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The following is a post by MPFJ staff writer, SK. SK writes about the reasons we get into debt, changing the patterns that get us into debt, and examines small business ownership and real estate investing at her blog, American Debt Project. Please welcome her to the MPFJ family!
- $250,000 in diamonds and platinum from Jacob the Jeweler
- $100,000 in equity in overpriced Los Angeles/Atlanta/New York McMansion
- $400,000 in Lamborghinis, Maseratis and vehicles for entourage
- $50,000 in investments in other rappers and own record label
- $200,000 cash on hand because it ain’t flauntin’ if you got it
- $60,000 equity in house that is almost paid in full due to Dave Ramsey’s advice
- $5,000 in Roth IRA invested in mutual funds as recommended by Dave Ramsey’s endorsed local providers
- $40,000 earning 0.65% interest in an online savings account for an emergency fund which covers 12 months of living expenses
How about you all? What percentage of your net worth do you feel should be held in very liquid accounts (savings, money market, etc)?
Share your experiences by commenting below!