- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: How much do you have in savings?
Posted on 2/15/19 at 8:14 am to DFWgolfer318
Posted on 2/15/19 at 8:14 am to DFWgolfer318
quote:
That's awfully low, I hope you have a Roth and/or taxable account. I'm in the same camp that you don't need a ton of cash in savings if you properly utilize credit, but $1k is not much at all.
I won’t go into depth, but I have enough cash saved up that’s not just sitting idly in my basic savings account. I can access it whenever I need to, penalty free. It just takes a day or so to process. There is no expense that I have that would cost me over $1000 at one time.
1
Posted on 2/15/19 at 8:16 am to DeafJam73
I just don’t get the low savings amounts. Investments for the most part aren’t a guarantee and you may lose principle. What do you do if your air conditioner etc goes out and you have to put up $10k? As a middle aged working adult I can’t see having less than $30-50k in savings.
Posted on 2/15/19 at 8:17 am to DeafJam73
quote:
I won’t go into depth, but I have enough cash saved up that’s not just sitting idly in my basic savings account. I can access it whenever I need to, penalty free. It just takes a day or so to process.
Fair enough. We agree in principle, I'm just more of a $5k or so guy.
Posted on 2/15/19 at 8:20 am to bayoudude
quote:
I just don’t get the low savings amounts. Investments for the most part aren’t a guarantee and you may lose principle. What do you do if your air conditioner etc goes out and you have to put up $10k? As a middle aged working adult I can’t see having less than $30-50k in savings.
Because I wouldn’t have to cover that. I don’t own a home right now. So it doesn’t make sense to have that much cash. Besides, I’ve only been out of college 2.5 years. I don’t have that kind of cash yet. I’m saving for a house now. So, there’s no reason to have more than some emergency money until I start having more responsibility that could potentially require larger sums of cash. Besides, all investments are a risk. But for now, I don’t have much to lose.
Posted on 2/15/19 at 8:21 am to bayoudude
quote:
I just don’t get the low savings amounts. Investments for the most part aren’t a guarantee and you may lose principle
Not over time. It's possible, but extremely unlikely.
quote:
What do you do if your air conditioner etc goes out and you have to put up $10k?
Put it on a credit card.
quote:
As a middle aged working adult I can’t see having less than $30-50k in savings.
If you are in your 40s and contributed to a Roth since, let's say, age 28 you are not going to have less principle in the account than when you started. If the market is lower in 15 or 20 years than it is now we will all be screwed no matter whether you invest or not so it's not really a rational fear. You are losing out on tens to hundreds of thousands of dollars over a lifetime with this mindset.
Posted on 2/15/19 at 8:21 am to Green Chili Tiger
Bout Tree Fitty Millions
Posted on 2/15/19 at 8:25 am to DFWgolfer318
I didn’t say not to have anything invested but to have very little in cash savings isn’t much of a security. At a minimum I would want 6 months expenses plus a healthy Cush for the unexpected. Opinions on finances vary wildly I have just always been very conservative. My situation is unique though.
Posted on 2/15/19 at 8:32 am to bayoudude
quote:
I didn’t say not to have anything invested but to have very little in cash savings isn’t much of a security
If you can pull the principle out in a day with no penalty is there an advantage over cash?
Posted on 2/15/19 at 8:35 am to DFWgolfer318
quote:
Fair enough. We agree in principle, I'm just more of a $5k or so guy.
Me too. But I don’t make enough right now. So I had to make a choice: save for a house or pad my savings account. I chose the former. Also, I’m not alone. I’m 3 weeks away from being engaged to my girlfriend of 3 years. She’s also savinf money for a house for us. Posted on 2/15/19 at 8:43 am to EarlyCuyler3
quote:
Say it ain't so. I thought you had to post proof of 100k income to even post here.
That's apparently 2007 figures. The OT has graduated to $250K+ salaries, 6'6/250lbs/3% body fat instead of 6'4/220lbs/6% body fat. Somehow most of the 9% of the population making six figures a year found their way to the OT.
Page 7 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News