How much money do you consider good to have in a savings account being 30 years old?

This depends on many things. There is no one answer to this question.

- Do you have college debt?
- What is your income? Is your income likely to be higher in the future?
- What are your values in life? What do you want in life?

General advice.

1. If you have long term savings (let's say money you don't plan to spend in the next 5 years) you should be investing it to get a higher interest rate. I have a 401K fund and some other stocks. I get as much money as I can pre-tax (because I am making more now than I will be in 20 years) and I balance risk with return.

2. You should have some short term savings. I have a bank acount with over 3 months of income in it that is for emergencies. I would like to get this up to 6 months, but I am working for this. Short term savings should be zero risk, but you also don't expect to have any interests.

3. You should avoid get rich schemes with any money that you don't mind losing. I looked up hyperfund, which looks like an example of this. You might strike it rich. You might lose all of your money. You shouldn't play these games with money that you might actually need.

My bank has a "keep the change" option, where anything you pay for out of your checking account (like your cell phone bill, for example) is rounded up to the nearest dollar. Your bill is paid (say, $153.12), and the remaining pennies are also taken out of your checking account, but they are transferred automatically into your savings account (in this instance, that's 88 cents).

It might not sound like a lot, and it's not, but it's harder for you to miss it.

You can also schedule a recurring transfer from checking to savings. If you don't have a lot to spare, it could be maybe $5 from every time you get paid. Again, not much, but it's harder to miss.

With both, you're putting some cash away, which is a lot better than nothing. Every time you get a raise, increase the amount you put away. Getting a tax refund? Then put some of it away, too.

Your bank or credit union probably has something similar you can take advantage of. And I am also suggesting looking at credit unions, as their fees tend to be lower.

Start Googling Hyperfund scam and you'll find out it's essentially a Ponzi scheme, and that people who have tried to get their money out have found—surprise!—they can't.

Banks may have lower returns but they are covered by the Federal Deposit Insurance Corporation and are regulated by a ton of federal laws. That keeps them from being fly by night and it allows for strong consequences for fraud and theft. There's no regulation like that for crypto and Hyperfund.

A few years ago we had a good discussion on personal finance. You can read it here. https://able2know.org/topic/315676-1

That was a great read. I think Financial Planning (from household budgets to investing) should be taught in schools. It's a plus for everyone.

One thing my husband and I did this year was to prepay for our cremations. When his parents recently died, we found that in 2001 they paid about $650 each for theirs. The fella told us that would have been a $6,000+ cost per person today. Ours cost $1400 each.

The other thing we learned was that the survivor should remove all the money in the joint account before telling the bank your spouse has died IF YOU NEED IT because the banks freeze it until probate is finished. Neither of us have to do that, but if the surviving spouse will need it, they should do that.

$1,400 for a cremation???? That's ridiculous!

You can do it yourself for $30 worth of wood, $1.99 for fire starter. What the hell, I will leave my kids $2.99 for a bag of marshmallows... the whole cremation will be less than $50.

There is no way I am paying $1,000 for cremation. Not even posthumously.

Un huh, but I would bet diy cremations are not allowed.

Why not?

Ok... screw them then. I am going to die penniless. Let whoever makes these stupid rules figure out what to do with my rotting corpse.

Roger, do you at least agree that $1400 for burning an 140 pound body is ridiculous? I just checked. I can get all of the equipment to roast an 140 lb pig for $315, and that includes the cost of the pig (in a cremation the meat is free).

What a rip-off.

We are definitely in agreement. I only question the legality in the individual states. I recall reading that at least at one time, California prohibited individuals from buying a casket - say, as a lawn ornament.

I've heard that a lot of progressives these days are having their corpses liquified and dumped into sewers. It has something to do with being environmentally friendly.

https://en.m.wikipedia.org/wiki/Alkaline_hydrolysis_(body_disposal)

I have to say that in this case I approve of their choices. There is just something about flushing progressives down toilets that I find poetic.

No offense intended to you personally though, if you happen to deem yourself a progressive.

No... they provide other services as well. They will pick up your body and deliver it to the morgue, if required, then collect it. They will wash it, dress it, and host a viewing and reception, should you wish. It also includes the tray or (cheap) box you're cremated in, unlimited death certificates, and assistance with the various government agencies (pension, etc). Also, if you die more than 50 km away from where you live, they will refund your money and recommend another crematorium close to where your body is.

I think it's a great deal. You can donate your body to science or medicine, but they don't always want it and then your survivors will have to deal with it.

Plus, it is illegal to dispose of a body (somebody has to light that fire), and no fire would be hot enough to do the job. And just think how gruesome that would be.

If you are looking for something to do with that specific nest egg, there is a relatively new class of Electronically Traded Funds (ETFs) that buy a variety of asset funds (stocks, bonds, real estate, etc.) and continuously rebalance them. This is a proven strategy to get good returns over time while minimizing risk. You can find these funds at whatever risk level you are comfortable with and they trade just like stocks. Here is one I recommend to my kids and would be appropriate for someone who is 30 and has a long investment horizon.

https://www.ishares.com/us/products/239729/ishares-aggressive-allocation-etf

If we are serious about global warming, cremation should really be out anyway.

It think I want to be composted. This would not only be free, but it would also give back to the earth. You don't have to spread me in a vegetable garden, that might be a little much to ask. But, I would make a lovely bouquet of roses.

You are hijacking someone's thread, making it all about you without the regard to the subject matter.

Please shut up.

And what are you doing, Sweetheart?

If you don't like off-topic posts, then don't make them (although I don't think mine are off-topic).

I'm reminding you that you're off topic and should not make every post about you. Somehow you are neglectful and need a reminder of your off-putting nature.

Clear enough?

How many of these posts are you going to make, Neptune? You don't even seem to have anything to say on the topic.

You are making every post about me. Not that I have any problem with that. You are a hypocrite.

Nonsense. I agree that he is off topic, but he is only one of many off topic posters in this thread.

Jenny
It’s been recommended that you have an emergency fund to cover six months of living expenses, but I don’t think people have that much, probably 3 to 4 months would be OK.

After that I would say an additional 10% of what you earn should be tucked away in some kind of savings account. But where to keep that $$ is the issue. Banks don’t give you anything now, in fact they charge you for keeping your money in the bank.

I just heard a financial advisor tell someone to get out of currency and instead invest in property or gold or silver.

The OP asked for advice regarding financial planning, not funeral planning. I think most of us have been off topic.