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7:46 pm
January 28, 2013
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Edward Antrobus
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Last week, I published a post called Is $1000 a Large Enough Emergency Fund, taking aim at Step 1 of Dave Ramsey's Total Money Makeover. Based on my experiences, I've come to decide that $1000 actually help from falling further into debt while you are trying to pay off your debt.
Based on the comments, I don't think my point got through. Not that they are disagreeing with me, but that they are commenting on something else entirely. Out of 13 commenters, 6 talked about things like 3-6 months worth of expenses.
Did I not do a good enough job explaining myself? Or do you think people are responding more to title instead of my point?
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I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon
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6:58 am
January 30, 2013
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mbhunter
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If commenters are talking about 3-6 months of living expenses, they're responding to one of the questions that you asked at the end of the post:
Do you think $1000 is enough until debt is paid off?
What were you hoping that they would have responded to? If it was something else, then ask that question instead.
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8:15 am
January 30, 2013
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My Personal Finance Journey
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Agreed! 3-6 months of expenses is a common amount of money to have in an emergency fund.
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12:03 pm
January 30, 2013
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Edward Antrobus
| | Fort Collins, CO | |
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| posts 1008 |
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mbhunter said:
If commenters are talking about 3-6 months of living expenses, they're responding to one of the questions that you asked at the end of the post:
Do you think $1000 is enough until debt is paid off?
What were you hoping that they would have responded to? If it was something else, then ask that question instead.
I was referring specifically to the Dave Ramsey formula. More or less everybody is in agreement with 3-6 months long term, but Ramsey recommends keeping a grand for emergencies while concentrating on debt and THEN fully funding it. That was the concept I was writing about and trying to convey that I thought it wasn't sufficient.
Whether that step 1 emergency fund simply should be increased, or the entire plan thrown out and fully fund the EF before worrying about debt is an idea for another post!
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I'm looking for editors, beta-readers, and some demographic research for my upcoming novel, Once Upon a Saturn Moon. If you like reading soft sci-fi thrillers, maybe with a touch of romance thrown in, you can find more information at http://seampublishing.com/once…..aturn-moon
If You Can Read, You Can Cook – http://www.ifyoucanread.com | Think you can't cook? If you can read this sentence, then you can.
SEAM Publishing – http://www.seampublishing.com | eBook formatting and publishing service
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