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

Discussion in 'The Locker Room' started by Dreamzeedream, Dec 6, 2018.

  1. BobbyBooshay

    BobbyBooshay Black Tom

    Joined:
    Sep 26, 2013
    Messages:
    5,814
    Daps Received:
    9,455
    Reppin:
    C:\England\London
    Reputation:
    640
    Coli Cash:
    $312212.00

    lol who is stacking half a mil here
     
    Mr Mulsanne and Deacon Frye dapped this.
  2. Hoodoo Child

    Hoodoo Child The Blues Man

    Joined:
    Jul 22, 2017
    Messages:
    6,802
    Daps Received:
    29,042
    Reppin:
    The Crossroads
    Reputation:
    3,300
    Coli Cash:
    $500.00

    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.
     
  3. Suleiman Bey

    Suleiman Bey All Star

    Joined:
    Nov 2, 2015
    Messages:
    4,287
    Daps Received:
    8,022
    Reputation:
    -1,610
    Coli Cash:
    $200500.00

    Yall nikkas plan on never working again talking bout 40,000 , 250,000 and shyt.
     
    Mr Mulsanne and Pappo dapped this.
  4. Weaver31

    Weaver31 Superstar

    Joined:
    Jan 19, 2016
    Messages:
    7,215
    Daps Received:
    15,863
    Reppin:
    Va
    Reputation:
    630
    Coli Cash:
    $100500.00

    6 months to a year enough to pay rent/mortgage and other associated bills
     
  5. Food Mane

    Food Mane Superstar

    Joined:
    May 1, 2012
    Messages:
    6,823
    Daps Received:
    15,184
    Reppin:
    NULL
    Reputation:
    1,620
    Coli Cash:
    $345000.00

    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.
     
    Pappo, ThisGuy and Skooby dapped this.
  6. Heafcliffe

    Heafcliffe Hope there's puddin' in the clink...

    Joined:
    May 18, 2012
    Messages:
    8,636
    Daps Received:
    24,893
    Reppin:
    Districto de Columbia
    Reputation:
    1,720
    Coli Cash:
    $345000.00

    Jokes aside, why "retarded" to have $10k+ in a savings?
     
    Rusty$hackleford dapped this.
  7. Dreamzeedream

    Dreamzeedream Superstar

    Joined:
    Dec 9, 2012
    Messages:
    11,229
    Daps Received:
    13,970
    Reppin:
    NULL
    Reputation:
    -1,190
    Coli Cash:
    $345052.00

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

    Deacon Frye Veteran

    Joined:
    Sep 17, 2014
    Messages:
    26,513
    Daps Received:
    157,907
    Reppin:
    Man, woman, and child
    Reputation:
    20,550
    Coli Cash:
    $169600.39

    Where did i go wrong in life :mjcry:
     
    NYChase718 dapped this.
  9. semtex

    semtex :)

    Joined:
    May 1, 2012
    Messages:
    20,352
    Daps Received:
    45,418
    Reputation:
    3,340
    Coli Cash:
    $345000.00

    He said checking account fam
     
  10. str8cashhomie87

    str8cashhomie87 All Star

    Joined:
    Dec 20, 2016
    Messages:
    385
    Daps Received:
    2,510
    Reputation:
    210
    Coli Cash:
    $500.00

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

    Heafcliffe Hope there's puddin' in the clink...

    Joined:
    May 18, 2012
    Messages:
    8,636
    Daps Received:
    24,893
    Reppin:
    Districto de Columbia
    Reputation:
    1,720
    Coli Cash:
    $345000.00

    True, you're right, breh.
     
  12. phcitywarrior

    phcitywarrior All Star

    Joined:
    Nov 19, 2016
    Messages:
    3,290
    Daps Received:
    6,800
    Reppin:
    Port Harcourt - Lagos - Abuja - DMV
    Reputation:
    1,000
    Coli Cash:
    $208.80

    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.
     
    NoirDynosaur and Skooby dapped this.
  13. Jalether

    Jalether All Star

    Joined:
    Jun 12, 2014
    Messages:
    2,174
    Daps Received:
    7,638
    Reputation:
    550
    Coli Cash:
    $250500.00

    Real word about $6,000

    on the coli, $80,000 at least or you are a bum and ill prepared:mjgrin:
     
  14. MR. SNIFLES

    MR. SNIFLES **** YOU THUNDAAAAAAAAAAH Supporter

    Joined:
    May 2, 2012
    Messages:
    11,779
    Daps Received:
    36,496
    Reppin:
    THUNDER BUDDIES
    Reputation:
    2,640
    Coli Cash:
    $341230.00

    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.
     
    Rusty$hackleford and Food Mane dapped this.
  15. phcitywarrior

    phcitywarrior All Star

    Joined:
    Nov 19, 2016
    Messages:
    3,290
    Daps Received:
    6,800
    Reppin:
    Port Harcourt - Lagos - Abuja - DMV
    Reputation:
    1,000
    Coli Cash:
    $208.80


    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 :manny:.

    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.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice