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How much do you have in savings (Page 2)
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 2012-01-23 10:08 PM in reply to: #4006087 |
Expert  1139    Austin |  Subject: RE: How much do you have in savingsI have less in savings than my bike is worth. However, I've only been in the full time work force for 12 months. Most of my paychecks have been paying off credit card debt from college (which will be down to zero by the end of the month!) so the savings should get a pretty substantial bump throughout 2012. Edited by F1longhorn 2012-01-23 10:09 PM |
| 2012-01-24 7:00 AM in reply to: #4006087 |
Expert 1194 | Subject: RE: How much do you have in savings Maybe we should redistribute some $ from the higher savings accounts to the lower level accounts!?! Just say'n  |
| 2012-01-24 7:28 AM in reply to: #4006629 |
Champion 7347  SRQ, FL | Subject: RE: How much do you have in savings Gaarryy - 2012-01-23 4:27 PM TriRSquared - 2012-01-23 12:37 PM I question the $200k+ response. If you've got that much in "savings" you're doing a really poor job at making your money work for you  or they define savings differently than you do. As we've already pointed out... |
| 2012-01-24 8:49 AM in reply to: #4007489 |
Champion 8540 the colony texas | Subject: RE: How much do you have in savings TriRSquared - 2012-01-24 7:28 AM Gaarryy - 2012-01-23 4:27 PM TriRSquared - 2012-01-23 12:37 PM I question the $200k+ response. If you've got that much in "savings" you're doing a really poor job at making your money work for you or they define savings differently than you do. As we've already pointed out... Really Just replied to where you posted. While I'm sure that many others were going to call you out, I didn't feel like reading through, then go back to quote ya. Just not worth the time. Even if something has a penalty attached to it, If you can get it, it still your money in savings. You just don't count the penalty as part of your net worth. Then again I used to travel to mexico city quite often so my opinion of emergency savings/net worth was the amount you could get in 24 hrs to pay the ransom. |
| 2012-01-24 10:04 AM in reply to: #4006087 |
Veteran 416 | Subject: RE: How much do you have in savings Although it probably doesn't fall under the exact category of "liquid" either, I'm basically banking on our Roth IRAs for any emergencies. Contributions can be withdrawn at any time without paying additional tax (since there was no tax deduction to begin with) and at least the money has a chance to grow (or lose value) in mutual funds. So, although we basically have "0" savings at least we do have some sort of safety net in addition to retirement funds. Building an "emergency fund" has been on my mind more lately, but it just doesn't seem like a priority when we have other debt that could be paid off with the money. At this point our "ability to work" is really out biggest asset. |
| 2012-01-24 11:02 AM in reply to: #4006087 |
Science Nerd 28760 Redwood City, California | Subject: RE: How much do you have in savings Currently have about $2k. It was more, but my maternity leave is unpaid, and we feel that me being home with our daughter is a good use of savings. |
| 2012-01-24 1:20 PM in reply to: #4006087 |
Master 1681 Rural Ontario | Subject: RE: How much do you have in savings I've Got Rhythm (Ella Fitzgerald) Days can be sunny with never a sigh |
| 2012-01-24 3:59 PM in reply to: #4006087 |
Pro 4277 Parker, CO | Subject: RE: How much do you have in savings wow...11 responses where they have more than 200K in emergency savings! That is a lot of money to have in a savings account that actually does not keep up with inflation. I would never do that...that is unless my net worth was much more than what it currently is. I want my money working for me. Just curious with those that have that kind of an emergency fund if it is "saved money" or "inherited money"? |
| 2012-01-24 4:26 PM in reply to: #4008782 |
Resident Curmudgeon 25290 The Road Back Gold member | Subject: RE: How much do you have in savings rayd - 2012-01-24 3:59 PMwow...11 responses where they have more than 200K in emergency savings! That is a lot of money to have in a savings account that actually does not keep up with inflation. I would never do that...that is unless my net worth was much more than what it currently is. I want my money working for me. Just curious with those that have that kind of an emergency fund if it is "saved money" or "inherited money"? Read the whole thread. Several have commented on the definition of savings. Yours apparently differs from theirs and the op's, who asks about a "rainy day fund" outside of retirement accounts, not limited to "emergency savings." I consider my "savings" to be what I have in brokerage accounts outside of IRAs and 401Ks, funds I could liquidate and blow tomorrow if the desire struck me. Those are in cash, fixed income and equity securities that earn more (on average) than inflation. |
| 2012-01-24 5:08 PM in reply to: #4008847 |
Pro 4277 Parker, CO | Subject: RE: How much do you have in savings the bear - 2012-01-24 3:26 PM rayd - 2012-01-24 3:59 PMwow...11 responses where they have more than 200K in emergency savings! That is a lot of money to have in a savings account that actually does not keep up with inflation. I would never do that...that is unless my net worth was much more than what it currently is. I want my money working for me. Just curious with those that have that kind of an emergency fund if it is "saved money" or "inherited money"? Read the whole thread. Several have commented on the definition of savings. Yours apparently differs from theirs and the op's, who asks about a "rainy day fund" outside of retirement accounts, not limited to "emergency savings." I consider my "savings" to be what I have in brokerage accounts outside of IRAs and 401Ks, funds I could liquidate and blow tomorrow if the desire struck me. Those are in cash, fixed income and equity securities that earn more (on average) than inflation.understood. my question was based on what the OP asked. But yea, COJ seldom follows the original post. And I'm guilty as charged. |
| 2012-01-24 6:23 PM in reply to: #4008782 |
Champion 8540 the colony texas | Subject: RE: How much do you have in savings rayd - 2012-01-24 3:59 PM wow...11 responses where they have more than 200K in emergency savings! That is a lot of money to have in a savings account that actually does not keep up with inflation. I would never do that...that is unless my net worth was much more than what it currently is. I want my money working for me. Just curious with those that have that kind of an emergency fund if it is "saved money" or "inherited money"?
my emergencies are quite pricey |
| 2012-01-24 9:11 PM in reply to: #4006129 |
Pro 4838 | Subject: RE: How much do you have in savings TriRSquared - 2012-01-23 12:37 PM I question the $200k+ response. If you've got that much in "savings" you're doing a really poor job at making your money work for you Agreed. Saving? Why? |
| 2012-01-24 9:58 PM in reply to: #4006087 |
Extreme Veteran 3177 | Subject: RE: How much do you have in savings we depleted our rainy day fund last fall with our house purchase and some expectedly unexpected costs associated with that. however we have built it back up to more than 2k already and only touch it when needed (which we will have to do again shortly thanks to some trees on our property which are dead and need professionally removed without killing our house) still we put 10-20% of every paycheck into saving each month without fail. |
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