Yes I have an emergency fund, but currently it is all tied up in ammo and fishing lures.
Follow up for the guys with big liquid savings. Where do you keep it, and what kind of interest is it earning?
Hope you have a list of GPS plots in your safe deposit box for your better halfMine doesn't earn any interest and I"m OK with that at the current rates. Mine is in numerous, hermetically sealed Mason jars under numerous large rocks scattered throughout 200 ac. All I need is a shovel for a withdrawal and it is accessible 24/7 for when those "super deals" crop up.
Mine doesn't earn any interest and I"m OK with that at the current rates. Mine is in numerous, hermetically sealed Mason jars under numerous large rocks scattered throughout 200 ac. All I need is a shovel for a withdrawal and it is accessible 24/7 for when those "super deals" crop up.
Hope you have a list of GPS plots in your safe deposit box for your better half
Thatz why you have that GPS collar.... She is tracking you... wants to make sure she has location of the stash.Nope. She has her own somewhere. I'm hoping I come across some of the trail cameras I've misplaced out there when i go to make a withdraw. I figure, as long as I keep putting jars out I'll be able to find a few if I need them.
I call this a "stash fund." The stash fund pays for guns, toys, hunting trips etc. Emergency fund pays for unexpected expenses (medical, dental, house or car repairs) or CYA if you or spouse loses job or can't work for whatever reason.I misunderstood what was being discussed at first. To me, an emergency fund is for when you come across that gun you have been looking for so long.
So open a HELOC...instant access to your equityAnother important aspect of an "emergency fund" is not just having cash on hand, but having assets that you can liquidate, quickly, if more cash is needed. Quickly is the key. For example, I have 100k in equity in my house, but I can't rely on that for emergency money, because, even best case scenario, it could take 30-45 days to get it sold and get the money. Cars and land are something else that can take time to get your money out of. Guns/ammo, physical precious metals are always easy to turn into cash quickly.
Follow up for the guys with big liquid savings. Where do you keep it, and what kind of interest is it earning?
With your new arrival, you gonna need to go deeper on that plan.Leave a bill, not a will...
I hope the last check I ever write is the first one that bounces...
On a serious note, we're doing ok. I don't owe anything I can't stroke a check for. I guess that's an emergency fund?
So open a HELOC...instant access to your equity
How?Some of Dave Ramsey's advice is just wrong. His advice of paying extra to a mortgage is harmful in this situation.
How?
I know a few investment people that told me that..
I paid extra, always paid extra on anything I owed.
Alway come out ahead and better of.
HELOC is nice to have, but, you are adding to your debt by using it and the bank can close it at any time. You should not be relying on a HELOC for emergency funds.So open a HELOC...instant access to your equity
I see what you are saying but along with paying down or trying to pay off early you also need to take in account we are talking about E Fund and that also something he pushed from what I remember.
In the case you starting paying off or ahead on it you dont have a E Fund that is just wrong. It is asking for trouble.