Airline Pilot Forums

If true, this is kinda bad. In this day and age, $2000 is really not a lot of money, but yet so many cannot come up with it for emergencies.

How long would it take you to come up with $2,000 in cash? Could you do it at all?

Half of all U.S. households say they "certainly" or "probably" could not come up with the funds to cope with such an ordinary financial emergency, according to a new study on financial fragility.

The lack of emergency resources is not just a problem of the impoverished but also affects many “solidly middle-class” families, according to the study just published by the National Bureau of Economic Research (http://www.nber.org/papers/w17072). Of households making between $100,000 and $150,000 annually, nearly one-quarter said they "certainly" or "probably" would be unable to come up with the $2,000.

Life Inc. - Small rainy-day funds mean many could get drenched (http://lifeinc.today.com/_news/2011/05/23/6702419-small-rainy-day-funds-mean-many-could-get-drenched-)

That's scary. What ever happened to keeping 6 months worth of expenses in savings for some unexpected emergency?

I had a similar thought today. A friend of mine was complaining that her bank charges her a fee every month because her account has less than $1,000 in it. :confused:

Most people spend everything they make and more. No self control, trying to keep up with the Jones, trying to live movie star lifestyles, spend, spend, spend. 52 inch TV's, iPod, new Macs, new cars, too much house, etc.....

No surprise.

Much like the gov't now that I think about it.

Most people spend everything they make and more. No self control, trying to keep up with the Jones, trying to live movie star lifestyles, spend, spend, spend. 52 inch TV's, iPod, new Macs, new cars, too much house, etc.....

No surprise.

Much like the gov't now that I think about it.

Funny there is a movie called the Jonses. I just watched it on netflix the other day.

It doesn't help that cash is such a toxic asset, you hold on to it, and it just loses value anyway. Central/Fractional Reserve Banking is destroying our country.

It doesn't help that cash is such a toxic asset, you hold on to it, and it just loses value anyway.


This is so true! Except for the bankers, they always get theirs.



Central/Fractional Reserve Banking is destroying our country.


That about sums it up. Don't even get me started......:D


America = Oligarchy = Capitalism = Elitism = Stupidity

America = Oligarchy = Capitalism = Elitism = Stupidity

So, what do you think equals "Intelligence"?

This is so true! Except for the bankers, they always get theirs.






That about sums it up. Don't even get me started......:D


America = Oligarchy = Capitalism = Elitism = Stupidity

If we actually had capitalism here, we'd be doing quite well for ourselves. Central Banking/Fractional Reserve/Bailouts for losers is a violation of that.

If we actually had elitism here, we'd be doing quite well for ourselves as well.

If true, this is kinda bad. In this day and age, $2000 is really not a lot of money, but yet so many cannot come up with it for emergencies.

I don't think I've ever had $2000 readily available in my entire adult life. Hell, my entire life for that matter. Even right now, as an employed pilot, I still don't have access to that kind of cash. I started with scratch and something always comes up to keep me there. Never been in the red though, always made ends meet, even if only by a slim margin. Livin' the dream :rolleyes:

I had a similar thought today. A friend of mine was complaining that her bank charges her a fee every month because her account has less than $1,000 in it. :confused:

You should mosey on over to this website called cracked.com and search the word "poor." The first link that comes up is "5 Things Nobody Tells You About Being Poor." I can't post the link here 'cause the language used in the article, but should your own free will take you there, it's an interesting read.

Yikes. Scary stuff... As a first year regional F/O, I currently have more in the bank than I did when I was a full time engineer. The difference is the amount of debt I had then versus now. It's the difference between being free and imprisoned.

Some people never figure it out though... A family friend is a CA at AA and him and his wife carry credit card balances every month, owe on two cars, their house, etc.

I don't think I've ever had $2000 readily available in my entire adult life. Hell, my entire life for that matter. Even right now, as an employed pilot, I still don't have access to that kind of cash. I started with scratch and something always comes up to keep me there. Never been in the red though, always made ends meet, even if only by a slim margin. Livin' the dream :rolleyes:
I don't know how old you are, but when I was much younger (and no, you may not ask a woman her age :)), I didn't have a lot of money at all. My first job paid $3.10. What I did have was a pair of good parents who taught me to save up even if it meant they gave me money to buy food and pay the rent. When I saved up $1000, I put it in a 1 year Certificate of Deposit. Granted the interest rate was 10%, but I put it away instead of spending it on something.

