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View Poll Results: Should i start a savings account?
Yes 26 61.90%
No 3 7.14%
Depends how fine this booty is at the checkout. 13 30.95%
Voters: 42. You may not vote on this poll

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Old 10-11-2012, 04:08 PM #43
Lazarusrat
 
 
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Here's my $0.02 take it for what its worth...

1. A savings account isn't a retirement account. A retirement account like an IRA is a tax shelter designed to allow your money to grow tax free as long as you use it for retirement. If you pull your money out before you turn 65 the Fed taxes the crap out of you. Because an IRA is a tax shelter you can invest in mutual funds that average a higher return than CDs or savings accounts to grow your money.
2. Why should have an IRA. Unless you want to eat cat food when your 80 you need to invest now while you are still young. Convetional wisdom is save 10% of your salary, I would recommend you save 12-18% in a IRA and a 401k. Soc sec will be long gone before you hit 62 so don't even count on it.
3. So why have a savings account? Like I said the problem with IRAs are you can't take your money out unless you want to get raped. Savings accounts are your back up and "oh ****" accounts. You should try and have at least 3 months worth of expenses saved in your savings account (Dave Ramsey theory). A good savings account will make getting a loan easier if you ever plan on buying a car or house. Be sure to keep your savings account unlinked to your checking, that way if you overdraft or have aID thief drain your account you still have money in yor savings to live off until teh bank refunds your stolen money thanks to FDIC.
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Old 10-11-2012, 04:54 PM #44
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Quote:
Originally Posted by Xanatos903 View Post
I can't quite remember what it was. I was charged like $10 per month for savings, and $5 for checking. I had a joint checking/savings account, much like the one that I've got with my credit union.

It wasn't a minimum balance fee, since I've maintained a pretty good balance in my account. I think it may have just been a fee to have an account. They said I could waive the fees somehow, but they never explained the process.

But the credit union I bank with now is working out much more nicely. $0.10 back on every purchase, 2.0% auto loan if I decide to buy a car soon (well, I'll probably get much more than that due to a lack of credit, but that's the rate they advertise), and an easy line for a credit card if I want one. All that with some sweet online benefits.
Don't know what the fee could have been then.

I bet it's much more than 2.0% lol.

I have a discover card and we get x amount of cash back. It's alright.
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Old 10-11-2012, 05:38 PM #45
dub CRISP
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open up a roth IRA so you can be like this dude in 50 years
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weanegro: its like a really tiny person eating a regular size gummy worm

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"Originally posted by komodo-117: our beloved pharmacudical companies"

Last edited by dub CRISP : 10-11-2012 at 05:41 PM.
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Old 10-11-2012, 06:25 PM #46
Worr, the wee tot. (Banned)
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Originally Posted by pbmink View Post
More like he doesn't want to be making large cash deposits when he's "unemployed" knowatimean?
My buddy started a company selling bags of homemade compost to help with this. I feel alright with my money in the bank, but I have to remind myself not to touch it. I keep about a thousand in cash in my house as some kind of emergency money, but that's it. Think I'm going to lay down a few grand to buy gold...it's enough that having the money tied up won't hurt me, and I feel safe knowing it (should be) a worthwhile investment.

Spending out of my bank account has put me in a lot of trouble. It's too easy to spend imaginary money, and it really hurts when you look at your statement and think about the unnecessary **** you bought.
Quote:
Originally Posted by Xanatos903 View Post
I can't quite remember what it was. I was charged like $10 per month for savings, and $5 for checking. I had a joint checking/savings account, much like the one that I've got with my credit union.

It wasn't a minimum balance fee, since I've maintained a pretty good balance in my account. I think it may have just been a fee to have an account. They said I could waive the fees somehow, but they never explained the process.
Could have been a usage fee, they don't like you to sit stagnant. I'm with M&T, gotta make 3 PIN transactions each month to avoid the fee.

Last edited by Worr, the wee tot. : 10-11-2012 at 06:30 PM.
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Old 10-11-2012, 06:28 PM #47
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how long do you plan to hold on to the gold you buy? And where do you plan on buying a few grand worth of gold? just curious.
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Old 10-11-2012, 06:45 PM #48
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A savings account is a bad idea. A good idea is 20 credit cards and mortgage that is twice as much as each paycheck.
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Old 10-11-2012, 06:58 PM #49
Worr, the wee tot. (Banned)
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Still working it out with my uncle, I'm not smart enough to know the details . My aunt bought something like $25k in gold in the early 70s while my uncle was in Vietnam, he has a relative **** ton of bullion bars in his house. He's always saying that precious metals are the best way to guarantee your pieces of paper will hold value.
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Old 10-11-2012, 06:59 PM #50
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Originally Posted by Worr, the wee tot. View Post
Still working it out with my uncle, I'm not smart enough to know the details . My aunt bought something like $25k in gold in the early 70s while my uncle was in Vietnam, he has a relative **** ton of bullion bars in his house. He's always saying that precious metals are the best way to guarantee your pieces of paper will hold value.
I cant even think of a way to get a **** ton of bars without buying/selling gold as a commodity and being one of the 0.0009 who request pick up lol. Why not just trade gold?
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Old 10-11-2012, 07:04 PM #51
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You best be saving money in conservative accounts for the coming fiscal cliff, when the stock market might possibly go on sale. I would buy heavily into dividend stocks when the market crashes, but I don't know how the income tax code is going to change around that. You will have to become Ebeneezer Scrooge, because it is going to happen [if it does happen] after December when the bush tax cuts end.

