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This AOL beauty floors me about money.
Old 11-23-2008, 07:34 AM   #1
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This AOL beauty floors me about money.

Need Cash? Where to Find It Fast - WalletPop

No wonder people are in financial trouble.They get their info from places like this.
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Old 11-23-2008, 12:01 PM   #2
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Yow. Mr. Wallet, meet Mr. Disaster.

The whole article is over at Kiplingers. Good reason not to subscribe.
Need Cash? Where to Find It Fast. - Kiplinger.com

The 'punch list' from the article:

1. Sell investments
2. Take out a margin loan
3. Tap your home equity
4. Research government aid
5. Boost your take-home pay (more withholding allowances!)
6. Cash convenience checks (Those evil checks in credit card statements!)
7. Borrow from your 401(k)
8. Withdraw from your Roth IRA
9. Tap your life insurance
10. Borrow from strangers
11. Lean on family and friends
12. Sell Your Stuff


Brilliant stuff. I notice how 'spend less' never made the list, but I've found that to be the best way to put more money in MY wallet.
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Old 11-23-2008, 01:38 PM   #3
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Actually, I didn't think the article was so bad. You may have missed the spirit that it was written in (and maybe they didn't emphasize that enough) - but they are saying *if* you *need* some cash for a short term emergency - here are some ways to get it.

And boosting your take-home pay by reducing withholding makes perfect sense in the context they give:

Quote:
Boost Your Take-home Pay

If you received a tax refund last year and your financial situation hasn't changed substantially, too much tax is being withheld from your paycheck
Heck - *everybody* should be doing that. But esp people who are in a position that they may heave to take on more debt. Why give Uncle Sam an interest free loan? I know people who do exactly that, year, after year, after year. Plus, they pile up CC debt, and file for extensions, so they get their tax refund even later.....

I've seen times where margin was cheaper than most forms of loans. And if you have a margin account - no added paperwork to draw on it. It could make sense in certain conditions.

-ERD50
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Old 11-23-2008, 02:46 PM   #4
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Originally Posted by ERD50 View Post
Actually, I didn't think the article was so bad. You may have missed the spirit that it was written in (and maybe they didn't emphasize that enough) - but they are saying *if* you *need* some cash for a short term emergency - here are some ways to get it.
...
It could make sense in certain conditions.
It could. But how many people are going to read this and see how they can use these techniques to buy more "stuff"?

"In the meantime, read on to discover more ways than you probably ever imagined to turn your hard assets into cold cash if you need to."

Yes, there should have been more emphasis on the word need. A definition of what constitutes need would have also been appropriate.
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Old 11-23-2008, 09:25 PM   #5
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Originally Posted by ERD50 View Post
Actually, I didn't think the article was so bad. You may have missed the spirit that it was written in

I agree ERD50. I haven't been in a situation where a few hundred, or a few thousand for that matter, bux cash would bail me out of a dilemma for a long, long time. Probably since I was a college student in the 60's. Still, this was interesting reading. How could someone come up with some cash for some critical issue if needed? Seemed like a pretty logical list.

Quote:
Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever. With economic storm clouds brewing, it makes sense to have three to six months' worth of living expenses -- even more if you can manage it -- tucked away in a safe place. In the meantime, read on to discover more ways than you probably ever imagined to turn your hard assets into cold cash if you need to.
There was no implication in the article whatsoever that the reader should "turn assets into cash to buy more 'stuff'. "

I do note, however, that folks that keep sizeable chunks of cash in "Bucket #1" do so for the purpose of being ready for a shopping spree for "stuff" on short order!
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Old 11-24-2008, 01:23 PM   #6
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Quote:
Originally Posted by M Paquette View Post
Yow. Mr. Wallet, meet Mr. Disaster.

The whole article is over at Kiplingers. Good reason not to subscribe.
Need Cash? Where to Find It Fast. - Kiplinger.com

The 'punch list' from the article:

1. Sell investments
2. Take out a margin loan
3. Tap your home equity
4. Research government aid
5. Boost your take-home pay (more withholding allowances!)
6. Cash convenience checks (Those evil checks in credit card statements!)
7. Borrow from your 401(k)
8. Withdraw from your Roth IRA
9. Tap your life insurance
10. Borrow from strangers
11. Lean on family and friends
12. Sell Your Stuff


Brilliant stuff. I notice how 'spend less' never made the list, but I've found that to be the best way to put more money in MY wallet.
is today April 1st?
am i suspended in some space-time warp and don't know it?
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Old 11-24-2008, 03:12 PM   #7
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Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever. With economic storm clouds brewing, it makes sense to have three to six months' worth of living expenses -- even more if you can manage it -- tucked away in a safe place. In the meantime, read on to discover more ways than you probably ever imagined to turn your hard assets into cold cash if you need to.
I would think the best advice if you don't have an emergency cash reserve would be to cut spending and save up a cash reserve.

Reading the article leads me to believe that I actually don't need a cash reserve because there are 12 ways to get emergency cash quickly if I need it.
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Old 11-24-2008, 04:22 PM   #8
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I would think the best advice if you don't have an emergency cash reserve would be to cut spending and save up a cash reserve.

Reading the article leads me to believe that I actually don't need a cash reserve because there are 12 ways to get emergency cash quickly if I need it.
I don't believe that you actually believe this. Or if you do, I worry about your internal gyroscope. It's just a magazine article!

