{ "media_type": "text", "post_content": "No weird flexes. What’s your emergency savings (no stocks pls) and how many months is it designed to cover? Bonus: what’s your current salary.", "post_id": "5fd3b7447edda1001a933683", "reply_count": 415, "vote_count": 18, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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No weird flexes. What’s your emergency savings (no stocks pls) and how many months is it designed to cover? Bonus: what’s your current salary.

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36k for 6 months of non-bare bones expenses (but no vacays, no major home Renos). Much more in easily accessible stocks. 220k joint income before bonuses.

Having less than a 3 month emergency fund is not advisable bc it’s not just about if you lost a job, it’s also to cover if you had a major medical expense, home repair, or other issue and you don’t want to need to sell stock if market is low. Having more than a 6 month emergency fund is not advisable as you’re losing on opportunity to be in the market for edge case unless you’re a single income family in an unstable career.

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SM here. For starters, I stopped giving myself a raise after I reached consultant level. So all our monthly household expenses all fit that salary still.

Our car is a lease car that is relatively cheap and same rule applies. We could afford it from a consultant salary. We could also decide to only use it for businesses use (no personal use) and than it would only 'cost' me 80% of my lease allowance.
If I would loose my job, I would loose the car.

Savings account holds about an annual salary. Stock account holds about an annual salary

Should be sufficient to be able to live and eat, staying in the same house for the coming 10 years. Assuming no social welfare, no severance pay, no daycare, no vacations and no new clothes 😝.

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48k cash in an High yield savings to cover a years expenses. 160k base right now.

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AC35, I think you are because you can get another 20-30k easily. My firm did the same to me. I started looking and in 2 months landed at another firm who offered me a lot more.

No savings really, 82.5k salary 🤪

likefunnyupliftingsmart

I had 2k in savings for years at a 60k salary. Really the only way I got up to 14k (now at a 112k salary) is by making more money AND moving in with my partner so costs are now split.

My comment is pretty far down the chain so doubt many people will read this, but I’m shocked at the number of fish here who are holding >$20k in savings/hysa/credit union. With garbage interest rates and an inflating dollar, most of these fish on this chain have lost hundreds-thousands of their money the last year. Makes me that much more bullish on bitcoin honestly. Instead of holding cash or in a <1% hysa, people could hold bonds that yield 3-4% APY and have literally minimal risk during a downturn like what we saw in March. Damn

likehelpful

As Dr Dre widely once said “but remember, ANYBODY can get it[money], the hard part is keeping it m*therf*cka” 😂

Damn I guess I didn’t realize how expensive it was to live in other cities. I only spend 20k a year in Dallas, and no my parents don’t pay for anything.

likesmart

@a27 I’m considering it too! Have you looked into the regional leadership and project pipeline and whatnot down there? Currently from the West Coast

110k salary
2k current emergency going for 33k to last 1 year
I initially had 10K but had emergency surgery and unexpected home bills

likesmart

This made me feel so much better because that's where I'm at

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20K savings, 75K salary

likesmartuplifting

Probably gonna get roasted but i have close to $0 in my savings, but almost $900k in bitcoin lmao. Salary: $75k

likefunnysmart

Many, many backups don’t you worry :)

likesmart

I have about $15k designated for this and it’s designed to cover about 3mo. Comp is about $120k. My 2021 resolution is to double that while still allocating money to other interests (stocks, student loans, parental support)

likehelpful

My husband.

likefunnyuplifting

40k on a 200k salary. Designed to cover 6 months of expenses.

likeuplifting

I had $36K but dwindled after lay off in June (lasted 6 months)... salary was $158K... recently back to work with $185K salary and savings planned for $6K a month to rebuild my reserves.

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Where are you working now ? Message me

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Contrarian opinion here, but we don't have one.

479K salary (two incomes) $25k checking. No other emergency fund. With a married family, no kids, and two incomes, our risk of dropping to zero income at the same time is very low, so the opportunity costs of not investing our emergency fund don't make sense.

likesmart

D5, in any given month, no. But what if we're travelling? In the middle of a home reno? Have serious medical bills? It's the most we reasonably could spend.

I’m looking for a nice person to combine both income and savings. 😜

likefunny

A/s/l?

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Heck, how much data do we give out to FB in general. 😂

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I know right, the value they just got from this post could probably be bundled and sold for some serious cash since there is a nice sample size and good qualitative research 😂

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30k savings acct, 90k salary.

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41 months without any divestment of real estate if both myself and spouse are out of work at current spending level.

likefunnysmart

25k savings, aiming for 100k, 90k salary. I could live off 15k a year in dc easily I’m super frugal.

likefunny

Not sure how this is possible

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25 k savings, 2.5 years out of college, 100k salary in NYC

likeuplifting

Is that just emergency funds or overall savings?

$50k in a HYSA just because I’m too chicken to invest in stocks - started saving in July 2019 from $1200 in my bank account
Current salary is $82.5k - savings should easily cover 3 years of expenses

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@RSM1, you mean those money suckers y’all pick up at the hospital? No, I don’t have those.
Thanks to everyone who gave pointers, I’m looking into these options.

likefunny

I have 50k in stocks I can liquidate within a week. Why would I keep cash sitting in a bank collecting dust (a couple %)

likesmart

Agreed, would rather keep everything in stocks I can sell at anytime. I've had such a high ROI these past few years that it doesn't matter if it plummets. Would never keep money in a savings account with a pitiful interest rate. Hell, I'd even pay anyone 1% interest for any amount of money, which is higher than any bank will offer nowadays.

likesmart

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