How much do you all keep liquid in savings and checking? Not counting investments, just curious what folks have sitting in cash these days to feel safe enough, especially with layoffs going around again.
7 replies (most recent on top)
I started with the company and started saving in 2011. just broke into the 7 figure in 401K, IRA and stock options! Not worried a bit about what my boss does or what the company does. If you are too worried about your car, house or clothes then you will never be financially secure, as another comment said live within your means and keep your debt down! May the odds be ever in your favor!
As a few comments pointed out, live below your means and have cash flow. Preferably a guaranteed income stream. I always lived by the rule of driving an affordable vehicle I could pay off quickly if I got laid off along with the rest of my purchases. This one individual used to make fun of the econobox I drove. I'm retired twice and in my 50s. Military and PepsiCo with two pensions and zero debt. He needed a $70k pickup to haul air and drive to work.
I’m 25 years into this company and my 401k just hit 7 figures. Everyday when my narcissistic condescending boss talks trash to me, i just want to walk out. I’ve been really close twice this year.
Just live within your means and you will be fine. Key to retiring is not about the money in the bank, it’s about cash flow. Start with looking at your monthly bills. Even if your house is paid off, you still have upkeep 2%, taxes and insurance.
@be 1 to 2 years? I got a 1% raise as a payroll admin doing thr work of 2 people. 30 cents/hour, there is no way for me to save even 6 months with the lack of pay I receive
- 9M US
One to two years of expenses is a good idea if you can save it. That will allow you to cover your expenses and not have to pull from your investments in the event of a market downturn.