Please describe a life-changing event, experience or
encounter that altered your life or circumstances in a
substantial way. Please describe the
experience, and how it impacts your life
today.
encounter that altered your life or circumstances in a
substantial way. Please describe the
experience, and how it impacts your life
today.
A few weeks ago, we asked the AMI
Research Panelists and followers of @thomasjstanley
on Twitter and Facebook to respond to the question above.
Many of you shared some incredible challenges: experiences that changed your
perspective and ones from which others can benefit. We would
like to share one of the stories that reminded us of the
value of being prepared. In it, we see the impact of not
having an emergency fund, one that can help pay for a small
repair that, if not fixed, could turn into an enormous
expense:
Research Panelists and followers of @thomasjstanley
on Twitter and Facebook to respond to the question above.
Many of you shared some incredible challenges: experiences that changed your
perspective and ones from which others can benefit. We would
like to share one of the stories that reminded us of the
value of being prepared. In it, we see the impact of not
having an emergency fund, one that can help pay for a small
repair that, if not fixed, could turn into an enormous
expense:
From Now Prepared in the southwest United States:
I had sold my Taurus for scrap and had just maxed out my
credit card paying for a new engine in my truck (that had
been sitting a few years) and during my first commute back to
work with it I heard a whining noise and noticed a drip from
the rear differential. I went to the auto parts place
and the new gasket and oil that I needed came to $15.
It was Monday and I got paid on Wednesday I figured I
would just baby it till then. Nope, the axle seized
while going down the highway the next day and my $15 repair
turned into a $2000 repair. Had to swallow my pride and
ask for a loan from my boss and get a pay day loan to cover
the rest which cost me 50% interest over 3 months. Took
3 weeks to find the parts and fix it during which time I had
to bicycle to the nearest bus stop 7 miles from home and
ended up getting hit by a car where there are no shoulders on
the road. All of this because I didn’t have a measly
15 bucks when I desperately needed it. I vowed to never
again get into that situation and started building up my
emergency fund. Since doing that my life has improved by
leaps and bounds, it’s no longer a struggle paycheck to
paycheck and my stress level over money has dropped
dramatically.
credit card paying for a new engine in my truck (that had
been sitting a few years) and during my first commute back to
work with it I heard a whining noise and noticed a drip from
the rear differential. I went to the auto parts place
and the new gasket and oil that I needed came to $15.
It was Monday and I got paid on Wednesday I figured I
would just baby it till then. Nope, the axle seized
while going down the highway the next day and my $15 repair
turned into a $2000 repair. Had to swallow my pride and
ask for a loan from my boss and get a pay day loan to cover
the rest which cost me 50% interest over 3 months. Took
3 weeks to find the parts and fix it during which time I had
to bicycle to the nearest bus stop 7 miles from home and
ended up getting hit by a car where there are no shoulders on
the road. All of this because I didn’t have a measly
15 bucks when I desperately needed it. I vowed to never
again get into that situation and started building up my
emergency fund. Since doing that my life has improved by
leaps and bounds, it’s no longer a struggle paycheck to
paycheck and my stress level over money has dropped
dramatically.
We’ll be sharing more challenges in future
blogs and publications. To participate in our ongoing
research,
click here to participate in the AMI Research Panel.
blogs and publications. To participate in our ongoing
research,
click here to participate in the AMI Research Panel.