I'm on the first quarter "young" side of Bizaro's table. I don't have any savings, it's all being re-invested into other businesses on a constant basis. I was an idiot in most of my 20s and basically made no money or have anything left from those years but I was able to catch up very well in a span of 3 years. Today, I try not to ever leave anything in the bank sitting idly. You don't need a "rainy day fund" if you have the ability to move money in and out of a line of credit. I would recommend that vehicle to a lot of people as long as they still have consistent income. When I have money I can pay it down, when I need money, I can take it out.
However, I suspect that many unemployed people are weathering the oil & gas downturn by relying on EI and lines of credit in the low interest rate environment and it's going to get worse very soon.
Last edited by Hack&Lube; 02-10-2016 at 01:45 PM.
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