Originally posted by jennypie
I keep big sums of money in GICs. My saving account is reserved for what I call my "thoughtless saving". I signed up for a high interest tax free account, and have it linked to my chequing so that every time I use my debit card a couple bucks gets transferred into my savings. Only thing about that account is I can only deposit, ummmmm I think 5 grand of my own money every year? I think it's 5. At any rate, I love it.
You can actually deposit more but only 5K is tax exempt (I think).
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quote:
Originally posted by RickyM
you're just a shit version of Moral Hazard. At least he knows what he's talking about.
quote:
Originally posted by pkcRAISTLIN
lol, i love it when moral feels the need to lay the smack down
Dec-24-2009 18:01
Schadenfreude
Bird is the word.
Registered: Oct 2009
Location: Pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa- Pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-ooma-mow-
of course, but you do know how long insurance can take to pay out from experience i am sure.
look at the ice storm we had a few years back. It took us 8 months to finally get paid back for the work. Until you get that money back, you still need to fix the problem, which is an expense that is out of pocket until the refund.
This is just an example of course, there are many other "doomsday" scenarios that it is good to be prepared for by having a line of credit which would allow you to proceed immediately.
Originally posted by Moral Hazard
You can actually deposit more but only 5K is tax exempt (I think).
Oh really?? Shit, sweet!
Dec-24-2009 18:03
Moral Hazard
Oppressing the 99%
Registered: Mar 2005
Location: with the 1%
quote:
Originally posted by Schadenfreude
of course, but you do know how long insurance can take to pay out from experience i am sure.
look at the ice storm we had a few years back. It took us 8 months to finally get paid back for the work. Until you get that money back, you still need to fix the problem, which is an expense that is out of pocket until the refund.
This is just an example of course, there are many other "doomsday" scenarios that it is good to be prepared for by having a line of credit which would allow you to proceed immediately.
The ice storm was a cluster-fuck and contractors were taking advantage of people. Normally, in a property claim the contractor will direct bill the insurer and all you have to pay is the deductible. And of course, I do know from experience how insurance works... you know... seeing as I'm a claims manager.
___________________
quote:
Originally posted by RickyM
you're just a shit version of Moral Hazard. At least he knows what he's talking about.
quote:
Originally posted by pkcRAISTLIN
lol, i love it when moral feels the need to lay the smack down
Dec-24-2009 18:03
Silky Johnson
International Playa Hater
Registered: Nov 2003
Location:
I have a claim you can manage. ^^
Dec-24-2009 18:05
Schadenfreude
Bird is the word.
Registered: Oct 2009
Location: Pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa- Pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-pa-ooma-mow-
quote:
Originally posted by Moral Hazard
The ice storm was a cluster-fuck and contractors were taking advantage of people. Normally, in a property claim the contractor will direct bill the insurer and all you have to pay is the deductible. And of course, I do know from experience how insurance works... you know... seeing as I'm a claims manager.
hence why i mentioned your experience.
it was just an example among many things that can come up where you need big money, and fast. This may or may not apply to hookers n blow as well .
