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Easy way to Save for a Truck
Posted on 9/28/21 at 8:56 pm
Posted on 9/28/21 at 8:56 pm
Looking to begin saving a little each paycheck for a used truck and wondering where I should park my money: Savings Account, S&P 500 Index Fund, Under Mattress? I'd like to keep this money out of sight out mind. Any help would be appreciated.
7
Posted on 9/28/21 at 9:01 pm to Nighthawk504
Just save for it. You already have the strategy. I personally wouldn’t try to work the market into it since it’s short term.
Posted on 9/28/21 at 11:37 pm to Nighthawk504
How long is it going to take you to save the money? Unless you’re talking years, just stash it in a “high yield” savings account and be happy with .5% til you’re ready to buy the truck. 
Posted on 9/29/21 at 7:30 am to Nighthawk504
If you're saving long term, for years, and you just want small, risk averse growth then I'd use a Money Market account. If you're saving short term just set up an auto transfer from wherever your money is deposited into your savings. The market is nutso right now and probably will be for awhile.
If you don't like your money YOLO it all into whatever stock r/wallstreetbets recommends.
If you don't like your money YOLO it all into whatever stock r/wallstreetbets recommends.
Posted on 9/29/21 at 1:24 pm to Nighthawk504
quote:Be in the right field.
Easy way to Save for a Truck
I haven't had a personal vehicle in 30 years.
I've never had a personal cellphone.
Posted on 9/29/21 at 1:35 pm to soccerfüt
Subtle brag.
Posted on 9/29/21 at 3:37 pm to Devilsturn
quote:
Subtle brag.
You think that was subtle?
Posted on 9/30/21 at 9:22 am to AllDayEveryDay
quote:If you are saving long term, a money market is not going to be much different than a savings account. Which won’t outpace inflation at the current rates.
If you're saving long term, for years, and you just want small, risk averse growth then I'd use a Money Market account. If you're saving short term just set up an auto transfer from wherever your money is deposited into your savings. T
Posted on 9/30/21 at 9:38 pm to saderade
What about storing the money in block fi? Their accrued interest is fairly unmatched
This post was edited on 9/30/21 at 9:40 pm
Posted on 10/1/21 at 1:11 am to Nighthawk504
Finance it.
Then invest the cash you save. If your returns on your investment are higher than the interest rate on the loan, then you're actually getting paid to finance the truck.
Debt isn't always bad. AND, you get to drive the truck NOW.
Then invest the cash you save. If your returns on your investment are higher than the interest rate on the loan, then you're actually getting paid to finance the truck.
Debt isn't always bad. AND, you get to drive the truck NOW.
This post was edited on 10/1/21 at 1:12 am
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