Do i still need to save 50% of my income even after settling my emergency funds? For now, i am just saving $500 and dumping more $$ into investments.

Once you have attained a comfortable emergency fund, you can consider deploying the excess in investment or continue to build a war chest.

You talk about saving 50%. Generally people don't save that ratio. Once you saved your emergency fund, carrying on to save is dependent on what you want to achieve. You could be saving for a house? A holiday? A business? Or just buying opportunity.

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another way is to save to generate interest like passive income. Even high interest accounts can generate interest close to $1000 a month if you have about $250,000 cash. So if you are a low spender, it means you could be FI if you are already debt free.

If you can why not?

Are you able to use the funds during emergency? If not, no use even if higher yield.