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Discussion Starter #1
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?
 

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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.
 

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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***
 

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Discussion Starter #5
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.
 

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Discussion Starter #6
JBaz said:
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......
 

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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.
 

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so um jbaz how about loaning a buddy a few bucks and calling it a friendly gesture :eyebrows:
 

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What is the "savings" thing you speak of? :huh:



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

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Tax free retirement account. Add to it every chance you get and leave it alone. Start now cause there prolly won't be any social security when you retire.

When you have money buy gold. When you need money sell it. Gold doesn't really gain on interest but is a good hedge against inflation.

Don't forget that you pay income tax on most interest bearing accounts, so you are not really getting as much as it appears.
 

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Pretty much like everyone else was saying...but I have my two cents.

If you don't need the money for a long time, invest it for your future or your retirement. Or if you think you need some money, put half in IRA's and half in CD's. Either way the best way to make your money work for you is to invest it and fall asleep for like 10 years...when you wake up, you'll have much more money than you started. This savings and checking account interest rate stuff is for the birds. Get a mutual fund or IRA, it's all about retirement baby!!

Oh, and don't get married or have kids. Then all that cash you thought you had...poof gone, like a fart in the wind. LOL
 

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DocThee said:

Oh, and don't get married or have kids. Then all that cash you thought you had...poof gone, like a fart in the wind. LOL
The farts stick around longer.


And I'll throw in my 2 cents on the serious side in support of what others are saying. Checking & savings accounts are the shits. Simple interest is for simpletons. Get that money in a compound interest earning account and let it work for you. Just have the restraint to not touch it unless absolutely necessary.

About the best money advice I have gotten was essentially to teach yourself the difference between wants and needs (and no, that really hot Thai transvestite you want to bring here and marry is not a necessity). Never finance anything that is a want, and try not to finance any needs if you can avoid it. I'm not saying credit cards are bad, but they should not be used unless you have the cash for what you are buying. Lots of cards offer rewards which is great, and they also give you recourse for transactions gone wrong. But once you use the card, pay it off immediately. It's hard to do, but very nice once you get used to it.

Also, if you only make a nickel, don't spend a dime. Sounds simple, but you'd be surprised how many people don't understand that concept and get in over their heads.
 

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JBaz said:
how bout you find yourself a job...

I have one......that kinda sucks.....but I guess a job is better than no job. Oh there's no need to save for retirement.....social security will take care of everything :laughing:
 

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I have a financial investor that handles my monies & keeps my Chequing account properly for automatically all my bills are deducted from said account to even pulls some of the money out for me from other investments when it comes to insuring my cage, m/cs, home, & such.

This woman knows her stuff & is able to find ways for me to keep low one what I pay IT. She is, of all things, from Iran with a Cockney accent for she, a muslim, married a Jewish chap from the Cockney world of the UK. True that one out for a bit of thinking. In fact often, they have me over for supper, knowing I am an old bachelor, & love a home cooked meal. Be it pork chops, chicken, fish, or your name it, the religion does not effect her thinking!!!!!!

Yes I met the mother in a gym some yrs ago & was not happy with the financial adviser at the time so shifted all over to her.

You should see their 22 yr old daughter with lighter coloured skin, blond hair, cold blue eyes, & a figure so many wished they had--the Mother always gives me a polite & nice hug, so the daughter has started to do the same, to the amazement of the parents as she does not do that to anyone else like relaties or such---guess it is only because I am a crazy old m/c fart.
 

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A big +1 to everthing spicersh said. :thumb:

The vast majority of our spending is done with CC's. At the end of the month, we transfer money from our off-set account (attached to our home loan) to the CC's and clear them again.

We get a double benefit:

1) CC rewards points. :D

2) Any money in our off-set account is "deducted" from our loan debt when they calculate our monthly interest. The more money we keep in the off-set, the less interest we pay. We also pay our loan weekly, which reduces the cost of our loan significantly over its life.
 

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Discussion Starter #17
spicersh said:

Also, if you only make a nickel, don't spend a dime. Sounds simple, but you'd be surprised how many people don't understand that concept and get in over their heads.
Thanks for the advice mom.:rolleyes: I'm not worried about what I'm spending. Obviously I can watch what i spend, I only make about 30k per year, and I've only been working since june of 2005. That means in 2 years I went from being completely broke, to having $11,000 in the bank. Now i need to know what to do with it.

I need to look at some of the info Jbaz put up, and read about IRA's and CD's. I hate to put too much into my retirement, since right now I pay into a retirement account at work. The government retirement account I'm in matches exactly as much per month as i put in, plus they have a pretty well diversivied plan.
 

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smitty, what the hell are you rambling on about this time.
 

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Tippmann said:
Thanks for the advice mom.:rolleyes: I'm not worried about what I'm spending. Obviously I can watch what i spend, I only make about 30k per year, and I've only been working since june of 2005. That means in 2 years I went from being completely broke, to having $11,000 in the bank. Now i need to know what to do with it.

I need to look at some of the info Jbaz put up, and read about IRA's and CD's. I hate to put too much into my retirement, since right now I pay into a retirement account at work. The government retirement account I'm in matches exactly as much per month as i put in, plus they have a pretty well diversivied plan.
Two years out of school I had virtually no debt and a decent savings too. It sneaks up on ya.

Oh, and you can call me dad now...I had the operation. :thumb:
 

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spicersh said:
Two years out of school I had virtually no debt and a decent savings too. It sneaks up on ya.

Oh, and you can call me dad now...I had the operation. :thumb:
6 months ago, I had no debt (except the mortgage) and money in savings. Thats totally different now. Its amazing how fast things change!
 
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