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reasonable amount of money to keep in the bank...

Discussion in 'Business, Careers & Education' started by thekunk07, Sep 7, 2010.

  1. bigbris1

    bigbris1 Well-Known Member

    Feb 3, 2007
  2. SkinnyGoomba

    SkinnyGoomba Well-Known Member

    Jan 3, 2008
    Princeton, NJ
    Tough to say, I think it really depends on the person in the hot seat.

    If its someone who is self employed and has no possibility of opening an unemployment case than they're going to need more money (probably something in line with PIO's figure).

    If it's someone risky like they work under the table for cash or have a head full of steam and often just up and quit their job than they'll need more money.

    If it's someone in a normal job that only stands the risk of being 'let go' and would be able to apply for UI and possibly receive a buy-out package than that person would only need the amount required above an beyond what UI would pay.

    Right now I think it would be safe to say that you could be unemployed for a year or more depending on your field and your abilities, but I think you could make a financial model for it in any case that would give you a reasonable number. I believe this since I dont think it's reasonable to hoard tons of cash in lieu of the alternatives. I do like Pios Laddered CD strategy for this which would prevent eating away at your nest egg too quickly.

    And stay away from the shoe damage threak!!!
  3. chronoaug

    chronoaug Well-Known Member

    Oct 26, 2006
    reasonable amount to keep in mattress?
  4. johnapril

    johnapril Well-Known Member

    Sep 28, 2004
    Enough for a cup of fear.
  5. RSS

    RSS Well-Known Member

    Apr 1, 2008
    No.1 Nonsuch Place
    ...at all times? opinions, thoughts, etc.?
    It depends very much on your financial requirements.

    I try to keep on hand cash equal to a year's expenses.
  6. Superfluous Man

    Superfluous Man Well-Known Member

    Apr 24, 2010
    Agree, like most lay financial experts she mixes broad generalization with oversimplification, However: would bang, along with a younger Martha Stewart.

    A younger Martha Stewart has a much better chance of banging Suze Orman, DUCY?

    OP the answer is it depends.

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