It's the economy, stupid! (Finance-related news)

[Zetanio]

Basically get 6 months of runtime in emergency savings and then start looking at other investments.

[zoobernut]

Basically get 6 months of runtime in emergency savings and then start looking at other investments.

That is where I am at. I just don't know what the other investments are or should be. I am new to this realm of possibility.

[Zetanio]

You have enough liquid savings to continue on at your same burn rate for 6 months?

You can start an investment account and start going into investing into Index Funds other passively managed funds or equities if you REALLY want to. The money will NOT be immediately liquid and short-term investing is a fucking crapshoot. Regardless of what anyone will tell you, it's fucking risky as hell. Investing should be done on a long term basis.

You can look into 3-5 CDs or something. Otherwise just keeping it in a savings account isn't the absolute worst thing.

[Moss]

Should do some CDs if you're really anxious to get some kind of return with low risk but it isn't going to be liquid

I remember concluding they were my best option last I looked into it but I haven't gotten around to it yet.

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[zoobernut]

You have enough liquid savings to continue on at your same burn rate for 6 months?

You can start an investment account and start going into investing into Index Funds other passively managed funds or equities if you REALLY want to. The money will NOT be immediately liquid and short-term investing is a fucking crapshoot. Regardless of what anyone will tell you, it's fucking risky as hell. Investing should be done on a long term basis.

You can look into 3-5 CDs or something. Otherwise just keeping it in a savings account isn't the absolute worst thing.

Yes we have a solid 6 months worth of savings in our joint savings account and I have an automatic deposit set up to put an extra lump sum in that account at the end of every month. The money I have is extra I earned from my side job that is not part of our main savings plan. Typically I just save the money in the account until I need to replace my equipment and use it that way but I thought in between if I can get it to earn a little bit more than it does in the savings account that could be a good idea. How non liquid are CDs and what kind of return do you get? I typically purchase a new camera every 5 years.

[Zetanio]

They are totally illiquid. You buy them and get paid interest over the duration and you get your money back at the end.

[Zetanio]

It's essentially you selling the bank a bond.

I mean you can get out of it for a fee (usually not the highest thing in the world) but it's not tradable or anything.

[Melena]

Yes we have a solid 6 months worth of savings in our joint savings account and I have an automatic deposit set up to put an extra lump sum in that account at the end of every month. The money I have is extra I earned from my side job that is not part of our main savings plan. Typically I just save the money in the account until I need to replace my equipment and use it that way but I thought in between if I can get it to earn a little bit more than it does in the savings account that could be a good idea. How non liquid are CDs and what kind of return do you get? I typically purchase a new camera every 5 years.

Depends on the CD's. It's been ages since I had one, but I did have a 90 day CD (didn't have much in there) and at around 80 days, I'd get a notice to either cash it at the 90 day mark, or it would roll with the interest it accrued into a new 90 day CD. Obviously the longer the term of the CD, the higher the rates.

[archibaldcrane]

If you want something very liquid that does pay interest, the Capitol One 360 money market account pays 1.75% interest for accounts over $10k (or 0.85% for accounts under 10k).

https://www.capitalone.com/bank/savi...arket-account/

That's where I have my non-retirement savings / next house down payment money at the moment, better than nothing.

Or you can do a little better here: https://www.bankrate.com/landing/sav...xoCU28QAvD_BwE

[Zetanio]

Definitely better than nothing.

[Fondue]

Buy my XLM

[Fondue]

If you want something very liquid that does pay interest, the Capitol One 360 money market account pays 1.75% interest for accounts over $10k (or 0.85% for accounts under 10k).

https://www.capitalone.com/bank/savi...arket-account/

That's where I have my non-retirement savings / next house down payment money at the moment, better than nothing.

Or you can do a little better here: https://www.bankrate.com/landing/sav...xoCU28QAvD_BwE

Also whats the catch here? I'm fairly confident donald is gonna tank the stock market before too long so I want safe accessible money but my wells shitgo savings account gets me literally $5 a month interest on over $150k cash in the bank. I've been real hesitant to talk to any sort of (("money person")) but I also feel stupid.

[Bardicrune]

Check your local credit unions too. One of my local ones provides 2.5% on their checking account up to 15k.

[synistar]

Always going to be risk involved. Have a mutual fund that went up about 4-5%, then a city that the company had a stake in declared bankruptcy and the fund dipped below my buy in (-3%) but it has recovered and then some. Interest gets reinvested (and taxed, ugh) so it will always be growing better than a low interest savings.

I should get off my ass and jump on my credit union's promo for a 2.3% APY 14-month certificate.

[zoobernut]

You have enough liquid savings to continue on at your same burn rate for 6 months?

You can start an investment account and start going into investing into Index Funds other passively managed funds or equities if you REALLY want to. The money will NOT be immediately liquid and short-term investing is a fucking crapshoot. Regardless of what anyone will tell you, it's fucking risky as hell. Investing should be done on a long term basis.

You can look into 3-5 CDs or something. Otherwise just keeping it in a savings account isn't the absolute worst thing.

Any suggestions on where to start if I did want to go super short term very high risk like day trading or commodities or something like that?

[Zetanio]

When you put it in quotes like that it makes you seem like you're trying to say Jew.

There's no catch.

[Zetanio]

Also, mutual funds are a terrible investment, the fees are fucking hilarious.

[archibaldcrane]

Also whats the catch here? I'm fairly confident donald is gonna tank the stock market before too long so I want safe accessible money but my wells shitgo savings account gets me literally $5 a month interest on over $150k cash in the bank. I've been real hesitant to talk to any sort of (("money person")) but I also feel stupid.

There's no catch and no risk. Move your 150k into a money market savings account today, it's very easy to set up an account and transfer money (into the Capitol One 360 account anyway).

[Fondue]

There's no catch and no risk. Move your 150k into a money market savings account today, it's very easy to set up an account and transfer money (into the Capitol One 360 account anyway).

thanks, gonna talk to WF this week and if they cant give me anything like that in a money market adios

[Zetanio]

Wells is going to tell you to pound sand. Their rates are among the lowest in the industry. Capital One is your best bet on this.