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How Much To Keep In A Bank?

  1. #46
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    Jun 2017
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    I keep enough in checking to keep the bank from charging any monthly fees.
    I have a savings account with a credit union because they have the best loan rates - my mortgage is with them. And it gives me somewhere local to transfer money from my investment accounts.

    If you have money in 'cash' accounts, you can put some of it to use by using it to take advantage of bank account bonuses - some banks pay cash for opening new accounts. You do need to read and understand the fine print. Your money isn't 'locked up' either, if you need it before the bonus is earned or payed, you just don't get the bonus.
    Years may wrinkle the skin, but to give up enthusiasm wrinkles the soul - Samuel Ullman

  2. #47
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    Quote Originally Posted by Colleen View Post
    My husband is 77 and I just turned 71. We have been retired since 2001. We had investments way back when but lost most of it in 2008 when everything went down hill. Since we've been living on his pension and our SS we haven't re-invested because we're afraid of losing it again. We didn't buy a house until we were in our 50's because his work kept us moving around so we're still making a house payment and a car payment. After monthly bills are paid (usually no credit card debt) we have about $1500 that I am able to keep around with $500 in cash and the rest goes in a savings with Ally, which is earning interest over 1% right now.

    I've thought about mutuals but isn't it a little late for us to start investing since it takes forever to see a return?
    I also didn't lose any money in the 2008 crash...in fact took a distribution with profit (not loss) from one of my funds. My average annual returns have been around 14% give or take, with one year since being at 24+%. It's never too late to start investing IMHO but choose investments that have a track record of doing well over 5 and even 10 years. Right now I'm favoring exchange traded funds (ETFs) for my new investments because each holds a bundle of companies like mutual funds but trade like stocks in that you don't have to buy any particular dollar amount of shares at once and you can see real time share price quotes throughout the day. I also favor Schwab as a brokerage because many of the funds, ETFs are on their list of fee free trades. I also find their website to be very user friendly, including their "research" feature that gives detailed rundowns on each fund or ETF by rating, returns, holdings, etc. I hope you and your husband can see your way to getting started and have much success.

    Regarding your reply about checks and cash...I believe checks are all but obsolete, what with credit and debit cards being so handy. Most months, I only write one check a month and that's for our carrying charges (co-op speak for HOA fees). If the managing agent ever installs a method by which we can pay be credit card, the only checks I would write would be to enclose in sympathy or birthday cards. My mother had a checking account but I don't remember how long she had it.

  3. #48
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    Quote Originally Posted by Gary O' View Post
    Since retirement, my lady and I have (literally) socked away our savings (in a sock), in spite of spending (to us) some major coins on building materials.

    It’s not that I don’t trust banks or savings institutions (I don’t) but that I’ve grown accustom to piling up money…and looking at it, much like Silas Marner.

    It’s not much, and will not become more than $40-50K in a couple years.
    If I became aggressive and wished to pile up a sum, I’d buy raw land and build cabins on them (and I may), as they’re hot right now..but go thru the aggravation of dealing in stocks or putting money in a bank? What fun is that?
    I’ve come to detest financial institution’s/broker’s ways of pestering when I do invest.

    We spend little, need little, and hope to leave our offspring a sum to share.
    I sure hope you never have a fire Gary!! You are not alone in your distrust of banks. I read an article last year about the places people stash their cash. In a sock wasn't one of them. I also pay with practically everything with credit cards (see my reply to Colleen). I've made thousands of dollars as well. Last year, including the bonuses for accepting pre-approved offers, I made about $1,100 in cash back rewards. Hey that's almost $100 a month. Not going to turn THAT down. And I don't buy stuff just to get rewards, I charge what I would normally have written a check for, groceries and things I truly need. I also never pay interest or fees so those rewards are "free and clear".

