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    Emergency Funds

    Alright you TBH geniuses...

    I’m needing to get myself a good emergency fund set up. I’m about a year into my “big boy job” now so I figure it’s time. I’ve done some reading and the general consensus is 3-6 months of living expenses in said account. For me, that’s not much. My mortgage and truck payment is really all I’ve got, but I’d like to have a little more available. How much do y’all save?

    Once I figure that out, where do y’all keep yalls? Regular ole savings account? Money market fund? Shoe box under the bed? I think an online account would be the way to go, that way I’m not tempted to get into in when I want something stupid. What do y’all say?!

    #2
    Dave Ramsey always says 3-6 months of your living expenses is good for an emergency fund. You want this cash available if needed, so a regular saving account is fine. If you feel like you need more, then no issue with putting more.

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      #3
      3 months in a savings account for emergency money.
      Then invest regularly into your retirement fund as much as you are able. Save for some future purchase you might desire separate from these. And return some to the Lord God every month who has blessed you with health life and a good job. that's it.

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        #4
        I keep our cash savings in an Ally High Interest Savings account, I think the current yield is 2.2%.

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          #5
          I started socking some money away in a mutual fund for just the reason you’re talking about. I picked a high risk, high reward one but they have more stable ones also.


          Sent from my iPhone using Tapatalk

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            #6
            Few grand cash on hand and at least ten more in the bank also available. Save, invest or spend what you want past that.

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              #7
              Originally posted by kae006 View Post
              I keep our cash savings in an Ally High Interest Savings account, I think the current yield is 2.2%.
              This is where I keep mine too. Great rate and great platform that makes it easy to set up regular automatic contributions. Protect yourself from yourself and make it automatic.

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                #8
                Originally posted by Acameron52 View Post
                Alright you TBH geniuses...

                I’m needing to get myself a good emergency fund set up. I’m about a year into my “big boy job” now so I figure it’s time. I’ve done some reading and the general consensus is 3-6 months of living expenses in said account. For me, that’s not much. My mortgage and truck payment is really all I’ve got, but I’d like to have a little more available. How much do y’all save?

                Once I figure that out, where do y’all keep yalls? Regular ole savings account? Money market fund? Shoe box under the bed? I think an online account would be the way to go, that way I’m not tempted to get into in when I want something stupid. What do y’all say?!
                Track every single expense for a month. Truck payment, mortgage, gas, electric, spending money, literally every single dime. Then take that amount and multiply it by whatever months cushion you want in emergency savings. I'd do at least 6 months but if it helps you sleep better at night to do more then by all means sock it away.

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                  #9
                  I'd say you need 50-75k. I'd have 5k cash at the house, 10-15k in gold, 25k in savings and the rest in liquid assets that hold their value

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                    #10
                    Originally posted by CTR0022 View Post
                    I'd say you need 50-75k. I'd have 5k cash at the house, 10-15k in gold, 25k in savings and the rest in liquid assets that hold their value


                    Definitely a CFP.

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                      #11
                      Originally posted by CTR0022 View Post
                      I'd say you need 50-75k. I'd have 5k cash at the house, 10-15k in gold, 25k in savings and the rest in liquid assets that hold their value


                      That seems a little excessive for most people.


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                        #12
                        I have heard that for every 10k you make it will take you a month to find a new job. I started with the 3-6 month rule and since adjusted it. I would keep money in a CD (buy one a month) and keep reinvesting as they mature. Other option is money market. Either way if you loose your job you will have access to money monthly or as needed.


                        Sent from my iPhone using Tapatalk

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                          #13
                          Originally posted by CTR0022 View Post
                          I'd say you need 50-75k. I'd have 5k cash at the house, 10-15k in gold, 25k in savings and the rest in liquid assets that hold their value


                          Not sure I would float a gold train as an emergency option. Other options sound reasonable.


                          Sent from my iPhone using Tapatalk

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                            #14
                            I don’t keep anymore than about 3 months, but have some higher liquidity investments I can access if necessary. My thinking is that odds are I will not need it, but if I do, worst case I’ll have to sell some stocks at a lower than desired price. This way I have more money making me a typically higher yield than sitting in my savings.

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                              #15
                              Originally posted by CTR0022 View Post
                              I'd say you need 50-75k. I'd have 5k cash at the house, 10-15k in gold, 25k in savings and the rest in liquid assets that hold their value
                              30k sitting around making nothing??? I’d much rather have that money making me 10% in stocks.

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