Savings account
#6446669
01/31/19 11:13 AM
01/31/19 11:13 AM
|
Joined: Apr 2011
Posts: 1,145 Minnesota
Born
OP
trapper
|
OP
trapper
Joined: Apr 2011
Posts: 1,145
Minnesota
|
Not sure why these big banks have not raised their saving account rates with the stronger economy. My current rate is 0.00785%
I am considering a Ally online savings account making 2.20%
2.20%
Annual Percentage Yield
On all balance tiers.
No monthly maintenance fees.
24/7 customer care.
Anybody have a account with Ally?
Help yourself.
|
|
|
Re: Savings account
[Re: Born]
#6446696
01/31/19 11:40 AM
01/31/19 11:40 AM
|
Joined: Jan 2018
Posts: 367 NW PA
washxc
trapper
|
trapper
Joined: Jan 2018
Posts: 367
NW PA
|
|
|
|
Re: Savings account
[Re: Born]
#6446727
01/31/19 12:01 PM
01/31/19 12:01 PM
|
Joined: Mar 2007
Posts: 35,175 McGrath, AK
white17
"General (Mr.Sunshine) Washington"
|
"General (Mr.Sunshine) Washington"
Joined: Mar 2007
Posts: 35,175
McGrath, AK
|
Not sure why these big banks have not raised their saving account rates with the stronger economy. My current rate is 0.00785%
I am considering a Ally online savings account making 2.20%
2.20%
Annual Percentage Yield
On all balance tiers.
No monthly maintenance fees.
24/7 customer care.
Anybody have a account with Ally? I could easily be wrong because of lack of information.......but you may be comparing apples & oranges. I suspect that your .00785% rate is a DAILY rate not an annualized yield
Mean As Nails
|
|
|
Re: Savings account
[Re: Born]
#6446741
01/31/19 12:07 PM
01/31/19 12:07 PM
|
Joined: Nov 2016
Posts: 493 PA
RKG
trapper
|
trapper
Joined: Nov 2016
Posts: 493
PA
|
Not sure why these big banks have not raised their saving account rates with the stronger economy. My current rate is 0.00785%
I am considering a Ally online savings account making 2.20%
2.20%
Annual Percentage Yield
On all balance tiers.
No monthly maintenance fees.
24/7 customer care.
Anybody have a account with Ally? I've been with Ally since they were GMAC. Love em. They are always increasing rates as the Fed moves them up, it's very easy to transfer between accounts, and they have some nice CD options. 12 month CD currently at 2.75% Current savings is at 2.2% They used to do a Refer a Friend, but don't anymore.
|
|
|
Re: Savings account
[Re: Born]
#6446799
01/31/19 01:01 PM
01/31/19 01:01 PM
|
Joined: Apr 2011
Posts: 1,145 Minnesota
Born
OP
trapper
|
OP
trapper
Joined: Apr 2011
Posts: 1,145
Minnesota
|
For the year I made .24 cents and had a balance over 2000.00 at beginning of year and over 3000.00 at the end of the year. US Bank
Help yourself.
|
|
|
Re: Savings account
[Re: Born]
#6446817
01/31/19 01:10 PM
01/31/19 01:10 PM
|
Joined: Nov 2016
Posts: 493 PA
RKG
trapper
|
trapper
Joined: Nov 2016
Posts: 493
PA
|
For the year I made .24 cents and had a balance over 2000.00 at beginning of year and over 3000.00 at the end of the year. US Bank I have a $2500 12 month CD 2.65% with Ally that I opened in October and it is showing interest accumulated already of $16.54. Their detail line shows I'm earning 18 cents a day on it. Early penalty of course if I were to withdraw, but that ain't the plan.
