When would you consider yourself broke?

[Castingbread]

This may not sit well with some; when we can not take a vacation. We normally travel 2-3 times a year. In 14 months (10/08-12/09), we've taken 4 vacations.

That's the beauty of this board. There is such a wide range of people that this question can be answered in so many ways. My dd & I were discussing the top execs of the bailed out corps. being cut to $500K--she saw that most Bank of America top people get a million a year--to them they would be broke at $500K a year.

Now, if we could take one vacation in a year I would feel rich. We have never taken a real vacation in our 30 years, but we have taken weekends in a motel and traveled to visit family.

But I am still thinking about at what point I feel broke.

[bluechicken]

I know that I would be "going broke" when we reach our minimum balance/safety net and have to use it or risk being late on a bill.

I would think "broke" would be the point at which we have just enough to cover that month's bills and no more.

The "very much, completely, no-question-about-it-broke" stage would be just after that when we couldn't pay the bills even if I used all my reserved stuff (survey $$, recycleables, gift cards, etc.) However, before that point I think I would be selling everything not nailed down , including my car, and have two or three jobs going. We've used a cardboard box to sit the t.v. on before, when we first started out, and it worked just fine...we can do it again. Oh wait, we wouldn't have a t.v. at that point. Silly me. And the floor really isn't that uncomfortable to sit on.

[Dengineer]

To me there are three aspects to being broke--

--not being able to make a house/rent payment and pay current bills.
--not having any income in the immediate future.
--not having any savings to draw on.

So far we've never met any of these three situations and I hope we don't in the future!

[queenofthehivemomof5]

When you are scrounging around for loose change in the couch just to buy some milk.

I have been there done that, glad I am not there anymore.

[turtlegirl115]

I would consider myself broke if I couldn't pay all of my bills on time.

[Wolfie1991]

I would consider myself broke if I couldn't pay all of my bills on time.

I think I feel this way too. Having to spend exactly XX at the grocery store because that is all you had. In grad school we turned in pop cans to be able to geta frozen pizza and rent a movie. I would consider us pretty broke then. I am glad those days are over. I do sympathize for those going through it! Don't feel sad when you read about other with thousands in savings, going on trips... That will be you too some day. Work hard, when those kiddos are older it will get better.

[jkelstaten]

We're just now starting to be able to have some money in savings, so I'm not sure what I consider broke. Before this it would have been looking for loose change for gas. Now I'm trying to decide how much has to stay in the bank before we act broke. (No extras etc.)

We do have a different situation than most though since we need to build a significant emergency fund before heading overseas. Any emergency we have will cost us a lot more than it would cost here in the states. Especially with no car/house insurance there. We will have good health insurance, but everything has to be paid for up front and reimbursed.

And on top of that we're saving to be able to buy a home once we get there rather than rent.

So even though we have more money in the bank than ever before, to me it's not "free & clear"

[shetlandponyluvr]

I am broke in money and owe debt, but I consider myself blessed. I am rich in love. I am blessed because I have a wonderful husband, and three precious children. I have a roof over my head and food on the table (thanks to everyone at HCW explaining how to get cheap, good food). All my bills are paid even though it means no extras right now. We are healthy, so no worries there. I have God who sees me through the rough patches. He makes me feel like there's nothing that I can't overcome. I am looking for a better job, but I am blessed because I do have one. Some people aren't as fortunate as me. Some people are more fortunate than me. I am not materialistic so that definitely helps. I am a giver so I give whatever I have to others who might need it more than I do.

Shelley this was beautiful. Thank you.