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forest lover | How much money is too much to have in your savings??? |
i have alot in my savings.ive been thinking i should invest in stocks?? or real estate??
im not going to state how much because im not trying to brag. |
 |
 
wishbear0604@sbcglobal.net
|
Since a savings has a low interest rate I usually recommend placing any funds that you might need in the near future into a money market account. This account is liquid just like the savings, but earns a lot higher of an interest rate. It will allow you to make deposits and withdraws if needed.
If you know that you won't be using all of the funds soon, you should consider investing in mutual funds if you're looking for something with a little more risk. Your other option is that you can deposit your money into Certificate of Deposits which earns at a high rate and the interest earned is guaranteed.
If you do put money in CD's or mutual funds, keep some of it in a liquid account for emergencies. I recommend the money market for the emergency funds though. In my savings I only leave the minimum amount required to avoid any fees and everything else I put into something with a higher interest rate. |
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Gene
 |
Depends on your age and investment goals. If you're young you probably want to have about 65% equities, 25% bonds and 10% cash. Ten percent of the equities should be in international stocks/funds. |
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nickfromct
 |
You should keep about 1 year's salary in savings/liquid assets if possible. |
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leslieaustin0607
 |
I would not think that there could be such a thing. I have not ever heard of someone having "too much money". I would just be certain that it is safe and secure. |
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Stephanie D
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I don't think you can have too much. If you want to buy a house then buy a house, if you have enough. Otherwise let the money rack up. |
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Joy K
 |
Anything over $100,000 is not covered under FDIC; however, to be practical is is foolish to leave anymore than money you may need asap in a regular bank savings account as the interest rate is so low.
Mutual Funds can be less risky than owning individual stock, I would suggest Vanguard or Fidelity. they both low cost, no load funds, and you can get all the information needed right on line at their websites.
Good Luck! Happy Earnings. |
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gregrab
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Most if not all banks(either FDIC or CUNA members) only insure your money up to $100,000. This means in case of any fortuitous event or a bank run, they (banks) are only liable (the amount they are willing to pay you) up to $100,000. So what happens if you had $500,000? You'll only be indemnified up to $100,000.
Hence, it would be wise to only have about $75,000 or even just $50,000(combined savings, checking, CDs, money market etc.) in one bank. Try to spread out your money among different banks.
It pays to diversify. Try stocks, options or even real estate. Whatever investment you choose, give it the necessary due diligence. You can also hire an honest financial counselor. |
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dawn18415
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You can never have too much money you will always want just a little bit more. |
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JordanP
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Depends on how much you have. The rule of thumb is to try to have an amount equal to 6 months to a year of your salary in savings.
Assuming you have that much, you can typically outdo some money market accounts by putting it in a high-yield savings account.
Check out bankrate.com and you can find the highest APY's being offered. Some of the highest right now are in the neighborhood of 5.45%. |
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LadyLindsay
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There is no such thing as too much money. |
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Inquisitive125
 |
This question is very vague but here's a couple of ideas.
Since a regular savings account doesn't earn a lot of interest you can make your money work harder for you by investing in cd's and money market accounts.
If you're worried if the insurance coverage your financial institution has will cover your account(s) then you should definitely make sure you have your accounts tiered and if necessary set up in multiple financial institutions to assure yourself you're covered.
If neither of these answers cover what you're looking for go to www.cuna.org to the Consumer Information section. There's a whole section dedicated to investing. Educate yourself so that if you should choose to seek professional guidance you'll have a better understanding of the terminology and options available to you.
Here's something else to consider, if you have your money in a credit union they usually have a service for their members that is equivalent to AG Edwards, Fidelity, Charles Schwab, etc. Check it out! |
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Frank Castle
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$100,000.00 USD. |
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