GAMESTONKS II - Full Faith and Credit in Memes

[Spicyryan]

So quick question, wanting to start a savings account of some sort to stash money for 3-10 years for stuff like big vacations. What would the best type of account to put this in that's low-risk/reliable return?

Did you purchase your 10k yearly limit of I-Bonds? 6.89% for next 6 months. No interest penalty after 5 years pass for cashing in.

[Ayn]

Kicking myself for not doing that when they were at 9.0ish. .but will make sure to hop on this one.

[Byrthnoth]

So quick question, wanting to start a savings account of some sort to stash money for 3-10 years for stuff like big vacations. What would the best type of account to put this in that's low-risk/reliable return?

The simplest option is to get a high yield savings account (like a Money Market account). You can only transfer out 6 times a month, but it gives higher interest than normal savings accounts (mine is 2.35% right now). There are weird times (like now) where specific bonds are going to beat it (I bonds at the moment), but it is dead simple.

[Spicyryan]

Kicking myself for not doing that when they were at 9.0ish. .but will make sure to hop on this one.

Unless you just had a pile of money sitting around; in which case you have bigger concerns of negligence than missing a 6 month interest rate. Then most people don't have the spare 10,000 to max out. Not that you need to in order to it to be worth it. Just that most people don't have a lot of of saving.

[Jaybar]

Unless you just had a pile of money sitting around; in which case you have bigger concerns of negligence than missing a 6 month interest rate. Then most people don't have the spare 10,000 to max out. Not that you need to in order to it to be worth it. Just that most people don't have a lot of of saving.

I had a pile of money put in my lap. Threw it in a managed market account, lost 20% of it lol. Thanks Obama (bad timing really, tip of the bull market - whatever, time in the market > timing the market). At least 10k of that went to the I bonds but it will hardly make up that loss.

[Spicyryan]

I had a pile of money put in my lap. Threw it in a managed market account, lost 20% of it lol. Thanks Obama (bad timing really, tip of the bull market - whatever, time in the market > timing the market). At least 10k of that went to the I bonds but it will hardly make up that loss.

Losing it years ago and keeping it in play still results better over time than not doing that. Which is why I let it go whenever I time poorly by coincidence. I just keep stacking. Which is why my wife got the i bonds and i didn't. As long as a general pattern is followed of the ubiquitous common sense approaches then calculated persistence is valid otherwise. Most people just don't like stomaching regular short term loss.

[Kaslo]

Do you just buy I-Bonds through Treasury Direct?

[Spicyryan]

Do you just buy I-Bonds through Treasury Direct?

Only place you can besides paying for paper ones as a tax refund.

[Kaslo]

Okay just making sure

[Spicyryan]

Okay just making sure

Make sure you write this down somewhere (physically not digitally) so that you keep track of it all years later. Pencil and quality paper and put it inside something like your grandma did with her sowing kit in the Danish butter cookies tins. Pen fades.

[synistar]

I had a pile of money put in my lap. Threw it in a managed market account, lost 20% of it lol. Thanks Obama (bad timing really, tip of the bull market - whatever, time in the market > timing the market). At least 10k of that went to the I bonds but it will hardly make up that loss.

Yep my 401k is down 21% YTD. I'm p sure my investment portfolio is in that ballpark as well. Small cap international are getting fucked by the fed interest rates as foreign currency can't keep up with USD.

[Salodin]

The FTX marketplace is about to go bankrupt. They seem to have transferred $4b to another company called Alameda to help keep it solvent at some point, some of which was customers deposits

https://twitter.com/Reuters/status/1...hblU-HAqw&s=19

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[Spicyryan]

The FTX marketplace is about to go bankrupt. They seem to have transferred $4b to another company called Alameda to help keep it solvent at some point, some of which was customers deposits

https://twitter.com/Reuters/status/1...hblU-HAqw&s=19

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Sam Bankman-Fried (ironic name) is the CEO of FTX and co-founder of the Almeda hedge fund. It is currently failing for the same sort of ponzi Celsius failed over. Liquidity crunch with a hole in FTX of 8 billion. FTX stole users funds/mismanaged them, inflated their balance sheet, borrowed against their own coin, etc

Reminder: Tom Brady and his wife invested 650m into FTX.

[6souls]

https://twitter.com/gainzy222/status...73641841807360
https://twitter.com/VietdongSoldier/...86844936945664

[Spicyryan]

https://twitter.com/gainzy222/status...73641841807360
https://twitter.com/VietdongSoldier/...86844936945664

Y'all American Libertarians better recognize that a blade cuts two ways.

Regardless of ones feelings on crypto. You can rest assured there is no such thing as too big to fail in it.

[Zealot]

I guess when something is imaginary you can make it as big as you want.

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[NynJa]

Am I supposed to feel bad for people who lost tens of thousands of dollars in a very obvious ponzi scheme in our year of the lord?

[Spicyryan]

Am I supposed to feel bad for people who lost tens of thousands of dollars in a very obvious ponzi scheme in our year of the lord?

FTX was not a "very obvious Ponzi".

[Gadritan]

Bankman-Fried (ironic name)

Too amazing to be real.

That’s right up there with Jim Bob Cooter.


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[Spicyryan]

Too amazing to be real.

That’s right up there with Jim Bob Cooter.


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Sir, I think you mean Bernie Madoff.