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How much cash do you have in your bank accounts? (1 Viewer)

How much bux in the banx

  • 0-$999

    Votes: 8 2.9%

  • $1,000 - $4999

    Votes: 26 9.4%

  • $5000 - $9,999

    Votes: 26 9.4%

  • $10,000-$49,999

    Votes: 103 37.2%

  • $50,000-99,999

    Votes: 47 17.0%

  • $100,000-$249,999

    Votes: 35 12.6%

  • $250,000-499,999

    Votes: 13 4.7%

  • $500,000-$1MM

    Votes: 5 1.8%

  • $1MM-2.5MM

    Votes: 4 1.4%

  • $2.5MM-5MM

    Votes: 3 1.1%

  • $5MM - GFY

    Votes: 7 2.5%
  • Total voters
    277
Otis

Otis

Footballguy
Not stocks. Not bonds. Not 529s. How much loot can you go and pull out of the bank tomorrow if you wanted to. 

This is a loot pole. 

TIA

 
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Have about 50k.  Just spent 100k on a renovation and bought a model 3.  Need to reload.  Have gone to basically zero twice with additional schooling for both me and the wife.

 
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Haha Otis with the “everyone slap it on the table” thread. It’s not all about money Oats....but come on who is sitting on $2.5-5mm I need a loan! :banned:

 
We  keep around 50K liquid for easy access.  Vacations, emergencies,  home repairs.

 
Chemical X said:
otis says bank, but i deem it as liquid.  i keep my cash at vanguard in a triple tax free bond fund.  principal may fluctuate slightly, but it pays about 3.25% monthly.
Click to expand...
Explain this to me like I'm stupid about money (I sort of am).  You're saying you get that interest every month??  You mean annually, right?

 
Otis said:
What means this?
Click to expand...
FDIC limit is $250k per account. Amounts  over that are uninsured.  To avoid this you can put it in a different account. 

Not as big a deal now, but during the banking crisis when we had failures every week it was. 

 
To much. Wife and I constantly argue about the 6 month emergency fund. I computed it out using logic and reason, which doesn't fly as she goes by gut. So there is simply to much cash sitting there doing nothing. But my 401k and both of our IRAs are maxed, so I don't have a whole lot of ammo to fight back with. When it gets to big, I'll move some to mutuals or CDs. Even that bothers her at times. But she "tolerates" it.

 
Otis said:
Explain this to me like I'm stupid about money (I sort of am).  You're saying you get that interest every month??  You mean annually, right?
Click to expand...
so, it’s a bond fund and for me, is triple tax free.  shares have a price and will fluctuate daily, like any mutual fund.  the fluctuations are .01 or so daily or a bit more or no movement for days.  volatility is light.  right now, the 30 day yield is 2.32% and i get this monthly.  so, with 100k in the fund, right now the dividend monthly is about $232-.

 
Chemical X said:
so, it’s a bond fund and for me, is triple tax free.  shares have a price and will fluctuate daily, like any mutual fund.  the fluctuations are .01 or so daily or a bit more or no movement for days.  volatility is light.  right now, the 30 day yield is 2.32% and i get this monthly.  so, with 100k in the fund, right now the dividend monthly is about $232-.
Click to expand...
Monthly you are getting about one-twelfth of 2.32%. This is what is confusing him.

 
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Buckychudd said:
FDIC limit is $250k per account. Amounts  over that are uninsured.  To avoid this you can put it in a different account. 

Not as big a deal now, but during the banking crisis when we had failures every week it was. 
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To be clear, if it's a joint account, then that limit is $500k ($250k per person).

 
BroncoFreak_2K3 said:
Enough for vacations, emergencies,  home repairs, ecksetra, ecksetra, ecksetra...
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That seems to be the "right" answer. 

Ours fluctuates a bit throughout the month. Paid the mortgage yesterday, main CC a couple days ago. So we're right around $3,000 in the savings / checking account. 

We'll just pay for almost everything we need in any month with that month's income including vacations and most home or car repairs.  If a true emergency hit. I'd cash out stocks either in our main brokerage or Robinhood (Robinhood is actually my car account, to be spent this summer). 

 
Buckychudd said:
FDIC limit is $250k per account. Amounts  over that are uninsured.  To avoid this you can put it in a different account. 

Not as big a deal now, but during the banking crisis when we had failures every week it was. 
Click to expand...
If this ever kicks in, it will never be paid out because we are more screwed than anything imaginable.

 
I don’t feel comfortable with less than 10K but I don’t want more than 20K either. Once I start getting close to 20K (assuming Roths are fully funded) then I throw extra at the principal in the mortgage of our rental. I don’t want to pay it off completely for tax reasons and since the rate is so low at 4%, even though I know Dave Ramsey would tell me to knock it out. Either that or start a new car fund.

 
since we stopped full time working, we ignore the 6-9 month rule of thumb.

Now we keep a relatively small amount in the bank(compared to before retirement), and live off our bond ladder which kicks off the funds we need to run our day to day lives.

 
NewlyRetired said:
since we stopped full time working, we ignore the 6-9 month rule of thumb.

Now we keep a relatively small amount in the bank(compared to before retirement), and live off our bond ladder which kicks off the funds we need to run our day to day lives.
Click to expand...
I can't wait to be in that position.  

 
NewlyRetired said:
since we stopped full time working, we ignore the 6-9 month rule of thumb.

Now we keep a relatively small amount in the bank(compared to before retirement), and live off our bond ladder which kicks off the funds we need to run our day to day lives.
Click to expand...
Mixing in any CDs to your ladder now that rates have finally gotten higher?

 
$20k-$200k depending on which r/e projects we have funded at the moment. Retirement is well under-funded for my age though. I'm sure our net worth is well under the FBG average.

 
Kinda dumb to have more than 25k or so if you're still working. Wtf would you need it for?

I max out the Roth, IRA and employer match. Then spend 80% of the leftover. 👀

 
Slider said:
Kinda dumb to have more than 25k or so if you're still working. Wtf would you need it for?
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I think the conservative financial view point takes into account that you could lose your job at any time and it can be safe to have an emergency fund on hand. 

If you don't have any fear of layoffs or company shutting down, then your need for an emergency fund significantly drops.

 
Slider said:
Kinda dumb to have more than 25k or so if you're still working. Wtf would you need it for?

I max out the Roth, IRA and employer match. Then spend 80% of the leftover. 👀
Click to expand...
Unless you have a job where future employment is highly uncertain.   In which case it is prudent to keep a cash cushion.

 
NewlyRetired said:
I think the conservative financial view point takes into account that you could lose your job at any time and it can be safe to have an emergency fund on hand. 

If you don't have any fear of layoffs or company shutting down, then your need for an emergency fund significantly drops.
Click to expand...
Makes sense I guess. I've been at my place 30 years and I'm 51 so it didn't even cross my mind. 

 
Some might be saving for a down payment on a home. If 20% is required, then having money in a cash account makes sense.

 
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