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    Rainy Day Funds...

    When I was a young man my grandfather instilled the idea of " Rainy Day Funds " into my head. He lived through the great depression and 2 World Wars and never once did without...

    He would always tell me if you earn a nickel hide a penny... cause one day that penny is going to shine bright....

    Glad I listened to that great man!

    #2
    Wise words from your grandfather. It's sad to say that the majority of folks don't even have $1000 put away. I've always tried to put away 10% of my income away for emergencies. Hopefully the folks of the green screen are doing ok in these crazy times.

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      #3
      Smart man.

      My wife and I are blessed with great jobs and I know we could always be saving more money than we do. It can be overwhelming trying to distribute excess into retirement, kid's college funds, general savings, paying down debt, etc. Balancing that with maintaining a pool to live on in case of a lay-off is a sobering thought.
      Last edited by 30-30; 03-26-2020, 10:52 AM.

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        #4
        I hope this doesn’t turn into a bashing thread like the “stimulus” one did. We keep six months on hand if we had $0 income. I did just throw a chunk of other money at the market on Monday.

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          #5
          Originally posted by Dejashoot View Post
          I hope this doesn’t turn into a bashing thread like the “stimulus” one did. We keep six months on hand if we had $0 income. I did just throw a chunk of other money at the market on Monday.
          I don't play the market, but sure won't bash those that do. I have several friends who are always trying to tell me what to invest in. Some do good others terrible.

          I guess I'll just look at mine sitting in the bank.... it's not making anything really but sure not loosing either. Maybe I'm just a scaredy cat

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            #6
            Sound advice. My Mom and Dad pounded the same message into me starting at a very early age. I have carried on the tradition by pounding it into my kids heads.

            I'm hoping someone with a large microphone uses this crisis to deliver the same message and folks listen and take action.

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              #7
              And lots of people thought that Dave Ramsey dreamed it up. Been doing it my whole working life 35 years and had to use it a time or two.

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                #8
                After my "Ctrl-Alt-Delete" in 2015 we learned a lot from what can actually do with nothing!!!! We are better and stronger now than we were back then due to being very frugal. We filled the deep hole that we dug then started a rainy day fund. We should be good for at least 4 months if it all comes crashing down.

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                  #9
                  My parents DID NOT teach me and my sisters about saving at all. It was something I had to learn the hardway late in life. When i look at everything I do and enjoy in life now it was all taught to me from my grandparents. God Bless them for that. My parents fancy free generation is very confusing one looking back.

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                    #10
                    Crazy that these billion dollars corporations won’t do the same and “have” to be bailed out by taxpayers after a couple weeks of slow down.

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                      #11
                      Sunny days.

                      I used all my rainy day funds (if I ever had any) to go fishing on sunny days (and rainy days-catfish).

                      But I'm pickn up what your layn down....

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                        #12
                        Fairly young but I’ve always kept a save at least 50% of my paycheck mentality. I married a great women that got right on board with it when we got married. It’s times like these that I’m sure glad we have the mindset we do. We are hoping by the end of this year to be 100% non mortgage debt free. Hopefully we can start picking up a few rental properties then.

                        I’ve had to let go of some things and make some decisions during this downturn, but it was because I had my family in mind, not because I had a ton of debt hovering over my head.

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                          #13
                          Originally posted by Man View Post
                          My parents DID NOT teach me and my sisters about saving at all. It was something I had to learn the hardway late in life. When i look at everything I do and enjoy in life now it was all taught to me from my grandparents. God Bless them for that. My parents fancy free generation is very confusing one looking back.
                          Your avitar is hilarious!

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                            #14
                            I live by the mentality of pay yourself first.

                            Too many people pay everyone else first...truck payment, house payment, utilities, lease, etc and say they will save if there is any left, which rarely there is. That is backwards thinking. Put money into savings first and without fail and live off what is left over. Don't pay everyone else first and try to save off what is left over. It will never work.

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                              #15
                              If I was a millionaire hunting south of the creek I wouldnt tell the internet while sober anyways

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