Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

how many months living expense do you save?

Notices

how many months living expense do you save?

Old 02-02-2015, 03:35 PM
  #1  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Feb 2010
Location: Somewhere NC
Posts: 8,016
Default how many months living expense do you save?

just curious: how many months of living expense do you have saved in liquid cash? i keep 6 months worth of living expense (all the bills, food, fuel, cars, mortgage etc) in a separate savings account just in case. I carry a LTD policy that pays at my occupation starting at 6 months, fully fund my 401k each year, and also have life insurance.

i was reading an article last week that the average family, if neither adult suddenly couldn't work, would have cash for a mere 21 days. if they completely sold out their 401ks, they would last 4 months. shocking...
cfarmd is offline  
Old 02-02-2015, 03:45 PM
  #2  
Senior Member
 
Join Date: Aug 2013
Posts: 231
Default

a few months
R1ckyBobby is offline  
Old 02-02-2015, 03:47 PM
  #3  
Senior Member
 
Join Date: Dec 2011
Posts: 1,030
Default

6 months, but can not stand seeing that kind of money sit in a savings account earning 0.5%
TexomaPowerboater is offline  
Old 02-02-2015, 03:49 PM
  #4  
Senior MemberCaptains Club Member
 
Join Date: Nov 2004
Location: Amelia Island, FL
Posts: 4,667
Default

1 year
Reel Boobs is offline  
Old 02-02-2015, 03:50 PM
  #5  
Admirals Club Admiral's Club Member
 
atcfris's Avatar
 
Join Date: Mar 2011
Posts: 11,909
Default

If I had your gig, no months, would hit the corner with troches and be set.
atcfris is offline  
Old 02-02-2015, 03:54 PM
  #6  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Feb 2010
Location: Somewhere NC
Posts: 8,016
Default

Originally Posted by atcfris View Post
If I had your gig, no months, would hit the corner with troches and be set.
that's the backup backup plan
cfarmd is offline  
Old 02-02-2015, 03:55 PM
  #7  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Feb 2010
Location: Somewhere NC
Posts: 8,016
Default

Originally Posted by Reel Boobs View Post
1 year
single income family?

I was told by my CFP 6 mons for 2 incomes 1 yr for single
cfarmd is offline  
Old 02-02-2015, 03:56 PM
  #8  
Senior MemberCaptains Club Member
 
Join Date: Aug 2004
Posts: 9,655
Default

1 year.......liquid.........accessible.
My Gal is offline  
Old 02-02-2015, 04:00 PM
  #9  
Admirals Club Admiral's Club Member
 
Join Date: Sep 2013
Location: Lodi, NJ / Forked River, NJ
Posts: 2,789
Default

About 5 minutes worth...




seriously - about 5-8 months ready to go on 2 incomes
myyellas2k is offline  
Old 02-02-2015, 04:00 PM
  #10  
Senior Member
 
Because Boat's Avatar
 
Join Date: Feb 2012
Location: PA & NJ
Posts: 5,939
Default

I keep enough for 6 months in my checking account and another 36 months in another account.
Because Boat is offline  
Old 02-02-2015, 04:06 PM
  #11  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2010
Location: New Hampshire
Posts: 5,093
Default

Less than a month's worth - never understood the wisdom in the 6 month rule.
Qb1rdman is offline  
Old 02-02-2015, 04:18 PM
  #12  
Senior Member
 
Join Date: Feb 2002
Location: NJ & MV
Posts: 3,782
Default

Zero. Cash has a zero return.
aubv is offline  
Old 02-02-2015, 04:21 PM
  #13  
Admirals Club Admiral's Club Member
 
Join Date: Jul 2011
Location: Tampa, FL
Posts: 1,995
Default

Originally Posted by Because Boat View Post
I keep enough for 6 months in my checking account and another 36 months in another account.
6.2 months in checking and 37 months in another account.
Selser is online now  
Old 02-02-2015, 04:22 PM
  #14  
Senior Member
 
Join Date: Jan 2011
Location: Northern Burbs of the Motor City
Posts: 6,040
Default

Originally Posted by aubv View Post
Zero. Cash has a zero return.
If I had it my way I would have all cash.

Cash is King
magua is offline  
Old 02-02-2015, 04:23 PM
  #15  
Senior MemberCaptains Club Member
 
Join Date: Jul 2003
Location: Oregon
Posts: 973
Default

Originally Posted by aubv View Post
Zero. Cash has a zero return.
twollman is offline  
Old 02-02-2015, 04:27 PM
  #16  
Senior Member
 
Join Date: Feb 2002
Location: NJ & MV
Posts: 3,782
Default

Originally Posted by magua View Post
If I had it my way I would have all cash.

Cash is King
Which means in ten years, $10,000 is only worth $8,200 with only 2% inflation.
However, your account will still show you have $10,000.
aubv is offline  
Old 02-02-2015, 04:30 PM
  #17  
Senior Member
 
Join Date: Nov 2008
Location: Seacoast NH
Posts: 6,120
Default

Cash, I have about 10 months. Wasn't really planned, just been too lazy to do something with it. Another post had me thinking about buying some gold or silver with it. Trying to figure out how that works.
Boat Hound is offline  
Old 02-02-2015, 04:30 PM
  #18  
Senior Member
 
Join Date: Aug 2011
Posts: 951
Default

About 2 months....I don't borrow, and I save for retirement, but if something happened in the short term, I would be reading up on bankruptcy law.
mrandell is offline  
Old 02-02-2015, 04:31 PM
  #19  
Senior Member
 
Join Date: Feb 2002
Location: NJ & MV
Posts: 3,782
Default

Originally Posted by Boat Hound View Post
Cash, I have about 10 months. Wasn't really planned, just been too lazy to do something with it.
Power of compound interest, need I say more?
aubv is offline  
Old 02-02-2015, 04:36 PM
  #20  
Senior Member
 
Join Date: Oct 2006
Location: Baton Rouge, LA
Posts: 2,083
Default

After Hurricane Katrina, my wife and I quickly realized 6 months was not enough and cash was king. My SIL almost lost their house and came to live with us for 6 months while theirs was getting gutted. Had to keep our inlaws floating while they were rebuilding since they couldn't get into their safety deposit box with their bank for a few months. We have a year or so of "rainy" day funds now.
hybrid is offline  

Thread Tools
Search this Thread