Is $10,000 A Lot of Money? What You Need To Know
Is $10,000 A Lot of Money? What You Need To Know
As you begin building your net worth and reaching new financial goals, you may set your eyes on reaching $10,000.
Is $10,000 A Lot of Money? It’s a pretty big milestone to hit, especially if you are starting fresh in your financial journey.
The first time I had $10k saved, I had to refresh my bank screen a few times because it didn’t seem real. After all, prior to that goal I typically never had more than $1,000 saved at a time!
And although this is a nice sum of money after you reach this milestone and the excitement wears off a bit, you may stop to wonder a few questions:
Is $10,000 a lot of money? How far will this amount take me? What should I do with this amount of cash?
Is $10,000 A Lot of Money?
Having $10k saved is a commendable milestone but overall it is not typically considered to be a lot of money. For a majority of Americans today, this amount may only cover 3-6 months of living expenses pending their lifestyle and where they live. It seems to fall into the category of “having a lot of money” that you’ll want to have $100k+.
Overall, it’s hard to say an exact number of what constitutes a lot of money as everyone has different personal money mindsets, living expenses, and how you budget your income.
Is $10,000 in Savings Good?
Now don’t get discouraged by the previous section where we’ve basically established that $10,000 is not exactly a lot of money. It’s certainly an awesome achievement, especially when you consider that the Federal Reserve reported that 39% of Americans don’t have enough money on hand to cover a $400 emergency.
So remember, when you hit this $10k savings goal take the time to celebrate and feel good about your efforts. It can be a long journey of work on your personal finances!
So, is $10,000 in Savings Good?
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