{ "media_type": "text", "post_content": "Is saving $2k/month cash or $24k/year outside of 401k savings considered a good amount? Trying to save up for an emergency fund/stay liquid till I can go offense for a good investment.", "post_id": "5f83b46042562a0022423dd7", "reply_count": 13, "vote_count": 7, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Is saving $2k/month cash or $24k/year outside of 401k savings considered a good amount? Trying to save up for an emergency fund/stay liquid till I can go offense for a good investment.

like
Posting as :
works at
You are currently posting as works at

Yes, but there answer depends on your spending more than it does the gross amount you save.

like

Some FIRE folks try to invest/save 40%+ of income. We try to save 25% (incl 401k, HSA, 529, Mega Backdoor, brokerage accts, etc). I think that’s a better gauge rather than a pure $ figure.

likesmart

Depends on your total income. If you can save ~30% of your take home pay that’s great. How doable it is depends on where you live and your family situation.

like

Please keep in mind this is one of those things where “good” is so relative to this bowl. Most American’s have less than $1000 in savings. It sounds like you’re making good choices and doing great.

like

Thank you for the perspective 🙏

Sure, save whatever you can.. having a nice budget like that should also help you to bank bonuses and tax refunds. I’d also max out your 401k if can. The more you put in there when you are younger the more time you will have to compound..

like

That's incredibly good. Keep it up, max out your matching contribution.

like

I'd say save six months expenses in cash and invest the rest. I try to monitor net cash balance across accounts and transfer anything over that threshold to investment account periodically.

like

Thats about what my wife and I save and we invest it so it grows. Gotta love the stock market 😉

like

Any specific investment advice?

Depends. If you have disposable income after bills of $10k then saving $2k of that $10k wouldn't be particularly great. There is always someone doing better and someone always doing worse. Find a way to be on the right side of the bell curve more than not and you'll end up ahead in life.

like

Canada is giving that much of money free.. as a gift 🤣

What's the % of your net?

Related Posts

Did you pull your pension money when you left Deloitte?

Fellow UK consultants: at what age did you reach the GBP 100k total comp milestone? And which firm?

like

I’m 32. It looks like I will never get married or have kids and will spend my senior years alone. Besides maxing out my 401k and Roth IRA and saving cash money for emergency fund, how else do I ensure my financially stability in older years? Am I missing anything?

likehelpful

Trouble syncing ACN 401K on personalcapital—anyone else?

Anyone else feel like they just can’t get by? My wife and I make about 155k combined and we are barely getting by with our mortgage and bills. We made a budget and everything seems to be necessary. Are prices of things going up that much? We barely eat out or spend lavishly.. Anyone else in the same predicament?

likefunnysmarthelpful

I am taking another sick day this coming Monday. It's necessary for both my physical and mental health, which are severely compromised due to the stress of this insane school year (and the last one, and the spring before that -- I think this is cumulative with COVID, the political situation, etc.). I have never taken this many sick days during ANY school year in my 20+ years of teaching. Is anyone else experiencing this? Is anyone else having anxiety about taking so many days off?

likehelpful

Best brokerages to open an IRA or Roth IRA where I plan to roll over tge 401K? For context, visa holder here considering going back to my home country, and want to be prepared in case I do leave the US, but I'm confused on the best approach to avoid penalties and leave the money there until retirement age. Thanks!

like

I moved from mexico to NY 5 years ago (I have american citizenship), and was working for an ad agency. Now I’m moving to London. I don’t have plans to go back to the US, but I have some money on my 401K. What is your advice: should I leave the 401K there or should I withdraw it and invest in stocks? I’m a newbie in investments, so I don’t really know what’s better to make the money grow! Thanks in advance! (:

like

How much money would you entrust to BlockFi? Love the 8.6% yield and see it almost like a bond, but not sure what percent of my net worth (~100k) to entrust to it. Current allocation is 20% 401K, 20% cash, 10% crypto, 50% equities; thinking about moving my cash to BlockFi.

like

I'm 30, I've been in NYC for six years and I finally feel like I have enough money to save, properly invest in my 401k AND buy Sam Edelman flats.

likefunnyuplifting

Profit sharing vs. 401k match - Which do you have/want?

like

Do people contribute their bonuses to 401k? I have a decision to make by today afternoon and thinking of it.

like

I have ~$52K in my 401K. How does that compare with others? I’m almost 27 and have been thinking more and more about withdrawing some to pay off college debt.

like

Does anyone know who the 401k benefits manager is at VMLY&R NY?

like

Wanting to open a roth IRA and a 529 account. What's the best brokerage? And do they ever do promotions for opening an account? Also, would it be better to roll a 401k to the IRA or leave it alone? Not sure which has lower fees?

