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Old 05-03-2017, 08:20 AM
Latitude30 Latitude30 is offline
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Default If you had to pay up all mortgage, car loans, cc debt and school loans today would u

Be able to do this with Cash and assets you can convert into cash in a 24-hour period? No charging. No new loans, resulting in a total of $0 short-term and longterm borrowings.

In your best guess, what % of Americans can answer yes to this?
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Old 05-03-2017, 09:06 AM
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No. 1%.
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Old 05-03-2017, 09:07 AM
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Yes, but it would require taking some substantial tax hits. Also playing a little loose on your 24-hour stipulation as I think getting the cash out of my 401K and HSA accounts would technically take a bit longer than that.
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Old 05-03-2017, 09:09 AM
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Also ignoring my "don't respond to stupid Latitude30" threads rule.
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Old 05-03-2017, 09:41 AM
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Quote:
Originally Posted by SamTheOlympicEagle View Post
Also ignoring my "don't respond to stupid Latitude30" threads rule.
We've all done it. I don't know why I even open them.
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Old 05-03-2017, 09:43 AM
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Quote:
Originally Posted by SamTheOlympicEagle View Post
Yes, but it would require taking some substantial tax hits. Also playing a little loose on your 24-hour stipulation as I think getting the cash out of my 401K and HSA accounts would technically take a bit longer than that.
This. Given these loosened constraints, I'd estimate less than 25% of Americans could do the same.

If based on OP, then I could not and probably less than 10% of Americans (probably far less) could.

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Originally Posted by SamTheOlympicEagle View Post
Also ignoring my "don't respond to stupid Latitude30" threads rule.
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Old 05-03-2017, 09:46 AM
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We've all done it. I don't know why I even open them.
Pleasantly surprised it was actually a semi-interesting question this time.
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Old 05-03-2017, 09:49 AM
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Yes. 1-5% at best.
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Old 05-03-2017, 09:49 AM
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I would have to check the going rate, but if I can count my kids as "assets," yes, probably.
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Old 05-03-2017, 09:51 AM
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The answer to this should be strongly correlated with stage-of-life. Not exactly a fair question to lump near retirees, established careerist, experienced workers, new hires and the unemployed all into one bucket.
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