Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Really no place pays any interest today. I have a checking account and a small saving account in case I need money quickly. When the saving account gets too big, I dump in it my C1-360 account, which doesn't pay much either. I just got my monthly interest on the BofA saving account today. $12k earned me 19 cents this month.
I did have a wheel of CD's with Capitol one 360, which once paid good interest. I cancelled all of my CD's as they matured because their regular saving paid more interest. CD interest went down to half %, regular saving, same bank, three quarters %. Not going to get rich either way... CD's used to pay over 5% before the clown was elected...
where do you keep an emergency fund? I put mine in CD's because some people on here suggested it. I think my financial advisor was really frustrated when she saw that (we haven't seen her in a year). I'd be willing to move it over to something else....
Savings account for the emergency fund personally. CD ladders are fine too though, so are I-bonds (inflation-protected gov't bonds). Not sure why a financial advisor would disapprove of CDs for emergency funds.
Others have enough invested in bond and stock index funds that they can just use their investments as emergency funds. That's fine as long as the emergency fund would still be large enough even after a big (let's say ~50%) stock or bond market drop.
Do you keep a blog? I think I would MUCH rather pay attention to what you have to say!
thanks , no blog though. i just steal ideas and thoughts from folks who are a whole lot smarter than me and they have the blogs.
i am not smart enough myself to come up with all these things. but the important thing is i know i am not smart enough , so i seek out those i think are the smartest folks on the planet on the subjects.
then i steal their ideas and pass em all along. ha ha ha , then i look smart
My checking account is used to cover our day to day bills for the month taking in account fuel, food, utilities. Easy to keep track of what's being used.
Really no place pays any interest today. I have a checking account and a small saving account in case I need money quickly. When the saving account gets too big, I dump in it my C1-360 account, which doesn't pay much either. I just got my monthly interest on the BofA saving account today. $12k earned me 19 cents this month.
I did have a wheel of CD's with Capitol one 360, which once paid good interest. I cancelled all of my CD's as they matured because their regular saving paid more interest. CD interest went down to half %, regular saving, same bank, three quarters %. Not going to get rich either way... CD's used to pay over 5% before the clown was elected...
Who?? Bush! Sorry, you set yourself up for that one.
It's a mindset once you learn to live within your means and pay off credit cards you can save a lot of money. I used to live like a lot of people did how much of a payment could I afford to buy something like a new car or home improvements. What I did to change that was we stopped buying everything we could and I put all the extra money towards what we had on loan. Even small interest payments add up. Once we paid off everything we could save almost 5k a month in 10 months we had 50k saved. I just bought a new jeep with cash that I saved the dealer was surprised that I didn't' want to finance it felt so good to just write that check. If you add up all the money that you are putting in bankers pockets each year its a lot of money. Lot of people talk about cash flow and borrowing up to the hilt to rent out homes or something not me. I'm old fashion I want to own everything out right that is my goal in life. Once your monthly bills go down your savings goes way up at work I hear people say when is pay day. I laugh I don't even pay attention to that anymore who cares my checking account is 100k and my savings is 100k. My 401k is saving 15% and now my wife and I both just opened Roth IRA's. It's all about a mindset it took us 7 years to pay off all our debt. Now if we want to spend money unless we can pay it off in a month we save the money first then buy it. I will never buy a car on a loan again were done with credit. Car loans are a joke you are paying 25% more of the total cost for a car that will be worth half what you paid for it by the time you pay that 5 year loan off. The 7 years while we paid off our debt I drove an old 1991 toyota pickup truck my wife drove a 99 ford truck both were old looked shabby but who cares. I would rather drive a junky old car then have a 5 year loan.
I knew it wouldn't be long before the classic CD post "Cars loose value and I drives an '89 Corolla! Why do you need a new car?" posts started showing up. I've never seen so many ppl who despise people driving a new car. Not everyone wants to put around town in a 20 yr old Carmy. But I digress.
It's a mindset once you learn to live within your means and pay off credit cards you can save a lot of money. I used to live like a lot of people did how much of a payment could I afford to buy something like a new car or home improvements. What I did to change that was we stopped buying everything we could and I put all the extra money towards what we had on loan. Even small interest payments add up. Once we paid off everything we could save almost 5k a month in 10 months we had 50k saved. I just bought a new jeep with cash that I saved the dealer was surprised that I didn't' want to finance it felt so good to just write that check. If you add up all the money that you are putting in bankers pockets each year its a lot of money. Lot of people talk about cash flow and borrowing up to the hilt to rent out homes or something not me. I'm old fashion I want to own everything out right that is my goal in life. Once your monthly bills go down your savings goes way up at work I hear people say when is pay day. I laugh I don't even pay attention to that anymore who cares my checking account is 100k and my savings is 100k. My 401k is saving 15% and now my wife and I both just opened Roth IRA's. It's all about a mindset it took us 7 years to pay off all our debt. Now if we want to spend money unless we can pay it off in a month we save the money first then buy it. I will never buy a car on a loan again were done with credit. Car loans are a joke you are paying 25% more of the total cost for a car that will be worth half what you paid for it by the time you pay that 5 year loan off. The 7 years while we paid off our debt I drove an old 1991 toyota pickup truck my wife drove a 99 ford truck both were old looked shabby but who cares. I would rather drive a junky old car then have a 5 year loan.
A car loan isn't bad if the interest rate is low enough. In fact, at 1% or so it might be the best deal you could find. Assuming that you are investing your money and you plan on keeping your car for 10 years or so anyway. As far as $100k in checking, why? That simply doesn't make sense. I always keep a minimum balance of $5k in checking and it covers ANY day-to-day expense that I'm likely to encounter.
I drive a 1993 Volvo because it looks great, runs like a top and it is paid for. I hope to never have another car note. Of course, it helps to have a hubby with the mechanical ability to keep it in good shape!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sorry, you set yourself up for that one. 
