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Would you rather work 4 10s or 6 7s?
Had 2 hours of billable work today 💀
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I’m usually more concerned with how much is too little to have in it.
You should only have enough to take care of monthly expenses and payments. You should have 3-6 months worth of expenses in a high yield savings and the rest in a brokerage account.
Solid plug
After all bills and expenses are paid for the month, I only keep about $500 in checking. The rest goes to savings.
Cash held in a checking account is a depreciating asset. The purchasing power of the dollars in a checking account decrease each year. Keep half a years living costs in a high yield (2+%) online bank to keep up with inflation, put some in brokerage, invest the rest in real cash-flowing assets (real estate, businesses, etc.).
I like to only have 2-3k in my checking, the rest goes in savings
$250,001 is $1 too many from a risk perspective.
If you mean from a personal financial planning perspective, you probably only want 3-6 months in cash, then the rest in investments of varying risks/liquidity
If you want to get really wild, have one month in checking, 2-5 months in a CD ladder, then the rest in investments.
I keep a full month of budgeted, normal expenses in my checking account at all times. 3 months worth in HYSA
I’m terrible with my finances, so...$100, give or take 😑
As mentioned before, find a checking account that builds interest! Free money and 2.25% interest with SoFi
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I read into this a bit. A little concerning that funds are not FDIC insured until they arrive at a partner bank. I feel like there are similar options out there that don’t have this risk. While it’s limited risk, it’s a risk that shouldn’t have to be considered in my opinion!
You should have enough in checking for your average monthly expenses. This means your housing, meals, entertainment, insurance, etc PLUS a small safety net in case you need cash ASAP ($300-$500). Now if you have a savings account that has immediate transfers to your checking (usually same bank), you don’t need that small safety net as you could transfer and/or pull cash from ATM from your savings account. Anything else is unnecessary and would cost you.
Then depending on your overall financial profile you should have 3-12 months of savings in high yield accounts, CDs, or other liquid assets. Everything else should go to some type of investment.
As for high yield savings accounts, there’s several out there. Marcus by GS, Allied, Sofi, Capital One 360 (if you have 10k+). I think Amex also has one. I personally have Capital One as I have my checking with them, and value having everything in one place, but they are all similar.