RedSoxFan9 Posted August 19, 2019 Share Posted August 19, 2019 we’re in good hands! Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 19, 2019 Share Posted August 19, 2019 On 8/16/2019 at 12:33 PM, foosh said: you can stretch your savings by getting rid of luxury items, such as a refrigerator and healthcare. Wow I never considered that! Quote Link to comment Share on other sites More sharing options...
Reputator Posted August 19, 2019 Share Posted August 19, 2019 On 8/17/2019 at 6:19 AM, TheBladeRoden said: What if I'm 35 and have no money invested anywhere? lol I tried starting a savings for a new car last month. Put in $500, and a month later instead of growing it was down to $150. Life is awesome! Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 19, 2019 Share Posted August 19, 2019 1 hour ago, Reputator said: lol I tried starting a savings for a new car last month. Put in $500, and a month later instead of growing it was down to $150. Life is awesome! Did it shrink because of market losses, or because you took money out? If it was the former, I would recommend keeping short or medium-term investments in a high-interest savings account rather than in actual stocks or index funds. Quote Link to comment Share on other sites More sharing options...
ThreePi Posted August 19, 2019 Share Posted August 19, 2019 43 minutes ago, CitizenVectron said: Did it shrink because of market losses, or because you took money out? If it was the former, I would recommend keeping short or medium-term investments in a high-interest savings account rather than in actual stocks or index funds. High-interest savings account, lol. That's cute. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 19, 2019 Share Posted August 19, 2019 Just now, ThreePi said: High-interest savings account, lol. That's cute. There are several banks where you can get ~2.3% on savings accounts. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 19, 2019 Share Posted August 19, 2019 1 hour ago, ThreePi said: High-interest savings account, lol. That's cute. 1 hour ago, Jason said: There are several banks where you can get ~2.3% on savings accounts. I think I've talked about it before, but I guess it depends on where you live. In Canada 2.3 - 3.0% HISA are common, usually through online banking-only (but with free unlimited e-transfers to chequing accounts, etc). I think they are less common in the US, but still available in some places. I use EQ Bank (Canada-only) which is 2.3% with unlimited e-transfers (bank-to-bank instant transfer using email). You can get slightly better rates if you lock it in through a GIC as well (can't take it out until X date) up to 2.6%, I think. Quote Link to comment Share on other sites More sharing options...
brandino Posted August 19, 2019 Share Posted August 19, 2019 Here in the states, you can only transfer money out of a savings account around five times a month. Otherwise you start getting letters about reporting to Homeland Security Quote Link to comment Share on other sites More sharing options...
Reputator Posted August 19, 2019 Share Posted August 19, 2019 2 hours ago, CitizenVectron said: Did it shrink because of market losses, or because you took money out? If it was the former, I would recommend keeping short or medium-term investments in a high-interest savings account rather than in actual stocks or index funds. You make it sound like a retirement plan. This is just a savings account at Wells Fargo, and it shrunk becauses our expenses are too high and we had to pull from it. Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 19, 2019 Share Posted August 19, 2019 1 hour ago, brandino said: Here in the states, you can only transfer money out of a savings account around five times a month. Otherwise you start getting letters about reporting to Homeland Security Really? I get the feeling you are being sarcastic. Quote Link to comment Share on other sites More sharing options...
Zaku3 Posted August 19, 2019 Share Posted August 19, 2019 5 minutes ago, CitizenVectron said: Really? I get the feeling you are being sarcastic. It maybe . I have a way2save account with Wells Fargo and you are limited to having 5 transfers per month. Not sure about letters from homeland security. Quote Link to comment Share on other sites More sharing options...
Oberon Posted August 19, 2019 Share Posted August 19, 2019 39 minutes ago, CitizenVectron said: Really? I get the feeling you are being sarcastic. Regulation D allows 6 electronic transfers a month out of a savings account. Any more than that may subject you to a fee. If that happens more than 3 times in a 12 months period your savings account is subject to be closed or converted to a checking account. In person transactions do not count towards the 6 electronic withdrawals. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 19, 2019 Share Posted August 19, 2019 Looking to keep the sugar high going through 2020 White House officials eyeing payroll tax cut in effort to reverse weakening economyhttps://wapo.st/2Z5YaFl Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 19, 2019 Share Posted August 19, 2019 20 minutes ago, b_m_b_m_b_m said: Looking to keep the sugar high going through 2020 White House officials eyeing payroll tax cut in effort to reverse weakening economyhttps://wapo.st/2Z5YaFl Lol jk jk Quote Link to comment Share on other sites More sharing options...
Chris- Posted August 19, 2019 Share Posted August 19, 2019 12 minutes ago, b_m_b_m_b_m said: Lol jk jk Of course not, wouldn't want to do something that disproportionately helps the working and middle class, no sir! Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted August 19, 2019 Share Posted August 19, 2019 2 hours ago, Oberon said: Regulation D allows 6 electronic transfers a month out of a savings account. Any more than that may subject you to a fee. If that happens more than 3 times in a 12 months period your savings account is subject to be closed or converted to a checking account. In person transactions do not count towards the 6 electronic withdrawals. Haha wow, you guys weren't kidding. That's crazy and makes no sense with today's electronic banking. I get unlimited transfers/withdrawals, and they are all instant (well, up to 30 minutes on a weekend, potentially). There are some money limits on e-transfers, but it's not prohibitive. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 20, 2019 Share Posted August 20, 2019 1 Quote Link to comment Share on other sites More sharing options...
