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Who survived this bloodbath
T-Mobile Money gives 1% on all balances regardless if you have T-Mobile service. If you do have their service plan and deposit $200 every month, then it's 4% on up to $3k savings. Google it.
They give you a debit card which you can use like a normal debit card for purchases and you can pay bills electronically. There is a $3k cash transfer limit per day for transactions intimated FROM T-Mobile money, but unlimited if you initiated a transaction outside T-Mobile. For example, I can make a request from my Fidelity brokerage pull $20k from my T-Mobile account. It takes about 3-4 business days for the amounts to clear.
Amex personal savings or Wealthfront cash account
VOO
Why not VTI?
Keep emergency funds in cash or cash equivalents. Market swings can take a big chunk out of your emergency fund just when you need it.
TIP Etf and AGG
Personally I rely on the credit line on my HELOC, which I can access instantly in emergency. It’s cheap debt at 3.75% and if things get really hairy I can always liquidate stocks from my brokerage account. If you’re really secure in your job and have other assets you can reach without losing much sleep, no reason to stash a significant amount and watch inflation chip away at it.
Agreed. We can live off very little too. House and cars paid off. Embarrassingly, have not contributed to a 529 for my young kids as I hear different takes on whether or not it’s worth it and I’m in a state with 0 near term tax advantages. We max out 401k, have a very healthy and growing taxable brokerage account we’ve never pulled $$ out of.
Maybe real estate is the next move, just feel like a newbie there with no clue where to start on making a smart investment choice
Marcus savings. Down to .5 but better than anything else I’ve found recently.
Will pop chunks into citi or chase or WF to get a $600 or $1000 bonus or whatever then always end up back at Marcus
I’ll look this up, thanks!
HYSA is the best option.
That’s money you’ll need in an emergency and you’ll probably need it ASAP or when the world is upside down. Even at 2% inflation per year it takes 30 years for the purchasing power of that money to be cut in half - and 13 years at 5% inflation. You have more time and ways to react to inflation than you will responding to an emergency.
So let it sit there and re-examine if it’s enough or too much every year or so. If you end up with a other fairly liquid assets with a significant balance, maybe you have a smaller emergency fund, because you know even in a massive market draw down you have funds you can get to in a few days. For example, if you have a years worth of salary in a brokerage account, maybe your emergency fund can be a months worth of expenses smaller.
But if you have fewer financial resources, don’t take risk with that emergency fund.
I take the prospect of an emergency seriously, including having $2000 in $20 bills in my go bag. But that’s not the same as having 6 months of expenses sitting idle in a HYSA. If you own a home and can use HELOC easily, accessing that credit is as simple as transferring funds to a checking account or even using an ATM card. If you have a once-in-a-lifetime, $50k emergency — whether all at once because your roof caves in or because you lose your job and can’t pay rent for six months — debt service will not be your top concern for a while. My strategy, which is totally personal to my circumstances, is to have some cash on hand in case the grid goes down and, beyond that, be able to access lines of credit and easily liquidated stocks. Do others think this is reckless?
So I use a HYSA called Yotta Savings which I’ve found to have the highest savings rate. It’s a little gimmicky where you get a straight .2% interest on deposits and then for each $25 deposited you get a free ticket to a weekly drawing. The drawing works like the powerball where you get numbers and if they match you “win” a certain amount. Over the last few months I’ve been averaging a return equivalent to 2.79% interest
Thanks, I’ll use your code and try it out!