I'm Still Scared to Use My Emergency Fund!
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- Опубліковано 21 вер 2020
- I'm Still Scared to Use My Emergency Fund!
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Money PTSD is real.
Fax i know a lil something about that its hard to rewire yourself
I just paid off my student loans and finished baby step 2 with my wife 4 days ago and its THE BEST!!! I look at that ZERO balance on my student loans account and just smile multiple times a day 😂
Congrats! 🤣
I paid my S.L. off two years ago. I keep my "congrats on paying it" off letter in my safe. I take it out and look at it once in awhile.
I can’t wait to be there as well!
paid* ;)
Congratulations!
I'm in such a state of preservation that I'd sooner sell my liver than touch my emergency fund. I just need that security net... until I need it, and then I find every excuse to not touch it. There is always a bigger emergency I'm worried I will actually need to use it for.
Lol I needed that laugh 😂
I’m the same way. I laughed at the sell my liver part 😂
In sorry but preserving your liver is better 'self preservation' than $
Your liver will regenerate for free
I disagree here, these times are uncertain, if she feels safe with 16k then she should keep it and pay the debt off by february. This isnt an all in or all out situation. I dont think you can compare this to a hurricane. I also dont think that anything will change on jan. 1, this disaster doesnt follow calendar years.
Facts!!
I agree with you. February isn't that far away and while I understand the impatience to eliminate debt, it's not going to suddenly double in size when you're not looking. Keep the safety net and sleep soundly at night.
Amen!!
I'd take $5000 and put it toward the student loans, then pay off the rest. That would leave them with $11,000 in the bank and she'd only owe $6,000 on the loan. A fair compromise.
Agree. Student loans are at 0% interest right now. I would keep saving until February and then pay everything off in one payment.
Wish I grew up at the Ramsey Ranch. Everything he says is gold
Who else is scared to use the emergency fund?
Because when the emergency fund is gone, there is no emergency fund
Not me! Emergency funds are for people who haven't invested outside of their 401k. I can take out a low interest loan and have my dividends cover the interest payments. And yes, I would rather take a "chance" at a low interest loan than have the "guaranteed" opportunity cost of an emergency fund.
Thurgor Supreme interesting 🧐 plan. Limited risk and doable as long as you can qualify for a loan. Nice
@@Justsayingthat I'm with you! to spend your emergency fund right now just sounds so reckless. People don't know when their jobs are going one second you have a job next second you're laid off and you had no idea that it was going to happen. just because things look stable now doesn't mean anything.
@@Justsayingthat I'm already "qualified". I could take out a 2% margin loan in ten minutes without even talking to anyone and my 3.5% HELOC is ready by the end of the day whenever I want it. Just stop my dividends from automatic reinvestment and boom. I could borrow enough to live unemployed for over a year and I wouldn't even be close to my risk tolerance.
People *should* be scared to use their emergency fund. That way they'll only tap into it when they face an emergency bad enough to scare them even more.
So do people think when 2020 ends, the pandemic will end? 😂
Depends on wins the election. I truly believe the worst thing about this pandemic is the media response. I believe if the election goes a certain way, the media will drop it immediately.
@@beeezeee1783 lol
@@beeezeee1783 If it goes a certain way, they'll probably drop how incompetent a President is at handling the response, because he'll be gone and the President won't be incompetent anymore.
@@beeezeee1783 the worst thing about the pandemic was the media?? Tell that to all the 200, 000+ Americans that died and the many others that passed away world wide. This is not a political issue nor is it just an American issue It's a human issue.
k Smith
And here are the victims of the media hysteria right here in this comment section. 🤦♂️
Two different paths, largely the same result. Base it off your job security and do whichever results in less stress.
If job security is a concern, keep the $16k (in fact, save up to $20k) and then attack the loan. It's difficult to put a price on peace of mind and the US has handled the pandemic so poorly, there's no telling what January will look like.
