02-01-2023, 02:34 PM
Strange question but how much money should a 25 year old in the US have in his bank
<!-- SC_OFF --><div class="md"><p>So I don’t mean investing, I mean just sitting in a bank account. I know that a lot of people say you should have 3 months worth of expenses. But is that it? </p> <p>Specifically, I have about $60,000 in my bank account. I contribute 7% of my income to my 401k, I also contribute $6,000 a year to max out a Roth IRA (I use a “backdoor roth” because I’m over the income limit for a roth). I also buy $100 of Bitcoin a month (I’m not here to start a pro-con crypto argument), and I use a savings app called acorns that rounds up purchases and I put $100 extra in that per month as well. So I’m investing and saving and I still have $60k left over. Should I be investing almost all of it? For example should I be taking $50,000 of it and investing with it so I only have $10,000 in my bank account?</p> <p>How much is “normal” to have in your bank account?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hotdog-water--"> /u/hotdog-water-- </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/10qtbyf/strange_question_but_how_much_money_should_a_25/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/10qtbyf/strange_question_but_how_much_money_should_a_25/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>So I don’t mean investing, I mean just sitting in a bank account. I know that a lot of people say you should have 3 months worth of expenses. But is that it? </p> <p>Specifically, I have about $60,000 in my bank account. I contribute 7% of my income to my 401k, I also contribute $6,000 a year to max out a Roth IRA (I use a “backdoor roth” because I’m over the income limit for a roth). I also buy $100 of Bitcoin a month (I’m not here to start a pro-con crypto argument), and I use a savings app called acorns that rounds up purchases and I put $100 extra in that per month as well. So I’m investing and saving and I still have $60k left over. Should I be investing almost all of it? For example should I be taking $50,000 of it and investing with it so I only have $10,000 in my bank account?</p> <p>How much is “normal” to have in your bank account?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/hotdog-water--"> /u/hotdog-water-- </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/10qtbyf/strange_question_but_how_much_money_should_a_25/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/10qtbyf/strange_question_but_how_much_money_should_a_25/">[comments]</a></span>