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People who are conservative like you probably overestimate how much money they need to have saved. Plus how much less life can cost if you're single without a f
by randomopining 3y ago
People who are conservative like you probably overestimate how much money they need to have saved. Plus how much less life can cost if you're single without a family to provide for.
- JohnFen 3y agoAs an example of this... During the pandemic, I took almost a year off from work of any sort. I had eliminated all of the expenses I had that I wasn't deriving real value from, and estimated how much I'd need to have in the bank to afford the time of no income. Then I saved up that amount. At the end, I'd overestimated by about 4x and learned a great lesson about how much money I actually need to live in the manner that I prefer.
- bombcar 3y agoHeh, my calculations are always under, because I go "mortgage + utilities + let's say $5 for ramen a day" and miss a bunch of things.
- JohnFen 3y agoI did my estimations by reviewing my bank statements for the prior year. I was afraid of missing things, so wanted some actual historical data. Then I added an extra safety margin. I didn't want to have to break into my real savings! If I had spent a few months really tracking my spending at a granular level, I think my estimate would have been much closer to correct.
- randomopining 3y agoWhat was your monthly "burn rate"?