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re: How much of an emergency fund do I really need?
Posted on 3/4/15 at 9:21 am to Tigerfan56
Posted on 3/4/15 at 9:21 am to Tigerfan56
You should always keep at least 1K cash on hand. Being that you do not have hardly any bills, 2K is more than enough.
The quicker you get money gaining interest, the better.
My advice would be to get a financial calculator and calculate how much you want to have in X years. Put in a good (average) rate of return, your starting balance, and see what you end up with. It will tell you about how much to need to stock away NOW.
After that, take what is left over and decide what your 5 year goal is. Owing a home? etc.
The quicker you get money gaining interest, the better.
My advice would be to get a financial calculator and calculate how much you want to have in X years. Put in a good (average) rate of return, your starting balance, and see what you end up with. It will tell you about how much to need to stock away NOW.
After that, take what is left over and decide what your 5 year goal is. Owing a home? etc.
This post was edited on 3/4/15 at 9:23 am
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