I realize that life is very different these days, and particularly in this Great Recession. Jobs are hard to come by and what few jobs are out there don't really pay a living wage. And I went to the cracked.com website you mentioned. Read the article and wholeheartedly agree with it. I posted some where that we used to discuss poverty in law school. We decided that it was luck and the choices you make. As a legal aid lawyer, most of the people who come to me are very low income. I've talked with them about how they got that way. Some said they've always been poor and didn't know any different. Others had medical problems, poorly educated, was laid off from jobs. They all did have something in common - something happened to them and they made a choice. Some had something good happen, but made a poor choice. Some had something bad happen, but made an even poor choice. Some did make good choices and they have since moved on.

At least you have a job doing something you like. I can only suggest that you try to put aside a set amount into an account that cannot be easily accessible. In the meantime, tough things out as best you can. In a year's time, that account should grow enough to make you want to put more into it.

I have resolved to do what I can to help others. If I had gone to medical school instead, I would probably open a free/low cost clinic. However, I'm a lawyer so I do pro bono work. It's amazing how just a little intervention, which doesn't cost me anything at all, can make a tremendous difference in someone else' life. To help put things in perspective, last week I accepted a pro bono case. It's an immigration case, an asylum application to be specific. The woman is from Africa where her family believes in Female Genital Mutilation (FGM). So when she was not even 10 years old, an aunt came to get her and performed the "surgery" herself using a not so sharp razor blade. I am meeting this client tomorrow morning. Get her story down on paper, write a brief, and fill out the I-589 form.

What am I babbling about, you are asking yourself? Nothing more than I believe yesterday was good, today is not that good, but the real wonderful thing is that I believe tomorrow will be great, just fine. For you, for me, for my client and everyone else. Baby steps.

At least you have a job doing something you like. I can only suggest that you try to put aside a set amount into an account that cannot be easily accessible. In the meantime, tough things out as best you can. In a year's time, that account should grow enough to make you want to put more into it.

Baby steps.

In the interest of avoiding future interest on the debts I owe, my bank account will find itself feeling a bit anorexic for the next year or so. Once those debts are paid, then maybe I can think about saving money.

But as you so eloquently put it, "baby steps." :)

Keep your FO house and your FO wife.

I don't let too much money accrue in the bank..it's a waste of money. I keep what I consider a good emergency fund in savings and what I need to pay bills in checking. Excess that I don't need tomorrow goes to my online ING account since it's still available just may take a few days. ING provides better interest rates. When the ING account gets to a point where I feel it's not working for me anymore I transfer some to CD's. CD's have terrible interest rates these days but it doesn't lock up my money long term and the rates are better than ING.

I have the usual automatic deductions into 401k and then and additional 3% into Roth IRA. I'm not quite ready to venture into risk yet ie the stock market.

Long story short, yes, I could come up with $2000.

Dave Ramsey. Google him.
Do it.
Be free and happy. No matter how much you make.
It works.

Dave Ramsey. Google him.
Do it.
Be free and happy. No matter how much you make.
It works.

DR helped us go from a negative net worth of -$117,000 (school loans, cars and credit cards) to a positive net worth of $100,000 in 4 years. It's not easy but the baby steps work.

Dave Ramsey. Google him.
Do it.
Be free and happy. No matter how much you make.
It works.
I was going to post this if someone hadn't already! My husband and I made AWFUL financial decisions in our attempt to live the "American dream." While he was in flight school, we took an entire vacation on a credit card. Then we decided to buy a house. He was instructing by that time. The week we closed on the house, he brought home a $32 paycheck (for two weeks of work). We did Dave Ramsey and I am happy to report that since we've been in the house (with my husband still instructing) we've paid off about $10k in debt and have over $2500 in savings. It makes SUCH a difference knowing that small amount of money is available. For instance, the washing machine gave it up this weekend. Instead of freakng out, we just shrugged it off-it'll get repaired, and we have the money to repair it. If you can only put aside $50/month, DO IT, so you don't have to charge your way through an emergency.