Quote:
Originally Posted by Adam B.
I'm already paying as much into my 401k as my company will match, and I have another portion going to a high yield savings account for "Emergency Money/Unexpected Expenses".
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Since you're young, I'll give you the same advice that I've given my kids. (Maybe you'll pay more attention than my kids have!) Put back enough money to live on for 3 months. That money cannot be used for anything except to pay your living expenses in the event you lose your regular income. Don't borrow from it for any reason. My oldest had to have a hernia repaired. Since he was a mechanic, he couldn't go back to work for 6 weeks -- but his employer only covered one week of paid "sick leave". He still needed to pay rent, car payments, etc. Even though he had a **GOOD** job and was making a really good salary, Mom & Dad had to help him out 'cause he didn't have any savings. Fortunately it was just him and not him plus wife & kiddies.