Ha
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Old 11-24-2008, 05:30 PM   #9
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I don't believe that you actually believe this. Or if you do, I worry about your internal gyroscope. It's just a magazine article!

Ha
Too true, I don't believe it for a minute, but I've never been able to convince either of my sisters (or their husbands) that they need an emegency fund, and every time something happens needing money immediately, they always end up borrowing. So I do believe there are plenty of people who believe they can always get money in an emergency when needed, and don't need a cash reserve.
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Old 11-24-2008, 05:38 PM   #10
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The thing about that article that go to me was the lack of any real emphasis in the bulk of the content on these being last resorts for raising cash. From the very title "Need Cash? Where to Find It Fast." the article was focused on where to get cash "if you need to".

I think most folks here are prudent enough to understand the need for an emergency reserve, and probably what constitutes an emergency. I fear that the reader of this article might use one or more of the methods described to fund that 'need' for a 42" plasma TV, or a down payment for that really cool new car.
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Old 11-25-2008, 01:06 AM   #11
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I'll politely suggest, Paquette, you're reading the article that way becuase of some personal tendency on your own part. There is no way a sensible reading of the article could be interpreted as suggesting funds obtained from any of the 12 suggestions should be used for discretionary consumption.

How can you read this:

Quote:
Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever. With economic storm clouds brewing, it makes sense to have three to six months' worth of living expenses -- even more if you can manage it -- tucked away in a safe place.
and walk away saying that the article is calling for folks to use the emergency cash generating methods discussed "to fund that need for a 42" plasma TV?"

Actually, I keep my own emergency fund a tad on the lean side. (Note, that's emergency fund as opposed to holding cash/near-cash for various reasons as part of my investment AA.) I've done the calculations a number of times and if I needed emergency cash beyond the few tens of thousands I hold in the emergency fund now, it would be cheaper to borrow on my margin account as needed at the time than to hold large amounts of emergency cash unneeded for that purpose for years. The fact that I know I have large sums available by borrowing against my margin account is useful but I've never had to do it....... not even for a "42 plasma TV."
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Old 11-25-2008, 01:32 AM   #12
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Quote:
Originally Posted by Alan View Post
Reading the article leads me to believe that I actually don't need a cash reserve because there are 12 ways to get emergency cash quickly if I need it.
So, you interpret this statement in the article:

Quote:
Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever.
as meaning:

Quote:
Reading the article leads me to believe that I actually don't need a cash reserve
Pretty interesting interpretation.........
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Old 11-25-2008, 12:19 PM   #13
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Originally Posted by youbet View Post
So, you interpret this statement in the article:

Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever.
as meaning:


Reading the article leads me to believe that I actually don't need a cash reserve

Pretty interesting interpretation.........
As I said in post #9, "I" don't actually believe that but I'm sure there are plenty of folks that do. I know folks who believe they have a cash influx when they receive a letter from their CC company raising their limit and immediately go out and spend it. In fact I know a lady at work who spent her new found credit limit extension of $5k on a boob job. (as opposed to a tube job suggested earlier in the thread )
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Old 11-25-2008, 01:41 PM   #14
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As I said in post #9, "I" don't actually believe that but I'm sure there are plenty of folks that do. I know folks who believe they have a cash influx when they receive a letter from their CC company raising their limit and immediately go out and spend it. In fact I know a lady at work who spent her new found credit limit extension of $5k on a boob job. (as opposed to a tube job suggested earlier in the thread )
OK.....whatever. I didn't interpret your comment as referencing what other folks would do since you said "Reading the article leads me to believe that I actually don't need a cash reserve......."

In any case, because I keep the opportunity costs of holding liquid emergency funds to a minimum by keeping the amount low, I found the review of where to scramble for cash if some unexpected emergency comes up to be interesting. I was aware of all of the options. Just interesting to see them listed and compared in one place.

I didn't see anything in the article suggesting these were ways to fund discretionary purchases......
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Old 11-25-2008, 06:23 PM   #15
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I'll politely suggest, Paquette, you're reading the article that way becuase of some personal tendency on your own part. There is no way a sensible reading of the article could be interpreted as suggesting funds obtained from any of the 12 suggestions should be used for discretionary consumption.

How can you read this:


and walk away saying that the article is calling for folks to use the emergency cash generating methods discussed "to fund that need for a 42" plasma TV?"
Probably not a personal tendency, but exposure to folks in a volunteer debt counseling facility. People have an amazing ability to rationalize 'need'.

And with analog broadcast TV going off the air in February, I expect to see a strong uptick in folks who 'need' that big flat screen HDTV. (Note to self: get some one-sheet pieces on the www.dtv2009.gov coupon program and find a local free/cheap after-coupon source of the DTV converter boxes.)
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Old 11-25-2008, 06:36 PM   #16
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And with analog broadcast TV going off the air in February, I expect to see a strong uptick in folks who 'need' that big flat screen HDTV. (Note to self: get some one-sheet pieces on the www.dtv2009.gov coupon program and find a local free/cheap after-coupon source of the DTV converter boxes.)
On the other hand, Paquette, have you seen the rich colors and breathtaking clarity of a nice new Samsung HDTV, say a modest 52" model.

One football game with this and you will never go back.

Ha
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