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American Express has online savings account, currently at 0.9%. Linked to my credit union, I keep the bulk of my emergency funds there, and just my monthly money goes in and out of the CU.
American Express has online savings account, currently at 0.9%. Linked to my credit union, I keep the bulk of my emergency funds there, and just my monthly money goes in and out of the CU.
Thanks for reminding me about this. I had received several offers in the mail about their high yield savings account product. I'm opening one today!
I don't care what % you are paying in interest. Do you really want to keep dealing with the bank and seeing that statement come in month after month?
I'm 45 and said good bye to a mortgage last year. Call it being too conservative -- call it not using leverage, call it what you will. It just feels darn good not to have to deal with the bank for the rest of my life!
I'm looking for a two-year investment only... Looks like 1.35 is the best out there currently. This is pretty much what I signed onto the thread looking for, but hadn't considered; thanks!
You should be able to do much better than 1.35%. No reason you can't make 5% per year in the high yield bond market, taking on a little bit of risk and paying attention to your investments. Making occasional trades, etc. High yield bonds are benefiting from the same fed policy as are stocks. As long as the fed keeps interest rates where they are, bonds of decent companies will hold up in value.
Check out bonds from companies like
Frontier
Windstream
PPL Energy Plus
These are the only 3 I can think of off the top of my head, but there are many others.
All are good bets to remain in business and paying bond interest for a long time.
I don't care what % you are paying in interest. Do you really want to keep dealing with the bank and seeing that statement come in month after month?
I'm 45 and said good bye to a mortgage last year. Call it being too conservative -- call it not using leverage, call it what you will. It just feels darn good not to have to deal with the bank for the rest of my life!
I deal with my bank many times a month...through the internet. I track my expenses and pay my bills online.
When it comes to a mortgage, I never see a monthly statement. The mortgage is paid automatically from my bank account and sent to a different bank that holds the mortgage.
Again the argument for paying off a mortgage seems to come down to how it "feels." As I said previously, when I reached the age of about 12, I started to depend more on understanding and logic than raw emotion and feelings.
I deal with my bank many times a month...through the internet. I track my expenses and pay my bills online.
When it comes to a mortgage, I never see a monthly statement. The mortgage is paid automatically from my bank account and sent to a different bank that holds the mortgage.
Again the argument for paying off a mortgage seems to come down to how it "feels." As I said previously, when I reached the age of about 12, I started to depend more on understanding and logic than raw emotion and feelings.
Not sure what your point is, but I deal in logic more than most on this planet.
I don't pay my bills on line as I don't trust the banks or the systems to be free of hackers. I pay with old fashioned check. Just wait until one day if the bank takes out 10X what it's supposed to, to pay one of your bills. Or makes some other mistake.
Perhaps you are not quite as smart as you think.
With a lifetime of banking, I only encountered one error. In the old days the bank incorrectly entered the amount of a check. Electronic banking is way more reliable since human error is not involved. If the bank gets hacked all of the records would be exposed even those that involved manual transactions. I still fail to see how your logic connects this with avoiding a mortgage. In addition to a mortgage, we all have numerous payments that cannot be avoided or cannot be done with cash: utilities, taxes, insurance, etc.
BeerGeek, I did not mean to single you out. But many other people would also pay off a low cost mortgage, not because it makes financial sense, but because it would make them "feel" good.
I deal with my bank many times a month...through the internet. I track my expenses and pay my bills online.
When it comes to a mortgage, I never see a monthly statement. The mortgage is paid automatically from my bank account and sent to a different bank that holds the mortgage.
Again the argument for paying off a mortgage seems to come down to how it "feels." As I said previously, when I reached the age of about 12, I started to depend more on understanding and logic than raw emotion and feelings.
I deal with my bank many times a month...through the internet. I track my expenses and pay my bills online.
When it comes to a mortgage, I never see a monthly statement. The mortgage is paid automatically from my bank account and sent to a different bank that holds the mortgage.
Again the argument for paying off a mortgage seems to come down to how it "feels." As I said previously, when I reached the age of about 12, I started to depend more on understanding and logic than raw emotion and feelings.
I'm just the opposite. I use my CC the entire month, including bill paying and then just write one check a month to the bank for the CC payment.
My CC statement is categorized so I can see my budget broken down.
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