What do people do with their $$? - Sportbike Forum: Sportbike Motorcycle Forums
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 23 (permalink) Old 06-19-2007, 01:52 PM Thread Starter
Registered User
 
Tippmann's Avatar
 
Join Date: Mar 2002
Location: Pittsburgh, PA
Posts: 5,373
Send a message via AIM to Tippmann Send a message via Yahoo to Tippmann
What do people do with their $$$savings?

I have about $11,000 saved up in the bank. I had $7,500 in the savings account, and about $3,500 in the checking account. All the savings was getting me was about $3.25/per month in interest. It recently occured to me that that blows a fat one. A friend of mine turned me on to a capitol one money market account that gives you 4.25% APY. So If i put $8,000 in that account it will get me about $340 a year. That's much better than the crappy savings, but still not really much.

So the question is, what does everyone do to make money off their savings they're not planning to spend?

Quote:
Originally posted by sidewaysducati
SWIPE THE CARD GRANDMA!!!
SWIPE THE GODDAMNED CARD!!!!
WARNING
If you are reading this then this warning is for you. Every word you read of this useless fine print is another second off your life. Don't you have other things to do? Is your life so empty that you honestly can't think of a better way to spend these moments? Or are you so impressed with authority that you give respect and credence to all who claim it? Do you read everything you're supposed to read? Do you think everything you're supposed to think? Buy what you're told you should want? Get out of your apartment. Meet a member of the opposite sex. Stop the excessive shopping and masturbation. Quit your job. Start a fight. Prove you're alive. If you don't claim your humanity you will become a statistic. You have been warned...... Tyler
Tippmann is offline  
Sponsored Links
Advertisement
 
post #2 of 23 (permalink) Old 06-19-2007, 03:49 PM
Registered User
 
saturntangerine's Avatar
 
Join Date: May 2002
Location: La Vergne, TN
Posts: 848
Send a message via AIM to saturntangerine Send a message via Yahoo to saturntangerine
CDs are usually a better investment than Money Market accounts... but you don't have access to the money whenever you want.

As for specifically where to get a CD, that's up to you... the interest rates change daily.
saturntangerine is offline  
post #3 of 23 (permalink) Old 06-19-2007, 04:57 PM
 
Join Date: Jun 2001
Posts: 1,992
I get about that same interest rate on my ing direct savings account. I can transfer money to and from there in about a day or so.

They also have CD's and money market accounts with higher yields. Chem 'em out!

www.ingdirect.com
Kevlar7R is offline  
 
post #4 of 23 (permalink) Old 06-19-2007, 05:57 PM
 
Join Date: Jun 2005
Posts: 2,904
Yeah, I currently have about 13k in permanent savings account right now (as apposed to regular savings and checking). It's currently in my CD account which is at 4.09% and I'm about to take it out of there and put it into a high-yield savings account. There's a few of them out there such as citibank, ING and etrade. I might put it in the etrade savings account since it's a 5.05% annual and they are fairly reputable company.

Checkout http://clarkhoward.com/ for any kind of financial help. He's really helpful in the states as he's really good on his radio show.

Btw, I have about 4k in reg savings and never have more than 150 bucks in my checking account. Always use CC's to buy anything for the safety, security and record keeping. Plus it helps with your credit score.


***FYI, high-yield savings accounts have restrictions so read the fine print carefully!!! Most of the time, they restrict the amount of transfers per month (as do most savings accounts), so their liquidity might not be as good.***

***Oh, one more thing. How are you handling your retirement planning? Check out clark howard's website about IRA accounts as you can put $x amount of money away for direct savings per year which are non-taxable as long as you don't take money out of that account early on. Also, make sure what ever banking firm you choose that it's insured by the government bank of up to 100k***

Last edited by JBaz; 06-19-2007 at 06:11 PM.
JBaz is offline  
post #5 of 23 (permalink) Old 06-19-2007, 06:07 PM Thread Starter
Registered User
 
Tippmann's Avatar
 
Join Date: Mar 2002
Location: Pittsburgh, PA
Posts: 5,373
Send a message via AIM to Tippmann Send a message via Yahoo to Tippmann
Kev, i can't believe ING has a checking account that offers this...

Electric OrangeTM
A checking account that works for you.
Earn up to 5.30% APY on your deposits.

For the amount of money i would have in it, it says i would get 4% APY. That's nuts for a checking account if i'm reading it right.