Last edited by RKG; 01/31/19 01:15 PM.
|
|
|
Re: Savings account
[Re: Born]
#6446911
01/31/19 02:58 PM
01/31/19 02:58 PM
|
Joined: Dec 2010
Posts: 34,908 Central, SD
Law Dog
trapper
|
trapper
Joined: Dec 2010
Posts: 34,908
Central, SD
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
|
|
|
Re: Savings account
[Re: Born]
#6446913
01/31/19 03:01 PM
01/31/19 03:01 PM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
Banks don't need savers to get money, they have the FED and the US government to artificially create it.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Law Dog]
#6446914
01/31/19 03:02 PM
01/31/19 03:02 PM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math. It was up to 50 a few years back. Physical silver should't be viewed as an investment.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Steven 49er]
#6446921
01/31/19 03:10 PM
01/31/19 03:10 PM
|
Joined: Dec 2010
Posts: 34,908 Central, SD
Law Dog
trapper
|
trapper
Joined: Dec 2010
Posts: 34,908
Central, SD
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math. It was up to 50 a few years back. Physical silver should't be viewed as an investment. They were crazy to get silver back then too. LOL Most class III weapons are more of a investment then people think as the values rise at a steady pace.
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
|
|
|
Re: Savings account
[Re: Steven 49er]
#6446922
01/31/19 03:10 PM
01/31/19 03:10 PM
|
Joined: Dec 2011
Posts: 10,393 MT
snowy
trapper
|
trapper
Joined: Dec 2011
Posts: 10,393
MT
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math. It was up to 50 a few years back. Physical silver should't be viewed as an investment. Just wondering why you say that?
Give me a fish, I will eat for a day. Teach me to fish, I will eat for a lifetime
|
|
|
Re: Savings account
[Re: Born]
#6446928
01/31/19 03:14 PM
01/31/19 03:14 PM
|
Joined: Dec 2010
Posts: 34,908 Central, SD
Law Dog
trapper
|
trapper
Joined: Dec 2010
Posts: 34,908
Central, SD
|
Might be the lack of control is the only thing I could think of it's a long haul to get there depending on how things are going?
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
|
|
|
Re: Savings account
[Re: Law Dog]
#6446935
01/31/19 03:19 PM
01/31/19 03:19 PM
|
Joined: Mar 2007
Posts: 35,175 McGrath, AK
white17
"General (Mr.Sunshine) Washington"
|
"General (Mr.Sunshine) Washington"
Joined: Mar 2007
Posts: 35,175
McGrath, AK
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math. Back in July of 2011, silver topped out at $40.10/oz. Today it is trading @ $15.93 Not adjusted for inflation The S&P 500, over that same time span returned a TRUE, compound annual growth rate of 13.75 %....in other words a dollar invested in the S&P in 2011 would be worth $2.46 today. Not adjusted for inflation. Precious metals are not........as Steven says........ an investment.
Mean As Nails
|
|
|
Re: Savings account
[Re: white17]
#6446938
01/31/19 03:22 PM
01/31/19 03:22 PM
|
Joined: Oct 2018
Posts: 5,570 Dunbar, Wisconsin
Pike River
trapper
|
trapper
Joined: Oct 2018
Posts: 5,570
Dunbar, Wisconsin
|
It seems silver is cheap compared to gold and it peaks every 10-15 years so if a guy bought it right and sat on it then down the line (the way things are going) it should double in price then or even better. It was over $30 a few years back and it's $16 now so do the math. The S&P 500, over that same time span returned a TRUE, compound annual growth rate of 13.75 %....in other words a dollar invested in the S&P in 2011 would be worth $2.46 today. Not adjusted for inflation. . Solid advice and today there are so many retail platforms that make this easy by buy ETFs. I take have my saving funds and invest.
|
|
|
Re: Savings account
[Re: Born]
#6446942
01/31/19 03:26 PM
01/31/19 03:26 PM
|
Joined: May 2010
Posts: 28,978 potter co. p.a.
pcr2
"Twerker"
|
"Twerker"
Joined: May 2010
Posts: 28,978
potter co. p.a.
|
my problem is trusting someone else with my money nowadays.
|
|
|
Re: Savings account
[Re: Born]
#6446950
01/31/19 03:33 PM
01/31/19 03:33 PM
|
Joined: Dec 2010
Posts: 34,908 Central, SD
Law Dog
trapper
|
trapper
Joined: Dec 2010
Posts: 34,908
Central, SD
|
For all that money made a lot of money had to be lost you would think, when there is a drop in the market and billions are lost and the market goes up the next day is all good then or not?
Was born in a Big City Will die in the Country OK with that!
