(Closed) NWR: How much $$$…

posted 5 years ago in Money
  • poll: How much $$ do you and spouse currently have in bank account?
    0-10,000 : (57 votes)
    44 %
    10,000-20,000 : (14 votes)
    11 %
    20,000-30,000 : (9 votes)
    7 %
    30,000-40,000 : (12 votes)
    9 %
    40,000-50,000 : (5 votes)
    4 %
    50,000-60,000 : (6 votes)
    5 %
    60,000-70,000 : (4 votes)
    3 %
    70,000-90,000 : (5 votes)
    4 %
    90,000-110,000 : (5 votes)
    4 %
  • Post # 3
    Member
    4664 posts
    Honey bee
    • Wedding: August 2013

    Jelly of that person who voted 150000-200000

    Post # 4
    Member
    5012 posts
    Bee Keeper
    • Wedding: April 2012

    Including pension savings or not?

    Post # 5
    Member
    5557 posts
    Bee Keeper
    • Wedding: December 2011

    I wish I had that upper end. Tragically I think as two college students (I am almost done though!) that isn’t going to happen soon. But we are paying off our debt so once DH graduates we can start REALLY saving for a house.

    Post # 7
    Member
    2295 posts
    Buzzing bee
    • Wedding: April 2013

    I voted, based only on cash liquid savings and did not include our wedding savings account (since that will pretty much all be spent in the next 6 months).

    Our goal is to have an emergency fund of a little more than 6 months of expenses that we don’t touch except in true emergencies, a car repair/replacement fund, and then savings for other items we might be working towards (buying a house, furniture, vacations, moving costs, etc).

    Once we are married, we are HOPING to save enough money to pay cash for a house in 4 years. At the very least though (if we decide to buy earlier), we’ll have a very healthy down payment and small mortgage payment with the ability to throw extra at it and pay it off quickly. It is really giving me something to look forward to for a goal.

    Post # 8
    Member
    2639 posts
    Sugar bee
    • Wedding: November 2006

    I feel like this really isn’t a very good indicator of wealth. I mean, we are not including 401ks, investments, or bonds here. The vast majority of our worth is not liquid in the sense that we could just go take out $100k with an hour’s notice. We intentionally don’t keep tens of thousands of dollars in our checking/savings account that our cards are linked to.

    Post # 9
    Member
    1549 posts
    Bumble bee
    • Wedding: June 2013

    you might want to add lower# poll option. I mean 0 to 10k is a very big leap.

    Post # 10
    Member
    2295 posts
    Buzzing bee
    • Wedding: April 2013

    @daybyday:  Maybe she’s not asking it to find out how wealthy people are, but maybe how much liquid assets they have? That can be a good indicator of emergency preparedness. Real estate/investments can be difficult to liquidate in an emergency situation.

    I totally agree with you, cash savings isn’t a direct reflection of overall wealth. Too much cash savings can be a foolish move! But the OP didn’t say that was what she wanted to know either.

    Post # 11
    Member
    2639 posts
    Sugar bee
    • Wedding: November 2006

    @NAvery:  Good point!

    Post # 12
    Member
    3887 posts
    Honey bee
    • Wedding: September 2011

    We only keep around $15k in savings between us, which is about 2-3 months’ expenses if we both were to lose our jobs, depending on what bills were coming in.  We keep significantly more in our 401(k)’s, money markets, CD’s, stocks and bonds.  It’s a bit foolish to keep a massive sum of money in savings at less than 1% interest when you can find substantially better investments that are very stable and still allow easy access to your money in a pinch.

    Post # 13
    Member
    2295 posts
    Buzzing bee
    • Wedding: April 2013

    @fishbone:  I would count CDs as a cash savings vehicle. The penalties for cashing them out are pretty low and they have a guaranteed value. Money markets depend on the account, but many of them are insured too. Bonds I don’t know enough about, can you call them at any time? As long as something is outside of retirement, can be called at any time with a low penalty, and doesn’t lose value, I’d consider that liquid savings.

    I don’t count stocks because even though you can sell off at any time, the fluctuations of the value and tax implications can make it pretty unwise. But you could certainly make an argument of that!

    I LOVE personal finance, love these kinds of discussions. I know, glutton for punishment, right?

    Post # 14
    Member
    7318 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    Liquid is our 6 month emergency fund and our house repair/remodel savings fund. The rest is tied up in our 401k plans.

    Post # 15
    Member
    2694 posts
    Sugar bee
    • Wedding: November 2012

    I voted for what we had as just liquid cash.

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