What's a good amount of money to have save away for a rainy day?

lol who is stacking half a mil here

 

It depends on your living situation. If you're a young adult (who's single with no kids), ideally you wanna have atleast 6-10 months of income saved up. If you're a family man, I assume over 25-40 grand.

 

Yall nikkas plan on never working again talking bout 40,000 , 250,000 and shyt.

 

6 months to a year enough to pay rent/mortgage and other associated bills

 

Get a line of credit for emergencies and put any savings into a retirement account. I know you are all lying anyway but having 10k in a checking account is borderline retarded.

 

Jokes aside, why "retarded" to have $10k+ in a savings?

 

I'm not lying I said 10k ia good to have put up for a rainy day. Never said I had 10k

 

Where did i go wrong in life

 

He said checking account fam

 

3 months moneys aside for fixed expenses if your married 6 months you're single

 

True, you're right, breh.

 

Depends. Minimum 3 months of your usual monthly expenditure. If you were to lose your job obviously you'd trim your expenses e.g. less going out, cancel gym membership etc.

6 months would be ideal. Even if you lost your job, you shouldn't necessarily lose income. You still gotta hustle, but your income may be less steady. This is a great thread as people are heavily leveraged these days.

 

Real word about $6,000

on the coli, $80,000 at least or you are a bum and ill prepared

 

BECAUSE IT DOESN'T GROW. YOUR SAVINGS ACCOUNT DOESN'T EVEN OUTPACE INFLATION. SO YOU'RE LOSING MONEY WHILE IT SITS DOING NOTHING. PROBABLY BETTER TO INVEST IT AND TAKE A LINE OF CREDIT IN AN EMERGENCY. THIS ALL ASSUMES YOU HAVE GOOD CREDIT THOUGH.

MONEY NEEDS TO FLOW. THAT'S WHY IT'S CALLED CURRENCY.

 

Nah. An emergency fund and an investment fund are two different things.

Emergency fund: should be for emergencies plain and simple. As liquid as possible. It’s not there to earn interest, It’s there for emergencies. Going into debt for an emergency isn’t smart. Just digging yourself into a hole. The emergency fund is almost like self insurance. Once you get to 6 months of expenses you cap it. Don’t add any more, don’t take anyout.

Having an emergency fund and an investment fund aren’t mutually exclusive. If an emergency occured you wouldn’t want to start selling off your investments.

A rainy day fund can also be seen as an “F-U Fund” if you have a lot of cash saved up, you can just dip from your job if need be.

When my company told my former boss to get the packing he hit em with .

Dude had like 1 year plus of income saved up AND a strong investment portfolio.

There was a poster here who said he kept like 18 months saved up so that if/when he left his job, he could take some time to destress, plan and recoup. He did’t feel the burden of having to find another job right away.