Jerry Herbst
|
|
|
Re: Savings account
[Re: Law Dog]
#6446954
01/31/19 03:40 PM
01/31/19 03:40 PM
|
Joined: Oct 2018
Posts: 5,570 Dunbar, Wisconsin
Pike River
trapper
|
trapper
Joined: Oct 2018
Posts: 5,570
Dunbar, Wisconsin
|
For all that money made a lot of money had to be lost you would think, when there is a drop in the market and billions are lost and the market goes up the next day is all good then or not? Yes the market will be down at time but it also recovers. I'm at 12% annual average over the last 15 years. Don't time the market, trust the market.
|
|
|
Re: Savings account
[Re: Born]
#6446967
01/31/19 04:05 PM
01/31/19 04:05 PM
|
Joined: Apr 2011
Posts: 1,145 Minnesota
Born
OP
trapper
|
OP
trapper
Joined: Apr 2011
Posts: 1,145
Minnesota
|
Boy my financial advisers suck. My wife and I are lucky to get a annual return of about 5%
Just wen't over this within the past week. I wish I new more about managing my money. Is there a class I could take to learn more about doing this myself.
White I do understand investing in good companies and not paying attention to the whims of the everyday market. Just don't know how to do those things.
Help yourself.
|
|
|
Re: Savings account
[Re: Born]
#6446994
01/31/19 04:40 PM
01/31/19 04:40 PM
|
Joined: Nov 2017
Posts: 1,093 Hathaway Montana
Cathouse Jim
trapper
|
trapper
Joined: Nov 2017
Posts: 1,093
Hathaway Montana
|
My parents opened a savings account for me in 1964, in doing so the bank gave you a Silver Dollar. No big deal - right, well one day I was looking at the card the silver dollar is in and popped it out to look at the back of it. The bank is advertising its interest at 4.75%, boy you would think after fast forwarding all these years the interest would be higher, not lower.
"I've reached nearly fifty four years of age with my system."
NTA Life member MTA Life member
|
|
|
Re: Savings account
[Re: jbyrd63]
#6446998
01/31/19 04:42 PM
01/31/19 04:42 PM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
Ok food for thought. You put 15,000 in savings at .02 % You earn 30 dollars in a year . Go down the street and by the kids bike for 40 bucks and resale it for 70 made the same amount of profit and don't have all your money tied up. I know a bunch of wheeler dealers that have made millions that way..... Don't forget you lose roughly 2% to inflation yearly as well.
|
|
|
Re: Savings account
[Re: white17]
#6447003
01/31/19 04:44 PM
01/31/19 04:44 PM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
[
Precious metals are not........as Steven says........ an investment. They are an insurance and depending on ones viewpoint metals might not be the best.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Cathouse Jim]
#6447012
01/31/19 04:55 PM
01/31/19 04:55 PM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
My parents opened a savings account for me in 1964, in doing so the bank gave you a Silver Dollar. No big deal - right, well one day I was looking at the card the silver dollar is in and popped it out to look at the back of it. The bank is advertising its interest at 4.75%, boy you would think after fast forwarding all these years the interest would be higher, not lower. In 1964 money was still backed by metals in some form and our federal debt was at a modest and manageable level. Fast forward to today where our money is debt backed. What do you think will happen the liquidity of the US gubbiment and the American consumers if interest rates go much above where they are now. How about housing and land prices? The median home price in the USA is near 300,000, median household income is at about 61k. No way will new home buyers be able to afford a home if interest rates were at or near historical level. The FED has just announced they are pretty much done raising rates. It's only at 2.25 to 2.5 percent now, the world is addicted to cheap money and in my not so educated opinion the only reason rates have gotten this high is they need something in their arsenal to combat the next recession.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Born]
#6447034
01/31/19 05:41 PM
01/31/19 05:41 PM
|
Joined: Nov 2016
Posts: 493 PA
RKG
trapper
|
trapper
Joined: Nov 2016
Posts: 493
PA
|
One thing we have seen from the recent government shutdown, is that Americans, and even ones with 'good' jobs (i.e. government jobs), are still living paycheck to paycheck. They have no short term safety net.
While it's good to have long term investments (stock market, etc), everyone needs to have short term, easily LIQUIDATED investments, as well, in the event of layoff, sickness/disability, or just life in general. Dave Ramsey recommends 3-6 months of living expenses be at the ready.
I have a multilayered system of personal finance, which includes savings accounts and short term CDs. IMO, the OP was interested in this type of investment, either not having the funds for long term market investments, not having the knowledge/desire for same.
