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Question regarding savings account
Posted on 10/3/16 at 1:20 pm
Posted on 10/3/16 at 1:20 pm
Instead of using my bank capital one as a savings account. I was wondering if I could keep depositing money held in my wife's fidelity account she had started for her before we were married. The assets are stored in ADX (Adams Diversified Equity Fund). Is this a smart move to use this fund as a savings account.
This post was edited on 10/3/16 at 2:08 pm
Posted on 10/3/16 at 2:12 pm to RickySauwce
quote:
Is this a smart move to use this fund as a savings account.
No.
Posted on 10/3/16 at 2:14 pm to TigerDeBaiter
what would you recommend?
Posted on 10/3/16 at 2:30 pm to RickySauwce
Some people like to use a Roth in the manner you describe.
How much $ are we talking?
I usually set thresholds.
3 months emergency in the bank.
Then save in Roth.
Goal is 6 months emergency between the two.
If 6 months is met, then all savings goes toward meaningful debt.
Then save for long term or big purchases.
I haven't gotten all the way to the last step yet.
How much $ are we talking?
I usually set thresholds.
3 months emergency in the bank.
Then save in Roth.
Goal is 6 months emergency between the two.
If 6 months is met, then all savings goes toward meaningful debt.
Then save for long term or big purchases.
I haven't gotten all the way to the last step yet.
Posted on 10/3/16 at 2:55 pm to RickySauwce
One of its stated objectives is preservation of capital so that is good for your purpose. However, it is a closed end fund and has an expense ratio of 0.96%. I'd stay away. As for what to recommend - that would depend on a number of factors. My wife and I use her work place credit union as a savings account. But we also have non retirement money in bank money market and checking accounts. My emergency fund is Vanguard Wellesley Income Fund. It still has some risk but not a lot.
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