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I put $10K a month into a savings account until it reached the FDIC limit, then I opened another savings account.
by maxawaytoolong 16y ago
I put $10K a month into a savings account until it reached the FDIC limit, then I opened another savings account.
- mikeryan 16y agoFirst 10K a month! Impressive. Second why a savings account? Are you actually getting an interest rate that outpaces inflation? I'm curious why this route with that kind of income.
- maxawaytoolong 16y agoI don't know, I never think about it. The account used to have a decent interest rate, I doubt it is now.
- joshfinnie 16y agoWhy do you put it in low interest savings accounts? If you are hitting the FDIC limit, there are money markets that will be as safe and give you a better return.
- maxawaytoolong 16y agoWhen I was young I wanted to be a trader on wall street and read every book I could about investing and trading. I moved to New York when I was 21 to pursue this, decided I had no particular insight or edge in this field so now take the opposite route and just put money into the bank. I suppose I could get a better interest rate somehow, but I don't really care. I've found that maximizing salary and savings is good enough for my needs.