To that end, why not max out whatever interest you can on this "emergency" type of accounts? Everyone wants to jump in with their success stories of the market, but again, the shutdown has clearly shown us, if you slice the American financial system down the middle- the majority cannot withstand more than 2 or 3 weeks of monetary stress.
It needs to be addressed.
|
|
|
Re: Savings account
[Re: Born]
#6447062
01/31/19 06:17 PM
01/31/19 06:17 PM
|
Joined: Nov 2016
Posts: 493 PA
RKG
trapper
|
trapper
Joined: Nov 2016
Posts: 493
PA
|
Not to hijack the thread, but it really irks me when we are so easily distracted by what the news, or politicians, or whoever, want us to see and believe.
Forget the wall for a minute, either side of the argument-
Look at the personal financial trouble our countrymen, and by extension, we are in.
Look at the financial trouble our nation is in. I gave a presentation 2 weeks ago and asked if anyone could imagine what a trillion dollars looked like. Sparing all the details and build up:
If you stacked 100 dollar bills on a standard pallet (42x42) and went 3 feet high, a trillion dollars would fill a football field, including the endzones. Our current debt is $22 trillion- 22 football fields worth of 100 dollar bills stacked on pallets. Our current year deficit is another football field of stacked 100 dollar bills.....
How is this ever going to be mitigated? Who is ever going to bring it up? Everything, from BOTH sides of the aisle, is smoke and mirrors.
|
|
|
Re: Savings account
[Re: Born]
#6447082
01/31/19 06:45 PM
01/31/19 06:45 PM
|
Joined: Apr 2011
Posts: 1,145 Minnesota
Born
OP
trapper
|
OP
trapper
Joined: Apr 2011
Posts: 1,145
Minnesota
|
This savings account I am referring to is my personal savings.
My wife and I have 4 accounts with this bank. One joint checking, all monies go to this account, one joint savings, her personal savings and my personal savings. This was my idea when we married so we could spend money on things the other doesn't approve of. We contribute to all of our savings accounts each month.
I am going to give Ally a try. Eventually may put some of our joint savings into a account like this.
I am going to try to waste less time online here and spend some more time learning on some of the sites White recommended.
Thanks all for the advice. We also buy 1 roll of silver eagles every year, I enjoy giving these as gifts to nephews and nieces.
Help yourself.
|
|
|
Re: Savings account
[Re: Born]
#6447111
01/31/19 07:22 PM
01/31/19 07:22 PM
|
Joined: Jul 2017
Posts: 2,672 Ohio
Willy Firewood
trapper
|
trapper
Joined: Jul 2017
Posts: 2,672
Ohio
|
Investing in gold, silver, and lead is sometimes a wise investment.
The economy crash of October seriously hurt many folks. I need oil and natural gas prices to rise.
Our money market portfolio was diversified - we had stock in both Coke and Pepsi. Seriously.
FRAC LIVES MATTER
|
|
|
Re: Savings account
[Re: RKG]
#6447193
01/31/19 08:53 PM
01/31/19 08:53 PM
|
Joined: Jul 2016
Posts: 296 NE Wisconsin
DecoyMacoy
trapper
|
trapper
Joined: Jul 2016
Posts: 296
NE Wisconsin
|
Not to hijack the thread, but it really irks me when we are so easily distracted by what the news, or politicians, or whoever, want us to see and believe.
Forget the wall for a minute, either side of the argument-
Look at the personal financial trouble our countrymen, and by extension, we are in.
Look at the financial trouble our nation is in. I gave a presentation 2 weeks ago and asked if anyone could imagine what a trillion dollars looked like. Sparing all the details and build up:
If you stacked 100 dollar bills on a standard pallet (42x42) and went 3 feet high, a trillion dollars would fill a football field, including the endzones. Our current debt is $22 trillion- 22 football fields worth of 100 dollar bills stacked on pallets. Our current year deficit is another football field of stacked 100 dollar bills.....
