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View Poll Results: Can you Cover an Emergency Expense?
I cannot cover a $1,000 expense 0 0%
I can cover anything under $2,500 0 0%
I can cover anything under $10,000 15 25.42%
I can cover anything under $50,000 22 37.29%
You name it, I have it! 22 37.29%
Voters: 59. You may not vote on this poll

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Can You Cover An Emergency Expense?
Old 05-09-2016, 09:16 PM   #1
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Can You Cover An Emergency Expense?

Since we are on a poll kick, here is one.

I think we have a biased selection of people here, but maybe we are just ‘ordinary’. I read a recent article about how much money people could come up with. I know in my early days as a landlord, some tenants had a difficult time with money.

I may not have much in my wallet at any given time, maybe $40 on a ‘refill’ day. But I do have enough credit cards and access to funds I could spend quite a bit, if needed. I just bought a house for almost $40K and it didn’t even put me into any reserve cash.

Could you cover an unanticipated expense, or a great investment, of a few thousand? Were you ever in a position where even a few hundred was a big stretch? Even in HS, I could come up with a few grand, so it’s hard for me to understand.

Quote:
The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all.
And another one…

Quote:
A 2014 Bankrate survey, echoing the Fed’s data, found that only 38 percent of Americans would cover a $1,000 emergency-room visit or $500 car repair with money they’d saved.
And even the ‘rich’ households have trouble…

Quote:
The Bankrate survey reported that nearly half of college graduates would not cover that car repair or emergency-room visit through savings, and the study by Lusardi, Tufano, and Schneider found that nearly one-quarter of households making $100,000 to $150,000 a year claim not to be able to raise $2,000 in a month.
Many Middle-Class Americans Are Living Paycheck to Paycheck - The Atlantic
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Old 05-09-2016, 09:19 PM   #2
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The wife starts to get nervous when the checking account balance gets under $25,000.
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Old 05-09-2016, 09:19 PM   #3
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Yes, hundreds or thousands with credit card or a check.
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Old 05-09-2016, 09:23 PM   #4
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I answered "anything under $50k" because I could simply write a check on one of my mutual fund accounts which have just under $50k in it. Over $50k I'd have to write multiple checks or transfer some money around.
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Old 05-09-2016, 09:29 PM   #5
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I would need to tap into my real savings accounts, but could cover up to $50K without much issue, just a couple days to get the money. I don't keep much in local bank accounts, so that would be $2500 limit if I needed cash today.
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Old 05-09-2016, 09:32 PM   #6
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10K to 50K on the poll is a pretty big jump. When I needed a fairly new used car to replace the one that died, about 20K later, I paid in cash and wasn't that much pain. But 50K, I dunno.

I voted for under 10K as I like to choose below my means .
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Old 05-09-2016, 09:51 PM   #7
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My after-tax accounts are good for anything below a mid 6-figure number, but I may need a couple of days for fund transfer. Above this level, I would need to draw on before-tax accounts, and the tax levied needs to be considered.

I have to go back to the early 80s to be at a time when I could not get $50K cash for emergency. And that was in my late 20s, and just a few years out of college.

Nope, I was not rich, nor made a boatload of money. I just love to keep some money around than to spend it. Even while in college, I always had several thousands, just for the pleasure of having it.
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Old 05-09-2016, 09:54 PM   #8
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Yes, I could cover a few thousand, and yes, I've definitely experienced times when even a few bucks would have been hard to muster...
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Old 05-09-2016, 10:40 PM   #9
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I can cover a lot, but the question is if I want to. I don't want to, but I will.
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Old 05-09-2016, 10:46 PM   #10
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Yep.
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