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I do have an emergency fund but not as large as I want ours is only a little under 3 months wages, would like 6 months in cash. We do have 401K and CD's that could be cashed out too if need as long as financial institutes are working. But I do have more than $1000
 

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I was always tought by my Pop to put atleast 10 dollars in cash away every week,in a hiding place just in case SHTF! Its not a lot had to dip into from time to time, but its always a good idea. I think adding a little sliver to the stash couldnt hurt either!
 

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Actually it says 64% claimed to possess emergency funds so the majority do posses emergency funds.

I have cash, silver and assets. A big enough disaster and banks & ATM's are not operating and often basics like food and fuel won't be available or limited and very expensive making cash next to useless anyway. We would be OK for some time (months) without having to leave the house.
 

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I don't really trust any report or census or internet fact list. According to the people on this forum what do WE feel is a decent emergency fund? I am thinking 500 dollars in small bills, then if the problem gets worse or lasts a really long time and paper money loses it value start using silver dimes then larger coins etc.
 

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Lux in Tenebris
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We are well perpared in that area, have 6 months expenses, large savings/credit lines and cash on hand, no worries...feels great too...

my wife is a master saver/scrimper/budgeter/mover of money...

i make it, hand it over to her.... :eek::
 

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RESET CONGRESS!!
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Just an additional side comment..
Remember a while back (years ago), Americans were not saving enough money. Spending too much, consuming too much, and not looking to the future..

Then, for a while.. the economy was slowing... and the talking heads said we were hoarding..holding back on our spending... hurting the economy...

Now.... we are not saving enough for retirement, or even that rainy day. ???? Folks are cutting back... buying groceries.... making ends meet.

Someone tell me... just what do the talking heads want???? Save... Spend... Save.... Spend???? What planet do these people come from? What amount of saving vs spending is proper in their world?

Here's a novel idea... stop taxing us to death... let us keep our earnings and let us decide what to do with it. Want to grow the economy?.... quit stealing from the earners. I'll buy some stuff, and I'll save some $$$. People will start businesses. People will buy homes and vehicles. This isn't rocket science.
I'm hungry... gonna make some lunch.
 

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That comes when people overspend so that they can have all the latest toys and new vehicles. They end up living paycheck to paycheck, even when they could have gotten by fine and put money aside otherwise. In the old days when there were no high dollar techno toys coming out every few months, most people got by fine on less income and had an emergency fund. They also saw the wisdom in it because they had to pay their own medical and dental expenses, so it made sense to keep money aside just in case.
 

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Defining an emergency fund can be a rather broad definintion. For some it would be a few hundred dollars for others it might be a 1000.00. For others it might be enough to cover your bills for a period of time 1, 6, 12 months or more.

We try to have enough to cover absolute necessary bills, mortgage, utilites, gas covered but then we have food and most consumables stock piled so we don't necessarily have to worry about that. We really need to have more then that saved for an emergency like the cost of repairs/replacements for larger stuff also included in that like enough to put in a new well or buy a new used vehicle, etc.

Life has taught me about the time you get layed off something major will also happen that will make a bad situation worse. We had one year where first we had a 500.00 well repair bill followed by a broken arm followed by a huge care repair bill the day before my fatherinlaw passed away unexpectedly meaning we now had to travel across country for a stay to take care of things back home of course during the trip we had a major incident that needed repaired to continue the trip.

So personally my idea of an emergency fund is much larger then others have experienced.

Polls don't really tell you much as I would think most people eithe will say they have either more or less then they really have and they could have easily underestimated how much it needed to be in the first place.

What the governement wants it seems to me is to have it both ways but then not really. If you do things in a well thought out manner you should be covered and still able to continue to put money into the economy it just won't be as much as some would like us to.

Rather then asking us to spend spend spend they need to follow their own advice yes the government should have an emergency fund also.
 

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One can listen to the talking heads advice day in and day out...hear the same story repeated to each caller.......then they come here and read real story's and real opinions. I just spent 10 mins reading the above comments and got more perspective on the subject then I have in the past year listening the media/radio.....

