Where do you keep your emergency savings?

[mentos]

I have 15k earning 3% in a rewards checking account. I have to make 10 debit card transactions per month to get that rate which is easy by reloading gift cards on Amazon. I have another 12k or so earning nothing in Fidelity. I would normally throw it in the market but I've been waiting for the correction to come.

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[Sine Cura]

https://www.lmcu.org/rates/

 

[JustFillIt]

I have 15k earning 3% in a rewards checking account. I have to make 10 debit card transactions per month to get that rate which is easy by reloading gift cards on Amazon. I have another 12k or so earning nothing in Fidelity. I would normally throw it in the market but I've been waiting for the correction to come.

Waiting for a correction to happen is so frustrating because sometimes you get to the point where you are waiting for so long that you miss out on quite a bit of short term moves. I have an IRA that I have decided to use for 20 year investing which, if I was in your shoes, I would weather a suspected correction that way.

Another option that many do not not consider is physical gold and silver. Or other tangible valuables like high worth artwork/items - once upon a time I bought a Picasso painting that I keep in a safe spot. I can say that this painting has retained its value though all sorts of ups and downs in the market. It never really gained much in value, but it has retained its value and tracked Inflation. I also have been hoarding physical silver coins for quite some time that I keep in a large safe.

Or you can yolo it on some high risk cryptos…. 😂 I recommend Theta if you do this.

Just some ideas

 

[WVUPharm2007]

I got $60k in a simple savings account. It just sits there.

Everything else above that gets invested.

 

[mentos]

Waiting for a correction to happen is so frustrating because sometimes you get to the point where you are waiting for so long that you miss out on quite a bit of short term moves. I have an IRA that I have decided to use for 20 year investing which, if I was in your shoes, I would weather a suspected correction that way.

Another option that many do not not consider is physical gold and silver. Or other tangible valuables like high worth artwork/items - once upon a time I bought a Picasso painting that I keep in a safe spot. I can say that this painting has retained its value though all sorts of ups and downs in the market. It never really gained much in value, but it has retained its value and tracked Inflation. I also have been hoarding physical silver coins for quite some time that I keep in a large safe.

Or you can yolo it on some high risk cryptos…. 😂 I recommend Theta if you do this.

Just some ideas

What do you do with your physical items when you want to sell them? I've had a gold coin for many years that I kept in a safe but I have no idea where to sell it or anything. I think it's easier to hold BTC or ETH.

 

[Rockinacoustic]

Ally savings.

I gave up "waiting for the correction" and just dump my excess after 403b and HSA into index funds

 

[RxPreceptor]

I keep all my pallets of toilet paper locked up in a personal bank sized vault of course; why invest in gold when there's the sure fire value/stability of toilet paper? (sarcasm...good old early days of COVID pandemic)

 

[owlegrad]

I have about 20k in my checking account. The rest either goes towards paying down my debt (something I am not super excited by now that my highest rate is 2.45%) or it gets invested.

 

[RxPreceptor]

I have 15k earning 3% in a rewards checking account. I have to make 10 debit card transactions per month to get that rate which is easy by reloading gift cards on Amazon. I have another 12k or so earning nothing in Fidelity. I would normally throw it in the market but I've been waiting for the correction to come.

https://www.lmcu.org/rates/

Interesting...definitely checking out

Here's another oddly good one that's not mainstream/relatively unknown or pretty niche at least (caught my eye from watching Graham Stephen's youtube videos on real estate/personal finance):

Home

Our family’s been in bankin’ since 1927, way before this here Interweb took over the bayou. We started Redneck Bank® to give folks the best darn deal online — with higher interest, lower fees and a whole lot more fun.

redneck.bank

 

[quickpic007]

I keep all my pallets of toilet paper locked up in a personal bank sized vault of course; why invest in gold when there's the sure fire value/stability of toilet paper? (sarcasm...good old early days of COVID pandemic)

I thought you into reuse/recycle, try a bidet butt washer, will save trees and money!!

