| How much money should you have saved in order to feel comfo |
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Lindsey23
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| How much money should you have saved in order to feel comfo |
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I am in the process of saving and growing up never had any money but now i managed to save some funds but still dont feel financially secure.So i was wondering how much do you think you need to have in the bank to be stable.
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Tue Apr 12, 2011 6:57 pm |
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littleroc02us
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Is there a number, I would have a hard time putting my finger on that. If I had to come up with one it would be a years expenses in an EF account, 3 million saved for retirement and a paid for house..
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Apr 12, 2011 7:23 pm |
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cos_raq
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One year living expenses + habit of making economies every month + invested money that bring pasive income = financially secure.
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Sun May 01, 2011 1:31 am |
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jcmace
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Half of my annual salary or an amount that I could afford to stop working for four months.
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Wed May 25, 2011 8:09 am |
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Saver
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Six months definitely , that's what everyone says.
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Wed Jun 29, 2011 2:37 pm |
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littleroc02us
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Do you guys think that the amount could be different based on how leveraged your investments are and how much you owe on your mortgage and how much debt you have? Would I be safe to say that someone who has no debt vs someone who has a ton of liabilities and debt would need much more in case of a traumatic event in your life?
Risk comes from not knowing what you're doing. (Warren Buffet)
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Wed Jun 29, 2011 9:22 pm |
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rgordon82
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I think that the amount I want in my savings account is the amount of our mortgage, car & 20 years living expenses. ^^
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Sun Jul 10, 2011 8:21 am |
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soybean
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quote:
Originally posted by rgordon82
I think that the amount I want in my savings account is the amount of our mortgage, car & 20 years living expenses. ^^
Umm ... yeah ... sure.  
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Fri Jul 22, 2011 4:10 pm |
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oldguy
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quote:
I think that the amount I want in my savings account is the amount of our mortgage, car & 20 years living expenses. ^^
quote:
Umm ... yeah ... sure
It's very age dependant - if you are age 70 that might actually be a bit light - for most people, '20 years & a house' is about a million - and lots of people have a retirement goal that is north of that.
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Fri Jul 22, 2011 4:57 pm |
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oldguy
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quote:
The appreciation in capital value produces a corresponding increase in income that usually tracks inflation, and so the purchasing power generated remains proportionately the same.
We saw good examples of this in the early 80's - we had hyperinflation, 14% and 15%/yr. But it was offset by stocks appreciating at 18%/yr for several yrs (1981 to 1999). And CDs that paid 10%/yr. And fast appreciation of houses - our rental houses jumped in value while our loans stayed fixed, so our equity skyrocketed.
And our wages tracked the hyperinflation - as inflation drove cost of living up, companies were forced to give retention raises, COL raises, bonuses - just to keep people. If you didn't, half of an engineering dept would go across town to a competitor - and then you were faced with hiring a whole bunch of more expensive newbees and spending 6 months trraining them - so it was quickly learned that retention raises were very good investment.
A part of the lesson is that you must keep some inflation protecting investments, even after you retire - the 100% bond allocation after you retire is a myth, you still need stocks.
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Fri Jul 22, 2011 5:58 pm |
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globaldoc2001
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This is actually a very subjective question. What is enough for one might not be enough for the other. All I can say is, just continue saving, and manage your finances well, and you will be surprised because you have more than what you need when the day comes.
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Tue Oct 25, 2011 5:48 pm |
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Money Saving Warehouse
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I would suggest if possible you try to save 20-25% of your monthly salary. Ideally you should have enough put away so that if you were to be made redundant you could support yourself (and family) for 6 months.
Hope this hels
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Wed Oct 26, 2011 3:06 pm |
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globaldoc2001
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I agree 100% witht he above post. In fact, he put it in better words. I guess, the safe thing to say is that you will feel safe if your money upon your retirement is not just stagnant money because it will simply wash away in the long run. The safest to say is that if your money is still earning money even if you are not in your demanding years already, then you can say it is safe.
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Wed Oct 26, 2011 8:16 pm |
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Sanderson
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| personal injury attorneys |
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I want to say this people mostly use many type of facility to secure life,It depends on the owner how much money they wants to save in any account or fund but should do in proper manner according to rules.
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Thu Dec 15, 2011 11:37 am |
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ninasen
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quote:
Originally posted by soybean
quote:
Originally posted by rgordon82
I think that the amount I want in my savings account is the amount of our mortgage, car & 20 years living expenses. ^^
Umm ... yeah ... sure.
too difficult for common perple.
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Tue Apr 10, 2012 2:22 am |
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