Thanks
 

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Prepared Firebird
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Most financial planners will tell you to have enough cash readily available to cover a minimum of six months living expenses. This is a tough figure to achieve for many people.

A "credit line" is NOT cash. You would just be amazed at how fast banks can cancel those credit lines that they were so eager to extend to you when economic conditions were still good. (Remember the uproar over credit cards, recently??) Banks were (and still are) seriously reducing the amount of credit allowed on those cards and/or cancelling credit cards outright......even though you may have always paid your account on time, never missed a payment, and have a good Fico rating.

Much the same situation was ongoing in the 1930's Depression, when the economy was still predominantly rural. Bankers fell all over themselves to extend generous credit to farmers during the 1920's when the good times were rolling. When the bottom fell out of the economy in 1929, those same banks were even faster to foreclose and/or call in loans on farms, farm equipment, and homes.

Cash is also not an asset that would have to be sold to realize the money out of it. That rules out your house, your car, your truck, motorcycle, pleasure boat, RV and any other material objects you may look upon as being "as good as cash".

The American people are currently getting a tough economic lesson about what has value........and what doesn't. You can't drive down any middle class residential street, without seeing several vehicles for sale parked in front of houses. Usually RV's, loaded up SUV's, boats on trailers, etc.

Often, the owner's house also has a For Sale sign in front of it, too. People have gotten into the habit of looking at their house as a big piggy bank. It isn't. It is what it always was. Shelter for you and your family. Like everything else you own.....it is "worth" whatever amount you can get a buyer to write a check for. No ready and willing buyer??? Then, it's worth zero.

Craig's List is loaded with stuff desperate people are trying to sell to raise cash. Same for e-Bay. Or, they are trying to sell anything and everything at garage sales.

This is all what happens when you have a country, like the USA, where the GNP is 75% based on consumer spending. The only surprising element is that the crazy system lasted this long before the house of cards fell down.

Cash is King. Your parents were right, when they tried to tell you to save something out of every weekly paycheck. Save as much as you can. Save till it hurts. If you still have a little bit left over, and feel that habitual desire to "buy something"........go to your local coin shop every week and buy a few US silver coins. (Gold is clearly out of reach, now, for the average person.)
 

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Limpin to safety.
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I am an American. I have no job.

I am now in school completely independent from ANY Governmental assistance. Solely relying on rationing of funds, and scaling back our expenses.

In two years when I get my new degree, I hope to still have reserve funds. As far as the rest of the world, I can't say.

We survivalists however prep for the present, prep for the future and prep for the impossible or unforeseen. Like loosing a secure job, you were actually good at, we prepare to fail, yet plan to succeed.

This is who we are. We are first to blame our selves, lacking only in excuses, and ready to face reality unlike everyone we know, head on.

This isn't blind optimism, but simply knowing that we will over come.

And when we can't, we simply will.

When we try and it wont work, we will adapt to overcome or die trying.

We are not the cloths on our backs, the preps in our sack, nor the money in our banks.

We are survivalists, simple, honest and ready.
 

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With our fast moving society, its difficult for middle class to keep up. The new ipads come out, a new game comes out, water bill comes due, cell phone bill, internet bill, price of food keeps going up.

In all honesty, I am surprised that 67% of the people say they have some kind of emergency fund. Considering so many people live hand-to-mouth, 67% seems a little high.

After my divorce back in 2000, it took me 3 or 4 years to get financially stable. Then came the moves and the job changes. I felt like my life was in turmoil for close to 5 years.

It seems that when I finally get a little money put up, something comes along. Like a few weeks ago I had to replace rotors, calipers and brake pads on my wifes SUV.
 

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To the surface!
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I have 3 years of relatively immediately liquid living expenses.

Most US citizens live paycheck to paycheck and aside from their mortgage, they owe more than a year's salary in debt. All they would need is a layoff notice or otherwise experience a problem with income, and they would be up a creek - except for the fact that many have credit card - but I would guess most of those are maxed out now. BTDT - never again.
 
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