Hi guys
Added $1287 more to the personal emergency fund.., got approximately $500 left to go to reach $18000 and then that goal is REACHED!! I get paid tomorrow and per my projections will have the cash.. so finishing it up tomorrow.
(jumping up and down)
So.. if I get the ok for the job contract renewal in the next week or so..are there any higher rate options for this for 6 months or a year (will find out term of renewal too). Any ideas.
It is currently at Barclays at .9
I would not have been so motivated (and CONVICTED) without you guys. Thanks!!
Rachael
WOW!! Personal emerg fund complete TOMORROW--any higher rate options?
March 13th, 2014 at 08:58 pm
March 13th, 2014 at 10:51 pm 1394751105
March 13th, 2014 at 10:59 pm 1394751577
March 13th, 2014 at 11:18 pm 1394752703
Even if it were to support unemployment, I'd only cash what was needed month to month. In our case, we have other set aside funds for maintenance/home improvement that would be re-directed to higher need.
March 14th, 2014 at 01:11 am 1394759507
March 14th, 2014 at 01:25 am 1394760348
March 14th, 2014 at 01:21 pm 1394803291
March 14th, 2014 at 01:26 pm 1394803574
March 14th, 2014 at 08:07 pm 1394827620
ETF is an "exchange traded fund." It's like a mutual fund, except the shares are traded throughout the day like stocks. The selling prices may be at a discount or premium to the underlying net asset value.
There is nothing that is "safe" except FDIC insured deposits or short term US treasury paper. Everything else has downside risks. Emergency funds should not be invested. You can ladder CD's along with high yielding savings and money market accounts, but there is not much benefit to that right now because interest rates are so low.
"Savings," especially emergency savings, should be distinguished from "investments." Savings are funds which you may need to use. Investments are made with funds you intend to leave alone for many years. In both cases, the earliest you anticipate needing the funds should determine where you put the money.
In your shoes, I would check out some basic investing books from the library and read the referenced web sites. You will learn the terminology and most of your questions will be answered.
While you are at this, have a look at where your money is in your 401k and IRA. These are investments, and you want to get the best return over time at the lowest cost.
March 15th, 2014 at 02:44 pm 1394894686
You may want to follow the DepositAccounts.com web site to see if better savings opportunities come up, or if you want to pursue accounts with bonuses, but really for now I think you've got your savings in a good place.
So glad creditcardfree spoke up about the "risk" issue. I agree with her 100%. I always find it interesting when people gloss over the risk involved in owning a business or properties. Indeed, the argument could be made that your "portfolio" is overly risky since it is so heavily reliant on the real estate market, but it sounds like owning properties is your "thing" and you know a lot about it and have made a real career of it, so ... so be it! Good for you for making such steady progress towards your EF goals!
March 18th, 2014 at 06:34 pm 1395167655