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Ms. Hamilton Exactly How I've Felt About It For 15 years


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The proliferation of television shows and YouTube channels and culinary competitions and season after season of programming where you find yourself aghast to see an idol of yours stuffing packaged cinnamon buns into a football-shaped baking pan and squirting the frosting into a laces pattern for a tailgating episode on the Food Network.

And God, the brunch, the brunch. The phone hauled out for every single pancake and every single Bloody Mary to be photographed and Instagrammed. That guy who strolls in and won’t remove his sunglasses as he holds up two fingers at my hostess without saying a word: He wants a table for two.

 

If I've said it once, I've said it a million times - I fucking loathe food contests.

And If I've said it once, I've said it a million times - I fucking loathe brunch.

Stay healthy, Gabrielle, et al.

https://www.nytimes.com/2020/04/23/magazine/closing-prune-restaurant-covid.html?searchResultPosition=3

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My situation was far from what is average. My job then involved lots of travel--where basically all my expenses were covered for 28 + weeks of the year while I was traveling. Health insurance was part

I love making my own morning coffee. We have no credit card debt. Our rent is cheap. We have a stash. Baby boomer indeed.

#notallboomers

I find it surprising that she didn't have two weeks of operating capital.  More surprising that she couldn't afford health insurance for herself and her wife.

I'm on the Board of my coop.  it's shocking how many people asked for an abatement of their monthly fees two weeks after losing their income.  Do people really not have any cash in the bank for a rainy day?

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2 hours ago, Stone said:

I find it surprising that she didn't have two weeks of operating capital.  More surprising that she couldn't afford health insurance for herself and her wife.

I'm on the Board of my coop.  it's shocking how many people asked for an abatement of their monthly fees two weeks after losing their income.  Do people really not have any cash in the bank for a rainy day?

My guess is yes, lots of people really don't have any cash for a rainy day.

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4 hours ago, Stone said:

I find it surprising that she didn't have two weeks of operating capital.  More surprising that she couldn't afford health insurance for herself and her wife.

I'm on the Board of my coop.  it's shocking how many people asked for an abatement of their monthly fees two weeks after losing their income.  Do people really not have any cash in the bank for a rainy day?

While it's true that many people don't have a lot of cash to get them through an emergency situation, my guess in the case of your co-op is it's a liquidity issue. They have the money but it would require selling assets and they don't want to take the loss.

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On 4/24/2020 at 4:09 PM, bloviatrix said:

While it's true that many people don't have a lot of cash to get them through an emergency situation, my guess in the case of your co-op is it's a liquidity issue. They have the money but it would require selling assets and they don't want to take the loss.

That's not called having a cash safety net.    They DON'T have the money, they have assets that in case of disaster are insoluble in the immediate sense.   In today's world, it's only common sense that you need both.

And a huge number of young people in my neighborhood live extremely well, month to month.    I remember my father setting me up with my first checking account, telling me, "You now have money to PAY FOR things you CAN'T AFFORD.   Learn the difference."

 

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a friend was for a time the treasurer of a publicly traded boutique investment bank.  They had a situation where a senior person died quite suddenly and young - this person had to go in to the office over the weekend and vest some of the deceased's equity so his estate could get liquid enough to fund his family through settling the estate and paying for their funeral.

Same person also once told me something like <10% of all their employees maxed out their 401k contribution.

The one thing I've absolutely learned working in finance for 20 years is that there is absolutely no information about income/wealth in lifestyle. 

But yes - something like 70% of Americans don't have 1000 dollars in a savings account.

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having grown up with parents who were bad with money--not irresponsible exactly but not always able to fit their aspirations to their paychecks (usually on behalf of us children)--i am paranoid about not having a big safety net. i get nervous when we draw on it for the exact reasons we build it up for.

 

re hamilton's piece: yes, well written but frankly, i don't have much interest in reading more about the travails of people at the top of the restaurant food chain, well written or not.

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My parents taught me to have a minimum of 6 months of 2x whatever my expenses were set aside. When I was younger it was hard to reach that goal. It was a temptation to not be that extreme. But, once I attained it, it was great to know I had that to fall back on. 

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If housing cost (mortgage or rent) is 20% of income for a conservative household, that would mean they need to hold more than 2 years of income in cash. Don't know how attainable for someone under 30.  Hell, 40. 

Cash is one thing. Adequate life and disability insurance is another. Not to get political but reliable social infrastructure also helps. 

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My situation was far from what is average. My job then involved lots of travel--where basically all my expenses were covered for 28 + weeks of the year while I was traveling. Health insurance was part of the package. Since I traveled so much, I opted to have roommates for the first 6 years. I sat down with my parents and projected what would be the "honest" amount I should set aside. But I am definitely an outlier.

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21 hours ago, Anthony Bonner said:

Same person also once told me something like <10% of all their employees maxed out their 401k contribution.

I used to listen to this financial talk radio guy (Bob something or other) on KGO San Francisco, while commuting to and from my Silicon Valley jobs. If there was one thing I learned (other than dollar-cost averaging), it was to max out (or as much as one possibly could) the IRA and/or 401K, especially if the company you worked for was matching any dollars.

21 hours ago, Anthony Bonner said:

But yes - something like 70% of Americans don't have 1000 dollars in a savings account.

Totally believable.

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