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Would an unexpected bill of $400 cause you a problem ?

Discussion in 'Non-Vegas Chat' started by Bernie2, Apr 30, 2016.

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  1. Bernie2

    Bernie2 High-Roller

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    A study was done of 5800 people online and the question was would an unexpected bill of $400 cause you a problem. Yes for 47% as they would have to sell something. The rest would use cash or credit card to take care of it. This 47% level surprises me and is sad and scary or so I think
     
  2. C0usineddie

    C0usineddie VIP Whale

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    Its not a reflection of if they have an extra $400. people would say the exact same thing if it were an unexpected bill of $20.

    People dont like unexpected bills. You would have to be crazy if you did.

    so 47% of people interviewed were not crazy, the rest, well, they were the ones who seemed to not mind having to waste $400 out of the blue.

    Funny that that 47% number seems to correlate to something I recall from the last election. not trying to make this polticial. just pointing out an something odd.
     
  3. jagdan61

    jagdan61 Low-Roller

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    Don't agree with Eddie. We have less people working today in our Country than 8 years ago. The amount of people living in so called poverty has doubled during same time. Sadly a 400 dollar unplanned bill today can send half our Country into a short/long term mess


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  4. nostresshere

    nostresshere Mr. Anti Debit Card

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    Sorry... that is not what the first poster mentioned. It said these people would have to SELL SOMETHING. I can easily believe that a high number of people could not cover a $400 expense on the spot for something like a broken down car, broken home furnace, etc. It is very sad so many people do not have a few bucks set aside.

    And even more sad how many people on this board are that low on funds and still do trips, including Vegas.
     
  5. jagdan61

    jagdan61 Low-Roller

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    Damn I would hope no one on this board would not plan a Vegas Trip without minimum of 6 months salary stored somewhere for a rainy day.


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  6. Electroguy563

    Electroguy563 Over-Fried Gambler

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    Lots of people live beyond their means.

    Then they end up broke and beg me for money when I'm in Vegas.

    I tell them "Why'd you buy the Audi for? A Toyota would have been sufficient....."
     
    Going to Hawaii's 9th Island!!
    Going to Hawaii's 9th island!!
  7. Snidely

    Snidely VIP Whale

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    Based on how many people worry about credit card holds for incidentals, I'm not surprised.
     
  8. jagdan61

    jagdan61 Low-Roller

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    I never thought about that
     
  9. Sonya

    Sonya Queen of VMB

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    I could. But not everyone I know would be able to.

    When we first bought our house, we learned about unexpected expenses. ;) Credit card balances got carried over, and over and over. I don't think we ever had to resort to the minimum payment route, but it was pretty nerve-wracking when my husband had a significant period of unemployment. I don't think we could have come up with $40, let alone $400 at the time.

    Big expenses are never fun. I had some surprise medical bills last year that meant several months of some serious belt-tightening until I felt like we were back on track. Just on Thursday, we had a guy come out to give us an estimate for cleaning up the garden beds in the front yard. $2000!! :eek: Yeah, I'm taking a break from my second 3-hour shovel-fest out front. That's way too big a dent in our budget for me to be comfortable, so we've cancelled our plans for this weekend and are working in the yard instead.

    I sometimes wish I could be one of the "rich people" and be jetting off to somewhere amazing or paying someone else to do some of the chores around here. But that's not my life, so I find a way to make it work. But not everyone makes that decision. I have friends who always have the latest and greatest whatever thing, or are remodeling something in their house, or are always taking huge trips to wherever, but then they talk about how they are drowning in bills. I'd rather be able to feel comfortable than take any trip or have some new toy. Even if that means a sunny Saturday spent in the yard instead of tossing the ball for my dog at the beach. :wink2:
     
  10. jagdan61

    jagdan61 Low-Roller

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    I so agree!! Being able to sleep at night knowing the bills are paid and putting a few dollars away for later can be the best vacation feeling ever


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  11. deansrobinson

    deansrobinson Low-Roller

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    I heard this on NPR last week... and it was by Neal Gabler in the May issue of The Atlantic. It's a great, and alarming, read:
    http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/

    An interesting fact that the author brings out when asked "how did something like this happen to you? You're a successful writer?".
    His answer?

