The Money Thread

[lostfan]

Bigger banks also tend to offer better online banking and bill payment options, too.

 

I have a checking account for nothing but bills/spending money -- my ATM is attached to it.

 

My savings is in my Etrade account, as well as one of my IRAs and my brokerage account.

I have a Schwab account - what's your interest rate? I'm wondering if I should park my savings there instead (my regular savings has a not-too-bad rate)

[NorthSideSox72]

As long as it remains linked to my Etrade account and continues to pay interest, I don't care who owns it. heh

 

 

I have a Schwab account - what's your interest rate? I'm wondering if I should park my savings there instead (my regular savings has a not-too-bad rate)

 

With the move of the accounts to Discover, the current rate is now 1.35%. It was as high as 5% at one time with E-Trade, when the markets were running wild, so that gives you an idea of the bounds it will work within. But in the case of Discover, I don't know if they will increase it the way E-Trade did. So I'll be shopping around at other rates now, to see if anyone is significantly higher.

 

[Balta1701]

If nothing else, this thread just reminded me to renew a CD account that I'd left open to have extra liquid funds while moving. Gracias.

[Y2HH]

With the move of the accounts to Discover, the current rate is now 1.35%. It was as high as 5% at one time with E-Trade, when the markets were running wild, so that gives you an idea of the bounds it will work within. But in the case of Discover, I don't know if they will increase it the way E-Trade did. So I'll be shopping around at other rates now, to see if anyone is significantly higher.

 

1.35% is still very good for savings accounts, which is why I have it there -- and for convenience of it being linked to my other E*Trade accounts, I login to one account and have access to all 3, makes stock buying easier when I do it.

[NorthSideSox72]

1.35% is still very good for savings accounts, which is why I have it there -- and for convenience of it being linked to my other E*Trade accounts, I login to one account and have access to all 3, makes stock buying easier when I do it.

I'll be curious to see how your situation changes with the Discover thing, in terms of linking accounts.

 

 

[lostfan]

1.35% is still very good for savings accounts, which is why I have it there -- and for convenience of it being linked to my other E*Trade accounts, I login to one account and have access to all 3, makes stock buying easier when I do it.

Yeah mine is only like .60 or something like that since it's under $1k right now. I mean, you figure a CD tends to start at about 1.5 or so so 1.35 is not bad at all.

[Y2HH]

I'll be curious to see how your situation changes with the Discover thing, in terms of linking accounts.

 

So far nothing has changed.

 

 

[Y2HH]

Yeah mine is only like .60 or something like that since it's under $1k right now. I mean, you figure a CD tends to start at about 1.5 or so so 1.35 is not bad at all.

 

Apparently:

 

The transition will occur only if you have no brokerage or investment accounts at all at E*Trade. If you do, your savings account stays there. Otherwise, customers with savings accounts will be summarily moved over.

[LittleHurt05]

I would just like to mention one thing. A friend of mine, + or - 50 by a couple three years just retired. He never earned more than $60,000 per year, never spent more than $25,000. That's right, he saved over *half* of his income every year. I will be working at least another 15 years to retire on less than he has.

 

He built a sailboat and will soon be starting a circumnavigation of this planet with his wife.

 

Let me guess, no kids?

[NorthSideSox72]

Apparently:

 

The transition will occur only if you have no brokerage or investment accounts at all at E*Trade. If you do, your savings account stays there. Otherwise, customers with savings accounts will be summarily moved over.

I see. That explains why mine was moved - my brokerage is elsewhere.

 

[RockRaines]

I would just like to mention one thing. A friend of mine, + or - 50 by a couple three years just retired. He never earned more than $60,000 per year, never spent more than $25,000. That's right, he saved over *half* of his income every year. I will be working at least another 15 years to retire on less than he has.

 

He built a sailboat and will soon be starting a circumnavigation of this planet with his wife.

You have to live somewhere where the cost of living is very low to accomplish that feat.

[Texsox]

Let me guess, no kids?

 

Correct

You have to live somewhere where the cost of living is very low to accomplish that feat.

On the flip side, wages are also low, so he would have earned more. He drove the same truck for 15 years. Bought a very modest home and paid for it in 5 years. Rarely went to an expensive dinner out. Bought $25 jeans. Used coupons. Was happy with a simple life. Hated paying interest so rarely borrowed any money. He and his wife love to read and visit with friends so "regular" TV was fine with them and only bought a new one when the old one no longer worked.

 

If there is someone in your company earning half of what you earn, then it is possible. You might not be willing, if it isn't your goal to retire in your late 40s / early 50s you probably don't want to even try, but it is possible.

