Inspired by This Poll, I launch this one!
Could you get $20,000 in 30 days if you needed to? How about $200,000?
Rats, typo in title. That’s $20,000 as the lower amount, not $20.000
Does borrowing count as “getting”?
I’d have to liquidate all my retirement accounts but I could just barely make $200k.
I voted yes to both. I have friends that my family business has, in tight times, borrowed 10, 20 and $30,000 dollars from. Each time we’ve asked these friends, they’ve handed it to us, no questions asked, in hundreds with no lead time. That is, they had it on hand. Well, one of them kept it in cash, the others wrote checks. The one that had it in cash, I have no idea how much cash he had on hand, but considering he had no problem loaning $20K to a friend in need without batting an eye, I’m guessing he had a helluva lot more then that on hand. I know he also had a lot of gold stashed away as well.
One of the ones that wrote us a check for $20K once likes to flaunt his money if he gets a little too much liquor in him. The last time I was drinking with him, he was talking about some bank fees or low interest rate or something and he was telling us that he was just down at the bank threatening to move his million dollar savings account to another bank. I’m under the impression that if I needed $200K in some life or death emergency, I could get it from him if I needed it.
So, 20K, not a problem, I know that for sure, I’ve done it before, hell, worse comes to works, I could re-fi my house. $200K, I’m pretty sure I could come up with it.
I hesitated before answering “both.” I think I’d have to really work at it and do some borrowing. The 401(k) is the obvious choice, but don’t forget that you’d have to pay taxes and a 10% penalty, and most plans only loan up to 50%. For the lower amount, I have enough liquidity that it would be easy to get, but I’d not want to spend it unless it were dire.
If we’re going by cash plus stock and bonds, then I think I could do $20,000 in an emergency. Even with 401(k), mutual funds, and IRA, I couldn’t do $200,000.
Yeah. It would put me in debt for several forevers to Creatures of Pure, Unmitigated Evil (ie my mother), but I could do both sums almost overnight.
Yes to both, the 20K from checking, the 200K from retirement accounts.
I could come up with $200,000 if I needed to. How to do it would be an interesting exercise.
I could liquidate savings and investments to come up with the 200k. Doing so would put a serious damper on any plans I may have on retiring with a comfortable nest egg. I could take a home equity loan to come up with some or all of the amount. However, I would be taking on years of indebtedness that I don’t particularly want.
After some consideration, I expect the market will provide a better return than a second mortgage would cost over the life of a loan. I would likely take some small amount of cash from some underperforming investments and borrow the rest against my real estate equity.
I have sufficient cash on term deposit to get both amounts straight away.
As I just posted in the other thread:
$20,000? Goodbye equity in our house.
$200,000? If it were a matter of life and death, perhaps my parents could help me out at the cost of cutting severely into their retirement funds. Short of someone being about to die, I don’t think I could.
Yes, but we’d have to get an equity line or something for the $200K.
I posted in the other thread that my wife and I are looking at setting up a company next year which will require $60k. I’ve got more, so I’d be fine.
I probably could make the 20 k by selling off most of my stuff, borrowing from family, and probably resorting to turning a few tricks.
I don’t keep much money in the bank, would have to cash in the bulk of my Scottrade stocks. So I voted ‘yes’ to either sum.
$20,000 I could just barely manage. If the emergency were medical in nature, I could use what’s in my health savings account. That would make things much, much easier.
$200,000? Not a chance in hell. If I needed that kind of money in order to live, I’d either die of what was going to kill me, or I’d die in a hail of gunfire while trying to rob $200,000 from a bank.
I could 20K.
200K? I would have to sell a kidney. And some othere people’s kidneys.
I could from my 401k/IRA. I could probably get the 20k just from credit cards.