re: How much do you have in savings?

My roth is my savings account. Withdraw what I put in at anytime without penalty.

I drank about $30k away recently

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have $26,847.15 right now. My "Do not go below" is $15K.

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Dumb. That money is earning nothing for you.

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Or just have it sit there collecting dust. You would almost be better off with gold buried in your backyard. At least it is appreciating. You are LITERALLY losing money to inflation every day.

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I earn 2.2% on my saving account. Better than a lot of CD's. Roughly breaking even on inflation.

It's good to have some money available and liquid for emergencies or a short term downturn. You aren't going to just live off of credit, racking up interest, for months at a time that an emergency could last. If an emergency happens during an economic downturn (which is actually kind of more likely, e.g. layoffs), and all of your money is tied up in long term investments then you just extra fricked yourself by pulling out when the price is low.

Also, maybe he's just saving up for a specific large purchase like a downpayment on a house? Who knows his goals.

People get so butthurt here when others have savings. I’ve had as much as 200k in an account for an 8-9 month period, and can get down to 35-40k depending on what I’m investing in or purchasing. Of course, if all I’m doing is growing I’ll dump some to an investment eventually so not to waste growth potential over the long haul. Sweet spot for me is around 75-105k. I don’t mind at all not earning market growth on that amount for a solid piece of mind and less headache for me to move around.

Also, for those that use LOC... I didn’t go through the amount of money that I am now, back in 2008. But I can imagine that when the majors started to fall, and the housing market started to bust, and DJIA was down 25,35,45% - it was mighty difficult to go grab a couple hundred thousand from your approved LOC.

For me I’ll keep some in my savings.

Half a year's salary in case of emergency (laid off etc). I know it's not making much interest, but I like the security.

I've got a 401k, IRA, stocks, etc, but it's nice to have a decent amount liquid I can access at any time penalty free.

423 k

Not including 401k or similar accounts- about $135,000 - $85,000 in a sweet cd account earning over 2%, $10,000 in a chase savings account not earning squat, the balance in Home Depot and coke stock

I'm currently earning 2.4% on my savings account and keep at least six months worth of living expenses in there.