Author Topic: Former Co-worker Exemplifies Why Emergency Funds are Important  (Read 4087 times)

oinkette

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Some former coworkers and I occasionally do Happy Hour about once every other month. One member of this group almost couldn't come because she "literally had about $10 left in her bank account." 

A little back story.  This is someone who used to work in finance making about $300K a year until the big downturn and she got laid off. Never married, no kids. Since then she has been desperately trying to find a job in her field making the same amount but couldn't, since her niche was so specific.  She has basically had to eat it and take on temp jobs.  She is a hard worker and finally landed a job making a decent middle class income, about 65K and we live in an inexpensive city (Houston). She's been at this job for over a year now. 

So the weekend before we met, she had to fly home for a family emergency and ended up staying a day longer than usual. This was enough to completely bust her.  She came back requesting that we push back the date until after she gets paid at work.  Since several members of the group had coordinated child care  in order to meet, one of us offered to cover her portion and then get paid back.  BTW she ordered 3 margaritas, an entree, and dessert.

It blew my mind.  I get lifestyle inflation, so I can maybe see (but not understand) how you can make 6 figures and end up with no savings or emergency fund. But I would have thought losing a job and relying on a series of temp jobs would instill the idea that maybe I shouldn't spend until you only have $10 in your banking account, and also maybe you should have an emergency fund? 

TL;DR: Former coworker who used to make 6 figures and now makes a decent income went had only $10 in bank account from spending 1 unexpected extra day in another city.

Helvegen

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #1 on: May 22, 2015, 10:10:14 AM »
Also, why would you eat that much on someone else's dime? 3 drinks alone would have been enough, but a meal and dessert? Did this person get paid back?

zephyr911

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #2 on: May 22, 2015, 10:53:40 AM »
So you're saying, you should have an emergency fund just in case you really really really want 3 margaritas, an entree and a dessert? >.<

oinkette

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #3 on: May 22, 2015, 11:08:39 AM »
So you're saying, you should have an emergency fund just in case you really really really want 3 margaritas, an entree and a dessert? >.<

No, but you should have it so you don't go nearly broke when a family emergency comes up.

zephyr911

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #4 on: May 22, 2015, 11:58:58 AM »
So you're saying, you should have an emergency fund just in case you really really really want 3 margaritas, an entree and a dessert? >.<

No, but you should have it so you don't go nearly broke when a family emergency comes up.
Where I come from, wanting a margarita and not having one *is* a family emergency.

Kris

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #5 on: May 22, 2015, 12:48:34 PM »
So you're saying, you should have an emergency fund just in case you really really really want 3 margaritas, an entree and a dessert? >.<

No, but you should have it so you don't go nearly broke when a family emergency comes up.
Where I come from, wanting a margarita and not having one *is* a family emergency.

Preach.

Middlesbrough

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Re: Former Co-worker Exemplifies Why Emergency Funds are Important
« Reply #6 on: May 22, 2015, 04:16:30 PM »
So you're saying, you should have an emergency fund just in case you really really really want 3 margaritas, an entree and a dessert? >.<

No, but you should have it so you don't go nearly broke when a family emergency comes up.
Where I come from, wanting a margarita and not having one *is* a family emergency.
Sounds like a personal emergency to me. (Takes a sip.)