I recently opened a high yield savings account that offers 2.45% APY and placed 10k in it.
I don't really know what I'm doing but it seemed like a good idea since my original bank account didn't gain any interest whatsoever.
the new account has no maintenance fees, opening or closing costs, and is FDIC insured.
What moves have you made with your money?
>high yield
>2.45%
I was expecting that to be the first comment.
What does your funds situation look like? Do you have a savings account or an emergency fund?
Fucking cuck
Buy stocks or something jesus christ
My man Junie Morrison
Legend
I own stocks as well.
Not much, around 2.2k worth
The account offers interest compounded daily with monthly payouts. Again, not much, but it's nice to know I have 10k waiting if something bad happens.
What is your financial advice? Which stocks? can you impart knowledge or only criticize.
How badly are you in the hole?
Not bad, OP. CITBank?
I have my emergency cash sitting in a CITBank 2.45% High-Yield account right now. It’s good to know that the cash is on hand and the value of it is protected against inflation for when you need it ASAP.
Why such the lopsided exposure in equities though? The brunt of your capital should be working for you instead of being preserved in economic cryostasis.
CITBank!
my net worth is probably 26k total
I'm fairly new to the stock market. i wanted to save now and gain exposure when the recession occurs
OP.. literally did this about 2 months ago and realized I wasn't making shit. I put all my money into crypto instead. I figured it was worth the gamble
Not aggressive enough. I'm getting 7% from non-bank businesses, but I'm in a high interest rate country.
>i wanted to save now and gain exposure when the recession occurs
What if a recession doesn't occur for 5 more years? You're wasting money being parked on the sidelines like a pussy. People have been screaming recession since 2015 and those same people have missed out on years of great gains.
It's good to have an emergency fund and some liquid cash on hand at all times, but in most cases $10k is definitely not needed.
If you have a steady source of income and aren't a neet needing neetbuck gains - it's a pretty good idea to put 3-6 months worth of living expenses into one of these accounts and just let it sit in case of emergency whilst earning some interest.
You can put 10% of you income into this montly if you want to be extra caution. Live off 70%. 10% saved, 20% goes toward debt, if you have no debt 30% goes to savings, 10% conservative 20% risky/riskier.
Not a golden rule but advice I was given and I think it's pretty good
A bird in the hand? Wasting money by saving is strange logic.
I also have 7.4k gaining 6&
and 1k gaining 13%
It's wasting money in the sense that you're just barely beating inflation when you could be getting market returns, which are historically much much higher over the long term.
Where are you getting guaranteed 6% and 13% rates from?
>i have 10k waiting if something bad happens.
>negative interest rate and bank runs you
Heh, nothing personal kid
Vanguard and American funds. Variable returns i I suppose but so is my stock portfolio
I just lost a job for the first time ever. I've always had another opportunity lined up before moving up, and this was a bit of a shock. it's been 4.5 days since my layoff
any non-crypto advice then? or just some highly calculated snark?
Variable rates are fine, as long as they have decades of proven returns. American Funds is trash, should probably just stick with Vanguard.
I saw here that you're unemployed though, so different circumstance. I'd probably be nervously holding a lot more cash than I should be as well if I didn't have steady income.
was going to roll over the American funds balance from employer matching into existing vanguard.
Yeah if you're no longer with that employer anymore you should get the money out of whatever trash expensive funds its in into Vanguard IRA index funds asap