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This guy's advice applies to people who have a higher risk tolerance. The advice is given in an off-the-cuff manner that really only applies to a small sub-set
by humbleMouse 11y ago
This guy's advice applies to people who have a higher risk tolerance. The advice is given in an off-the-cuff manner that really only applies to a small sub-set of the population.
TLDR; "You don't need to save money, just fund your 401k. If crap hits the fan, just pull money out of 401k. Just wait until your start-up is successful, then you will have cash and an emergency fund!"
- venomsnake 11y ago> This guy's advice applies to people who have a higher risk tolerance And resources to spare. For the people that entered the workforce after 2004 - the economy has not been generous. And the spoils of growth has rarely got to them. We in tech are so far in position to extract almost fair value for our labor, but not all sectors of the economy are like that.
- ghaff 11y agoYeah. One can debate the specifics of how big an emergency fund a given person should have but he seems awfully cavalier about tapping the 401k for unexpected expenses. I suspect, given that he doesn't offer dollar amounts, that he assumes that having $5K or so around to cover an emergency car repair doesn't rise to the level of emergency fund. The bit at the beginning about the latte is also pretty silly. Sure if you can afford it and get great pleasure out of your Starbucks, go for it. But this is exactly the sort of money leak that causes a lot of people to wonder where their money all went at the end of the month.