    Entirely due to the decisions he made. He chose journalism rather than a more lucrative career. He chose to live in NYC. He chose to have the Mrs. stay home (she used to do something
    in theater, I forget what) and send the girls (again, the choice to have children) to private school. Writing - unless you're Stephen King - is very much piecemeal work. He had to make his
    advances last throughout the year and was using credit cards to finance the difference between need and want. He says he's not making more per magazine article this year than he was
    twenty-odd years ago.

    I think you'd be hard pressed to deny that wage stagnation has been a major factor in people's financial well being. I think a lot of people made up the difference between need and want by access to credit. Face it, if you're tapped out but need that vacation...it can be financed. However, when we start using credit to make payments on everything else, then we have a problem.

    I am exceptionally fortunate, I know that, and I also know that I made good decisions. I would not be hard pressed to come up with $400 for an emergency for which I am thankful. Although
    no one likes forking over money for the unexpected, it would indeed not be a hardship for me. But for 47% of the respondents, it would be.


    Not a pleasant thought.
     
    Last edited: Apr 30, 2016
  12. Backagain1

    Backagain1 High-Roller

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    Agreed, it will mess up my budget but would not put me in a financial bind - at least not today. Car expenses, home expenses, children needing money - etc. Those are unexpected bills but we save for them. Luckily we helped our children budget for those so the days of needing mom or dad are gone! I do have many friends who live paycheck to paycheck so yes, this would be an issue for quite a few.
     
  13. Backagain1

    Backagain1 High-Roller

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    The other day a friend who had her car in the shop asked me to take her to the pawn shop so she could pawn items to get her car out of the shop. I hated to see her have to pawn her things but I also had to bite my tongue and not offer money to help her out. I did not want to make a loan and not get paid back. :(
     
  14. jagdan61

    jagdan61 Low-Roller

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    That breaks my heart to hear stories like that. I have friends in the same situation. More cases than not though it is due to spending money carelessly like eating out for lunch everyday and going to Disney World every other month. I live an hour away from Disney but it's still $$ even for a day.
    Unfortunately unlike you I didn't bite my tongue and loaned a friend 3k for a family emergency. Two years later I have yet to receive a dime back. Disney trips still happen though for them.
    I just consider the money gone. I could say something but honestly it's not worth it to me.
     
  15. ken2v

    ken2v This Space For Rent

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    Not remotely the point.

    I would like to think it would be something more like $4000 but this is today's America. Instant. Throwaway. We venerate the vapid and the idiotic. We outfit our kids in the latest NFL or NBA garb and send them off to school with empty bellies after having plopped them before the idiot box the night before rather than helping them with their homework. We can recite Kobe's stats but not the Amendments to the Constitution. We embrace the soundbite and the knee-jerk because it removes our responsibility to research and reason.
     
  16. jagdan61

    jagdan61 Low-Roller

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    Thank you Ken
     
  17. NickPapageorgio

    NickPapageorgio OG of the Sal Sagev Hotel

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    You're not serious, are you? Those liquid with half a year's salary number in the single to low double digits.

    Nick:beer:
     
  18. jagdan61

    jagdan61 Low-Roller

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    Well personally I would not be able to enjoy myself on a vacation unless I had at least a 6 month cushion in savings. I put money aside all year for my Vegas Vacation so it's all paid for before I leave home. Whatever I don't use in my BR stays in Vacation fund.
    But whatever allows you to sleep at night works I suppose. I can only speak for myself
     
  19. Backagain1

    Backagain1 High-Roller

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    Yep, I learned the hard way. Lending family money and never getting paid back. This person buys coffee in the morning at Starbucks and a diet drink on the way home from work. On numerous occasions I have asked why she did not buy a coffee pot but I never got a straight answer.
     
  20. ken2v

    ken2v This Space For Rent

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    Yep, can't imagine the number is all that high. That's another "old" concept that even back in the day when generally accepted was probably more Ozzie/Harriet than John Q Factual, though certainly more common than today.

    It is hard to fathom, indeed.
     
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