Could You Come Up With An Extra $2000 In 30 Days? Submit Your Story Below!

What would you do if you had thirty days to find an extra $2,000?

That's the question posed by the Brookings Institute in a recent paper, "Financially Fragile Households: Evidence and Implications." Their findings, Brookings says, indicate an alarming inability among U.S. families to deal with ordinary financial shocks, such as a major car repairs or large co-payments.

Nearly half of those surveyed answered that they could "probably or certainly not" figure out a way to find the money, with one in four saying they probably could. Only the final one-fourth said they definitely could find a way to make the payment.

Among those that could cope, what means did they use? The Brookings Institute:

While savings is used most often [to come up with the money], relying on family and friends, using formal and alternative credit, increasing work hours, and selling items are also used frequently to deal with emergencies, especially for some subgroups.

Surprisingly, while those with higher levels of income and education generally do cope better, it's not a hard-and-fast rule, with nearly one quarter of $100k-$150k households reporting they wouldn't be able to find $2000. Those who had suffered substantial losses of wealth during the recession also said they couldn't cope at a higher rate than people of comparable incomes that hadn't suffered.

Still, Brookings finds the results to be predominately socially stratified. Among African Americans of all income levels, for example, 38 percent said they could not obtain the money. That's roughly the same rate answered by the currently unemployed (41 percent), and those who obtained a high school diploma or less (40 percent).

What would you if you found yourself in a crunch? Could you find the money? Tweet us at @huffpostbiz with the hashtag #findthemoney. Selected responses will be added to this post via Twitter.

Could You Come Up With An Extra $2000 In 30 Days? Submit your answer below!

Could You Come Up With An Extra $2000 In 30 Days?

 

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Comments

[bacaja]

09:48 AM on 03/22/2011

The cost of living keeps people on the cusp.

[The Fanatic]

11:57 PM on 03/20/2011

I'm still upset about the Coach purse I got for Christmas. I thought it was a pretty big deal then someone on here tells me Coach is nothing. I'm bummed, but it's the nicest purse I'll ever get!

Oh I forgot to mention, my home and cars are paid for. ::grin::

[whoknew---]

06:36 PM on 03/30/2011

Actually I'm glad that you're doing so well.

Believe it or not there are others here who are too.

But they make a point of not pushing it in other people's faces.

[Cyrus Trance]

12:47 AM on 04/01/2011

If you read the thread you would know some gals came on here bragging about their big boobs, blonde hair calling coach purses trash...THEY were the one bragging. I don't have much at all...in fact I thought having a coach purse was a big deal it was a Christmas gift.

Before you pop off a nasty reply why don't you read the context and realize what sarcasm is, and who is being humble in the face of complete arrogance. Not one person stood up to those two bullies...not ONE.

I did. Read what's posted and understand who the jerks are.

[Cyrus Trance]

12:49 AM on 04/01/2011

The comment below was made by me TheFanatic...it failed to log me out of my SO's account before I posted.

[Uosdwis]

11:38 PM on 03/20/2011

I've already experienced that personally- everyone but the top 2% is utterly broke. No exaggeration.

[baybeebluz]

01:09 PM on 03/21/2011

That is a huge exaggeration. Actually, it is just a lie. Many people have middle class jobs, but they save money because they only spend what they can afford. It is called being a grown up. Bet if you worked a second job you could have come up with 2K.

[rukiddingmerightnow]

02:30 PM on 03/21/2011

I'm not in the top 2% and I am not broke

[jabreal00]

09:56 PM on 03/20/2011

That's sad. Americans just do not save. If one makes the high 5 figures and up they should have at least $3-4K in a savings account.

[SamShah33]

09:20 AM on 03/21/2011

3-4K? Thats it?! lol

[jabreal00]

12:00 PM on 03/21/2011

You didn't see the "AT LEAST." It is also evident that 40% of people don't have $2K and that's no laughing matter.

[1logicalthinker]

03:05 PM on 03/20/2011

My friend's ex-wife was sitting on top of the world a few years back. She worked for a firm doing reverse mortgages and was pulling in more than $150K; about twice her husband's salary. Living high on the hog, she got divorced as she thought she was moving on up. She spent money like a pentagon contractor in Iraq.

