Quote:
Originally Posted by kn
How much savings is suggested? I've read everything from 3-18 months of expenses. I guess it also depends on how stable one's career might be I suppose but I'm sure a lot of O&G folks felt comfortable in their jobs.
Once I manage to save a decent amount I'm never able to let that amount of cash sit and always deplete it with TFSA/RRSP and other investments. I hate the thought of missing a year of contributions just to build up an emergency fund producing little returns.
I guess I'd dip into my TFSA first if faced with an emergency.
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I'd consider those investments as part of your emergency fund for long term. tFSAs are good vehicles for liquid money as you can remove it without penalty. And to me when looking at longer than 3 months of unemployment I include RRSPs in my survival time calc. I would say it's overly cautious to have a year of cash on hand.
I look at all of the savings money as part of the answer of how long can I be unemployed before being homeless. And to me a comfortable answer to that question is 18 months or so.