If your job is pandemic-proof, then pay if off tomorrow. You'll have $5k left and be up to $20k by February.
Another option is to split the difference. Pay off half the debt with the emergency fund and then attack whats left with a vengeance.
Agree
0% Interest rate on student loans are still on until 31st December 2020 so why not just wait and decide at that time while paying minimum amount on the student loan. That’s what I will do
exactly
Why not pay as much as possible so all the money goes to principal?
Amanda H she is scared of emergencies coming up
Play offence! Find a way to earn more money (sell things, side work) and don't touch the emergency fund.
RMRS watches Dave Ramsey 😱😱
Exactly. I just picked up a side gig to pay off debts. No way would I touch my emergency fund
I agree! Their student loan payment is on pause anyway. I wouldn't touch the emergency fund because they'd just have to replace it anyway.
I agree!
No
She'll still have 5K in there lol
But when you factor in NYC that translates to 500 haha
@@unkiestbob ohh nah 😂😂she lives in Connecticut but yeah .
I’m of the mind that we’ve got a dollar crisis coming. We’re losing 2.75% every time I turn around. The reason I bring this up, is because that debt won’t change, but that savings (emergency fund) could lose value dramatically. In a dollar value crisis you’ll need more dollars due to less purchasing power, which drives hyperinflation. Groceries are up 22% right now. Sure, it doesn’t seem like a big deal, but what happens if corona spikes this winter? I’d sit on the EF and keep driving that loan down till Feb. it’s not the end of the world to be patient for just a few months.
Dave’s view about not living in fear is great. This is how I’ve felt ever since this “new thing” started. Take precautions if you wish but stop acting like the world is ending at your local supermarket too.
The hurricane was devastating where I live :( so many people lost their homes. Thankfully our home is okay, just some damage but all fixable... but gonna cost a pretty penny. I’m thankful for finding Dave and we are gonna work our tail off and cash flow the repairs!
My friend just died from covid19--he was younger and healthier than me. Besides the sadness, that added a bit for fear in me...not so much financially, but enough to respect the disease.
I'm sorry for the loss of your friend💜
I need an emergency fund for my emergency fund!
Same, I need another emergency fund that can be used in an emergency instead of the emergency fund.
lol - Thats probably most of us. Thanks for your honesty
Dave has said that's what he has.
I'm not touching my emergency fund no matter what I feel comfortable having a healthy emergency fund trust me the emergency will come
But by your own admission, when the emergency does come, you are not going to touch your emergency fund. So what, pray tell, is the purpose of your emergency fund? 🤦♂️
Thank you Dave and Chris for having common sense! 🙌 🙏
Weird flex bragging about having 50+ people indoors together unmasked.
Yeah reckless and irresponsible. I knew he was a denier all along. This backs it up
@@ThiccBoi23 is it though? Less than 1% of the population has had the virus so the likelihood you will come across is low. Maybe the people he or his managers have hired are in feverfew good health and IF they get sick they will be one of the 80 plus percent who has little to no symptoms. And since they are adults who have some semblance of intelligence, at least in theory, they can make their own decisions.
Why can’t she do both? Maybe put 1/3, 1/4, or even 1/2 of the savings into the student loans and continue to chip away at it gradually. Unless you’re an “essential” worker, I’m not sure anyone’s job is completely “safe.”
i would not pay it off with the fund because i do not trust government to not go for harsh shutdowns again and making me lose my job.
Leave emergency fund in place. Attack the debt separately
2020 Covid19 was amazing!! It opened our eyes to not take things and people for granted. Kinda scary, as change is, usually. Glad to still be alive~ I'm grateful for it all!!🙏🥳🎉🎊💕💥
Wonderful call and great advice! Thanks Dave!
Don't touch the emergency fund, add to it till its 6 months worth.. may take longer but payoff the debt at a slow pace till then.
Ajay, I agree with you but I would have 1 year as times are different with high food bills coming.
@@judymckee5992 Yep everyone should have at least 12 months Em fund these days!
