Question for a debate me an my friend are having

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BrazinBox
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Question for a debate me an my friend are having

Post by BrazinBox » Jan 11th, '12, 22:22

Ok, so my friend has a strange concept of being broke and seems to think that having $5ooo in a savings account but only $10 in a checking is being broke.

I'm curious to see how many people agree to this concept.

:argue:

Edit: This is a standard setup. A regular checking account and a savings account for the future, not saving for a house or car.
Last edited by BrazinBox on Jan 11th, '12, 22:37, edited 1 time in total.

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emma-ba
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Post by emma-ba » Jan 11th, '12, 22:30

Could be if your friend doesn't have instant access to the money in the savings account or if he can't spend it because it's set aside for something else.

VietBaka
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Post by VietBaka » Jan 11th, '12, 22:55

Could be a rainy day fund? Emergency fund?

Lucille
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Post by Lucille » Jan 11th, '12, 23:20

I agree completely with your friend. He/She is broke. I know people hate hearing this, but you are suppose to have at least 4-6 months living expenses saved at all times. You lose your job tomorrow what are you going to do? Emergency Funds do not exist for everyday things. I consider it zero dollars. Now if your friend has an additional 5000 on top of that well good for him. Tell him to tell me his secret.

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moadeep
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Post by moadeep » Jan 12th, '12, 00:53

your friend is wise, they aren't touching their buffer/emergency $, so yeah, they are broke.

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Gir
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Post by Gir » Jan 12th, '12, 01:21

Depends, if this came up because he is being frugal and not unwisely spending money he's broke.
If it's because he's mooching off of others for stuff (especially non-necessities while employed) he's not.
If you can remain calm while all around you others are panicking... Then you obviously have not adequately assessed the situation.

nasomi
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Post by nasomi » Jan 15th, '12, 18:43

There's a big difference between being broke and being poor. I'm usually broke because I have a great deal of expenses, I have pre-determined money set aside for savings, so I don't have a lot of money to spend right now. I think you're thinking poor, while he's thinking broke. They're two different things.

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