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re: How many of you have a six month emergency fund?
Posted on 4/7/20 at 6:51 pm to oilattorney4lsu
Posted on 4/7/20 at 6:51 pm to oilattorney4lsu
I could live my current lifestyle for 1 year. But then again it would be better to stretch that out and cut spending if I was unemployed
0
Posted on 4/7/20 at 6:51 pm to jclem11
quote:
There is no such thing as too much savings though.
Very recently, the economy was roaring and it was widely accepted that sitting on a mountain of cash was stupid.
I'll definitely be revamping after this passes. I wont be caught with any uncertainty again. Problem is that depending how hard I get hit this time, that cod take years
Posted on 4/7/20 at 6:51 pm to Indefatigable
quote:The calculus says they can suck dick to make ends meet.
Does your calculus have any consideration for age? Pray tell, how would a recent college graduate have long term savings set aside?
Posted on 4/7/20 at 6:51 pm to Strannix
quote:
You don't say?
Your post didn't make any sense. I'm just trying to save you from looking stupid in front of real people.
Posted on 4/7/20 at 6:52 pm to oilattorney4lsu
you are speaking of a society that pays a minimum of $800 for their must have iphone and pays a general cell carrier hundreds to play on it. (Consumer Cellular-it is not just for old people-it is for smart people paying $45 a month for two phones unlimited)
savings accounts are not like they were back when. They are there to back up the checking acct.
savings accounts are not like they were back when. They are there to back up the checking acct.
Posted on 4/7/20 at 6:53 pm to GRTiger
9 months
Posted on 4/7/20 at 6:55 pm to DownshiftAndFloorIt
quote:I know people that lost their home in a short sale back under Obama and lost all of their savings having to move looking for jobs. They have never fully recovered.
I'll definitely be revamping after this passes. I wont be caught with any uncertainty again. Problem is that depending how hard I get hit this time, that cod take years
Posted on 4/7/20 at 6:55 pm to oilattorney4lsu
I don’t have six months on top of investments, but with investments I could make six months easy. Maybe this is a money board topic, but why let thousands of dollars sit in a savings account when you could invest that and get some return instead of the tiny percentage you get back in savings accounts?
Posted on 4/7/20 at 6:56 pm to Indefatigable
quote:
Pray tell, how would a recent college graduate have long term savings set aside?
Like someone that graduated 2 months ago? Obviously they wouldn’t. Someone that graduated a year ago? Should at least be saving towards a 6 month emergency fund
Posted on 4/7/20 at 6:57 pm to oilattorney4lsu
I could hold on for about a year (maybe a little more depending on my portfolio).
Posted on 4/7/20 at 6:58 pm to oilattorney4lsu
4.5 months of income in savings.
How long that lasts depends on how big the emergency.
How long that lasts depends on how big the emergency.
Posted on 4/7/20 at 6:58 pm to jclem11
quote:
There is no such thing as too much savings though.
You got to save some but there can be too much savings. The national average is .09 APY, there are easy alternatives to getting a much better return on your money than a savings account. I’m not saying drain you savings account but why not invest when you have money sitting around?
This post was edited on 4/7/20 at 7:01 pm
Posted on 4/7/20 at 6:58 pm to oilattorney4lsu
Had about $200k liquid going into this...
But I'm till drawing a paycheck.
But I'm till drawing a paycheck.
Posted on 4/7/20 at 6:59 pm to oilattorney4lsu
I have one year of bills put up. I am still working not in trouble of losing my job.
This post was edited on 4/7/20 at 7:01 pm
Posted on 4/7/20 at 7:00 pm to oilattorney4lsu
Could easily go 18 months
Posted on 4/7/20 at 7:01 pm to catholictigerfan
quote:
don’t have six months on top of investments, but with investments I could make six months easy. Maybe this is a money board topic, but why let thousands of dollars sit in a savings account when you could invest that and get some return instead of the tiny percentage you get back in savings accounts?
Peace of mind in a time like this. You also wouldn’t have to realize the losses in the stock market if you needed to liquidate. Emergency fund in conjunction with retirement vehicle first then extra cash to a more aggressive market portfolio
This post was edited on 4/7/20 at 7:01 pm
Posted on 4/7/20 at 7:03 pm to oilattorney4lsu
I have over $100k in checking acct so does 5 months work?
Posted on 4/7/20 at 7:05 pm to oilattorney4lsu
at least two years but that is mainly because my boss is flakey. Hopefully most folks are still drawing a paycheck. I don't like to make assumptions about people who are hurting.
Posted on 4/7/20 at 7:05 pm to oilattorney4lsu
In, but would rather not have to go there.
Posted on 4/7/20 at 7:07 pm to oilattorney4lsu
Rest of my life fund (assuming the dollar doesn't collapse) but I'm still better off than most if it does.
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