Having a savings account seems to be a foreign concept to most people

Every company I’ve worked for has had a 401k plan and a match... and they auto enroll you after a certain amount of days. This was not the case 20+ years ago.
 
Travis Alexander said:
Interest rates are trash on a savings acc.
Invest.
Invest.
Invest.

401k is fine since there’s some tax benefits to it. As well as a couple defined benefit pension plans. After taxes I invest roughly 80% of every dollar I make. I live off of 15-20%. it’s not about making money it’s about making your money work for you.



I am fortunate enough to make good money to still live a very nice life on that 15-20% although this is a culmination of discipline and some fiscally responsible investments. I have 4 brick and mortar businesses as well as a product that is sold worldwide, and a tech startup I have a hearty percentage of. Not to mention a healthy portfolio on E*TRADE and Robinhood.

make your money work for you.
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classic sherdog

AGGAMEMNON66 said:
I don’t know about you guys but when I think Sherdog.. I definitely think ‘financial advice’
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on cue. Everyone here is a freaking businessman yet they all hate authority, successful people and want more taxation depending on the thread.
 
I have a few bank accounts. One with a major that I primarily use for checking that has shit interest with minimal money in savings. The second is a smaller bank that I deposit in at least monthly that gets 1% + in interest. At one point years ago I got up to 7%. Hardly ever touch that one unless it's a major purchase.
 
Having 10k for an emergency fund is smart.

Lately, I've been putting more in crypto than the stock market
 
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Have money saved at home, but not in an account. Thought I'd have enough money for a mortgage right now...

I regret not getting a Help to Buy ISA, but I didn't think that I'd need seven years to save. I may have been wrong...
 
Oceanmachine said:
You earn no interest. Anyone smart is putting it into equities or fixed income.

US savings rate is 0.0005

Lol that is 0.05%

If you have $100,000,000 million in the bank congrats you get a yearly passive income of $50,000
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Mine is a little better than that, but the point stands. Both my 401k and investments are taking in way more interest than my savings. Money is losing value faster than my savings interest is gaining. I still have it, but it is an emergency fund, that’s it.
 
a savings account is dumb as hell.

i pump all my money into investments. i do have to keep a lot liquid so i can buy new businesses when opportunities arise + pay for inventory, but I'm not slugging away a % of my earnings to just sit in the bank doing nothing.
 
I agree in theory that people need should get better at savings, but savings accounts are not the right vehicle. There’s really no advantage to having your money draw interest that’s practically zero vs a checking account t where the interest rate is actually zero.

If you’ve maxed out the tax-advantaged options then you should be throwing it into a standard investment portfolio.
 
The Dave Ramsey plan should be required reading for high school juniors and seniors at this point.

I put about 15% of my income into retirement, both ROTH and traditional. 200 bucks a week then goes into a savings account or emergency fund. Every once in a while I buy some silver/gold to hedge the potential fiat currency that is the US dollar. Lately, and very hypocritically, I have begun to dabble in crypto. So many of my 30+ year old friends could not write a check for 1000 dollars if they had an emergency. I get sad to think about what their golden years will be like.

It sucks to not have that cash on hand. As we've seen in the last year though, income is not guaranteed. Be prepared to self rescue, no one is coming to save you.
 
Have emergency and housing $ in a money market account. 529s. Kids each have a savings account with a little bit of money. That's all for savings type accounts. Rest goes into the market, bit over 25% of income a year, most going into tax deferred accounts.
 
Le Mercenaire said:
on cue. Everyone here is a freaking businessman yet they all hate authority, successful people and want more taxation depending on the thread.
Click to expand...



Having been on SD for many years and in the War Room plenty of times.. I’m certain the left leaning posters are without question the ones that struggle the most irl.. and having frequented the many offshoots for just as many years where for some reason they let their guard down even more and introduce their real life situations.. I know for a fact a lot of them do struggle.


That’s why I cant take too many of them serious when they post about stuff like this.
 
Given how low the interest rate is, it's not a good place to park your savings even if you have one.

Even savings insurance is better than savings account nowadays.
 
A savings account is just not what it once was. Having one right now makes literally no sense. Take your savings and invest it. Whether it be the market, real estate to generate passive income, or even yourself would be a better result.
 
This is awful advice.

Invest in anything but a savings account.
 
I thought putting more money into Mr. T bling bling gold chain collection gets more quality pussy.
 
There's really no point in having more than 5-10k in a savings account, or whatever you might reasonably expect to need in an emergency.

You especially shouldn't do that for a long term purpose like retirement.

And even for emergencies, I have a decent amount in low risk funds that yield more than a savings account, that I can liquidate within a business day if need be.
 
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