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<< Should I rely on the bank to loan me emergency funds (I'm planning on long term employment here) or should I save up the much talked about "six months worth"??? >>

I agree with the other posts. Save your own money for the emergency fund. The emergency funds need to be there in the worst case scenario. Losing your job (for whatever reason) is a scenario that will likely require emergency funds. And why add the burden of another loan payment when you can least afford it? (That's in addition to all the money the boat will need. hee,hee)


At 27, you feel invincible. That's the good news. The bad news is: you're not.

As for buying your boat, all the people I know that have a boat complain about the cost. Many of them enjoy the boat and some of them would still buy the boat, but they all complain about the cost.

The "Chicken Soup" books are full of stories about people who literally live in poverty for 30 years in order to scrimp and save every penny. Then they get to live like millionaires for the rest of their lives. My reaction is -- Who wants to live like that? You can never get back those 30 years.

Now you don't sound like you are living in poverty. But the principle is to balance your life. I make my kids invest 1/2 of all their money (presents, allowance, etc) for college. They can save the rest for "toys" that they want. You could use a similar guideline. If you want a warm fuzzy feeling that you are saving enough for retirement, you need to do the spreadsheet projection (as others have suggested).

--Doobie
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