Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son has a private tutor and I was thumbing through my purse and accidentally left my checking account receipt on the floor. It must have dropped out of my purse. Statement showed 50k balance. Teacher gave it to me this week. I’m was a little embarrassed. Do a lot of folks in wealthy areas keep 50k in checking?

I think a 50k checking account is better than a flashy Chanel handbag some parents are carrying.

but what if we have both?

Eh, whatevs. We keep $100K in our checking account, and I carry a purse from Target. Now that's a conversation starter!

Not really

I have $50k in my checking account, to cover bills. Our creidt card bills are $10-20k per month, and mortage payment is $10k/month. HHI is $1mln.

Anonymous wrote:My son has a private tutor and I was thumbing through my purse and accidentally left my checking account receipt on the floor. It must have dropped out of my purse. Statement showed 50k balance. Teacher gave it to me this week. I’m was a little embarrassed. Do a lot of folks in wealthy areas keep 50k in checking?

I've always had AT LEAST 50K in my checking account for the past 20+ years. No biggie. Your tutor probably has more than that given how much they charge around here.

What's a "bank account receipt"? LOL. Can't remember the last time I had one of those. Everything is online.

And yeah, $50k seems pretty high in a regular checking account. We pay our bills out of a money market, but again, I don't physically go to a bank ever.

Anonymous wrote:To the PP above - I didn't read that as $50k being ALL of her savings, just her monthly checking, which is way too high for a checking balance.

Whether it's "way too high" for a checking balance depends entirely on individual spending habits. Personally, I try to keep about 2x monthly spending in mine because I don't like to worry about a payment going through, etc. For us, that's about $60k balance in checking. I would not be embarrassed if a teacher saw this, but then again I don't go leaving receipts lying around either. I just don't get -- what's the big deal?

Anonymous wrote:To the PP above - I didn't read that as $50k being ALL of her savings, just her monthly checking, which is way too high for a checking balance.

Whether it's "way too high" for a cheacking balance depends entirely on individual spending habits. I try to keep about 2x monthly spending in mine because I don't like to worry about a payment going through, etc. For us, that's about $50-60k balance in checking. I would not be embarrassed if a teacher saw this. What's the big deal?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son has a private tutor and I was thumbing through my purse and accidentally left my checking account receipt on the floor. It must have dropped out of my purse. Statement showed 50k balance. Teacher gave it to me this week. I’m was a little embarrassed. Do a lot of folks in wealthy areas keep 50k in checking?

I think a 50k checking account is better than a flashy Chanel handbag some parents are carrying.

but what if we have both?

Eh, whatevs. We keep $100K in our checking account, and I carry a purse from Target. Now that's a conversation starter!

Anonymous wrote:

Anonymous wrote:My son has a private tutor and I was thumbing through my purse and accidentally left my checking account receipt on the floor. It must have dropped out of my purse. Statement showed 50k balance. Teacher gave it to me this week. I’m was a little embarrassed. Do a lot of folks in wealthy areas keep 50k in checking?

I think a 50k checking account is better than a flashy Chanel handbag some parents are carrying.

but what if we have both?

To the PP above - I didn't read that as $50k being ALL of her savings, just her monthly checking, which is way too high for a checking balance.

I wouldn't worry about it. So the teacher saw you have a relatively low bank balance. $50k is pretty low, but it's nothing to be embarrassed about. Lots of Americans have trouble saving, so you're not alone.

Pp - meant to say, even for high fixed expenses, $5-$20k extra would suffice. $50k is a lot

People saying $50k in checking is nothing are really out of touch. I agree it is a lot to have in a low interest account and most keeping track wouldn’t have quite that much regularly unless really wealthy. However, if you have high monthly expenses and output (regular vacation deposits, club dues, home/car maintenance, expensive kid activities, etc) you would have a fair amount in checking to cover those expenses plus the expensive one-offs that come up.

It may be a bonus that just hit or you have a big expenses on the horizon.

That said, I was once behind a huge expensive SUV plastered with expensive private school and club sport stickers and they left their receipt in the bank drive through - under $200. That is not what I was expecting I will admit.