Give Sallie her eviction notice.
I did this month...NO MORE NAVIENT🎉🎉🎊🎊🎈🎈
I disagree. Keep the emergency fund and attack that debt like crazy now. You'll probably even do it before February because you're motivated. Good luck!
Dave Ramsey, if you sold those Christmas ornaments online, I'd buy them from you for my family!
Can you imagine if his response to 9-11 was “just turn off the tv?”
Dave is out of touch sometimes.
Thank you for your advice
Chris never answers the question. 😂
Dave dominates the conversation always
An employee doesnt speak against his boss.
@@lifeastaylor5992 you are beautiful honey.
Dave gave him the floor to answer
The emergency hasn't happened yet.
FOLKS ARE CONCERN AFTER SIX MONTHS. AS LONF FOLKS STILL GETS UNEMPLOYMENT OR STILL WORKING, ETC.
I like big debts and I cannot lie, y’all other brothers can’t deny when a new car drives up in its place surprise goes onto my face!!!
😂
Went on Ebay to sell my work out tapes with Fonda, now I can afford a 20 year old Honda
Red beans and rice didn't miss her.
That's all we have for breakfast, lunch, and dinner.
Great advice!
My hands started tingling when she said 16,000 idk if I’m money hungry or if it’s just cause I’m sipping a tangerine Red Bull maybe both
I say keep savings and keep paying minimum. February isnt too far away. Times are still crazy! Or pay half...
Always keep an emergency fund. Hurricanes, tornadoes, lay-offs happen. Keep the fund and pay down the debt over time.
Oh my goodness Dave! I just love you! 🤪. I also hope people grow brains back next year! And yes Chris lets start now!
Powerful advice
I get that! I have saved a lot of my income and I am still not interested in spending what I have saved
I kept my debt, and when the emergency came, the debt was right there with me, lol. Listen to Dave and get rid of it, you'll have $5k left anyway
The emergency is still here
Yes and shes right it IS projected to get worse come fall and winter
Keep the emergency fund!!!!!!!!!! Honestly you may need that. This poop storm isn't over yet
This is the power duo right here. Lots of great up-and-coming talent there, but these two are power houses!
Pay it off! Pay it off! You’ll literally still have about 5k left.
Yeah but seems their expenses are high. $16k is only 3 months expenses for them, she said.
KeiyaValecourt That’s true I did notice that haha. But I see it as doing baby 1 where you drop down to a 1k emergency fund. 5k is more cushion and now you’ve freed up that debt to rebuild again.
Hit play, and make those loans go away! They're so close!
I'd keep the fully funded 911 fund and do the 2000 a month.
Alternatively they could agree on a short term 911 fund of $10,000 or some other number and throw the extra 6500 at the debt as a boost, then do the 2000 a month.
Pay it off today and keep saving tomorrow!
Lol nice topic. Nice advice!
Im only 13 and Im doing your Financial Class. And i subbed :)
You will go far in life if you learn this stuff now, it is amazing how getting a grip on finances can turn your life around, my advice is that in the real world, experience is worth more than a piece of paper from college unless it is a very specific profession of course, but the cost to get to those careers don't feel worth it anymore
How did you find out about Ramsey?
@@thecatnextdoor12 My dad is really smart:) and he want the best for us so he told us to do this class
Itz_Kaleah ‘ Amazing, you have a lovely family!!
Tell your dad some random internet guy says he is awesome
Just get the student loan debt paid off since there’s no interest accruing until December 31st . Every payment will count towards principal . You will save more money if you don’t wait!
I understand the fear.
Ohh yes!! Preach.
I would keep the fund and pay it by february. If the end pay of debt date was in 2-3 years I would pay it of now. But it is 5 months away in a pandemic...
If you feel like you need to stay in emergency mode, just keep piling up cash. No one is going to poo poo on you for doing that. You have February in mind as a possible date where you wanted to be without the loan, so come next Feb, look at your situation and if you feel you are not in emergency mode, pay off the loan. Financially you will be in the same position now as next Feb, but you will have more cash on hand come next Feb. That extra cash is a jump start on your 3 to 6 months emergency fund.