When the bottom fell out, she couldn't pay her mortgage and lost her home. Now, on the way down, she has moved back in with her ex (but as a roommate).

As my grandfather used to say, "Thee will learn." ;)

[moefuzz]

02:15 PM on 03/20/2011

If your household income is $150k a year and you can't find an emergency $2000 in 30 days, you seriously need to reevaluate your lifestyle choices.

[DixieMelody]

12:42 PM on 03/20/2011

The only ones doing just fine are the white collar criminals with no conscience who robbed us blind and sent the "average" US worker into a downward spiral. . .

With NO hope that things are going to get better for them.

[SamShah33]

09:22 AM on 03/21/2011

Keep generalizing, it looks good on you.

[DixieMelody]

09:37 AM on 03/21/2011

What would you prefer?

A long dissertation rehashing details already held in the collective consciousness of US citizens?

My sole purpose in posting here is to please YOU, so let me know.

[matthewhgrant]

08:23 AM on 03/20/2011

this is very scary.

[WTFbush]

06:55 AM on 03/20/2011

solution:

go to state house. find lobbyist. follow lobbyist into men's room. knock lobbyist out. take lobbyist's money. repeat untill you have two grand. go home and have the best nights sleep you've ever had. wake up smiling.

[MASHEE]

07:02 PM on 03/20/2011

Must one be a present, or former, congressman wearing toe tapping, attention getting, message sending pair of shoes, to get the lobbyist distracted enough, to complete the state house version of their ATM transaction? Should one avoid a men's room where "Putting On The Ritz" is playing in the background?

[WTFbush]

07:20 PM on 03/20/2011

2 birds - 1 stone

[mamacat]

12:26 AM on 03/20/2011

My partner and I are retired. We planned for our retirement, and the union I was in successfully fought off efforts by the last company I worked for to take over the pension fund, so the short answer is, yes.
Our house is paid off, we have Social Security income and pension income, and a line of credit for short term credit crunches. All is well.

[WestCoastLib]

06:57 PM on 03/19/2011

Most Americans wealth is tied up in two places, first and the biggest, principal on home mortgages. Second, qualified savings plans (401ks, IRA's, etc). Ever try borrowing from your home in a crisis (job less, illness, disability), its not easy, at all, but wait that's your money, right? Ha. Or ever try taking money from a 401k before age 59 1/2? Not pretty, 10% penalty + federal/state/(sometimes local) tax.

Those who build wealth, those who would answer YES 100% of the time to this question, all understand two things:

1. Opportunity Cost (their moneys never stagnant, always earning interest)
2. Liquidity-Control-and Use of their money (choosing investments that allow for this)

So, stop rushing to pay your house off, worst move you can make, and stop throwing money away in a 401k (UNLESS you get a company match, take it to the match and NO HIGHER). Those two things alone will help, a lot.

[jmyoung666]

04:46 AM on 03/21/2011

Borrowing from a 401(k) costs almost nothing and any interest paid will be going to yourself. Contrary to popular wisdom, it's one of the first places you should go.

[Chlowina]

04:05 PM on 03/19/2011

Absolutely not. My life and soul belong to my health care provider. You'll have to ask them because they get every cent I've got to pay for insurance.

[Arts4u]

12:33 AM on 03/20/2011

That has to change in this country.

[Exfl]

02:06 PM on 03/21/2011

When last year's Affordable Care Act goes fully into effect in 2014 the insurance companies will only be able to keep 15% of your premiums for operations, dividends, and bonuses instead of their current 40%. They will either have to broaden coverage or reduce premiums. That's why they are spending billions attacking "Obamacare" and suggesting that republicans have a better idea. And...the new and better republican approach is .... oh wait ....they haven't suggested a single thing except tort reform.

[cdecisneros]

03:51 PM on 03/19/2011

Hook or dance.

[rkimball]

03:37 PM on 03/19/2011

Four years ago, $2K was pocket change. Today, $2K is a lot of money right now. After first loosing my job, then my home, my 401K & finally depleting all my savings, I could not raise that amount in 30 days if my life depended on it.

I am not a deadbeat. I planned ahead, saved & invested towards my retirement & played by the rules. Nobody could see this coming. I don't feel bad because many others are also in the same predicament as I am.