  4. #49
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    Quote Originally Posted by OneEyedDiva View Post
    I sure hope you never have a fire Gary!!
    the 'socks' are in fire safes in a secret steel place that rhymes with knee constrainer (yes, cabins can burn down)

    OK OK. it's a sea container
    better locks than most vaults
    “Live in the sunshine, swim the sea, drink the wild air.” Emerson

  5. #50
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    Arizona
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    Quote Originally Posted by OneEyedDiva View Post
    I also didn't lose any money in the 2008 crash...in fact took a distribution with profit (not loss) from one of my funds. My average annual returns have been around 14% give or take, with one year since being at 24+%. It's never too late to start investing IMHO but choose investments that have a track record of doing well over 5 and even 10 years. Right now I'm favoring exchange traded funds (ETFs) for my new investments because each holds a bundle of companies like mutual funds but trade like stocks in that you don't have to buy any particular dollar amount of shares at once and you can see real time share price quotes throughout the day. I also favor Schwab as a brokerage because many of the funds, ETFs are on their list of fee free trades. I also find their website to be very user friendly, including their "research" feature that gives detailed rundowns on each fund or ETF by rating, returns, holdings, etc. I hope you and your husband can see your way to getting started and have much success.

    Regarding your reply about checks and cash...I believe checks are all but obsolete, what with credit and debit cards being so handy. Most months, I only write one check a month and that's for our carrying charges (co-op speak for HOA fees). If the managing agent ever installs a method by which we can pay be credit card, the only checks I would write would be to enclose in sympathy or birthday cards. My mother had a checking account but I don't remember how long she had it.
    What REALLY scares us away from doing any kind of investments right now is the uncertainty of our Medicare and SS. Trump and his henchmen are going to do something to lower our "entitlements" but no one is saying for sure what that will be, soooo......we're sitting tight right now just in case we need to have a "cushion" for anything unforeseen. I am envious that we didn't get started sooner with a "plan" to invest while we worked and should have bought a home much sooner than 56/50 years of age.It sure would have helped to have that house payment we're making now to put away somewhere The trouble with parents then and now is they don't talk about or teach finances with their kids. Money is always such a private thing that it's never discussed and when you get out on your own, you're left to flounder.

  6. #51
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    all the more reason to build up your nest egg . there is never a good time to invest . there is always a vision in our heads and a what if . the hard part is not to let your brain sabotage your efforts . since i started as an investor back in 1987 there is not a year that went by that my brain didn't try to a hand me what if and tried to talk me out of investing for one reason or another .

  7. #52
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    Quote Originally Posted by Colleen View Post
    What REALLY scares us away from doing any kind of investments right now is the uncertainty of our Medicare and SS. Trump and his henchmen are going to do something to lower our "entitlements" but no one is saying for sure what that will be, soooo......we're sitting tight right now just in case we need to have a "cushion" for anything unforeseen. I am envious that we didn't get started sooner with a "plan" to invest while we worked and should have bought a home much sooner than 56/50 years of age.It sure would have helped to have that house payment we're making now to put away somewhere The trouble with parents then and now is they don't talk about or teach finances with their kids. Money is always such a private thing that it's never discussed and when you get out on your own, you're left to flounder.
    I understand perfectly Colleen. People should have enough in emergency funds to cover the unexpected before putting money into the market. How much of an emergency fund depends on an individual's (or a couple's) circumstances. You are not the only ones who are apprehensive about our SS & Medicare. Many of my networking friends feel the same because of the political environment we are in now. We all have our "shoulda, woulda, couldas". I wish I'd known how to start investing in my 20's instead of 30's. And I wish I had kept more in an emergency fund. It would have prevented the need to take a large distribution from a fund that has more than doubled since so I could buy a want.

    I agree that children are done a disservice when parents don't discuss money matters with them and teach them how to manage money and about investing. I tried to teach my son, now years later he's finally understanding the need for handling his finances better and investing well. I've been teaching my oldest grandson and he caught on much sooner than his father. Have started to teach the younger ones, a teen & a "tween" about money management.

  8. #53
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    Quote Originally Posted by Aunt Bea View Post
    OED, I didn't know that Muslims don't deal in interest. I learned something today, thank you for that!
    Oops...where's my manners! Forgot to say you're welcome.

