Zero to $500
$500 to $5000
$5000 to $20000
$20000 to 50000
$50000 to 100000
100,000 to 500,000
500,000 to 1 million or more
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Well you’d have to be earning a fuck load of money to have more than 1 million dollars away in savings lol
I keep enough for the worst-case scenarios.
Well, it seems so rude to me to talk about it but whatever. I'm on the internet anonymously. $100k is the bare minimum. I dipped below to $80k one time for a vacation with wife and I was so cranky until I got it back to $100k. I feel like I have no backup plan if it dips below $100k. So that is kind of arbitrary number but I try not to let my savings ever go below that.
When I go below, I get upset as someone shot me in the chest. I really feel a sort of physical pain to it. I can't describe it so well and other people, even my wife, don't understand. But my job is in an unstable industry and also my father got very sick soon after I graduated. I had to support him for years after I graduated because I wasn't prepared financially and reckless blew my money on dumb things like fancy clothes and apartment and car. So after that and being set back so much helping my father, I started to live more cheaply and just save and save and save to the point where I no longer feel like I am in a safety zone for whatever happens, whether it is family member getting ill or losing a job, under $100k.
Well said. My overall portfolio is a little over 1 million, but my cash savings is only $10,000. And about another $40,000 in liquid stocks. The rest in non liquid, real estate, 401. People say it's rude, and I respect that... But it's also how we learn. My analogy is you can't learn French without speaking French, we can't improve our portfolios w out talking about it. Thanks again for your reply.
I would like to learn more about the business side of things like appreciating assets and smart investments. I am a programmer and I had a knack for it to be able to select the highest bidder when I got out of school as far as job offers, but I am salaried. I feel like a kid sometimes when it comes to basic things like finances, taxes (I rely on an accountant to do everything), etc. I don't know anything when people talk about things like assets and stocks. I just set aside a part of my salary always to savings now. It's more than I've ever needed to survive, and I am scared of emergencies when I might not have enough for something unanticipated.
www.amazon.com/.../1118484878
Great book i recommend. My 401 was around 95k a few years back and I thought I'd be at 100k in no time, a year later after it was still at 95k and change, I learned a lot more about where my money was going. This book helped a shit ton.
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I have a lot. I am very frugal.
50-100k
About 60% of my money
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