Comment on I'm working on it, ok?

• snooggums@midwest.social ⁨1⁩ ⁨year⁩ ago

  Most people can’t afford it in a year.

  People who inherited a sizeable amount of money or are in the top 10% of earners are able to do so.

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• qooqie@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Yeah this is a 5+ year goal right?

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  • RagnarokOnline@programming.dev ⁨1⁩ ⁨year⁩ ago

    I world say it’s getting to 3-months first, then paying down debt with high-interest rates, then trying for 6-months of expenses. Could easily take a decade, but the idea is that once you have that 6-months saved, it’s less likely that you’ll re-enter into high-interest debt in the first place.

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    • NewNewAccount@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Saving 3 months in an emergency fund while accruing high interest debt seems crazy to me.

      Most people, especially those not very knowledgeable about personal finance, really should follow the Dave Ramsey baby steps.

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      • phdepressed@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        Building savings up still assumes you are at least paying minimums. Cc debt or payday loans are a beast of their own where 1month is basically all that’s worth it.

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  • SkippingRelax@lemmy.world ⁨1⁩ ⁨year⁩ ago

    How long is a piece of string?

    Depends on how much you earn, what are your expenses, and how much you have saved already.

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  • scoobford@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    It’s a however long it takes goal. I’m hoping to have it done in 2, although 3 and change is more realistic.

    Unfortunately, if you can’t afford to live with financial security, you can’t afford to live. I haven’t had an entertainment budget in over a year, and food has basically been what’s on sale at the grocery store and maybe a gyro every month.

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    • fadedmaster@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      I wish you the best of luck. It isn’t easy. Getting out of debt and having a fully funded emergency fund is a great feeling.

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• scoobford@lemmy.zip ⁨1⁩ ⁨year⁩ ago

  You don’t have to. Start early, save aggressively, get it done before you worry about upgrading your lifestyle.

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