I have about 20k in my checking account. The rest either goes towards paying down my debt (something I am not super excited by now that my highest rate is 2.45%) or it gets invested.

Get that money out of the checking acct yesterday. If your debit card is compromised its more difficult to get that money back vs a credit card I have been told.

 

[JustFillIt]

What do you do with your physical items when you want to sell them? I've had a gold coin for many years that I kept in a safe but I have no idea where to sell it or anything. I think it's easier to hold BTC or ETH.

For gold and silver - most large cities have in person exchanges where you can sell your physical gold to them for current market value minus a processing fee (usually about 2-5% or so).

As far as the painting - I am aware of a auction agency that can put it on the market with a minimum.

sure holding Bitcoin is easier (always make sure to get it into your personal digital wallet). However, this is an issue of choosing your investment. I have a hunch that physical gold and silver may have a significant rise over the next 5 years as a new digital currency system is devised. I believe that the powers that be want to see cryptos backed by mining gold and I have world economic forum documents which show these discussions.

 

[RxPreceptor]

I thought you into reuse/recycle, try a bidet butt washer, will save trees and money!!

Get that money out of the checking acct yesterday. If your debit card is compromised its more difficult to get that money back vs a credit card I have been told.

But wouldn't that just waste more water? Water cycle or Nitrogen cycle...decisions, decisions

 

[JustFillIt]

But wouldn't that just waste more water? Water cycle or Nitrogen cycle...decisions, decisions

I use the 3 seashells…. Totally recommend the seashell method after dropping the kids off at the pool

 

[APN-59 rph]

Keep a grand in small bills locked up and leave it.....I have never understood metals....what do ya do..shave of a piece when you need fuel? Roscoes hold value real well..but they are now unobtanium and very costly..Find your self a mid-sized local/regional investment firm and do what they say. AVOID stacking up school debt. .hint.... hint..

 

[WVUPharm2007]

Find your self a mid-sized local/regional investment firm and do what they say.

...which will be something like "buy this high load fund with expense ratios of 1.25%, not including our management fee of 0.5%"

 

[JustFillIt]

Keep a grand in small bills locked up and leave it.....I have never understood metals....what do ya do..shave of a piece when you need fuel? Roscoes hold value real well..but they are now unobtanium and very costly..Find your self a mid-sized local/regional investment firm and do what they say. AVOID stacking up school debt. .hint.... hint..

Well - like any investment - metals are intended to be purchased at one price, and sold at a higher price as your investment becomes more valuable.

There are locations and people that act as brokers who will buy your gold/silver from you. I have done it about 3-4 times over the past 10 years.

Another option to consider - you could always melt it down and craft a monster gold chain to wear…. I hear it really boosts your street cred…

 

[mentos]

For gold and silver - most large cities have in person exchanges where you can sell your physical gold to them for current market value minus a processing fee (usually about 2-5% or so).

As far as the painting - I am aware of a auction agency that can put it on the market with a minimum.

sure holding Bitcoin is easier (always make sure to get it into your personal digital wallet). However, this is an issue of choosing your investment. I have a hunch that physical gold and silver may have a significant rise over the next 5 years as a new digital currency system is devised. I believe that the powers that be want to see cryptos backed by mining gold and I have world economic forum documents which show these discussions.

Does the painting need to in a temperature/humidity controlled environment? That would suck if there was a fire or the roof leaked or anything.

 

[JustFillIt]

Does the painting need to in a temperature/humidity controlled environment? That would suck if there was a fire or the roof leaked or anything.

You have a great point…. I never really thought about that but, yes technically I should be handling it much differently.

For many years I just stuck it under the bed until I convinced my wife to let me hang it up in our downstairs living room (she hates the painting because it actually happens to be a painting of a naked woman dancing in circles)….

It hung in our basement family room (No one except myself and my wife knew how valuable the painting is) for many years until we had to relocate - now it’s in my fathers oversized safe.

