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Poll: How much money do you have in savings?

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Originally posted by: joshsquall
Originally posted by: PrinceofWands
Wrongo. As I've posted in other threads you can lose money and DEFINITELY be under incredible stress by not having control of it. We are creatures of our experiences and once someone has gone through what I have their perspectives would likely change.
Click to expand...

Explain?
Click to expand...

I can't find the thread (stupid f'ing search function) but in short: I've had accounts seized multiple times which were later released but all fines and charges accrued as a result of having no money or active accounts were left to me to pay. Perhaps a lawsuit could have gotten it back but then I'm paying for a lawyer too and besides, the stress and time it all took was far worse than the actual economic impact. One of these seizures also affected my father who lost a good chunk of money in the process and when he complained he was told to sue me for the lost money...even though I was never in the wrong and had nothing to do with the actual seizing of accounts. Again, maybe a lawyer would have gotten it back but it was easier for me to just give him the money once I got it back.

That's hardly a rare occurence. I've been in touch with a number of people who've gone through that, as well as people who've lost a lot in investements - from both market drops and shady businesses absconding with their money. On top of it all there are those rare instances of freezing accounts by the government due to mistaken identity, or assumed 'terrorist ties'. A number of those people are proven totally blameless and their money returned, but all of the negatives associated with these things are just too bad for those that suffer them.

Nope, no more, never again. I'm done. My money is mine and it stays under my direct control. Period.
 
Originally posted by: PrinceofWands
Originally posted by: joshsquall
Originally posted by: PrinceofWands
Wrongo. As I've posted in other threads you can lose money and DEFINITELY be under incredible stress by not having control of it. We are creatures of our experiences and once someone has gone through what I have their perspectives would likely change.
Click to expand...

Explain?
Click to expand...

I can't find the thread (stupid f'ing search function) but in short: I've had accounts seized multiple times which were later released but all fines and charges accrued as a result of having no money or active accounts were left to me to pay. Perhaps a lawsuit could have gotten it back but then I'm paying for a lawyer too and besides, the stress and time it all took was far worse than the actual economic impact. One of these seizures also affected my father who lost a good chunk of money in the process and when he complained he was told to sue me for the lost money...even though I was never in the wrong and had nothing to do with the actual seizing of accounts. Again, maybe a lawyer would have gotten it back but it was easier for me to just give him the money once I got it back.

That's hardly a rare occurence. I've been in touch with a number of people who've gone through that, as well as people who've lost a lot in investements - from both market drops and shady businesses absconding with their money. On top of it all there are those rare instances of freezing accounts by the government due to mistaken identity, or assumed 'terrorist ties'. A number of those people are proven totally blameless and their money returned, but all of the negatives associated with these things are just too bad for those that suffer them.

Nope, no more, never again. I'm done. My money is mine and it stays under my direct control. Period.
Click to expand...

Why exactly were your accounts "seized multiple times"? I know, you were completely innocent, but they had to have a reason at the time. Also, market drops and shady businesses have nothing to do with FDIC insured banks. And you can worry about the government seizing your accounts incorrectly... you can also worry about a tiny asteroid falling from the sky and killing you.
 
Originally posted by: dmcowen674
Bank stole it all.

Didn't check the account for five months when were moving between states.

Went to check the account and the bank stole all the money in bogus fees.

They have yet to respond to letters, contacting BBB and State AG,
Click to expand...

Oops, I actually stole your 2 cents. You want them back?
 
Originally posted by: joshsquall
The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...
How so?
 
Originally posted by: joshsquall
Originally posted by: PrinceofWands
Originally posted by: joshsquall
Originally posted by: PrinceofWands
Wrongo. As I've posted in other threads you can lose money and DEFINITELY be under incredible stress by not having control of it. We are creatures of our experiences and once someone has gone through what I have their perspectives would likely change.
Click to expand...

Explain?
Click to expand...

I can't find the thread (stupid f'ing search function) but in short: I've had accounts seized multiple times which were later released but all fines and charges accrued as a result of having no money or active accounts were left to me to pay. Perhaps a lawsuit could have gotten it back but then I'm paying for a lawyer too and besides, the stress and time it all took was far worse than the actual economic impact. One of these seizures also affected my father who lost a good chunk of money in the process and when he complained he was told to sue me for the lost money...even though I was never in the wrong and had nothing to do with the actual seizing of accounts. Again, maybe a lawyer would have gotten it back but it was easier for me to just give him the money once I got it back.

That's hardly a rare occurence. I've been in touch with a number of people who've gone through that, as well as people who've lost a lot in investements - from both market drops and shady businesses absconding with their money. On top of it all there are those rare instances of freezing accounts by the government due to mistaken identity, or assumed 'terrorist ties'. A number of those people are proven totally blameless and their money returned, but all of the negatives associated with these things are just too bad for those that suffer them.

Nope, no more, never again. I'm done. My money is mine and it stays under my direct control. Period.
Click to expand...

Why exactly were your accounts "seized multiple times"? I know, you were completely innocent, but they had to have a reason at the time. Also, market drops and shady businesses have nothing to do with FDIC insured banks. And you can worry about the government seizing your accounts incorrectly... you can also worry about a tiny asteroid falling from the sky and killing you.
Click to expand...

