Poor question [worded] – b/c it’s all relative to cash flow needs and total liability, You could have $1mill in savings, but, $5mill in liability, and need $200K / mo [cash flow / burn rate] – so, to each his own.
A better [more interesting] question: Why does the government discourage savings in america [or had this policy for the last 10yrs]? If inflation is running 3% [very conservative], and a risk free rate [CD / 2yr] is @ 3%, and effective taxes for me are @30%…. that means everytime I save [buy a Treasury note] – I might as well give the Gov. my money and not ask for it back!! So – real scarry answer – American Savings Rate has been low b/c of Gov. / money policy…….[negative savings]
You can figure that out simply by adding up all of your bills for the month and add a little extra say 20% on top of that.
Times how many months you think an emergency would last.
Oh, and a prayer will always help…Good Luck.
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I usually keep about $12,000 in savings at any given time. I am married and 26 years old with 1 child.
Poor question [worded] – b/c it’s all relative to cash flow needs and total liability, You could have $1mill in savings, but, $5mill in liability, and need $200K / mo [cash flow / burn rate] – so, to each his own.
A better [more interesting] question: Why does the government discourage savings in america [or had this policy for the last 10yrs]? If inflation is running 3% [very conservative], and a risk free rate [CD / 2yr] is @ 3%, and effective taxes for me are @30%…. that means everytime I save [buy a Treasury note] – I might as well give the Gov. my money and not ask for it back!! So – real scarry answer – American Savings Rate has been low b/c of Gov. / money policy…….[negative savings]
You can figure that out simply by adding up all of your bills for the month and add a little extra say 20% on top of that.
Times how many months you think an emergency would last.
Oh, and a prayer will always help…Good Luck.
single 42 genarally about $10
single, early twenties and no savings
student