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Rant: My office mates keep saying to skip the emergency fund and invest everything
Everyone at work argues that cash in savings is wasted and should go straight into stocks for growth. After a surprise car repair wiped out my early investments, I had to borrow money at high interest. I think beginners should build a safety net first, even if it means slower investing. From my mess, I learned that having cash on hand prevents costly mistakes. Now I save a chunk from each paycheck before buying any shares.
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gavin_green937mo ago
Saw someone online say skipping an emergency fund is like playing financial chicken with your life. That Dave Ramsey guy might be annoying but his "save a starter fund first" rule makes total sense after reading what happened to you and @jamesfox. Stuff always breaks right after you put money somewhere you can't easily grab it.
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betty_morgan7mo ago
Come on, isn't playing it too safe the real risk with inflation eating your cash? What if the big growth you miss out on is the emergency you can't afford later?
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jamesfox7mo ago
When you said the car repair wiped out your investments, that really hit me. I had a similar thing happen with a big doctor bill that cleaned out my own stock money. People love to talk about putting all cash into the market, but they forget about real life. My friend had his water heater break and had to take a loan with high rates. Your idea to save from each paycheck first is the way to go. It keeps you from falling into a debt trap when stuff goes wrong.
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