| joshturbo |
My question is,
what is the amount of money that you feel you need to have in the bank to feel secure about day to day living. i havent figured it out yet myself but i am thinking 80000 in the bank would be a nice amount to wake up to in the money.
this is not retirement, just to have,
whats your ideal amount ? |
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| CKXtreme |
I always have a minimum of 10k, usually upwards of 15 just sitting around in a savings account directly attached to my chequing. It comes in handy when your supposed "reliable" car's transmission blows up and needs $3500 in work... F'in car... ANYWAY,
My personal ideal would be to have at least $100,000 - $150,000 laying around, after paying off cars, houses, etc.. etc.. plus retirement savings / investments on top of that.
I think with that sort of money, and minimal bills, you could sustain yourself through any emergencies, recessions, etc.. even if you had no job for months on end, and a family to support. |
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| joshturbo |
quote:
Originally posted by CKXtreme
I always have a minimum of 10k, usually upwards of 15 just sitting around in a savings account directly attached to my chequing. It comes in handy when your supposed "reliable" car's transmission blows up and needs $3500 in work... F'in car... ANYWAY,
My personal ideal would be to have at least $100,000 - $150,000 laying around, after paying off cars, houses, etc.. etc.. plus retirement savings / investments on top of that.
I think with that sort of money, and minimal bills, you could sustain yourself through any emergencies, recessions, etc.. even if you had no job for months on end, and a family to support.
i am trying to plan for 6 months of savings, i believe thats a good starting point, then if i can make it 1 year of monthly expenses sitting , i figure that should be enough ti keep me stressfree |
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| dc2696 |
10K.
Anymore and it should be invested, what would you need anymore in an account that someone can steal your pin and your wallet and drain for? |
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| Jayturbo |
Josh do you really think 800K is enough?
..Thats like what... 4 of your pay cheques? : ) |
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| ChromeDragon |
| Minimum you should ever have, in my mind, is enough to survive and pay the bills for three months. Living paycheque to paycheque is just too stressful. |
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| ehos |
| A dollar more than my debts would be nice :) |
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| CKXtreme |
quote:
Originally posted by dc2696
10K.
Anymore and it should be invested, what would you need anymore in an account that someone can steal your pin and your wallet and drain for?
Thats a good point. However my theory mentions investments and retirement accounts in addition to that. My ratio of savings cash to invested amounts is a minimum of 10:1 investments. So if you do the math, that means if I have my 100-150k sitting around, I'm a liquid millionaire.
I should have explained my thought process a little better. the 100 + would allow me to live through any dramatic downturns with minimal fuss, without withdrawing investments or retirement based income.
It would not easy to attain this, but I dont think its all that difficult over the course of a few years. Just have to be smart with the spending, and know how to make a buck. |
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| joshturbo |
quote:
Originally posted by Jayturbo
Josh do you really think 800K is enough?
..Thats like what... 4 of your pay cheques? : )
yeah i wish , MR fly around the world |
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| Jayturbo |
quote:
Originally posted by joshturbo
YOU READ
Josh gets paid too lead, not to read.
Why don't we talk about where you're staying in Vegas? lol
rich bastard..... |
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| Rich_A |
I'm a student. I'm lucky to have the 3k float I have right now haha.
This is after buying new wheels/tires/suspension |
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| RoB |
10 grand would be a nice cushion. I only have a couple G's in the bank. But my monthly expenses are just over 4 grand
:(
My job is being phased out in our new contract so I'll get a 22 grand parting gift (2 month's pay for every year of service, plus 6 weeks of holidays paid out) So that will be a good thing to throw in the bank.
I'll have a job the next week, working out of our Union Hall.
:lol: |
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| TrevorK |
I personally feel that you shouldn't plan to keep large sums of cash on hand for an "emergency fund".
I advise people to keep an open LOC that is easily accessible (Which means going through one of the big five) with an amount that will allow them to survive for a long period of time.
Your spare cash should be invested into some sort of investment product, and a portion of it (Equivalent to what you need to cover your line of credit for instance) should be easily available.
Many investment products, especially the common ones such as mutual funds, can be cashed out and you receive the money within days of asking for it.
Why would you have cash lying around generating no income when you can just use low-interest credit and have your cash generating a return? |
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| spiff_d |
If my bills are paid and my car has a tank of gas, I'm usually happy. I also refuse to look whats in my savings because that would cause me to spend it. I have it set up to transfer a couple hundred bucks a month into that account.
At this point in my life, with my minimum responsibilities, $2K is usually my safety net. |
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| ehos |
| Bill Gates/Warren Buffet still work. You have less money than them, therefore, money can never be enough. |
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