enough money set aside so that you can make minimum payments for 6 months should you lose your job. That way you can live on credit for a while and still make payments thus avoiding insolvency. The best is to be debt free with some money in the bank of course. If you still have debt other than mortgage than you should probably have enough money set aside so that you can make minimum payments for 6 months should you lose your job. That way you can live on credit for a while and still make payments thus avoiding insolvency. The best is to be debt free with some money in the bank of course.

]]> By: Brad Castro http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-92244 Brad Castro Sat, 01 Nov 2008 00:31:50 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-92244 LOL - I've got about $65 in my emergency fund. I suppose I should call it An Extremely Minor Inconvenience fund. Actually, just about all my disposable income goes into the stock market, mostly via conservative options strategies. In theory, if I really needed some extra money fast, I could be creative with my investment account, and figure out a way to borrow it from myself. But from a psychological standpoint, I agree with the idea of having $1000 in a safe, liquid place. It just makes you feel better knowing it's there. Thanks - great post. LOL – I’ve got about $65 in my emergency fund. I suppose I should call it An Extremely Minor Inconvenience fund.

Actually, just about all my disposable income goes into the stock market, mostly via conservative options strategies. In theory, if I really needed some extra money fast, I could be creative with my investment account, and figure out a way to borrow it from myself.

But from a psychological standpoint, I agree with the idea of having $1000 in a safe, liquid place. It just makes you feel better knowing it’s there.

Thanks – great post.

]]> By: Nabloid.com http://genxfinance.com/set-aside-1000-in-an-emergency-fund-now/comment-page-1/#comment-92234 Nabloid.com Fri, 31 Oct 2008 21:39:05 +0000 http://genxfinance.com/2008/10/28/set-aside-1000-in-an-emergency-fund-now/#comment-92234 After you stop spending more than you earn, and your debts are paid off, you should have an emergency fund and a healthy and increasing investment account. I think $1,000 is a good start - but it doesn't get you off the 'living pay cheque to pay cheque' boat that many of us are on. You never want to be one pay cheque away from bankruptcy, but many people are. I also recommend that your investment dollars be outside of a 401k or RRSP plan so that you have access to the money if you need it (just remember, market prices fluctuate so you may not be able to count on selling it at the best time). After you stop spending more than you earn, and your debts are paid off, you should have an emergency fund and a healthy and increasing investment account.

I think $1,000 is a good start – but it doesn’t get you off the ‘living pay cheque to pay cheque’ boat that many of us are on. You never want to be one pay cheque away from bankruptcy, but many people are.

I also recommend that your investment dollars be outside of a 401k or RRSP plan so that you have access to the money if you need it (just remember, market prices fluctuate so you may not be able to count on selling it at the best time).

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