Zaku3 Posted August 20, 2019 Share Posted August 20, 2019 16 hours ago, Chris- said: Of course not, wouldn't want to do something that disproportionately helps the working and middle class, no sir! That wealth will trickle down any day now. just gotta keep cutting taxes on the wealthy. TBH i am surprised it took the white house so long to realize you just need to cut taxes on the rich to prevent recessions. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted August 20, 2019 Share Posted August 20, 2019 21 hours ago, ThreePi said: High-interest savings account, lol. That's cute. If you do an online savings account with HSBC you can get 2.2 APY. There are other banks that have higher too. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 20, 2019 Share Posted August 20, 2019 21 hours ago, b_m_b_m_b_m said: Lol jk jk 21 hours ago, Chris- said: Of course not, wouldn't want to do something that disproportionately helps the working and middle class, no sir! NO CHAOS! Trump confirms he’s considering a payroll tax cut amid mounting economic concerns Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 20, 2019 Share Posted August 20, 2019 50 minutes ago, Jason said: NO CHAOS! Trump confirms he’s considering a payroll tax cut amid mounting economic concerns While they're considering thinking about proposing a modest payroll tax cut, the owners of capital may get a nice executive-driven tax cut. Quote Link to comment Share on other sites More sharing options...
TheBladeRoden Posted August 21, 2019 Share Posted August 21, 2019 WTH my savings account gets a *does the math* 0.0175% interest rate. Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted August 21, 2019 Share Posted August 21, 2019 After we sold our house earlier this year, we put the equity into a money market account at our bank. It's a 1% return, which isn't great, but it's better than what you'd get in a normal savings account. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 21, 2019 Share Posted August 21, 2019 Quote Link to comment Share on other sites More sharing options...
Jason Posted August 21, 2019 Share Posted August 21, 2019 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 21, 2019 Share Posted August 21, 2019 The brain worms are getting worse it seems Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted August 21, 2019 Share Posted August 21, 2019 How the fuck do you people have so much money invested in retirements and other accounts? You must all get paid better than I do, because all I have left after rent, loan payments, and monthly bills is about $1200. And that's not counting things like groceries and gas. Or maybe I'm just shit at budgeting... I'm 30, and I only just this year have a decent paying job to even now have a retirement account. At this rate I'm going to be stuck working until I'm dead. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 21, 2019 Share Posted August 21, 2019 6 minutes ago, marioandsonic said: I'm 30, and I only just this year have a decent paying job to even now have a retirement account Basically it's this. But don't compare yourself to others, especially in financial matters. Not everyone starts from the same spot in life. Some get significant help from parents, some luck out (with hard work and intelligence, obviously) in getting good, high paying jobs, and don't have other major hindrances that actively work against them. All you can do is the best you can with the die cast for you, and try and improve upon that from today to the next, even if just a little bit at a time. 1 Quote Link to comment Share on other sites More sharing options...
Joe Posted August 21, 2019 Share Posted August 21, 2019 56 minutes ago, marioandsonic said: How the fuck do you people have so much money invested in retirements and other accounts? You must all get paid better than I do, because all I have left after rent, loan payments, and monthly bills is about $1200. And that's not counting things like groceries and gas. Or maybe I'm just shit at budgeting... I'm 30, and I only just this year have a decent paying job to even now have a retirement account. At this rate I'm going to be stuck working until I'm dead. Please invest in a Roth and not a 401k unless your company has a good match. Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted August 21, 2019 Share Posted August 21, 2019 54 minutes ago, Jose said: Please invest in a Roth and not a 401k unless your company has a good match. My company does not match... 1 hour ago, b_m_b_m_b_m said: Basically it's this. But don't compare yourself to others, especially in financial matters. Not everyone starts from the same spot in life. Some get significant help from parents, some luck out (with hard work and intelligence, obviously) in getting good, high paying jobs, and don't have other major hindrances that actively work against them. All you can do is the best you can with the die cast for you, and try and improve upon that from today to the next, even if just a little bit at a time. Fair enough. Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted August 21, 2019 Share Posted August 21, 2019 4 minutes ago, marioandsonic said: My company does not match. Do it anyway, regular 401k though, not Roth. Bring down your taxable income. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 21, 2019 Share Posted August 21, 2019 5 minutes ago, 2user1cup said: Do it anyway, regular 401k though, not Roth. Bring down your taxable income. Iirc, If you expect taxes to increase by the time you retire, Roth is the way to go. If you expect them to decrease by that time, 401k. So in general: 401k to match -> Roth -> 401k Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted August 21, 2019 Share Posted August 21, 2019 Just now, b_m_b_m_b_m said: Iirc, If you expect taxes to increase by the time you retire, Roth is the way to go. If you expect them to decrease by that time, 401k. Why not both Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted August 21, 2019 Share Posted August 21, 2019 Just now, Kal-El814 said: Why not both In general, Prioritize your $ in a 401k match, then Roth till max, then 401k Quote Link to comment Share on other sites More sharing options...
Joe Posted August 21, 2019 Share Posted August 21, 2019 His taxes will probably increase by the time he retires. Also, tax rates are probably going to be higher. Quote Link to comment Share on other sites More sharing options...
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