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Started By
Message
Do you move your emergency fund around?
Posted on 1/8/15 at 12:40 pm
Posted on 1/8/15 at 12:40 pm
I hate that I haven't been doing this for years. I've moved my emergency fund around about every 6 months the last two years (around $15,000)...another bank is always offering $175-$200 to open a savings account with them. I just did this with Chase today...only have to keep the account open 6 months. $175-$200 isn't life changing cash but it's worth the hassle if you ask me.
6
Posted on 1/8/15 at 12:56 pm to Chaplain
I don't have an emergency fund, but I love that Spurgeon avatar 
Posted on 1/8/15 at 1:18 pm to Chaplain
Im' reading a devotional by Charles Spurgeon right now. the prince of preachers!
Posted on 1/8/15 at 1:28 pm to Tiger Ryno
My favorite guy of all time...have you read this biography by Tom Nettles? If not and you're fan, it's a must own. LINK
Posted on 1/8/15 at 1:33 pm to bayoubengals88
quote:
I don't have an emergency fund,
Posted on 1/8/15 at 2:14 pm to Chaplain
Spurgeon FTW. Him and Jonathan Edwards could do this country some good.
A friend of mine opened about 10 savings accounts a couple years back. Did the minimums, followed the rules. Ended up making enough in bonuses to take his family on a nice vacation.
I remembered this the other day, and figured it up using this site:
LINK
Canceling out the long term bonuses (banks that give you $10 a month for 24 months) and the ones that require direct deposits and in-person account startups, there's $1600 in free money if you want to take the trouble to keep up with 12 accounts for six months.
A friend of mine opened about 10 savings accounts a couple years back. Did the minimums, followed the rules. Ended up making enough in bonuses to take his family on a nice vacation.
I remembered this the other day, and figured it up using this site:
LINK
Canceling out the long term bonuses (banks that give you $10 a month for 24 months) and the ones that require direct deposits and in-person account startups, there's $1600 in free money if you want to take the trouble to keep up with 12 accounts for six months.
This post was edited on 1/8/15 at 2:15 pm
Posted on 1/8/15 at 2:51 pm to Chaplain
You've inspired me. I'll go with Edwards in the avi pic.
Always good to see who the other Calvinists are.
Always good to see who the other Calvinists are.
Posted on 1/8/15 at 2:59 pm to anc
quote:
Always good to see who the other Calvinists are.
Posted on 1/8/15 at 4:53 pm to Chaplain
no
Posted on 1/8/15 at 4:57 pm to Chaplain
I've never did that, but I can see the advantages of it.
I do tell people with a lot of money (like very old ladies who don't want anything risker than a CD) to spread it among different banks. No issues with FDIC guarantees, and also, if an account gets hacked, it won't wipe you out.
I do tell people with a lot of money (like very old ladies who don't want anything risker than a CD) to spread it among different banks. No issues with FDIC guarantees, and also, if an account gets hacked, it won't wipe you out.
Posted on 1/8/15 at 4:59 pm to anc
quote:
Always good to see who the other Calvinists are.
Hahaha. This thread made my day. Now LSU better win tonight!
No Chaplain, I've got the Spurgeon book by Lawson.
Sorry about the hijack.
Posted on 1/8/15 at 5:46 pm to Chaplain
quote:
I hate that I haven't been doing this for years. I've moved my emergency fund around about every 6 months the last two years (around $15,000)...another bank is always offering $175-$200 to open a savings account with them. I just did this with Chase today...only have to keep the account open 6 months. $175-$200 isn't life changing cash but it's worth the hassle if you ask me.
Lots of people disagree, but......or you can put it in a Roth in a conservative holding and earn 1000+ annually.
Posted on 1/8/15 at 6:55 pm to Volvagia
I'm seriously considering that after the six months are up
Posted on 1/8/15 at 6:56 pm to bayoubengals88
Lawson's books are great. I've got several myself.
Posted on 1/9/15 at 5:37 am to Chaplain
It really is the smart move if you do it right. The opportunity cost of having 6 months of expenses sitting in a savings account losing money to inflation are just too high.
Do not mix it with retirement assets (you can have other retirement assets in the account....just keep the emergency fund in its own fund).
Have it in a nice and conservative bond heavy fund (I use Vanguard's Wellesley Income).
And dollar cost average in, don't invest all 15000 at once.
There is a risk involved, in that you are hoping hard that it can sit undisturbed for at least 3-5 years, but once you pass that point you will pretty much never be in a position where you lost principal even if you need to withdraw at the worst of an epic market meltdown.
Do not mix it with retirement assets (you can have other retirement assets in the account....just keep the emergency fund in its own fund).
Have it in a nice and conservative bond heavy fund (I use Vanguard's Wellesley Income).
And dollar cost average in, don't invest all 15000 at once.
There is a risk involved, in that you are hoping hard that it can sit undisturbed for at least 3-5 years, but once you pass that point you will pretty much never be in a position where you lost principal even if you need to withdraw at the worst of an epic market meltdown.
Posted on 1/9/15 at 8:28 am to Volvagia
Not using STAR any more?
Posted on 1/9/15 at 2:59 pm to Teddy Ruxpin
Yes, but not for that fund.
Someone mentioned Wellesley as an alternative, and the more I looked into it the more I felt that perhaps STAR was too risky for an emergency fund allocation.
Wellesley flips the ratio to being 2/3rds bonds, and what stocks they gave tend to be the more stable value stocks rather than STARs more diverse (and volatile) collection.
I switched out which I recommended for that purpose some months back.
Someone mentioned Wellesley as an alternative, and the more I looked into it the more I felt that perhaps STAR was too risky for an emergency fund allocation.
Wellesley flips the ratio to being 2/3rds bonds, and what stocks they gave tend to be the more stable value stocks rather than STARs more diverse (and volatile) collection.
I switched out which I recommended for that purpose some months back.
This post was edited on 1/9/15 at 10:19 pm
Posted on 1/9/15 at 3:02 pm to Volvagia
That's sort of what I figured your logic was.
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