Quote:
Originally posted by sidewaysducati
SWIPE THE CARD GRANDMA!!!
SWIPE THE GODDAMNED CARD!!!!
WARNING
If you are reading this then this warning is for you. Every word you read of this useless fine print is another second off your life. Don't you have other things to do? Is your life so empty that you honestly can't think of a better way to spend these moments? Or are you so impressed with authority that you give respect and credence to all who claim it? Do you read everything you're supposed to read? Do you think everything you're supposed to think? Buy what you're told you should want? Get out of your apartment. Meet a member of the opposite sex. Stop the excessive shopping and masturbation. Quit your job. Start a fight. Prove you're alive. If you don't claim your humanity you will become a statistic. You have been warned...... Tyler
Tippmann is offline  
post #6 of 23 (permalink) Old 06-19-2007, 06:10 PM Thread Starter
Registered User
 
Tippmann's Avatar
 
Join Date: Mar 2002
Location: Pittsburgh, PA
Posts: 5,373
Send a message via AIM to Tippmann Send a message via Yahoo to Tippmann
Quote:
Originally posted by JBaz
Checkout http://clarkhoward.com/ for any kind of financial help. Btw, I have about 4k in reg savings and never have more than 150 bucks in my checking account. Always use CC's to buy anything for the safety, security and record keeping. Plus it helps with your credit score.


***FYI, high-yield savings accounts have restrictions so read the fine print carefully!!! Most of the time, they restrict the amount of transfers per month (as do most savings accounts), so their liquidity might not be as good.***
I need to keep money in my checking account, i think. I have direct deposit for work, and most of my bills deduct for my account automatically. The only way I'd be able to say F U to my checking account is if I could find a high yield account with unlimited transactions.
I use the credit card for almost everything. The problem with that is it's a card from my bank. So i use my banks checking account to pay the CC.

I'm not sure what i'm going to do yet......

Quote:
Originally posted by sidewaysducati
SWIPE THE CARD GRANDMA!!!
SWIPE THE GODDAMNED CARD!!!!
WARNING
If you are reading this then this warning is for you. Every word you read of this useless fine print is another second off your life. Don't you have other things to do? Is your life so empty that you honestly can't think of a better way to spend these moments? Or are you so impressed with authority that you give respect and credence to all who claim it? Do you read everything you're supposed to read? Do you think everything you're supposed to think? Buy what you're told you should want? Get out of your apartment. Meet a member of the opposite sex. Stop the excessive shopping and masturbation. Quit your job. Start a fight. Prove you're alive. If you don't claim your humanity you will become a statistic. You have been warned...... Tyler
Tippmann is offline  
post #7 of 23 (permalink) Old 06-19-2007, 06:15 PM
 
Join Date: Jun 2005
Posts: 2,904
Well my lifestyle is totally different from yours too...

I can only do 7 with drawl transaction with my Bank of America reg savings account per month. I have direct deposit from work into my checking and I right away put it in my savings account. Any day to day payments I charge using CC or paypal(which takes money out of CC). The only reason I have Checking is a buffer between cash flow and savings. That's it.

I don't have any direct payment plans with checking as my monthly expenses are low. College student living at home kind of deal. At the end of each month, I transfer money from savings directly to CC.
JBaz is offline  
post #8 of 23 (permalink) Old 06-19-2007, 07:16 PM
 
Join Date: Feb 2007
Posts: 153
so um jbaz how about loaning a buddy a few bucks and calling it a friendly gesture
streetbreed22 is offline  
post #9 of 23 (permalink) Old 06-20-2007, 12:25 AM
 
Join Date: Jun 2005
Posts: 2,904
how bout you find yourself a job...

btw, look at http://www.bankrate.com/ as they also have good financial info. You can look at the highest CD's on the market and get idea on what to do there.
JBaz is offline  
post #10 of 23 (permalink) Old 06-20-2007, 05:11 AM
S370HSSV 0773H
 
spicersh's Avatar
 
Join Date: Apr 2002
Location: Terrible Hole, IN
Posts: 7,437
Send a message via Yahoo to spicersh
What is the "savings" thing you speak of?



Wanna know what to do with your money? Buy a house and have some kids...that'll take care of that!

SportbikeWorld Supermoderator

The God of the Old Testament is arguably the most unpleasant character in all of fiction: jealous and proud of it; a petty, unjust, unforgiving control-freak; a vindictive, bloodthirsty ethnic cleanser; a misogynistic, homophobic, racist, infanticidal, genocidal, filicidal, pestilential, megalomanical, sadomasochistic, capriciously malevolent bully. - Richard Dawkins, The God Delusion
spicersh is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Sportbike Forum: Sportbike Motorcycle Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome