Where ya'll putting your savings?

[Maddmike]

I got about 27k in my savings and I read somewhere that I'm really losing money due to inflation by having it sit there...I already max out my 401k and I have roughly 20k in the stock market...

It's my rainy day money and I want access to it in case of a emergency without losing out or paying capital gain tax when needed. The thing is that I think I've saved too much...i want to dump half of it what are my options?

 

[Crispy]

I would split up your cash holdings in different banks

in case one bank crashes ,gets hacked etc you don't got all your eggs in the same basket

for money you can lose i would look at some crypto

i would also look at precious medals ,silver and gold coins

i'm wanting to start coping some investment real estate my self right now:nku324:

 

[Maddmike]

I would split up your cash holdings in different banks

in case one bank crashes ,gets hacked etc you don't got all your eggs in the same basket

for money you can lose i would look at some crypto

i would also look at precious medals ,silver and gold coins

i'm wanting to start coping some investment real estate my self right now:nku324:

Ain't I insured up to 100k by the FDIC as far as banks? I did the crypto shyt but the applied capital gains to that which I made 5k off litecoin but I'm not paying that shyt...imagine look into the metals game. Do they physically send you gold bars or whatever...I'm too lazy for the real estate game. I got 10 acres in GA and that's as far as I'm going...my mother in law want us to buy this house across the street from her trailer so she can live there but I'm not up for doing business with family...I hate that shes in a poor living condition but i can already see the loss I'll take by going there

 

[Crispy]

yeah your covered by FDIC up to $250,000 so no long term issues for getting money back

it is just nice to be able to hit a second stash if shyt goes left on the short term

you can get metals sent straight to your house

i buy silver dollars from the pawn shop and stack them up in a safety deposit box



you can cop new silver and gold shyt here

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[Renkz]

you say that you max your 401k, did you do the same for ira?

 

[MJ Truth]

What do you do OP? Have you considered starting a business?

 

[OC's finest]

they say u just need about 6 months of expenses in your savings

you shoudl jus keep that amount in your savings, and dump the rest into the market into ETFs and index funds

 

[OfTheCross]

I got about 27k in my savings and I read somewhere that I'm really losing money due to inflation by having it sit there...I already max out my 401k and I have roughly 20k in the stock market...

It's my rainy day money and I want access to it in case of a emergency without losing out or paying capital gain tax when needed. The thing is that I think I've saved too much...i want to dump half of it what are my options?

Nothing really. I'm pretty much just maxing out my 401K.

Insurance pretty much covers all of my Emergencies, if I were to have one.

If I lose my job I have a HELOC that I can fall back on

 

[mannyrs13]

I don't know about all those options you got but top answer the thread title. I got most of my savings in an Ally Bank savings account. Hoping to get a down payment built up so not trying to risk that money. Pays decent interest, atleast better than a b&m bank. Not as lucrative as stocks or crypto but it's secure.

 

[Truefan31]

Keep about 3-6 months of emergency fund expenses in your account, preferably a credit union account and/or an online account like ally.

Do you qualify for a Roth IRA? If you do, max that too (5500 a year under 50). Basically a super savings account where you still have access to contributions w/no penalty (since it's funded after tax by you, don't touch the earnings though) but you can put it on good funds and ETFs so it's making you money.

 

[FSP]

Bitcoin

 

[Maddmike]

Keep about 3-6 months of emergency fund expenses in your account, preferably a credit union account and/or an online account like ally.

Do you qualify for a Roth IRA? If you do, max that too (5500 a year under 50). Basically a super savings account where you still have access to contributions w/no penalty (since it's funded after tax by you, don't touch the earnings though) but you can put it on good funds and ETFs so it's making you money.

i didn't know that ......where you do your through?

 

[Truefan31]

i didn't know that ......where you do your through?

I got family that handle my portfolio.....but good ones are Vanguard, Fidelity. Open one up, discuss fees/expense ratios (both companies are known for some of the lowest fees), basically put it in nice growth mutual funds and/or ETFs.

So while thieving megabanks wanna give you at best 1-2% on your money, you could be getting at least the market average of 8-12% annually on your savings. typically you don't wanna touch retirement accounts, but w/a Roth if you ever need it (hopefully not if you got that nice emergency fund), you know you can tap into your contributions w/no penalty. Again just leave the earnings and let it compound like any other investment.

If you maxing your 401k see if they offer a Roth 401k option, which is after tax contributions. Leave whatever you've earned there (most 401ks are typically pre-tax), then switch to Roth 401k. Get that tax-free growth breh. Because if your employer provides a match, 99% of the time the match is a pre-tax contribution. So you have balance, getting tax breaks now w/pretax contributions (thus lowering your taxable income buy when you withdraw at retirement age you will pay taxes then), and the Roth which will grow tax free (which means when you withdraw that money it's already been taxed so you're gucci).

I tell everyone if you can start a Roth IRA do it. It's literally the best savings account imo for entry-level retirement other than an employer-matching 401k (because they're giving you free money basically).

 

[CreepyMcCreeperson]

I cosign not having everything in one bank, even with checking accounts. I had my debit card number stolen twice, and the card had to get shut down until they sent a new card. I had to use credit cards for a week until the new card came. Now I have it spread across three accounts.

There's also manufactured spending. Get a credit card with a high cashback rate, put everything on the card, pay it off in full every month, put the cashback into savings to earn interest on the cashback. You can also shop online through the points portals like mypoints, or ebates, and earn cashback in paypal deposits, and put that into savings too.

 

[KingBeez]

Im young, so my savings is trash, but once I graduate and get a job, I'm putting my savings in:
1. Stock Market - Currently have 4K in stocks
2. Online Bank (higher interest on money) - Had 2K, but had a setback, but will fill it up by Summer
3. IRA/Roth IRA - Need to set up
4. Savings account in credit union (higher rate than big banks. I'd also have a checking account in a big bank and a credit union just in case you need to freeze your account for whatever reason) - Setting up soon
5. 401k (Use Vanguard and buy ETFs) - WIll set up once I get my first job out of college

This combo will have me earning a good amount of interest, especially if I invest well. Diversification is key for me