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Posted on 3/19/14 at 11:05 am to yellowfin
quote:
The entire $5,300 wasn't there for a year and if it were a savings account would have netted you about $50 at today's rates.
Right. The old notion that it's just exceedingly stupid financially, is pretty much exceedingly stupid in today's environment. It's basically as good a savings vehicle as anything.
Posted on 3/19/14 at 11:19 am to yellowfin
quote:
The entire $5,300 wasn't there for a year and if it were a savings account would have netted you about $50 at today's rates.
Yes, you are right. If you are going to put the money in a savings account anyways, your opportunity cost are minimal at the moment. However, that doesn't make the decision any better.
Also, if you would have DCA'd that money into a commission-free ETF such as SCHB, your $5,300 would be worth $6,150 today.
People want to earn interest and make money on everything they've got in a bank, but for some reason they've got no qualms about getting nothing back but their principal on $5,300 of money that was rightfully theirs.
Posted on 3/19/14 at 2:10 pm to yellowfin
It's one thing to say refunds are bad if it can be corrected with a simple W-4 change, and there is no risk of underpayment. But more complicated changes often cost more in advisor fees than the income that could be earned from the amount overpaid.
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