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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Do you think $10,000 is a lot of money?
If you currently have a 401K and IRA plan that you save each month and this is on top of that for an emergency fund?
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Posted 2/29/08 8:31 PM  |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
do you mean $10K in a savings acct?
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| Posted 2/29/08 8:32 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Do you think $10,000 is a lot of money?
Posted by SweetestOfPeas
do you mean $10K in a savings acct?
Yes
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| Posted 2/29/08 8:33 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
Posted by hazeleyes33
Posted by SweetestOfPeas
do you mean $10K in a savings acct?
Yes
I think it's an "ok" amount.
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| Posted 2/29/08 8:35 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Do you think $10,000 is a lot of money?
Depends on what type of lifestyle you live I guess.
You should always have at minimum three months worth of bills in an emergency fund. Many financial experts recommend six.
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| Posted 2/29/08 8:36 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: Do you think $10,000 is a lot of money?
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
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| Posted 2/29/08 8:36 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Do you think $10,000 is a lot of money?
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
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| Posted 2/29/08 8:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Do you think $10,000 is a lot of money?
it's ok- a good start
I would keep saving
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| Posted 2/29/08 8:44 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Do you think $10,000 is a lot of money?
Posted by hazeleyes33
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
In this senario, I don't think that is a lot at all. Most people I have seen who have gotten laid off didn't find a job for a LOT longer than 3 mths so I don't think this is sufficient for a family of 4.
Message edited 2/29/2008 8:46:40 PM.
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| Posted 2/29/08 8:45 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
Posted by Goobster
Posted by hazeleyes33
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
In this senario, I don't think that is a lot at all. Most people I have seen who have gotten laid off didn't find a job for a LOT longer than 3 mths so I don't think this is sufficient for a family of 4.
ITA! that is very low for a family of 4!!!
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| Posted 2/29/08 8:49 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Do you think $10,000 is a lot of money?
Posted by Goobster
Posted by hazeleyes33
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
In this senario, I don't think that is a lot at all. Most people I have seen who have gotten laid off didn't find a job for a LOT longer than 3 mths so I don't think this is sufficient for a family of 4.
She also told me that her dh gets laid off he will receive enough money from his job to cover over a years worth of salary.
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| Posted 2/29/08 8:52 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Do you think $10,000 is a lot of money?
Posted by SweetestOfPeas
Posted by Goobster
Posted by hazeleyes33
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
In this senario, I don't think that is a lot at all. Most people I have seen who have gotten laid off didn't find a job for a LOT longer than 3 mths so I don't think this is sufficient for a family of 4.
ITA! that is very low for a family of 4!!!
Well in her case, her bills are not that high and they don't make alot of money so their 3 months of salary is almost equal to the $10,000.
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| Posted 2/29/08 8:53 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Do you think $10,000 is a lot of money?
Posted by hazeleyes33
Posted by SweetestOfPeas
Posted by Goobster
Posted by hazeleyes33
Posted by PreshusSmurf
It depends on how much your monthly expenses are ...
Some people have a rent payment of $1000 .... and some people pay a $3000 or higher mortgage payment.
I think it also depends on how many people are in the household. There's a difference between having that as the amount in savings for a couple, or for a family that has 3 children.
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
In this senario, I don't think that is a lot at all. Most people I have seen who have gotten laid off didn't find a job for a LOT longer than 3 mths so I don't think this is sufficient for a family of 4.
ITA! that is very low for a family of 4!!!
Well in her case, her bills are not that high and they don't make alot of money so their 3 months of salary is almost equal to the $10,000.
She told me that her "constant" bills (mortgage/loans,etc.) all equal to about $150,000 so I don't think they are carrying alot of debt like many people with large mortgages that need alot of months of salary saved.
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| Posted 2/29/08 9:04 PM |
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Re: Do you think $10,000 is a lot of money?
no
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| Posted 2/29/08 9:55 PM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
Posted by -DonnaMarie-
no
ditto
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| Posted 2/29/08 10:54 PM |
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SPECIALNEEDSMOMMY
A Healing for Gregory
Member since 1/07 1217 total posts
Name:
Barbara
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Re: Do you think $10,000 is a lot of money?
To me .... it's a LOT of money.
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| Posted 2/29/08 11:32 PM |
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mamallama
<3 <3 <3
Member since 9/07 5035 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
I think it's a good amount to have, but it could go very fast.
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| Posted 2/29/08 11:40 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Do you think $10,000 is a lot of money?
It's a decent amount.
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| Posted 3/1/08 1:00 AM |
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AnotherBFP
LIF Infant
Member since 2/08 239 total posts
Name:
Baby Momma
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Re: Do you think $10,000 is a lot of money?
No, not in this day and age with gas prices almost $4 a gallon.
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| Posted 3/1/08 7:30 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Do you think $10,000 is a lot of money?
definitely not
but I think it depends a lot on your age and situation
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| Posted 3/1/08 8:22 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Do you think $10,000 is a lot of money?
Posted by ave1024
Depends on what type of lifestyle you live I guess.
You should always have at minimum three months worth of bills in an emergency fund. Many financial experts recommend six.
I can tell you from experience that $10K did not carry us for much more than 3 months.
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| Posted 3/1/08 9:05 AM |
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
No. I think it is a fair amount and can help in case of an emergency, but like another poster said, it can go quickly.
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| Posted 3/1/08 9:20 AM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Do you think $10,000 is a lot of money?
Posted by ave1024
Depends on what type of lifestyle you live I guess.
You should always have at minimum three months worth of bills in an emergency fund. Many financial experts recommend six.
Exactly. $10k would barely get me through a month with mortgage, etc... but based on your friends situation it seems she is ok.
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| Posted 3/1/08 9:35 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Do you think $10,000 is a lot of money?
Posted by hazeleyes33
This was actually a discussion between me and my gf and how much she has saved. They have 2 kids and a home but her mortgage is low and this amount would mean she has almost 3 months of salary saved.
No way, not enough for a family of 4 to only have 3 months of salary saved. You just never know what kind of emergencies arise with kids. They should have at least 6 months of household expenses to cover for the worst case scenario of both losing their jobs or going on disability.
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| Posted 3/1/08 9:46 AM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Do you think $10,000 is a lot of money?
No. I wouldn't be comfortable only having $10,000 in savings. You never know what could happen. That money wouldn't last long, especially in that situation with two kids and a mortgage.
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| Posted 3/1/08 10:13 AM |
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