Are savings accounts a meme?

Poker_Star
Poker_Star

Are savings accounts a meme?

Deadlyinx
Deadlyinx

Yes

Just keep money in chequeing or in broker account because it will get fucked by inflation any way

Methnerd
Methnerd

@Deadlyinx

thanks man

Snarelure
Snarelure

@Methnerd
Yeah I mean you'll lose slightly less to inflation but it's not a significant amount. You should have a small amount in chequeing and the rest in your portfolio

eGremlin
eGremlin

@Poker_Star
Pretty much what @Snarelure
says. Keep six months to a year's worth of expenses in your regular checking/savings/money market. You never know what kind of expenses can come up where you'll need instant liquidity.

GoogleCat
GoogleCat

@eGremlin
brokerage accounts aren't liquid

idontknow
idontknow

@eGremlin

Retarded.

Keep 1-2 months immediate expenses (shit like rent, groceries, whatever) in your checking, then keep another 5-10 depending on job security in 1% savings.

likme
likme

@Poker_Star
The maximum you should ever have in savings is $250k.
That is the amount protected by the US government if something happens to your savings.

lostmypassword
lostmypassword

@Poker_Star
My mum has 400K in a 3% p.a savings account. It's so frustrating. Whenever I try to convince her to invest she says the she doesn't want to lose it in the stock market meme.

kizzmybutt
kizzmybutt

@Poker_Star
Yes. Prior to babyboomers it was meant to be invested in children, but current elite does not want competition, so they created these memes about muh social security.

Sharpcharm
Sharpcharm

I keep $30k in a money market savings account as an emergency fund.

People often think about an emergency fund being useful for if you lose your job, but it is just as likely that you'll get hurt and need to take time off work.

Even with insurance, you need a buffer, because depending on the incident, it can be a bitch to get full reimbursement from insurance in a timely manner.

@likme

FDIC and the like doesn't protect anything. They couldn't even cover 25% if there was a bank run or a major banking collapse.

It just gives the illusion of protection to people that keep that much money in banking accounts.

Emberfire
Emberfire

@lostmypassword
She's better off than you, yet you question her

Firespawn
Firespawn

@Emberfire
Not him, but of course she is, she had an entire lifetime of work and saving. But an equivalent woman who had invested that wealth would have been substantially better off.

You fucking retard.

CouchChiller
CouchChiller

@Emberfire
Try /pol/

GoogleCat
GoogleCat

@Emberfire
She's better off than you, yet you question her

That's a logical fallacy.

Just because someone is better off than you doesn't mean you can't give them advice. You need to argue what they're saying instead of attack them personally

Someone gives you a piece of advice/offers an argument
"NO SHUT UP, YOU HAVEN'T DONE X SO YOU CAN'T TALK!"

That post may be the poorest poorfag on Veeky Forums but what he's saying isn't wrong, at least until you disprove it.

happy_sad
happy_sad

@Firespawn
@CouchChiller
@GoogleCat
Being this triggered

likme
likme

@happy_sad
Said something retarded
Got corrected
"XD I WAS JUST TROLLING GUYS, I WAS ONLY PRETENDING TO BE RETARDED HAHA GOT YOU"

Snarelure
Snarelure

@Sharpcharm
FDIC is a government corporations that guarantees $250,000 in case of bank failure, backed by the department of treasury.

If there is a bank failure so large that FDIC can't get you your funds, then it won't matter if you can't get your money because society has literally collapsed and the money is worthless.

Garbage Can Lid
Garbage Can Lid

@Poker_Star
they are not a meme, they are good for storing your emergency funds in..but dont put all your money in it.

Stupidasole
Stupidasole

@Poker_Star
mine gives 3% return. So its not bad to keep an emergency fund.

Nojokur
Nojokur

for now
interest rates will go back, however, so it's actually a good time to create an account

Harmless_Venom
Harmless_Venom

@likme
not seeing
So here's the underlying problem. You are frugal and put away 75% of your income into index funds and hit that megamillion figure after a lifetime of dedication. Maybe. If you manage to find a job.

His clueless mom has $400,000 in savings account after applying literally no effort and no knowledge, apparently.

She is far superior to the first scenario because she didn't need to try... She accumulated that money almost by accident.

Her career success and personal choices got her there easily. Her son, however, smug due to his Veeky Forums affiliates astounding knowledge, mocks her because "hurr she didn't invest, if I were her I'd be so much better off"

Fallacy being he isn't her and won't ever find himself in the position of having a spare $400,000 in savings going by his and his Veeky Forums meme associate's attitude

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