She needs an emergency fund for her emergency fund.
Did the same...Just dropped $15k. Stop the wheel turning, push play.
You never know what tomorrow will bring. I'd say keep at least three months worth of emergency savings at all times while you're continuing to pay down debt, at least during the pandemic.
Can’t put a price on having peace of mind. Restart paying off the student loans and you’ll have in paid off by Feb. it’s almost October. You’ll ring 2021 in style. I’m with you.
Bigger issue. She wont listen to her Husband, but will take advice from a stranger over the phone that isnt living day to day with her. She needs to grow up.
@Sponge Bob as long as her and her husband both want a 2nd opinion.
I want that ornament too!!! (Send me one, real talk) 👀😂🥰
His voice is butter. 🥰
student loans are 0% interest until Dec 2020 and most likely continuing the 0% for a majority of 2021. Don’t listen to Dave. keep the emergency fund on hand, utilize ur salary from now until Feb which u stated to make monthly payments.
Hi, where your radio show and UA-cam channel with millions of followers?
@@alexc5369 So essentially what you're saying is -- anyone will a public following is always right, and anyone that doesn't match the following cannot have a different opinion? That's the best you can come up with in response to my comment? Please feel free to counter why you believe I'm wrong. Come up with something better.
Yes it's 0% interest, but if you're financially able, why not pay them off now?
@@jacobfiggins Because you would have financial literacy in understanding that if something is costing you nothing extra to hold, why not continue holding it.
Dave Ramsey is telling them to pay off something that is costing them NOTHING to hold, in return of losing an emergency fund of just 3 months. Instead, the safer route would be to hold the funds in a high yield saving account and continue working and paying off the student loan monthly until the goal is hit.
This not only results in no money being lost, but they actually gain about $100+ off the interest they'll make having this money sit in a high yield saving account. Adding onto the fact that they have an emergency fund in place during all of this.
Remember, dave ramsey has nightmares every single night about the bankructpy that led him in taking on more debt than he can. He is so scared of debt he will try his absolute hardest to make you scared of it with no logical awareness of when the right time to tackle it is.
NOT to mention the political discussions being had right now of potentially eliminating the student debt.
To add, the entire purpose of financial literacy is to understand where, when, and how to place your money. You can very-well argue that if you have student loans that are 4% interest rate, storing them in a stock like Apple is financially responsible given that the track record of apple has hit 20%/yearly for deacdes, vs not financially responsible at all.
However, it makes 0 sense to pay off loans that have 0% interest rate for many more months to come, when there is no penalty in not doing so.. ESPECIALLY if it's only 3 months of your cost of living and you're in a middle of a pandemic.
Dave.....choose those words wisely. Talking about fires, your going to get protestors fired up again😉
I'm going to copy and paste this until the Dave sees this...is there any way that they can tell the callers to NOT answer EVERY question they ask with "SO". It's INCREDIBLY ANNOYING!!!
@Sponge Bob see, that doesn't irritate me becaue you're using it correctly.
Girl if you don’t pay that loan off & go live your life nervous Nelly.
Why pay off a student loan that is on hold at 0% when they are talking about possible loan forgiveness with no tax liability? I am putting the money I would pay on mine (minimum plus $200) each month in an envelope (electronic). If they wipe the debt then I have that money for something else. If not, then I pay it in one lump sum before the interest starts again in January 2021.
@Sponge Bob I was going to say something about reading comprehension but I won't.
I will take advantage of any program I am allowed (tax write-offs, stimulus checks, grants, and even discount coupons for restaurants and retailers). If you choose to pay full price despite having the opportunity to get a discount and refuse any tax breaks or other programs then that is your choice.
@Sponge Bob Reading comprehension 101:
"I am putting the money I would pay on mine (minimum plus $200) each month in an envelope (electronic)."
