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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. thekunk07

    thekunk07 Senior member

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    ...at all times? opinions, thoughts, etc.?
     
  2. ter1413

    ter1413 Senior member

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  3. sho'nuff

    sho'nuff Senior member

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  4. erdawe

    erdawe Senior member

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    I prefer to think in percentages, not dollar amounts.
     
  5. Brosef

    Brosef Senior member

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    I prefer to think in percentages, not dollar amounts.

    This. We don't all have the same income.
     
  6. Ambulance Chaser

    Ambulance Chaser Senior member

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    I have read 3 - 6 months of living expenses, depending on how secure your job is.
     
  7. BP348

    BP348 Senior member

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    I have read 3 - 6 months of living expenses, depending on how secure your job is.

    I've heard the same and can only one day hope I can have 6 months income in the bank. For most that has to be what? Like $15 - $20K?
     
  8. Suave

    Suave Senior member

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    15-20 is healthy
     
  9. JohnGalt

    JohnGalt Senior member

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    Perhaps the most respected financial guru in the world, Suze Orman, says to keep an 8 month emergency fund.
     
  10. jefe

    jefe Senior member

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    Suze Orman is a retarded whore. With a bad tan. She is the financial equivalent of Fox News.
     
  11. Suave

    Suave Senior member

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    nice mr. O face guy av
     
  12. Usul

    Usul Senior member

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    Suze Orman is a retarded whore. With a bad tan. She is the financial equivalent of Fox News.

    Agree, like most lay financial experts she mixes broad generalization with oversimplification, However: would bang, along with a younger Martha Stewart.
     
  13. 1969

    1969 Senior member

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    There are better places to earn a buck and still go liquid in 3-4 days.
     
  14. Piobaire

    Piobaire Senior member

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    Strictly my opinion and keep in mind my PoV was shaped by a very poor childhood:

    One year of living expenses. Divide by 12 and use laddered CDs.

    People will give you a million reasons why this is wrong and that doesn't bother me. I sleep very soundly though.
     
  15. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

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    30-50% of your current pre-tax household income, depending on your aversion to risk and how easy it is to find decently paying work in your field
     
  16. otc

    otc Senior member

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    There are better places to earn a buck and still go liquid in 3-4 days.

    +1

    There is only so much that you really need to have in straight cash (though if you have a high yield savings account that is doing better than current CD rates, why not?).

    No need to keep 6 months of living expenses in cash if you can keep 1 month in cash and the rest somewhere that is accessible in less than a month. Pio's suggestion of laddered CDs works, and even if you need more than what is expiring that month, you are only forgoing interest when you cancel them.
     
  17. gdl203

    gdl203 Senior member Dubiously Honored Affiliate Vendor

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    Have you guys checked interest rates recently? This is a non-issue.
     
  18. Piobaire

    Piobaire Senior member

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    Sadly, that is very true. Old habits die hard though.
     
  19. thekunk07

    thekunk07 Senior member

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    this is in line with my thinking, more on the 50% side.

    30-50% of your current pre-tax household income, depending on your aversion to risk and how easy it is to find decently paying work in your field
     
  20. Connemara

    Connemara Senior member

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    this is in line with my thinking, more on the 50% side.
    But that's only two months' worth of steroids. [​IMG]
     

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