How is this ever going to be mitigated? Who is ever going to bring it up? Everything, from BOTH sides of the aisle, is smoke and mirrors.
|
|
|
Re: Savings account
[Re: Born]
#6447202
01/31/19 08:59 PM
01/31/19 08:59 PM
|
Joined: Jan 2007
Posts: 87 Frederick, Maryland
stoney
trapper
|
trapper
Joined: Jan 2007
Posts: 87
Frederick, Maryland
|
Big banks care about fees first, interest second. Keep your savings to live off of in a bank you're comfortable with. Put what you can in index funds or ETFs. Let your money work for you while you sleep.
The nine most terrifying words in the English language are, "I'm from the government and I'm here to help."
|
|
|
Re: Savings account
[Re: stoney]
#6447265
01/31/19 10:22 PM
01/31/19 10:22 PM
|
Joined: Dec 2006
Posts: 11,354 East-Central Wisconsin
bblwi
trapper
|
trapper
Joined: Dec 2006
Posts: 11,354
East-Central Wisconsin
|
I have not been able to find current national debt data or our GDP or total economic activity in dollars, but what I would be interested in is, is this. Is our national economy while strong and growing, growing faster or slower than our national debt? We better be able to grow faster as a national economy with 3-4% UE instead of national debt or we will be at a point where the debt will consume the entire federal budget. That may take a generation but we seem to be on that path. Some help please If we grow our national debt 1 trillion per year with 300 million citizens that means 3,333 dollars of additional debt per year. If we half that it is 1660. If the average tax payer is getting a 1200 tax savings that to me does not compute long term in helping citizens obtain financial security. Bryce
Last edited by bblwi; 01/31/19 10:26 PM.
|
|
|
Re: Savings account
[Re: Born]
#6447443
02/01/19 01:38 AM
02/01/19 01:38 AM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
http://www.usdebtclock.org/#Bryce, here is a pretty good resource too look up the US debt and a bunch of other useful info. According to this GDP has risen 128 percent since 2000, Since 2000, the national debt has risen by approximately 380 percent. Our economy is run by debt and let's not forget about Quantitative Easing.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Born]
#6447502
02/01/19 07:24 AM
02/01/19 07:24 AM
|
Joined: Mar 2009
Posts: 1,433 Akron, Ohio
bass10
trapper
|
trapper
Joined: Mar 2009
Posts: 1,433
Akron, Ohio
|
I agree with most, if you're looking for your money to make you money then why would you have one penny in savings? That should just be a cushion if ever needed but I just put cash in my safe at home. ETF's are a great way to go. There are plenty of liquid investments you can get into.
"The more people I meet the more I love my dog!"
|
|
|
Re: Savings account
[Re: Born]
#6447558
02/01/19 08:46 AM
02/01/19 08:46 AM
|
Joined: Dec 2015
Posts: 2,895 NNY
080808
trapper
|
trapper
Joined: Dec 2015
Posts: 2,895
NNY
|
|
|
|
Re: Savings account
[Re: Born]
#6447584
02/01/19 09:13 AM
02/01/19 09:13 AM
|
Joined: Aug 2008
Posts: 16,271 ny
upstateNY
trapper
|
trapper
Joined: Aug 2008
Posts: 16,271
ny
|
I wanted to get some 401k money out of the stock market,so I flipped some into a CD at 2.50%. Now that's not GREAT,,but Its in a safe account with no stock market gamble.
the wheels of the gods turn very slowly
|
|
|
Re: Savings account
[Re: upstateNY]
#6447636
02/01/19 09:58 AM
02/01/19 09:58 AM
|
Joined: Jan 2010
Posts: 397 sw minn.
Flipper
trapper
|
trapper
Joined: Jan 2010
Posts: 397
sw minn.
|
U I wanted to get some 401k money out of the stock market,so I flipped some into a CD at 2.50%. Now that's not GREAT,,but Its in a safe account with no stock market gamble. At 2.5% you are loosing money against inflation. When the market goes down it always trends back up leave your money in the market so you can ride the wave back up. Smart investors pour money into a down market let time in the market work for you. Buy low sell high that's how to make money
|
|
|
Re: Savings account
[Re: Hal]
#6447727
02/01/19 11:24 AM
02/01/19 11:24 AM
|
Joined: Dec 2006
Posts: 7,176 Three Lakes,WI 72
corky
trapper
|
trapper
Joined: Dec 2006
Posts: 7,176
Three Lakes,WI 72
|
if you slice the American financial system down the middle- the majority cannot withstand more than 2 or 3 weeks of monetary stress.
