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I thought this was a great post by @The White Coat Investor
We certainly fall in the inadequate savings category especially now that we have chosen to pay for 2 children to go to college. We do invest quite a bit each month though for our retirement. That is our only saving grace. Our retirement account looks very good. Our general savings account just isn't adequate to cover some of our mini-catastrophes though. EX: We just had to replace our fridge 2 weeks ago because it broke. We bought a new fridge 4 years ago for $2k and this was a huge disappointment. We had the repair people out and they basically would have charged us a huge amount to fix the motor and our ice maker/water part would continue to be inoperable (it was not fixable). We've put so much money already into repairing this lemon of a fridge that we just bought a new one....the cheapest frigidaire we could get. We bought it scratch/dent. The only issue it had is that it was the floor model and didn't come in a box anymore. It only set us back $1100 but that was a big deal for us because we just made another payment to the kids' colleges. That's a choice we are firm about ... we will pay for their college. Because we've done a poor job of replenishing savings though, the little stuff makes us "poor".
I wish we'd saved more for kid's college stuff during residency/fellowship/early attending years.
Kris
I thought this was a great post by @The White Coat Investor
We certainly fall in the inadequate savings category especially now that we have chosen to pay for 2 children to go to college. We do invest quite a bit each month though for our retirement. That is our only saving grace. Our retirement account looks very good. Our general savings account just isn't adequate to cover some of our mini-catastrophes though. EX: We just had to replace our fridge 2 weeks ago because it broke. We bought a new fridge 4 years ago for $2k and this was a huge disappointment. We had the repair people out and they basically would have charged us a huge amount to fix the motor and our ice maker/water part would continue to be inoperable (it was not fixable). We've put so much money already into repairing this lemon of a fridge that we just bought a new one....the cheapest frigidaire we could get. We bought it scratch/dent. The only issue it had is that it was the floor model and didn't come in a box anymore. It only set us back $1100 but that was a big deal for us because we just made another payment to the kids' colleges. That's a choice we are firm about ... we will pay for their college. Because we've done a poor job of replenishing savings though, the little stuff makes us "poor".
I wish we'd saved more for kid's college stuff during residency/fellowship/early attending years.
Kris
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