Originally Posted by FlyNY
Let's not talk about this
Got a cat feeling worse than a virgin playing "never have I ever"
I blame rent prices and student loans
Originally Posted by Antidope
Originally Posted by FlacoBey
Kinda skimmed through the article but i wonder if they're making a distinction between cash people have saved and money people have in money market accounts, like a 401k, roth etc. I save about 15-20% of my check...but once I get to about 15k-20k in the bank, i'm gonna keeping most of my "savings" in my 401k. Depending on your life style/spending habits it really doesn't make sense to have lump sums of money sitting in the bank collectiong .01% interest.
I personally consider retirement accounts as savings. They're designed to prevent you from touching the money until you're of age which is really the point of saving
I'd say having large sums of money at your disposal is very important. If times get slow and there's no work, you gotta have cash ready to survive for at least a year. I personally know electricians who had to draw unemployment here in the Bay Area for 18-24 months during the recession. Some of my brothers lost everything they had.
If you talk to a lot of the old timers they'll tell you cash is the most important thing because it gives you freedom. Don't like a job your on for whatever reason? Ask for a layoff. If you have cash you don't have to worry about a job ending. When times get slow (not recession level slow) you take a vacation and collect unemployment while doing so.