[farmteam]

I'm a college student. I don't know what this "having money" thing is. Other than that I have enough to go to spring break and pay for bar bills.

[bigruss]

So this summer I will have an internship that will pay well and I may be looking to invest $500 or so, is this smart and how would one go about this as a beginner?

[Balta1701]

So this summer I will have an internship that will pay well and I may be looking to invest $500 or so, is this smart and how would one go about this as a beginner?

How long will it take before you have an urge/need to access that money?

 

Are you holding any current debt, especially high-interest (credit card) debt?

 

If you have the money accessible, is that going to be an irresistible temptation for you?

[RockRaines]

I'm a college student. I don't know what this "having money" thing is. Other than that I have enough to go to spring break and pay for bar bills.

Oh you will, and even the lowest salary will seem like alot to you. I didnt make much in my entry level sales job out of college, but with low rent and easy access to bars and whatnot I had the time of my life. Once you start earning money, life is quite different. The downside is that you will always want more of it.

[bigruss]

How long will it take before you have an urge/need to access that money?

 

Are you holding any current debt, especially high-interest (credit card) debt?

 

If you have the money accessible, is that going to be an irresistible temptation for you?

I will be making really good money (atleat what I am used to) and so this $500 or so will be money that I can easily set aside for awhile.

 

I have no current debt, I pay all my credit card statements in full and on time.

 

If I put the money aside, I wont be tempted to use it. I can be really stingy I want to be with money, but Im also not afraid to use it if Ive got it.

[lostfan]

I will be making really good money (atleat what I am used to) and so this $500 or so will be money that I can easily set aside for awhile.

 

I have no current debt, I pay all my credit card statements in full and on time.

 

If I put the money aside, I wont be tempted to use it. I can be really stingy I want to be with money, but Im also not afraid to use it if Ive got it.

I say try and save another 500 if possible and put it in a CD. At about 1, 2k then I think mutual funds are a good bet.

 

I'm trying to diversify right now. I chatted with 2K5 a few days ago and he suggested I get some metals (e.g. gold) and my other friend says gold has peaked and he's trying to short the euro, but I'm not trying to make fast money (although if I can do that it might be worth a try). I'm basically learning all this s*** as I go. Does anyone here own any gold?

[knightni]

Gold's not going to go down much, if at all.

It's becoming a necessity in computer equipment and electronics because of it's conductivity.

[lostfan]

Well it shot up during the recession so I figure it can't go much higher, but if I was to buy it right now it wouldn't be for trying to make money, it'd be to insulate from future losses. I don't know anything about buying commodities though. I look up "GOLD" and I see it on the Nasdaq but that's an actual company, so I guess there are a bunch of companies that trade gold and that is not necessarily the best.

[CubsSuck1]

So this summer I will have an internship that will pay well and I may be looking to invest $500 or so, is this smart and how would one go about this as a beginner?

Where are you interning?

[knightni]

Well it shot up during the recession so I figure it can't go much higher, but if I was to buy it right now it wouldn't be for trying to make money, it'd be to insulate from future losses. I don't know anything about buying commodities though. I look up "GOLD" and I see it on the Nasdaq but that's an actual company, so I guess there are a bunch of companies that trade gold and that is not necessarily the best.

 

http://commoditytradealert.com/blog/?p=5306

 

http://www.google.com/hostednews/ap/articl...IF2GwwD9ELVCI00

 

http://metals.about.com/od/investing/Inves...ity_Trading.htm

[HuskyCaucasian]

Sign up for mint.com and it will show you all good offers online and whatnot at the bottom. For example it put me into an HSBC online acct last year with a 1.5 interest rate and just showed me a captialone that bested it this week. Its a great consolidation tool for free as well as a good way to make sure you are getting the most out of your money. Its my little money manager.

I love mint.com. It's a great way to keep an eye on all my accounts at once. They iPhone app is a little slow to update, but I love it.

[lostfan]

http://commoditytradealert.com/blog/?p=5306

 

http://www.google.com/hostednews/ap/articl...IF2GwwD9ELVCI00

 

http://metals.about.com/od/investing/Inves...ity_Trading.htm

Any recommendations on which company to buy?

[Balta1701]

It's worth noting also that gold is being driven up in no small part by some political types who have been encouraging purchasing it as insurance against, um, the upcoming Obamageddon, or whatever you want to call it. Politics aside, if you're getting people to purchase something based on politics, then if the political winds shift, it will affect the price.