like

How do people balance their 401k against saving for a major purchase (e.g., rental property)? Currently saving ~$50k / year (~$30k cash), but seems like it’s going to take a while to save for rental

like

I've heard multiple people say at a certain age, it no longer makes sense to make partner. What does that even mean? I know you typically have to be a partner for 10 years to fully vest in the pension. But even if I were a partner for just 2 years, isn't it still better to be a partner? Year 1 partner comp might be almost same as your comp the year you made partner due to health insurance and buy in, but it's not like you're worse off as a partner. And you get your buy in back when you leave.

like

Does Deloitte have a 401K for employees to put money into, in addition to the Pension plan?

like

26 and new to this whole FIRE thing. I have about 55k in savings, no debt. Never invested (other than 401k but I do not actively manage it). Don’t know where to get started, any advice? Looking for relatively “safe” investments because I now realize that I’m losing money just keeping it in a bank account.

like

Thoughts on switching 401k portfolio to VOO vs 2060 target fund? I have barely seen gains in my 401k since inception (2 yrs ago) all of it is in the target fund

like

Additional Posts

Hello Everyone! Just wanted to start off the thread and see where everyone is working and how they like their positions! I recently moved back to LA and it’s been brutal finding a job out here as a General Dentist. Anyone else feeling this way?

like

Moving to Atlanta with the crazy high prices on rentals right now considering buying a condo but wondering if that’ll be a loss in the long because of the poor resale value?

Merry Christmas and Happy New Year

Post Photo
like

Recommendations on a ladies black leather tote? Will be a graduation gift for my wife. Currently considering Linjer.

Post Photo
like

Anyone use Workshare Compare for redlining? Asking for tech assistance out of desperation. When I compare two Word docs with comment bubbles in order to generate a PDF redline...all of the Word comment bubbles show up in tiny, unreadable margins. It looks like the program doesn’t adjust the margins when comparing, I can’t figure out how to fix it. I used to use Change-Pro (which I understand is also owned by Litera) where this was not an issue. Would appreciate any help—thanks.

likehelpful

In laymen terms since im ready both pros and cons...I'm up $250 on 2500 initial stock. I want to sell and buy again in a couple weeks to own more shares. Any downside other than capital gains tax?

like

Any LEED certified folks here willing to chat?

like

Any Quality Assurance referrals please

likehelpful

Hi I got the offer from OCI and uploaded all the documents and also selected the laptop. After accepting the offer letter I have shared my joining date to HR. After somedays I got a email from OCI senior management computer generated email with Oracle Cloud links. Below are the questions I have 1. I did not get any joining date letter. Do we get it? I asked for 18th April as my joining date. 2. Did not get any other emails about onboarding and how the Onboarding process takes place in OCI?

like

What programs have high school math teachers used for virtual assessments. I want to be able to have students write and show me their work.

like

What vitamins or supplements that folks here taking to boost their focus/memory while increasing their energy level to produce more for the clients?

like

I feel so stupid my investment portfolio only went up 10% during the pandemic due to some options bets, is true most people 10x’d their money?

funnylike

Sort of a very technical ask. I get a lot of insta story tags for the accounts of clients I manage. Does anyone know of a software that can collect or save all those tagged story posts ? For example, anytime someone (public, not private account) posted a story with the location of the restaurant tagged, it’ll pull that story post and save the video for me

like

How can you start a career in Cloud Computing ? How long does it take to land your first job ? Does anyone still hire freshers ?

like

I’m a new hire. I joined a team with another new hire. We are both manager. The woman has started asking me status of things, we are not working together in any way shape or form. Our funds are completely different. Yet she will ask me if the senior manager has assigned things. Even though she can look at the tracker. She kisses ass and got assigned a much easier fund. And I have been assigned a very complex fund. I went to the sm and said this is way too difficult for a new manager to take and

like

I make significantly more than my SO and have an offer on the table that would make that gap significantly more - I thought it was a good thing because I could take on more of the HH costs in proportion to my income and take weight off him but he is really upset, is turning this offer into an affront on him and his place in life and “lack of success” and generally just sad and upset because I’m moving up and growing and he says it makes him feel like a failure. IDK what to do or how to help.

likeuplifting

Zenith El Primero (38mm) or IWC Pilot Chronograph 41?

like

Moved to a new city a few months ago to start work at biglaw. I thought this was my dream job, but every day I cry because of how lonely and anxious I am...I’m hoping things get better if we go back to the office, but I’m not optimistic.

like

If you maintain a prospect list for the purpose of email drips on any kind of regular basis, how often do you send out a blast, and what kind of stuff do you send?

likesmart

It seems as though entry level/junior roles in the industry are slowly disappearing. How can young people who haven’t managed to get their foot in the door yet actually start? For not so recent grads.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
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.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal