How many of you for whatever reason are at a point in your if you don't get paid this week you are homeless

Dave Ramsey wrote:

Be realistic wrote:

Some of you might have an excuses,

INCORRECT! There are no legitimate excuses.

STFU, Flagpole!

....,.... wrote:

Dave Ramsey wrote:

That happened a while ago for you. You have had time to save up some cash and downsize in housing.

Always diversify. NEVER put all your cash into what could turn out to be a ponzi scheme, idiot.

NO. There are no excuses for being an idiot. Quit making them.

How do you diversify to protect against fighting an unjust murder charge?

Murder a diversified set of individuals, obviously.

That way the murder charge is likely to be just (not unjust). And in the unlikely event that you are faced with an unjust murder charge at least you will have diversified against that risk by setting yourself up for multiple unrelated (and justified) murder charges.

Wouldn't be 'homeless' if I lost my job, but we'd pretty quickly have to get into our one set of investments (not 401k/403b). We don't really save anything because we're in it for now. If in the future I can't afford it, then I have the mindset to downsize and do something else. I like the stuff we have but I can just as easily like something else if put in that situation.

I've seen too many people and heard too many stories of folks skimping now for big retirements, only to end up unhealthy or dead by time they get to the point where they should be using it.

The goal of every letsrun visitor is to live like they are homeless so they never will be homeless. They wear dirty old clothes that they got for free. They run in shoes with holes and 2000+ miles. They don’t go out to bars but if they did they would never pick up a round.

Dril wrote:

The goal of every letsrun visitor is to live like they are homeless so they never will be homeless. They wear dirty old clothes that they got for free. They run in shoes with holes and 2000+ miles. They don’t go out to bars but if they did they would never pick up a round.

Technically homeless here in Mass., but getting Section 8 housing first of year, get disability benefits (hey, I'm a wino), food card, health care,and supplement income in the underground economy, wink, wink.

Gotta know how to work the game, plus I have puppy dog eyes.

You should be almost fully invested.

Wait until you try to get a job when you are over 60

ck3237 wrote:

Wait until you try to get a job when you are over 60

I shouldn't need to work very often by that time. House will be paid off in 2 years, setting up a couple passive income streams that should pay the bills. Have developed skills that will allow me to be self employed if needed.

But yeah, might be a tougher than I expect, but it's a risk i'm willing to take.

STHU Dude wrote:

Dave Ramsey wrote:

INCORRECT! There are no legitimate excuses.

STFU, Flagpole!

Wasn't me brother.

WEJO, DO AN IP CHECK, AND IF I LIE, BAN ME FOR LIFE!!!!!!!!!!!!!

Horizontal wrote:

This is insane.

We have upper middle class income and live as lower middle class. We could live for 5 years if we both lost our jobs.

This is how it should be (living well under your means, not necessarily having upper middle class income).

I've hit the tipping point where I could now retire with zero income forever, so I don't worry about this at all.

3 mil in the bank wrote:

....,.... wrote:

How do you diversify to protect against fighting an unjust murder charge?

umbrella insurance

I’m pretty sure umbrella policies don’t cover criminal defense. They cover libel claims and stuff like that.

I am poor. I have never suvived without charity from friends or family. No job I've worked has ever paid a functional living wage. Right now, I just hope I can cover the cavity to get filled at the dentist's office.

All the money you have now, in pocket to spend, or retirement accounts, will be worth half as much in"x" years anyways thanks to inflation. Why social security is a rip...$$ you pay in is worth less than when you draw it out!

Insurnace will not pay to defend you in a criminal case. If they did, every competent criminal (if such a thing) would carry an umbrella policy and then hire the best attorneys money could buy once arrested.

Insurnace will pay to defend you in a civil case.

OJ Simpson paid his dream team of lawyers to keep him out of jail out of his own pocket. OJ’s insurnace company (I thought I remember seeing his Directors & Officers policy paid the defense) would have paid for the attorneys when he was sued by the Goldman family in the Civil case. Depending how the policy was written, OJ could have still paid a portion of this out of pocket.

Not me. I got plenty cash.

Wino wrote:

Dril wrote:

The goal of every letsrun visitor is to live like they are homeless so they never will be homeless. They wear dirty old clothes that they got for free. They run in shoes with holes and 2000+ miles. They don’t go out to bars but if they did they would never pick up a round.

Technically homeless here in Mass., but getting Section 8 housing first of year, get disability benefits (hey, I'm a wino), food card, health care,and supplement income in the underground economy, wink, wink.

Gotta know how to work the game, plus I have puppy dog eyes.

You sound like fun

Just 2 months ago I met my end of the year goal of having more in savings (which is invested) than I owe on the house! Realistically not counting my wife's $$ I could sustain us for maybe a year...Her savings could keep us comfy for about 7-8 yrs assuming mine was used to pay off all owed between us.

We have enough savings to keep our lifestyle for at least 2 years if we both lost our jobs. We could have bought a 500-700k house and 30k cars like our peers who live paycheck to paycheck, but we chose a modest house (300k), have a one-income mortgage, and drive used Hondas.

If worst comes to worst, we can sell the investments in our taxable account, sell our house and move into an apartment, take back our Roth IRA contributions that we've made over the years (ideally we'd never touch it) and reimburse ourselves with our HSA (ideally will never touch this too). But it would be easier to live in a lower cost of living area and buy a 100k home.

Our first baby will be born next year and I'm taking two weeks off unpaid plus I have two weeks paid vacation for the rest of the year. I can take up to 12 weeks unpaid until his first birthday thanks to FMLA, which I will consider. I look forward to it.

These "debates" on Letsrun are always so so silly.

Yes - you could be saver, live well under your means, salt all your money away, live frugally. What's the end game? so you can live comfy when you are old? (what if you die? what if your country suffers a massive devaluation (Weimar / Venezuela)?

You also could also be spender, live for today, enjoy the high life and watch it all fall away the day you hit the end of the line / lose your job / etc.

Or you could be different people at different points in your life - maybe in your 20s you're a spender and your 30s you're a saver. Maybe you strike a balance, you salt a little away but spend a little b/c at the end of the day - would you prefer to be super frugal and retire at 59? or be somewhat frugal and retire at 63? or not frugal and retire at 69?

I think there are reasonable choices intelligent folks can make - and sometimes people will make less than optimal choices. But I've been living paycheck to paycheck and I've been on the opposite extreme and it's _much_ better for your sanity to be comfortable in both extremes but to live somewhere happily in between :)

` wrote:

I wouldn't be homeless, but it would be tough for a bit. No savings, no excuses. Decent job security though--there's one other person at my company who does what I do, and she does it worse, slower, and for more money (because she's been there longer). If they let her go I could easily do her job and mine; if they let me go they would need to hire 1-2 people to take my place. So until they lay her off I think I'm safe.

That’s not how it works. You’re first to go. She has seniority and a woman.