Sheltering your home from financial storms

I always get a kick out of financial planners saying that "you should have a cash reserve of at least 3 to 6 months of monthly expenses."

All that tells me is that I should become a financial planner for a living. I can't pay my bills NOW and I make over 100K per year. You want me to squirrel away a motherlode for a rainy day?

laugh wrote:

I always get a kick out of financial planners saying that "you should have a cash reserve of at least 3 to 6 months of monthly expenses."
All that tells me is that I should become a financial planner for a living. I can't pay my bills NOW and I make over 100K per year. You want me to squirrel away a motherlode for a rainy day?

Obviously you're a poor planner and/or live beyond your income.It's what you keep ,not earn.

Nice House they have with the article, unfortunately I believe people who have 3 bedroom ranches in middle-income neughborhoods are the ones that are having the struggles. It doesn't appear that the owner of this house would have any problems keeping it.

In many cases, it's not the mortgage that is the problem, but the ridiculously high property taxes on Long Island. I have no mortgage, but I pay over $10,000 a year in taxes. When the school system on Long Island wakes up and decides that we do not need a separate school district for every tiny little town and village, our taxes will be lowered and people actually will be able to make here, even with mortgages.

Observer wrote:

In many cases, it's not the mortgage that is the problem, but the ridiculously high property taxes on Long Island. I have no mortgage, but I pay over $10,000 a year in taxes. When the school system on Long Island wakes up and decides that we do not need a separate school district for every tiny little town and village, our taxes will be lowered and people actually will be able to make here, even with mortgages.

Hate to break it to you but your taxes will NEVER GO DOWN. I wish people would stop posting this type of nonsense...

If your house is your greatest asset, then your mortgage is your greatest liability. Anyone who bought a house after 2000 and wants to sell, will sell at a loss. Housing on Long Island still has a long way to go down...

mob wrote:

<quoted text>Obviously you're a poor planner and/or live beyond your income.It's what you keep ,not earn.

Yes, it was poor planning for me to educate myslef to earn over 100K and have the extravagance to buy a LEVITT house and live there with a wife and 2 kids and allow them to eat and be clothed and heated and to wage money on a behicle and insurance(s).

Those of you who have had it all handed to you are completely clueless about the real world, aren't you?

Yikes -- in my sarcastic anger I meant for that last line of the first para to say "...waste money on a vehicle and insurance(s)..."

form a LLC?? Again these false corporations is just another example of the excess lieing that got us into this mess in the first place. Our lives have been become way to busy with the nonsense of MBA's, CPA's lawyers, tax attorneys,INS, Bankers,empty suit politicians..When does it stop?

laugh wrote:

Yikes -- in my sarcastic anger I meant for that last line of the first para to say "...waste money on a vehicle and insurance(s)..."

I can see your point to a certain extent,but 100g's a year you should lower your expenses.Do you drive a used car or new also do you maintain your own lawn or do hire a landscaper using illegals ,eat out much,I am sure there are ways you can cutback.