  9. #54
    Join Date
    Apr 2014
    Location
    Arizona
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    I appreciate your information but I would have NO idea where to start! We don't have a lot of money to play with (or lose!). I doubt an adviser would be interested in talking to us. We had one in the past that was only interested in what she would make from our investments, therefore, she didn't have much time for us as we were "small" potatoes to her. I never trusted her a lot anyway because she was so wishy-washy. Back then I had asked her what she thought of Spyders and she didn't even know what they were...said she never heard of them. I've tried to read articles about investing but, honestly, it's like trying to read Greek to me...LOL. I give up and just keep most of our $$$ in that Ally savings. I had thought about putting some in a CD with Ally because their rates went up but when I compared it to what we were making on the savings, it was lower with the CD.

  10. #55
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    Quote Originally Posted by Colleen View Post
    .....I give up and just keep most of our $$$ in that Ally savings. I had thought about putting some in a CD with Ally because their rates went up but when I compared it to what we were making on the savings, it was lower with the CD.
    Just be aware of the FDIC limits per bank, and DO NOT exceed them. Any excess is NOT covered.

  11. #56
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    Quote Originally Posted by Lethe200 View Post
    Just be aware of the FDIC limits per bank, and DO NOT exceed them. Any excess is NOT covered.
    I dream of having such problems!!
    Years may wrinkle the skin, but to give up enthusiasm wrinkles the soul - Samuel Ullman

  12. #57
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    Quote Originally Posted by HipGnosis View Post
    I dream of having such problems!!
    No dream. When my MIL sold her home, a check for $980K could either be mailed to her or deposited into her bank account. We had it deposited and it took almost two months to close down her accounts with said bank and transfer the funds to a new fiduciary institution, opening accounts with an independent CFP firm.

    In hindsight, obviously, we should have opened the CFP firm accounts sooner. But she made the decision to sell at a time when it was clear (to us) that the RE market was beginning to falter. Getting her out of her home of 37 yrs was a big job and we had to get it done ASAP. So meeting new CFPs to interview and research had to take second place to the details of cleaning, staging, and moving. We got her out plus the home sale completed, even faster than we hoped - 2 months, 1 week start to finish.

    But as a result, she had some staggeringly large bank statements for a couple of months!

  13. #58
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    Quote Originally Posted by Colleen View Post
    I appreciate your information but I would have NO idea where to start! We don't have a lot of money to play with (or lose!). I doubt an adviser would be interested in talking to us. We had one in the past that was only interested in what she would make from our investments, therefore, she didn't have much time for us as we were "small" potatoes to her. I never trusted her a lot anyway because she was so wishy-washy. Back then I had asked her what she thought of Spyders and she didn't even know what they were...said she never heard of them. I've tried to read articles about investing but, honestly, it's like trying to read Greek to me...LOL. I give up and just keep most of our $$$ in that Ally savings. I had thought about putting some in a CD with Ally because their rates went up but when I compared it to what we were making on the savings, it was lower with the CD.
    Quote Originally Posted by Lethe200 View Post
    No dream. When my MIL sold her home, a check for $980K could either be mailed to her or deposited into her bank account. We had it deposited and it took almost two months to close down her accounts with said bank and transfer the funds to a new fiduciary institution, opening accounts with an independent CFP firm.

    In hindsight, obviously, we should have opened the CFP firm accounts sooner. But she made the decision to sell at a time when it was clear (to us) that the RE market was beginning to falter. Getting her out of her home of 37 yrs was a big job and we had to get it done ASAP. So meeting new CFPs to interview and research had to take second place to the details of cleaning, staging, and moving. We got her out plus the home sale completed, even faster than we hoped - 2 months, 1 week start to finish.

    But as a result, she had some staggeringly large bank statements for a couple of months!
    Colleen, I'm surprised the CDs don't have better rates than regular bank accounts. Usually the longer the term, the more interest is paid. Layering them (time wise) is recommended if money will be needed before X amount of time.
    Lethe200 I can imagine that was a big, stressful job! They must be crazy to even think of mailing an almost million dollar check! LOL In Prince's song Pop Life, he asks.."Did they put your million dollar check in somebody else's box?"


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