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Forum
-> Household Management
-> Finances
amother
OP
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Wed, Jun 22 2022, 6:52 pm
How much liquid funds should we have accessible in our bank account?
Or rather what's the calculation for how much liquid funds we should have in our account?
And then if we have more than that, what should we do with it? I would love to do work in our house, my husband would love to save it but maybe the best thing is to invest it, but we know nothing about investing. It's not tons of money just with inflation I feel like we shouldn't just have funds sitting there.
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amother
Milk
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Wed, Jun 22 2022, 8:35 pm
Many financial advisors will tell you to have a six-eight month emergency fund. So enough liquid to cover all your monthly expenses for that length of time.
Anything over that should be invested. Do you have an IRA or 401K
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doctorima
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Thu, Jun 23 2022, 7:07 am
6 months of expenses is the guideline I've always heard, barring unusual circumstances.
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amother
OP
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Thu, Jun 23 2022, 7:25 am
We have a Roth IRA but it doesn't have much in it.
How do you find a trusted financial advisor, my husband trusts no one, he's afraid to be taken advantage of. He also doesn't like not having access to his money, you know just in case We have made many financial mistakes because we just did it his way and now that we're older, I don't want to do that anymore.
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amother
Milk
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Thu, Jun 23 2022, 8:22 am
You can find a trusted financial advisor at any of the large financial institutions.
Personally, I use Charles Schwab. The woman I work with has been very helpful over the years, and I've turned over several funds from various institutions for her to manage.
But you can contact any brokerage firm--Fidelity, Prudential, TD Ameritrade--and you'll get the same type of service and advice.
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