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Emergency fund
jecornel
Member Posts: 9,737
How many months do you have set aside if you lost all incoming monies?
Any way to protect emergency funds from inflation? online savings accounts are shit. If you never use it and it just sat there for 15 years you lost a lot of potentials gains by investing.
Ramit Sethi is adamant to build up a year of emergency cash.
Any way to protect emergency funds from inflation? online savings accounts are shit. If you never use it and it just sat there for 15 years you lost a lot of potentials gains by investing.
Ramit Sethi is adamant to build up a year of emergency cash.
Comments
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I think you need to have a minimum of 6 months net household income in cash, even if it's losing a point or two per year due to current savings accounts / CD's not keeping pace with inflation. 12 months is better obviously.
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We're at 4 1/2 months in ours (split the difference between Dave's recommended 3-6).
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We are only about 2 months saved, and are working on expanding that. The IVF treatments ate most of our previous savings.
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Cross the T... Carry the one... Enhance...
Back of the napkin says about negative four months. My plan is to start a fight club that blows up the credit card company if it comes down to it. -
I've tried to follow the rule of a year's gross salary. I was down from that for about 4 years during overlapping college tuitions, but am working my way back up.
I may stay away from that much cash given the concerns you articulated, but I'm conservative and assume that I would not be able to replace my gig within, say, 6 mos. So a year is my paradigm, even though I know it's a bit excessive. -
Also, thanks for posting Little Jimmy Cornel.
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I kept enough for 2 weeks to flatten the curve
As proof that God protects idiots I was a the top of my savings last March. Rode out 2020 with some fed checks and UI after the shut down in July of the bidness
Haven't done shit in 2021 except collect UI but I still have at least a year in savings. So I have that going for me which is nice -
Given the volatility and uncertainty of the times, maybe it's not overly conservative to have a year.RaceBannon said:I kept enough for 2 weeks to flatten the curve
As proof that God protects idiots I was a the top of my savings last March. Rode out 2020 with some fed checks and UI after the shut down in July of the bidness
Haven't done shit in 2021 except collect UI but I still have at least a year in savings. So I have that going for me which is nice
PS: My fund, which my colleagues and I used to call the "Fuck You" or "Fuck Off" fund, and which is now called the "Oh Shit!" fund, is kept in account that I never look at or think about, and about which my Chief Spending Officer knows nothing. She literally doesn't know it exists. It must be nice to have blonde hair, blue eyes and big tits and go through life wondering why things always just seem to work out for you. Just lucky I guess. -
Fully invested in hog futures, if I need cash I'll tap into my HELOC
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Your wife's name is HELOC?!?BearsWiin said:Fully invested in hog futures, if I need cash I'll tap into my HELOC
C'mon - even in @creepycoug 's gentlemens club I had to jump on that softball.
