Financially Fragile: Could you come up with $2,000 cash in 30 days?

[Kristine..]

Financially fragile:

Could you come up with $2,000 cash within 30 days and if so how would you do it?

These articles drawn from the recent USA National Bureau of Economic Research: Financially Fragile Households are very disturbing but how many Australian households would fare any better?

Read more:
http://moneyland.time.com/2011/06/01/nearly-half-of-americans-would-struggle-to-come-up-with-2k-in-30-days/#ixzz1d158FjEt and

http://articles.businessinsider.com/2011-05-23/news/29964951_1_nber-payday-loans-middle-class

Individuals, and nuclear families, are particularly vulnerable to hot water service failure, time off work without sick pay, medical or dental emergencies, or any number of other sudden requirements for a lump sum of cash money.

So how would you suddenly find $2,000?

Would you actually have the $2,000 in cash (savings) or would you be using a credit card, line of credit, borrowing from your Mum etc?

Cheers

 

[Aaron_C]

Put it on Mastercard, thanks.

 

[wylie]

For many years it would have been looked after by the big "mum and dad mastercard".

Now it would not be an issue.

 

[womble66]

Financially fragile:
Would you actually have the $2,000 in cash (savings) or would you be using credit card, line of credit, borrowing from your Mum etc?
Cheers

Do have, would do and have done all of the above :>)

I would hope all IP owners would be able to do the same in much less time.

 

[burty85]

Do have, would do and have done all of the above :>)

I would hope all IP owners would be able to do the same in much less time.

Haha I will second that....

 

[chindonly]

Yep - no problem.

Have two lines of credit - one personal and one investment.

Also have the cash separate just in case.

I think the overall question should be - what if you could not work for about 3-4 months????

How would you and your family (and your investments) survive in this situation.

That's also where a decent portfolio of shares outside of super can be handy. If things get bad - just sell a few to tide you over.

 

[Piston Broke]

30 days $2k, lol I would say any successful investor can come up with $10000 cash notes in 24 hrs.

 

[sash]

Have that sitting in my transaction account!

If you can't come up with 2k immediately you should not be investing.

As I said earlier...the minimum you nedd to have in buffer should be 6 months salary...preferably 1 yr.

I have access to about 10 years of living expenses. Due to my CF+...I would only need to tip in 3-5k every year to continue on normally.

 

[Intrinsic_Value]

wouldnt apply to 90% of this forum membership base, why because the majority of this forum are trying to be in charge of their own futures.

Facinating reading posts on this forum, and then comparing it to the media articles out there.

 

[Pa1nter]

30 days $2k, lol I would say any successful investor can come up with $10000 cash notes in 24 hrs.

I would say 10K for struggling investors,but 100K in cash notes for successful investors

 

[travelbug]

I would say 10K for struggling investors,but 100K in cash notes for successful investors

Yeah I'd agree with that. $2K is nothing. If you had one tenant not pay for 2 months that's more than $2K.

Maybe change the title to $20K and a few here mightn't have it. But I'd be surprised at that even.

 

[Ed Barton]

what time does the bank open?

 

[Peter_Tersteeg]

I've been there before. Living literrally from one pay packet to the next. I work hard to ensure that can't happen again.

We now maintain sufficient cash to cover all of our expenses until our income protection insurance policy kicks in. $2,000 is nothing at all.

 

[Ideo]

Yep. Not an issue. Could get it in 3 minutes (plus time spent waiting in bank queue)

20k as well. Cash for both. Not selling of any assets. Nor borrowing any money.

100k in 30 days might be an issue. Don't have that much cash sitting around, but I could raise it.

 

[handyandy]

what time does the bank open?

It's not unusual to carry that sort of money in my wallet. There was a post
some time ago talking about how much people carry around.

Just counted the money in my wallet - just over $800. Another $4500 sitting on my desk. Main reason money builds up in my wallet is that we pay everything via credit cards so that we keep track of our spending. Obviously pay off the C/C every month.

As all ready indicated the question on this forum should be $20k or $100k and obviously any with any equity and a LOC will be able to raise even this sort of money readily.

Cheers

 

[Ideo]

It's not unusual to carry that sort of money in my wallet. There was a post
some time ago talking about how much people carry around.

Just counted the money in my wallet - just over $800. Another $4500 sitting on my desk. Main reason money builds up in my wallet is that we pay everything via credit cards so that we keep track of our spending. Obviously pay off the C/C every month.

As all ready indicated the question on this forum should be $20k or $100k and obviously any with any equity and a LOC will be able to raise even this sort of money readily.

Cheers

I used to live in Redfern. I'm too paranoid of gettign mugged to carry that amount of cash around on my person.

 

[Cloudedhouse]

Lol ...give me 20 minutes.

Hell, if the banks not open ... I'll go to my familys place. My 18 year old sister has more than $2k under her bed.

In fact my 11 year old brother has more than $2k in his piggy bank.

(**Dont even get me started on them not earning interest...they both hate banks)

 

[lizzie]

I would say 10K for struggling investors,but 100K in cash notes for successful investors

oooo - that makes me a successful investor ...

 

[Aaron_C]

Depending on your assets you can get a $200,000+ loan in under 24 hours. Of course, you'll have to pay this fee, that fee + a little bit of your soul in order to get it...

 

[Aaron Sice]

i think there's better ways to gauge your financial fragility than your ability to come up with $2000.

like how exposed are you to rate increases, how exposed are you to margin calls, how exposed are you to a loss of a tenant etc.

my cashflow varies wildly - this month, probably next month - sure, no prob. just dont ask me in March.