E-Mail 'How To Be A Financial Prepper- Part 2, by Brandon' To A Friend

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4 Comments

  1. Saving cash in a bank account for emergencies is not wise. The next “bank holiday” could turn out to be a bank vacation.
    Keep it with you at home or nearby.

    1. I agree! With the pitifully low interest rates paid on passbook accounts and checking accounts, there is little advantage to keeping it in the bank.

  2. Respectfully, I have to disagree with some of what you say. I have tried to live carefully and cautiously for many years. living paycheck to paycheck for years and its a PITA…. But once we had $1000 in emergency cash is made emergencies and inconvenience rather than a heartbreaking, losing sleep issue.
    Savings accounts are just a place to park you money…You are losing value if you do it.

    Here is where I disagree, not all debt is bad. A few months ago I borrowed the down money to purchase a multi unit rental. It was a wreck and I fixed it up (I am a contractor) and rented it out. I hired professionals to handle the management of it. And its generating close to $2,000 a month over all its bills. Its like an instant raise. What could you do with and extra $24,000 a year? I just bought my 2nd rental unit as well as a house to flip. I do not put any of my own money into it. I use other peoples money, (pay them a good interest rate) and create long term wealth with the rentals and a business flipping houses. As a side bar, If my friend Coming storm is reading this, yes its me. (Storm and I read this blog faithfully, every day)
    Thank you all and GOD BLESS.

  3. I agree that not all debt is bad – at least when your building wealth. The problem is very few people will succeed in flipping or managing properties – in the long run!

    Do have your adventures in an L.L.C. or you could loose it all. Right now the market is hot and reminds me of 2007-8. Can’t wait as the bargains were glorious the following years – for those with cash!

    I know several smart guys who lost it all the last go around, as they did not have the cash to suffer a 20 – 30 percent vacancy rate for even a few months. Do have an emergency fund!

    I do I expect the next housing crash to be fixed with money printing and cheap interest rates. They will try, but the rest of the world may not allow it – again.

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