How much money do you think you need to save?

Amazon toutd
Apr 13 22 Comments

How much money in your bank account would make you feel safe/secure?
How much will make to feel accomplished?
How much will make you feel happy?

In short wondering how much to hoard before donating 😀

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TOP 22 Comments
  • Two Sigma not nice
    I donate about 50% of my TC. I save enough to feel I can retire sometime between 50-60 years old. I plan to up my saving rate as I get older. My spending rate doesn’t go up as my TC grows.
    Apr 13 7
    • Microsoft
      Tier 1

      Microsoft

      BIO
      #1 in Prestige
      Tier 1more
      Giving to charity is a really respectable thing. So is living within your means.

      But your family must come first.

      As long as you have decent savings, and have no fear at all of running out of money, by all means donate now rather than later.

      With such high levels of donations, I’d also highly recommend researching the best and most efficient charities.

      This site has plenty of info
      https://www.charitywatch.org/home
      Apr 13
    • Aetna / Data pffttt
      Ummm ok.
      Apr 13
    • Google 💩pay
      TC or GTFO
      Apr 13
    • Microsoft !MSFT
      @TwoSigma - Respect!
      Apr 13
    • Amazon toutd
      OP
      What is your donation strategy, who do you give the 50% to?
      Apr 14
  • LinkedIn / Eng EAM
    Safe: 5M
    Accomplish: 10M
    Happy/retired: 15M
    Apr 13 7
    • Amazon toutd
      OP
      You mean 1-2 M per year
      Apr 13
    • Google
      tsukino

      Google

      BIO
      w
      tsukinomore
      yes
      Apr 13
    • Amazon toutd
      OP
      At what role and level do I get paid that much
      Apr 13
    • Google
      tsukino

      Google

      BIO
      w
      tsukinomore
      VP/director
      Apr 13
    • Amazon toutd
      OP
      What qualifications will I need to get there?
      Apr 14
  • Google ctd
    Never enough.
    Apr 13 0
  • Facebook public2
    6 months expenses. Anything more than that is a waste of money.
    Apr 13 2
    • Apple / Eng Yoyoboi
      Lol and you work until you’re 90?
      Apr 13
    • Facebook public2
      Huh? No that's what I am trying to avoid. Cash loses value, anything more than 6 months is money that loses value and should be invested.
      Apr 13
  • Apple QAvc78
    If you save about 50% of you take home pay and invest it in index funds, + max out 401k, in about a decade or so you can stop working and keep the same lifestyle. You do not have to “retire”, it means you can work in whatever interest you.
    Apr 14 1
    • Apple QAvc78
      So to answer your question more directly. FIRE blogs suggest that to achieve this financial I dépendance you need 25x your annual spending. So if you need 100k to live as you want, you need 2.5M in the bank. So this 25x ratio would be my answer to your questions.
      Apr 14