Honestly - I just find it fun to seek out valuables and collect them. A couple other mentionables I own is a Nolan Ryan rookie card and a hand written original poem from Edgar Allen Poe. I refer to them as “treasures” and they actually retain their value very well. Ever watch antique road show? It’s like that

Between those three items I could probably drum up about 50-60k in cash if I really wanted to. I paid about 45k at auction for all three back in 2012. I got the painting and poem in an auction in Maui, Hawaii. And I got the card at a card show.

The items do not exactly appreciate in value much. However the nice thing about “treasures and artifacts” is that they retain their value and they do not typically loose value with market swings.

 

[PharmtoCS]

I have been churning bank account bonuses. Probably would have more still if I had just invested in VT.

 

[mentos]

I have been churning bank account bonuses. Probably would have more still if I had just invested in VT.

I prefer credit card bonuses because they are tax free.

 

[BidingMyTime]

Isn't the whole idea of an emergency fund to keep it liquid in a savings account so it be used at a moments notice? I would call keeping it anywhere an investment, not an emergency fund. (well....I guess if you kept it under your mattress it would still qualify as an emergency fund since its liquid.)

 

[mentos]

Isn't the whole idea of an emergency fund to keep it liquid in a savings account so it be used at a moments notice? I would call keeping it anywhere an investment, not an emergency fund. (well....I guess if you kept it under your mattress it would still qualify as an emergency fund since its liquid.)

I guess but what kind of situation would you need cash in an instant? You can charge to a credit card. An index fund can be liquidated and transferred to your bank in 2-3 business days or wired on the same day.

 

[Rockinacoustic]

I guess but what kind of situation would you need cash in an instant? You can charge to a credit card. An index fund can be liquidated and transferred to your bank in 2-3 business days or wired on the same day.

"Emergency funds" are for when the market corrects!

 

[pencilandpen]

I have 15k earning 3% in a rewards checking account. I have to make 10 debit card transactions per month to get that rate which is easy by reloading gift cards on Amazon. I have another 12k or so earning nothing in Fidelity. I would normally throw it in the market but I've been waiting for the correction to come.

some wise man said that more money is lost waiting for a correction than actual correction themselves

 

[PharmtoCS]

I prefer credit card bonuses because they are tax free.

I go for credit card bonuses first, then switch to bank account bonuses when don’t feel like adding too many accounts/inquiries.

Chase and AMEX offer the most lucrative bonuses but are very new account and inquiry sensitive.

 

[Dred Pirate]

emergency fund in an ibond's - about 4 months expenses
Another 1-2 months expenses in high yield savings accounts.
The rest in various investments - you don't want your emergency funds locked up in mutual funds because you are more likely to need them during an economic crisis - you don't want to lose your job and need the money at the same time the stock market drops, then have to pull your money out after it lost value.

 

[TheBlaah]

This is something I've been contemplating lately as I realized I have 120k just sitting in the bank. I only think I need maybe 30k as "emergency" so I'm trying to offload 90k into different avenues. I'm already 75% real estate, so I'm not putting more into that.

I'm thinking I'll put 30k into my mortgage loan (I have 140k remaining at 3% right now), 30k into fidelity index fund, and lastly 30k into crypto stable coins for 12% apy (unable to pull out for 3 months, able to pull out anytime at 8%).

 

[Rockinacoustic]

@mentos , did you do some spending today?

 

[mentos]

@mentos , did you do some spending today?

Not yet, probably should. I've just been buying some VTI every Friday.

I started to rollover a 401k last week, so I got lucky there. The account was liquidated on Wednesday.

 

[JustFillIt]

Damn - the market kicked my a$$ today.

I held everything I own - let’s hope this thing does not stick

 

[Sunshine98*]

Savings account...although I am looking to see what I can put it else where for 55 to 59. CD rates suck these days.

 

[PharmacistFl12]

I have about $28k in saving for down payment on a 3rd house. Just waiting for housing market to cool down. Not sure where to park it. Right now currently sitting in bank account. I'm considering by the IBB (BIOTECH) ETF.