It needs to be addressed. It is not the "American financial System". It is the Americans. Its not a matter of "can't" save for a rainy day, it's a matter of "won't" save for a rainy day. And people act like this is a new phenomenon. It's been going on forever. It is not instinctive to save. I don't know how you teach people this. It's seems pretty straightforward to me. But i'm not here to hold their hand or listen to them crybaby about it when it bites them on the butt. x2
|
|
|
Re: Savings account
[Re: Flipper]
#6447729
02/01/19 11:25 AM
02/01/19 11:25 AM
|
Joined: Aug 2008
Posts: 16,271 ny
upstateNY
trapper
|
trapper
Joined: Aug 2008
Posts: 16,271
ny
|
U I wanted to get some 401k money out of the stock market,so I flipped some into a CD at 2.50%. Now that's not GREAT,,but Its in a safe account with no stock market gamble. At 2.5% you are loosing money against inflation. When the market goes down it always trends back up leave your money in the market so you can ride the wave back up. Smart investors pour money into a down market let time in the market work for you. Buy low sell high that's how to make money I don't have to ride anything.Its a guaranteed 2.5% with zero chance of loss due to a down market.To each his own.
the wheels of the gods turn very slowly
|
|
|
Re: Savings account
[Re: Born]
#6447770
02/01/19 12:15 PM
02/01/19 12:15 PM
|
Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
|
trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
|
You did all right Upstate. If I am recalling correctly aren't you retired or about to retire?
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
|
|
|
Re: Savings account
[Re: Born]
#6447776
02/01/19 12:22 PM
02/01/19 12:22 PM
|
Joined: Aug 2011
Posts: 1,601 Ohio
newtoga
trapper
|
trapper
Joined: Aug 2011
Posts: 1,601
Ohio
|
I agree with Hal, people won’t save. I maxed 401, saved and invested in vacant ground and retired 10 years early.
lifetime member NTA, OSTA, GTA
|
|
|
Re: Savings account
[Re: Steven 49er]
#6447884
02/01/19 03:05 PM
02/01/19 03:05 PM
|
Joined: Aug 2008
Posts: 16,271 ny
upstateNY
trapper
|
trapper
Joined: Aug 2008
Posts: 16,271
ny
|
You did all right Upstate. If I am recalling correctly aren't you retired or about to retire? been retired for 3 months now.Had 40 years in the United Steelworkers Union.
Last edited by upstateNY; 02/01/19 03:08 PM.
the wheels of the gods turn very slowly
|
|
|
Re: Savings account
[Re: Born]
#6452284
02/05/19 10:05 PM
02/05/19 10:05 PM
|
Joined: Jul 2017
Posts: 2,672 Ohio
Willy Firewood
trapper
|
trapper
Joined: Jul 2017
Posts: 2,672
Ohio
|
We are retired, but I went back to work. Started a business to be able to afford retirement. So not really retired.
I primarily manage our retirement finances to make the money work for us. Today I went bank shopping for terms on cds. The best rate I found is 3% for 15 months. They would not negotiate for a better rate. A cd is good for peace of mind and fewer sleepless nights in a declining market. October was a micro depression. Some large funds lost 6% of value in one month. The cd rate is far better than mismanagement by a financial adviser.
I remember long ago getting 20% interest on a savings account when inflation was out of control. Vehicles were being repossessed and homes forclosed upon. Hopefully inflation will not rise with the increased fed rate.
FRAC LIVES MATTER
|
|
|
Re: Savings account
[Re: Born]
#6452638
02/06/19 10:19 AM
02/06/19 10:19 AM
|
Joined: Nov 2008
Posts: 4,548 Cleveland IL
muddyriverdogz
trapper
|
trapper
Joined: Nov 2008
Posts: 4,548
Cleveland IL
|
I would say the Fed's reversal in course with interest rates and it's balance sheet say's all we need to know. Negative rates in the next recession.
The stock market is propped up on cheap money. Saver's are getting punished. They are going to sacrifice the dollar for the stock market.
It's NOt the American financial system. It's the Western Central Banking System ! And what is happening here is happening all over the world. It's global. All these banks are connected.
Last edited by muddyriverdogz; 02/06/19 10:23 AM.
You only live once, so get over it!
Tactics may change but the goal remains the same.
|
|
|
|
|