What is the 'right' number of months to have in cash savings? Currently have a family and get concerned about market correction in the coming years.

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6-8 months is the rule of thumb

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6 at least

what does this mean? how much is 6 months of cash savings

number of months of expenses*

EY1 my personal definition: all fixed costs (rent, insurances) plus what you need to live (food, mobility). Of course, you will have some cuts (eg public transportation instead of Uber/taxi, ‘normal’ food instead of organic).

Make an accurate estimate of minimum $$ to maintain your current quality of life if u were to lose ur income. Same pocket money same bills same mortgage etc but no extra payments on credit cards etc, no investing, no saving. ADD $600 to that (good estimate for COBRA benefits that you will need to buy). Three months cash is the minimum u should have, assuming u have access to other funds (stocks etc). Six months is best

COBRA for a family would be quite heftier than $600 per month

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