Related Posts
Conversation Starter
Conversation Starter
But her emails
Rising Star
Chief
Additional Posts in Consulting
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
Sign Up to see all discussions
- Discover what it’s like to work at companies from real professionals
- Get candid advice from people in your field in a safe space
- Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.
"" is an unusual email domain. If correct, please proceed to the next step
Messaging rates may apply
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
New to Fishbowl?
Download the Fishbowl app to unlock all discussions on Fishbowl.
Share
Embed this post
Copy and paste embed code on your site
Preview
Download the
Fishbowl app
Scan your QR code to download
Fishbowl app on your mobile
Sign up for free to view this conversation on Fishbowl
Sign up for free to continue using Fishbowl
Messaging rates may apply
Bonuses helped
It will pass quickly! That’s the thing with time - it flies. Your savings will add up. Keep the faith
Thanks for the encouragement. I’ve been stressing a bit as I feel as I’m very far behind but realize it doesn’t happen overnight. From what I’ve been hearing, 1.5-2 years seems to be about an average timeline if I keep up with my current savings rate
Can you walk us through your math? I find there are ways to expedite the timeline if you are willing to make additional sacrifices. If not, 1.5 years isn’t too long. Good luck!
Car in SF is not the best financial decision especially if you are a traveling consultant. Get rid of the car ASAP.
How much would you say should go into an emergency fund? 4 months rent?
I plan to save 80% of my bonus this year to help with my emergency fund since I’m also trying to build mine up Ally has great rates for their savings account so could also help to expedite a bit.
Thanks for those suggestions. I was gonna go with sofi
If it’s the initial Dave Ramsey recommended preliminary $1,000 emergency fund, it should take almost no time at all. For a full 6-12 months expenses emergency fund, I could easily see that taking 1.5 years depending on how frugal you are.
I understand, and I’m not a Ramsey zealot, especially for people in high income and upwardly mobile professions like consulting. I understand Dave’s perspective (debt = risk) but in the short term you might be better off with an emergency fund if you got laid off.
How many months are you trying to save up to in this 1.5 years? That will help us understand your math.
I broke down my math in a comment above. Trying to save up at least 6 months at a rate of $1500/month. I’m 25 so I think a 6 month savings target is good but maybe I need more? In which case might take longer..
How much do you guys have in your emergency fund? I have about $20k sitting in a regular saving account, is this too much?
Unless you think you’re about to get laid off, I’d put 90% of that in an investment account. You’re not earning anything with your $ in savings, while the stock market is triple what it was a decade ago
My emergency fund build will take about 12 months and my HDHP deductible takes another 6 months on top of that.
Lucky that the only condition of living at home is that any would be rent money goes towards building savings.