"...then I pay it in one lump sum before the interest starts again in January 2021."
Pineapple under the sea is about right. ;)
That's what I'm doing too. I'm holding on to it until this plays out. We don't know what's going to happen.
If she and her family are not making any financial gains I think she should just hold that until she is making financial compensation again. But if she can pay of her debt and still have some type of cushion and her and her husband are back to work, I say go for it. Another great question👌.
Sponge Bob yeah I heard it.
I'de pay it off and go back to refunding the savings.
All solid principles it just seems like the underlying message is “work hard, drive the most basic vehicle to get you to and from. Never buy toys and when you’re 65 years OLD you can finally start enjoying your life🤔.. Sound fun 😕
tslmiami, I am glad I did that, who would have thought they pull this scamdemic!
@Sponge Bob maybe
Then forget about having an emergency fund.
she doesn't have to pay until dec 30th so she can take more time to make a decision
This is a nice topic! Should have this in my upcoming VIDS 👍
Turn off the TVs. 2020 has been a great year for me
Same!
pay that baby today its time to finally fix the balance sheet, quit living the illusion finally and live above 0 and do that.... DEBT FREE SCREAM!!!...
200,000 dead in six months, millions sick. "We're all going to be OK". Sure Dave, speak for your million dollar self.
Dave is cultivating corona in his studio.
Why would she call in to a financial advice show and say she lives in NYC when she actually lives in Connecticut???
Those are two different worlds in the case of finances so what was the point??
@nauticadon she can be in the nyc metro area geographically but her income and expenses are most likely very different from those actually living in nyc
But agreed. She couldve just said Connecticut
I like her idea. Keep the $16,000 and pay $2,000 a month and get it paid off by Feb or March. It's silly to say it has to be one way or the other when has a good plan to both.
B Hayes in the building 💪🏾
If you want to really give yourself whiplash, alternate between a Dave Ramsey video and a Prepper video. Then repeat 5 or 6 times. I was watching Way Too Many of the Prepper videos for a while, and now I have so many cans of Vienna Sausage tucked away that it is not funny.
I wish we were back to normal. I'm in Pa. and both our state and Md. are still acting like it's the end of the world. It's driving me crazy.
U can be around stupid, and not catch it!
I had a great year
Me too! Made lots of money this year and paid off a lot of debt, my car - everything but the house.
Sponge Bob keep at it, you’ll get there!
You can be around stupid and not catch it 😆
I would paid off the student loans & be debt free. It feels good
Can you guys verify yourselves as "brave creators", i (and many other people) use adblock which cuts into your revenue stream.
I would love to support your channel and this is free passive income for you guys
the real question is.... IS Dave the reason shapiro went to Nashville?
Lord help!🥺
Do the math Hogan!!! I see you!!!!
Dave never deleted these videos? lol
Her plan is smart. I wouldn’t go with Dave’s advice.
nice
Dave seems to be quite on point in regards to being frugal, yet I do not understand why he dislikes precious metals so much.
Because their value is based primarily on people's fear.
@@tiffanymackey2382 Precious metals are used for industrial purposes as well and have thousands of years as a track record as money. I can take 1 ounce of silver or gold anywhere in the world and receive cash on the spot as there is a global demand for it.
Dave just doesn't understand it. We don't like what we do not understand. We should stick with what we know to lessen the failure rate.
You can tell Dave Ramsey fans don't watch cnn 😷👈🤣
Let Chris talk Dave!!!!!! Jesus.
150 people in the lobby? I guess he means throughout the day.
That was cool to watch this video. No I do not have any debts. But I always think about a second wave. Now we are in the orange. Because there are too much morrons. You know grow ups are worst than kids. I think she should fill up her emergency fund and also invest. Six months is more than enough. If you do not find a job during or less than six months. Well you maybe have a problem. I would not fill up my emergency fund and than invest. Because I would miss a lot of opportunities to make a lot of money.