Emergency fund

stuckingfk

Well-Known Member
Figured with the state of the economy combined with the instability of the flying industry I'd start a post about emergency funds.

How many here have money stashed away for a rainy day? If so, how many month's could you survive without a job and nothing coming in from unemployment?

Thanks
 

surreal1221

Well-Known Member
12 months survival, and that's with just one of us losing our job.

If my wife was also put out of work, although extremely unlikely (public educator), we'd have 6 months.

Those figures though take into consideration transitioning from our current expenditures to reducing our outflow by 25% once either one of us is put out of work.
 

MQAAord

Scheherazade
Staff member
We've got 3 months worth. Realistically though, that's probably not enough...
 

Polar742

All the responsibility none of the authority
12 mos liquidity, without having Cobra payments. Plus, enough to pay off the house should I really be hurting (have to work until I'm in the grave that way, but I'd keep a roof over my head). Kids' college money is fully funded and separate from the "family funds".

I can thank the parents for riding college for me. Other than that it was all done by working for a regional for near 10 years.

I am set to where I can keep my house if I can find a job that would provide insurance and very little else without drawing down on my liquid reserves.


I think too there are other aspects to look at as well.

How's your debt situation? Do you have a mortgage, student loans, 2 tight whips in the driveway? Home equity debt? Or the worst, consumer credit debt? Is the ratio far beyond your asset base?

Thank god I've never had to test the theory, but I've built my life around the ability to keep a roof over my head and feed my family off far less than I'm making now. I've met way too many people in this industry, who through no fault of their own, have lost everything they've had. It's made me very conservative on the financial side.
 

v1valarob

Well-Known Member
I have nothing saved up. My $600 every 2 weeks at Colgan doesnt allow me to save.

I have nothing to harm but myself if Im layed off. I live with my parents, no significant other, no kids. All of my bills are those that I racked up to get my ratings. Which sucks because this is when I should be able to save the most.

Im not too worried about it though since at this pay level I could go down to the mall and work as a retailer making the same, or probably more.

On another note, I am starting my second job as a ground instructor at my old school. The sad part is that at this PART TIME job, Ill probably be making almost even to what I get at Colgan.
 

ZapBrannigan

Old School
12 months mortgage + budget for food / gas / and insurance liquid (short term CDs and money market). The rest is in a variety of investment accounts that could be tapped with some penalty.

Mortgage is my only debt. Cars are paid off and we pay off the credit cards monthly.

In 1998 when I met Polar742 I was laid off from AirTran without two nickels to rub together. I slept in my car in a parking garage near PIT and took showers at the YMCA.

Never again.
 

MikeFavinger

Hubschrauber Flieger
6 months liquid assets in a savings account. $1000 cash in the house for extreme "need cash now emergencies."
 

CAPIP1998

Well-Known Member
See... This is why you should all go out and get yourselves a SUGAR MAMA! I'm livin the dream, and man it's nice. What I make is purely fun money (although we save it). So just remember, through some hard work, constant diligence, and yes some comprimising positions, you too can get a good woman (or man) to take good care of you.
 

B767Driver

New Member
I'm very conservative in my finances, especially working in the aviation industry. I love flying airplanes for a living...and keeping my personal finance situation healthy allows me to continue to enjoy the career without worrying too much about what tomorrow might bring.

My only debt is a mortgage. Outside of tax deferred retirement, college savings, and investment accounts...I keep about 2 years worth of cash on hand. I could come close to paying off the mortgage if I wanted...but have decided that cash is king for the time being.

Stay out of debt, save avidly, get out of the regionals as quick as you can and enjoy the career.
 

flyguydaniel

New Member
As a young bachelor with few bills I could last about 3-4 months with my current savings and spending the same amount I do now. However, if I lost my flying job I have a part time job that I could easily go full time with. I would make the same amount of money as I did with both jobs. I'm also a bit of a Dave Ramsey fan and the only debt I have is a small student loan that I'm close to paying off. No credit cards for me and it's gonna stay that way for life.
 

Hootie

Old Skool
About a year ago I had a 7 month stash. 6 Months ago I had a 4 month stash. And as of today I have a 2 month stash. Eight years ago the future was bright.
 

Cruise

Well-Known Member
At the moment I'd say I have somewhere around 4-6 months of 'cushion.' I'd like for it to be more than that....but, I'm still paying for undergrad, grad school, and a little bit of flight school.....oh, and let's not forget the mortgage too. I wasn't lucky enough to have a sugar mama or parents who helped me out.....but, not to worry, I'm doing what I can.

It's gonna be a while before I can pad the cushion more than where it's at now.
 

Alchemy

Well-Known Member
I have a hefty emergency fund invested wisely in the stock mar......errrrr wait, check that, nevermind.
 

Cav

Former Maddog Whisperer
As a young bachelor with few bills I could last about 3-4 months with my current savings and spending the same amount I do now. However, if I lost my flying job I have a part time job that I could easily go full time with. I would make the same amount of money as I did with both jobs. I'm also a bit of a Dave Ramsey fan and the only debt I have is a small student loan that I'm close to paying off. No credit cards for me and it's gonna stay that way for life.
I'll second what he said. I started listening to Dave Ramsey a few years ago and it has changed my entire outlook on personal finance. The beauty of his philosophy is its simplicity.
 
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