How many of you would struggle to pay for unforseen costs?

Flee · February 26, 2019, 03:36:16 PM

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Ian · February 26, 2019, 03:40:57 PM

I set aside some money for unforeseen circumstances, the problem is the frequency of those occurrences. My car is an absolute money sink and my tax return every year (like this year) usually goes to paying off credit card debt I accrued by having to fix some utter bullshit for my car.

FatherlyNick - fuck putin · February 26, 2019, 03:44:10 PM

Probably could pay 1k for an emergency. It would sting and I would probably have to go on a rice and corn diet for a month, but I would be back up next month.

Elai · February 26, 2019, 04:06:42 PM

Yeah, it's bullshit. Nobody makes enough money, and shit is too expensive. I could have one, maybe two unexpected expenses and be okay. Nothing more than 1000, though.

Aether · February 26, 2019, 04:18:21 PM

Well since I'm battling a health condition preventing me from working, I can't afford even a small (less than $100) unforeseen expense.

maverick · February 26, 2019, 04:24:16 PM

I'm pretty frugal, so I'm usually sitting on enough money to take care of situations like this. The worst experience I can think of was when my car got impounded when I was 19 and jobless. I took a hit, but I was able to take care of it.

At this point, I could easily pay off $1000 if it was absolutely necessary and hopefully will be able to for the rest of my life. I wouldn't be able to if it was $5000-$10000 but I think it'd be pretty unlikely to be in that situation. If I was falling on hard times and had to pay $700 for something like registration, I'd be looking for alternative solutions like uber or moving out of that bullshit state.

The problem, to my understanding, is that Americans are a lot worse with their finances compared to other countries which leads to that discrepancy.

MarKhan · February 26, 2019, 04:46:41 PM

YouTube

Elai · February 26, 2019, 04:50:05 PM

Quote from: maverick on February 26, 2019, 04:24:16 PM

The problem, to my understanding, is that Americans are a lot worse with their finances compared to other countries which leads to that discrepancy.

Sounds like bullshit to me. I'd like to see the source for that if you have one on hand.

Verbatim · February 26, 2019, 05:04:14 PM

it's kind of just the nature of an unforeseen cost, i find

maverick · February 26, 2019, 05:14:17 PM

Quote from: Elai on February 26, 2019, 04:50:05 PM

Quote from: maverick on February 26, 2019, 04:24:16 PM
The problem, to my understanding, is that Americans are a lot worse with their finances compared to other countries which leads to that discrepancy.

Sounds like bullshit to me. I'd like to see the source for that if you have one on hand.

http://fortune.com/2016/07/12/financial-literacy/

https://www.forbes.com/sites/danipascarella/2018/04/03/4-stats-that-reveal-how-badly-america-is-failing-at-financial-literacy/#18ec0b442bb7

https://www.theatlantic.com/business/archive/2016/03/americans-shortsighted-in-debt-and-bad-at-investing/472680/

Elai · February 26, 2019, 05:30:36 PM

Quote from: maverick on February 26, 2019, 05:14:17 PM

Quote from: Elai on February 26, 2019, 04:50:05 PM
Quote from: maverick on February 26, 2019, 04:24:16 PM
The problem, to my understanding, is that Americans are a lot worse with their finances compared to other countries which leads to that discrepancy.

Sounds like bullshit to me. I'd like to see the source for that if you have one on hand.
http://fortune.com/2016/07/12/financial-literacy/

https://www.forbes.com/sites/danipascarella/2018/04/03/4-stats-that-reveal-how-badly-america-is-failing-at-financial-literacy/#18ec0b442bb7

https://www.theatlantic.com/business/archive/2016/03/americans-shortsighted-in-debt-and-bad-at-investing/472680/

What an interesting take away from these articles you have found yourself with. Thank you for the sources.

maverick · February 26, 2019, 06:04:12 PM

Quote from: Elai on February 26, 2019, 05:30:36 PM

What an interesting take away from these articles you have found yourself with. Thank you for the sources.

You seem unsatisfied. When the original comparison was between two countries with similar costs of living and an average income that's actually higher in America, and yet Belgium is statistically better equip to deal with emergency spending by a factor of 3, I'm not sure how it's such a leap to say the the problem might be cultural.

Elai · February 26, 2019, 06:13:57 PM

Quote from: maverick on February 26, 2019, 06:04:12 PM

Quote from: Elai on February 26, 2019, 05:30:36 PM
What an interesting take away from these articles you have found yourself with. Thank you for the sources.
You seem unsatisfied. When the original comparison was between two countries with similar costs of living and an average income that's actually higher in America, and yet Belgium is statistically better equip to deal with emergency spending by a factor of 3, I'm not sure how it's such a leap to say the the problem might be cultural.

If you consider an uneducated population a cultural issue, I'd be inclined to agree with you. However I don't think any of the sources you chose agree with the slant you've placed on the issue. I know you place the fault on the people rather than the institutions. Interestingly, in the final source you chose, it compares Canada to the United States, which actually makes my experience somewhat relevant; almost everyone I speak with struggles to live comfortably, and it's not as though they're spending their income foolishly. This is not my area of expertise, and I won't pretend it is, but I just find resorting to boomerism to be the cop out, easy answer.

Casper · February 26, 2019, 06:21:16 PM

I've been working for almost seven moths and still struggle paycheck to paycheck, and that's with my mom also working full-time. Like when I hit the deer that $250 really set me back. And I'm not frivolous with my money either. Over one paycheck alone goes strictly to bills, the rest goes to gas or groceries, like water and ground turkey. I consider myself lucky that my SUV was totaled, otherwise that $500 repair cost would have fucked me.

