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Well. ARKK is back.
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At least you identified the problem and are correcting it. Some folks (older generation usually) refuse to put their $ in "newfangled" online savings accounts and will have their 500k earning .05%. Excuse me, its probably .10% for having a high balance.
So true: parents generation are distrustful.
My Dad had to plead with my mom to put their savings ($300K) in a HYS vs the gimpy .01% account it was in. She only budged when he showed her that it would make enough money for a free vacation each year 😂😂
So much potential interest earnings forgone.
Don’t be like PwC OP.
What’s holding you back? Plug in your numbers below and see what you’re missing out on.
https://www.nerdwallet.com/blog/banking/savings-calculator/
Don’t even look at what would have happened if you indexed the S&P over 10 years then.
Loan me the money - I need 80k, will give you 3% interest
I’ve been happy with my Marcus account. Savings is saving though so not sure how much differentiation there is between them and their peer group.
Some are banks, some aren’t. Some like Wealthfront send your money elsewhere, unlike Marcus. It’ll take longer to get your money, and also some insurance differences them, eg the protection for your money while it’s between say Wealthfront to the bank and the bank back to Wealthfront
Yep, I started moving money out of my crap Wells Fargo savings to wealthfront’s high interest cash account. You’ll actually notice the deposits they make every month paying you interest.
Damn, but that enough to start investing in real estate private equities and get your money’s worth. Never too late!