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Not sure where you got that figure from, but I never drew a line in the sand on an actual number.
All of those sources that you reference are no different than the online savings accounts out there like ING and Ally...one of which I use for my "savings" money. Sadly though none of them will offer you anything significant in terms of interest, all below inflation rates.
The $3k number was an example, don't be so literal...
I am not talking about interest. I am talking about investing the money in the market. Why are you letting your money sit in an interest bearing account?
The $3k number was an example, don't be so literal...
I am not talking about interest. I am talking about investing the money in the market. Why are you letting your money sit in an interest bearing account?
Well it wasnt clear that it was just an example.
Like I said, my primary concern is around things like literal savings money, like emergency fund money for 6-12 months of expenses, or money parked outside of the market for the time being because the market is kind of an unpredictable gamed mess with everything up in the air because of the while fiscal cliff story. And who said I'm letting all of my money sit in an interest bearing account?
Like I said, my primary concern is around things like literal savings money, like emergency fund money for 6-12 months of expenses, or money parked outside of the market for the time being because the market is kind of an unpredictable gamed mess with everything up in the air because of the while fiscal cliff story. And who said I'm letting all of my money sit in an interest bearing account?
Because you made this statement: Sadly though none of them will offer you anything significant in terms of interest, all below inflation rates.
There are safe options beyond pure stocks. A decent index fund, ETF, muni bond, T-Bill, (or better yet, a well diversified combination) is incredibly safe and will absolutely beat inflation as well as interest earned from any account.
That being said, we are getting off topic. It seems like you are agreeing with my original point, which was: Why the hell would any lower/middle class person have any substantial amount of money in a savings account?
Because you made this statement: Sadly though none of them will offer you anything significant in terms of interest, all below inflation rates.
There are safe options beyond pure stocks. A decent index fund, ETF, muni bond, T-Bill, (or better yet, a well diversified combination) is incredibly safe and will absolutely beat inflation as well as interest earned from any account.
That being said, we are getting off topic. It seems like you are agreeing with my original point, which was: Why the hell would any lower/middle class person have any substantial amount of money in a savings account?
Sorry, but I consider 6-12 months worth of expense money to be "substantial" and the fact that it is literally losing money means I'm not really saving money, and actually have to continue to add to this 6-12 months worth of expenses that I have saved.
I'm well aware of the available ETF and bond options, for the short term (in my eyes the end of Q1 2013) I plan on keeping my money mostly in cash for a few small exceptions, but yes we are off track now.
Because you made this statement: Sadly though none of them will offer you anything significant in terms of interest, all below inflation rates.
There are safe options beyond pure stocks. A decent index fund, ETF, muni bond, T-Bill, (or better yet, a well diversified combination) is incredibly safe and will absolutely beat inflation as well as interest earned from any account.
That being said, we are getting off topic. It seems like you are agreeing with my original point, which was: Why the hell would any lower/middle class person have any substantial amount of money in a savings account?
See... you people don't learn. Enron should have finished The Market but no... Bernie Madoff.. The Great Recession... The Auto Bailout... these things are all after Enron and they are still catching Stupid White (and Asian) Men out. Black people know better than to give all their money to a white man because their money will be used as cannon fodder so these Masters of the Universe can become Hedge Fund Manager of the Year. Of course in order to be an investor you have to have a decent salary to start with... what percent of black or hispanic people is that? When you fire up your browser to post pithy rantings in open forum do you stop to consider that nearly 100% of the minority posters and as much as 40% of white posters will think you are criminally naivie or does that not matter? Those percentages add up to a fairly large number of individuals that think you are a raving Fruit Loop. White people screwing over white people is now the chief way that the 1% make uber riches. If America had a halfway decent social safety net individual Americans would not have to obsess over arcane portfolios of financial instruments designed to buffer them from the uncertainties of the future. Know why the average German, Dutch, Belgian or Swiss individual gets much more sex, is happier overall and has a higher life expectancy than the average American??
See... you people don't learn. Enron should have finished The Market but no... Bernie Madoff.. The Great Recession... The Auto Bailout... these things are all after Enron and they are still catching Stupid White (and Asian) Men out. Black people know better than to give all their money to a white man because their money will be used as cannon fodder so these Masters of the Universe can become Hedge Fund Manager of the Year. Of course in order to be an investor you have to have a decent salary to start with... what percent of black or hispanic people is that? When you fire up your browser to post pithy rantings in open forum do you stop to consider that nearly 100% of the minority posters and as much as 40% of white posters will think you are criminally naivie or does that not matter? Those percentages add up to a fairly large number of individuals that think you are a raving Fruit Loop. White people screwing over white people is now the chief way that the 1% make uber riches. If America had a halfway decent social safety net individual Americans would not have to obsess over arcane portfolios of financial instruments designed to buffer them from the uncertainties of the future. Know why the average German, Dutch, Belgian or Swiss individual gets much more sex, is happier overall and has a higher life expectancy than the average American??
H
wow, way to bring racism into a thread that has nothing to do with it. Please stop your racist rants and try to have an intelligent conversation.
Jealous? No. Envious? Of course. I doubt that I will ever be rich. I will be comfortable. Mostly because I never trusted in SS, the government or anyone else to see to my future needs. I pay attention to what people with money are investing in. I follow a few rules that I etched into stone.
1. Never finance a toy.
2. Never finance more than half on a car.
3. Never go more than 1 week's take home pay into payments on debt.
If it is worth having it is worth saving for.
But thank God we have those "poor" people out there like liz warren, obama, pelosi, reid, maddow, matthews, sharpton, gore, Kerry and the entire slew of democrats stoking the fires of envy.
I have no bitterness or anger towards a rich person. I do think a tax increase or closing of tax loopholes is probably warranted so long as it doesn't become punitive like they have in France.
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