Flee · February 26, 2019, 06:27:47 PM

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DAS B00T x2 · February 26, 2019, 07:03:25 PM

Right now? Yeah this time of the year blows for me.
Summer/fall? Nah fam we gucci

Ingy · February 26, 2019, 07:09:26 PM

Quote from: Casper on February 26, 2019, 06:21:16 PM

I've been working for almost seven moths and still struggle paycheck to paycheck, and that's with my mom also working full-time. Like when I hit the deer that $250 really set me back. And I'm not frivolous with my money either. Over one paycheck alone goes strictly to bills, the rest goes to gas or groceries, like water and ground turkey. I consider myself lucky that my SUV was totaled, otherwise that $500 repair cost would have fucked me.

That seems cheap for the damage you took
My repair cost was $15OO and it was way less damaged than your’s

Verbatim · February 26, 2019, 07:11:52 PM

Quote from: Flee on February 26, 2019, 06:27:47 PM

Quote from: Verbatim on February 26, 2019, 05:04:14 PM
it's kind of just the nature of an unforeseen cost, i find
In your experience or in general?

in general, unless you're one of the lucky ones and have disposable income

Verbatim · February 26, 2019, 07:12:27 PM

Quote from: A Handful Of Nothing on February 26, 2019, 07:09:26 PM

Quote from: Casper on February 26, 2019, 06:21:16 PM
I've been working for almost seven moths and still struggle paycheck to paycheck, and that's with my mom also working full-time. Like when I hit the deer that $250 really set me back. And I'm not frivolous with my money either. Over one paycheck alone goes strictly to bills, the rest goes to gas or groceries, like water and ground turkey. I consider myself lucky that my SUV was totaled, otherwise that $500 repair cost would have fucked me.
That seems cheap for the damage you took
My repair cost was $15OO and it was way less damaged than your’s

$15 is nothing

DAS B00T x2 · February 26, 2019, 07:50:01 PM

Quote from: Verbatim on February 26, 2019, 07:11:52 PM

Quote from: Flee on February 26, 2019, 06:27:47 PM
Quote from: Verbatim on February 26, 2019, 05:04:14 PM
it's kind of just the nature of an unforeseen cost, i find
In your experience or in general?
in general, unless you're one of the lucky ones and have disposable income

unless you also have a gambling and drinking problem in addition to your disposable income
haha

send help

Ian · February 26, 2019, 08:16:36 PM

Stop drowning in your decadence you degenerate.

Quote from: DAS B00T x2 on February 26, 2019, 07:50:01 PM

send help

Jive Turkey · February 26, 2019, 09:11:48 PM

I can take care of a $500-$1500 emergency pretty easily but it would be inconvenient af because a lot of plans/investments I have would have to take a step back while I rebuild those funds

However in a legit high cost emergency my parents are well off and would be able to take care of it. Hope I never need to resort to that

alphy · February 26, 2019, 10:19:01 PM

if youre asking me personally, then id be fucked for pretty much anything

im totally dependent on my parents, since im a broke uni student

DAS B00T x2 · February 26, 2019, 11:18:58 PM

Quote from: Ian on February 26, 2019, 08:16:36 PM

Stop drowning in your decadence you degenerate.

Quote from: DAS B00T x2 on February 26, 2019, 07:50:01 PM
send help

eat my shorts

Casper · February 27, 2019, 12:07:22 AM

Quote from: A Handful Of Nothing on February 26, 2019, 07:09:26 PM

Quote from: Casper on February 26, 2019, 06:21:16 PM
I've been working for almost seven moths and still struggle paycheck to paycheck, and that's with my mom also working full-time. Like when I hit the deer that $250 really set me back. And I'm not frivolous with my money either. Over one paycheck alone goes strictly to bills, the rest goes to gas or groceries, like water and ground turkey. I consider myself lucky that my SUV was totaled, otherwise that $500 repair cost would have fucked me.

That seems cheap for the damage you took
My repair cost was $15OO and it was way less damaged than your’s

Had it not been totaled, my insurance would have picked up the rest. Still, they paid off $13,000 of my loan, so it's not terrible since I can pay the remainder monthly. But that $500 plus my monthly payments would have totally fucked me over

Flee · February 27, 2019, 03:47:08 AM

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Super Irish · February 27, 2019, 10:20:17 AM

Well in the last week I had 2 interviews requiring substantial non-refundable travel costs, and I'm down to £50 when I started the month at £400.

Fortunately I'm paid tomorrow, but anything unexpectedly above 500 would put me into my overdraft by April.

I'd be able to borrow money from family, sure, but then even they would have some trouble with the unexpected too.

Genghis Khan · February 27, 2019, 01:01:33 PM

I would have to stop ordering super male vitality.

Ian · February 27, 2019, 01:39:53 PM

I personally plan on striving for higher end jobs so that emergency funds aren't crippling and eventually get to the point where I can handle a $10k unforeseen cost. That's just me however, I have no idea how a burger flipper at McDonald's who's content in their position plans on paying for a $10k emergency bar praying to a higher deity.

Quote from: Flee on February 27, 2019, 03:47:08 AM

Do you guys see this changing any time soon and do you have plans to accomplish that?

Flee · February 27, 2019, 01:41:58 PM

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