I read that half of Americans couldn’t cover an unexpected $1,000 expense. This sounds crazy to me. I understand that poverty exists, but the idea that an adult with a job doesn’t even have that amount saved up seems really strange.
What’s your relationship or philosophy with money? What do you credit for your financial success, or alternatively, what do you blame for your failures?
For the extra brave ones: how much savings do you have, and what are you planning to do with them?
I’m doing well at the moment. The problem is that no matter how well I do, eventually something destroys my savings and eventually there’s a layoff at my company.
Even if I’m doing well at the moment, I’m still a couple paychecks from not doing well, and am no where near on track to eventually be able to retire
I have five digits of savings for the first time since my kids were born, but I also have college expenses for them, and at least that much in deferred house maintenance
I credit Apple, of all things. I always chose credit cards to minimize interest and fees, so this is the first time I’ve had one with significant cash back. Now I pay essentially everything with Apple credit card, pay off at the end of the month, get a surprising amount of cash back, directly into the high yield savings account. While of course my job is the reason I’m doing well, I credit this for turning things around to actually let me put money aside, to boost my savings