Last edited by Subterfuge : 10-11-2012 at 07:07 PM.
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Old 10-11-2012, 07:08 PM #52
Worr, the wee tot. (Banned)
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That's what I'd be doing if I was to buy gold on my own, but this is/would be me purchasing his gold at fair value, and he'd still be holding onto it while I try to learn and decide whether it's worth setting my money aside like that. My uncle is one of the people (like some here) that don't trust banks or third parties, but I'd be terrified to keep gold myself where I could lose it. At least I know he has an expensive safe and lives extremely modestly for how rich he is.
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Old 10-11-2012, 09:21 PM #53
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I only have a grand.
The minimum amount you can put into a roth IRA is 1,000.00

Now i need to decide if i should put it into a IRA or deposit it in my savings account. I went to the bank today and opened up a savings account.
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Old 10-11-2012, 09:23 PM #54
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Quote:
Originally Posted by AlienBoy View Post
I only have a grand.
The minimum amount you can put into a roth IRA is 1,000.00

Now i need to decide if i should put it into a IRA or deposit it in my savings account. I went to the bank today and opened up a savings account.
check out ING savings account. they give a little more interest on their savings accounts.
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Old 10-11-2012, 09:33 PM #55
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Is that a online bank? Alright gunna go google it now.

I'm taking your advice chicago is most expensive place to live. you must know what your talking about.
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Old 10-11-2012, 10:18 PM #56
dub CRISP
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Quote:
Originally Posted by Worr, the wee tot. View Post
My buddy started a company selling bags of homemade compost to help with this. I feel alright with my money in the bank, but I have to remind myself not to touch it. I keep about a thousand in cash in my house as some kind of emergency money, but that's it. Think I'm going to lay down a few grand to buy gold...it's enough that having the money tied up won't hurt me, and I feel safe knowing it (should be) a worthwhile investment.
you can't really "invest" in gold, it's just speculating.
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weanegro: its like a really tiny person eating a regular size gummy worm

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"Originally posted by komodo-117: our beloved pharmacudical companies"
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Old 10-11-2012, 10:34 PM #57
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Quote:
Originally Posted by dub CRISP View Post
you can't really "invest" in gold, it's just speculating.
Isn't that what the stock market is?
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Old 10-11-2012, 10:35 PM #58
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the public school system has failed you
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Old 10-11-2012, 10:39 PM #59
dub CRISP
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Originally Posted by AABanned View Post
Isn't that what the stock market is?
no, gold offers no income, no dividend, no earnings. It is considered a store of value. It has no untapped intrinsic value; it is worth only what people are willing to pay for it where as stocks are parts of companies which are very real things. Your money goes towards their development and they become more valuable because of your investment.
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weanegro: its like a really tiny person eating a regular size gummy worm

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"Originally posted by komodo-117: our beloved pharmacudical companies"
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Old 10-11-2012, 10:39 PM #60
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More like the President of America has failed this country.

Protoballer - ing says it links up to your checking account.
Which i was reading is bad. Because if you over draft. You got over draft fee's.

If you could open only a "savings account" without it connected to the checking account that would be sweet. But any time you accidentally overdraft that will affect your savings & checking account balance.

American express has good interest rate hmmm...
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Old 10-11-2012, 10:43 PM #61
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I really don't get what you're saying about the linked accounts. If you're worried about overdrafting, having them linked is almost certainly a good idea. Most banks have it set up that your checking account automatically draws from your savings, rather than charging you like a $20 (or worse- more) overdraft fee.

And not to be offend, but if you don't understand that, you probably shouldn't be making any sort of connections from the President to prices of gold (which isn't even really what Smahthers was talking about. He was making a comment about how the public school system has failed Banned, because he didn't realize the stock market wasn't speculation).

Sooo...
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Old 10-11-2012, 10:49 PM #62
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ING links your checking account to your savings account. So your saying having a checking account linked to my savings account is good? Please explain i'm still confused on how that is good.


I'm not apart of this gold conversation. So thats between those posters.
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Old 10-11-2012, 10:51 PM #63
dub CRISP
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if you overdraft your checking account it will just tap into your savings instead of hitting you with a penalty
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"Originally posted by komodo-117: our beloved pharmacudical companies"
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