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?
It’s a difficult subject to discuss without sounding like you’re either bragging or talking down to those less well off.
I recently bought a new-to-me truck. I paid in cash, and if I wanted to, I could’ve bought two more. If I liquidated my investments, I could have bought three more, so six in total. I’m self-employed now, but I built all my wealth while working for a (plumbing) company where I was surrounded by people earning twice as much as I did. Yet, these are the people who need to finance their cars, have massive mortgages, and are always in a bad mood due to stress.
I understand that some people have been really unlucky and struggle to improve their financial position despite their best efforts, but these aren’t the people I’m talking about when I wonder how a working-age person can’t come up with a thousand bucks for an unexpected expense. I hardly even consider that a lot of money.
I feel you there. What kind of things would you like to build? For me, it’s things like a rainwater harvesting system, solar/wind power, a pond with a pier and sauna, a chicken coop, a heated workshop with a car lift, a root cellar… I basically have an infinite list of projects I’d like to pursue.