Your Finances

[Detour]

I was wondering what those of you with savings do with them?

I've managed to put away about $17,500.00 in the last year, and while it's currently sitting in a high interest account (4.75% variable), I can't help but feel I could be doing more with it.

I've looked at fixed rate term deposits, but the way the finance sector is now, no-one is willing to commit to a decent rate. If I fixed $20,000.00 for two years at 3.5%, I'd be killing myself if (when) the interest rates went up.

I've never even looked at the stock market before, and really wouldn't know where to start.

So yes, I'd like an idea of what others are doing with their money, at least to broaden my options.

Is talking to a financial adviser worth it, you think?

[Type Ryan]

This sounds like a question Gooch would love to answer.

I'm getting out of CC debt myself (almost there!), so all my money is going towards that. I have a little $$$ in my savings account, but a majority of my $$$ is in a 401K.

I'm waiting another year before I think about re-investing in the stock market. Maybe until Q4 2009. The economy is going to get worse over the next few months, so leaving your loot in a savings account is probably the safest bet right now.

Oh and Financial Advisors can be expensive, so just keep that in mind. My brother paid $1,600 for his, but his investment portfolio is ridiculous.

[Nomi]

My poor college student savings options are limited. I keep $300 in general savings to have on hand for small emergencies, and $1.5k in a 3-month CD I renew as needed. It's more comfortable to keep my pathetic savings in short-term deals, since my situation isn't stable and I like to have access to my money if really needed.

Also, I inherited a mutual fund that was small (about $2k) but it has tanked to not even half its value. Oh, economy.

[Frogacuda]

I'm a broke freelance writer. I have like $6,000 in the bank, it that's more than usual. Yay, bumminess.

[kingoffighters]

Under your mattress and don't tell the hooker is your best bet.

[bandit]

Paid off my SJU $45k student loan in 1.5 years, just paid off my $20k Camry car loan in 6 months and now, all I have is $760 in my bank account. At least I have no loans and nothing to owe. Now I have to save up for engagement ring, wedding and house.

My dad took $5k from me and put it towards my Roth IRA Mutual Fund a couple months ago

Ever thought of putting money towards CDs? Doesnt seem like you'll be touching your money anytime so might as well just let it sit in CDs and let it mature.

[Melf]

All of you broke mother fuckers have more money than I do.

[Gooch]

If you have debt, pay it down to the extent that your still have a surplus in your emergency account. Ideally you'd have enough in your emergency account to stay afloat for a minimum of six-months should the unfortunate occur. Hope for the best, prepare for the worst. The removal of your debt servicing payments is probably better than any return on investment you can get right now barring the implementation of exotic investment strategies.

Otherwise, if you just can't stop yourself from putting your money in the market, I'll echo what I said in the investments thread: if you aren't prepared to manage your positions and manage risk, stay out of the market until it is in the most bullish orientation possible, after you have price and volume confirmation, after the institutional buyers have put in a definite floor only possibly seen through hindsight. Indiscriminate buying and holding for an indefinite, undetermined period of time is piss poor lazy, negligent, half-assed, and is not an acceptable form of risk management. Anyone who tells you otherwise doesn't know what the fuck they're talking about and is doing you a grave disservice. It's like boxing man, protect yourself at all times.

[kedawa]

Whenever I have lots of money in the bank, I quit whatever job I'm working at and go on vacation.
When I run out of money, I go back to work.

[cka]

I have 3 dollars in the bank