It was a whole big thing I posted about a couple times, I don't want to drag it all out again. Basically my ex has dedicated her life to pissing me off and kept doing things that led to it. I know we're not talking about investments but if I explain my mistrust of banks someone inevitably asks, "well why not invest it"... investment accounts are just as open to being seized as a bank account is...or at least having your access to them frozen.

I'll tell you what...if you found someone who'd lost a leg because an asteroid fell from the sky through their roof and took it (and also wounded their kid in the process) they'd probably take a few precautions (like a super-reinforced roof or something). That's all I'm doing. I don't care if you think it's reasonable...it's never happened to you (probably). Because I know it happens (and how often it happens, which is a LOT more than asteroids hitting people) I've taken steps to prevent it happening again.
 
Originally posted by: jpeyton
Originally posted by: joshsquall
The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...
How so?
Click to expand...

At home, if your money gets burnt, stolen, or otherwise damaged/misplaced, you've lost it all. I doubt any homeowner's insurance policy is going to actually pay out for cash you left in your house. You also earn no interest.

My money sitting in the bank is earning 5%+ a year, is insured by the federal government against loss, and is physically much more secure than anything I could have in my home. Yes, you lose your money if the bank goes under and the federal government is gone or in disarray. If both of these occur at the same time, you have much larger problems than any amount of greenbacks will fix.
 
what's better, putting money into a 5% saving or into a 401k? (in term of possibily needing some money about 5, 6 years down the road)
 
Originally posted by: joshsquall
Originally posted by: jpeyton
Originally posted by: joshsquall
The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...
How so?
Click to expand...

At home, if your money gets burnt, stolen, or otherwise damaged/misplaced, you've lost it all. I doubt any homeowner's insurance policy is going to actually pay out for cash you left in your house. You also earn no interest.

My money sitting in the bank is earning 5%+ a year, is insured by the federal government against loss, and is physically much more secure than anything I could have in my home. Yes, you lose your money if the bank goes under and the federal government is gone or in disarray. If both of these occur at the same time, you have much larger problems than any amount of greenbacks will fix.
Click to expand...

If you have any decent quantity of cash in your home, you've invested in a quality fire safe.

Not the kind you find at Staples or Target. The kind that's certified to keep its integrity for 2+ hours in a house fire. So the fire argument is out, IMO.

Strong safe + strong floor bolts + smartly hidden will prevent any average thief from taking your money. The kind of thieves that can take your money are not the kind that target random homes for B&E.

Otherwise damaged or misplaced? That's a bit too vague to respond to.

Earning 5% interest doesn't matter for two reasons. 1) 5% APR comes out to a few hundred dollars per year in interest...doesn't really interest me. 2) I use cash for business transactions, so it wouldn't be sitting there collecting interest anyways.

I've gone to banks and on multiple occasions they haven't been able to provide me with enough cash (in large denominations) for my withdrawal. Banks don't value customers like me, who have wildly fluctuating account balances and often drain their branches of their cash reserves on a daily basis.
 
Originally posted by: GMI
what's better, putting money into a 5% saving or into a 401k? (in term of possibily needing some money about 5, 6 years down the road)
Click to expand...

401k is a retirement account. There is a penalty for withdrawing early. Put it in savings.
 
Originally posted by: jpeyton
Originally posted by: joshsquall
Originally posted by: jpeyton
Originally posted by: joshsquall
The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...
How so?
Click to expand...

At home, if your money gets burnt, stolen, or otherwise damaged/misplaced, you've lost it all. I doubt any homeowner's insurance policy is going to actually pay out for cash you left in your house. You also earn no interest.

My money sitting in the bank is earning 5%+ a year, is insured by the federal government against loss, and is physically much more secure than anything I could have in my home. Yes, you lose your money if the bank goes under and the federal government is gone or in disarray. If both of these occur at the same time, you have much larger problems than any amount of greenbacks will fix.
Click to expand...

If you have any decent quantity of cash in your home, you've invested in a quality fire safe.

Not the kind you find at Staples or Target. The kind that's certified to keep its integrity for 2+ hours in a house fire. So the fire argument is out, IMO.

Strong safe + strong floor bolts + smartly hidden will prevent any average thief from taking your money. The kind of thieves that can take your money are not the kind that target random homes for B&E.

Otherwise damaged or misplaced? That's a bit too vague to respond to.

Earning 5% interest doesn't matter for two reasons. 1) 5% APR comes out to a few hundred dollars per year in interest...doesn't really interest me. 2) I use cash for business transactions, so it wouldn't be sitting there collecting interest anyways.

I've gone to banks and on multiple occasions they haven't been able to provide me with enough cash (in large denominations) for my withdrawal. Banks don't value customers like me, who have wildly fluctuating account balances and often drain their branches of their cash reserves on a daily basis.
Click to expand...

What exactly do you do that requires so much cash on hand?
 
I have about $1900 in my ING savings account. Six hundred of that is gonna go towards repaying a short-term loan in April so it's more like $1300. I'll also be buying plane tickets soon that'll cost me $900 or so. Other than that I have about $5700 in my Roth IRA.
 
Originally posted by: jpeyton
Originally posted by: joshsquall
Originally posted by: jpeyton
Originally posted by: joshsquall
The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...
How so?
Click to expand...

At home, if your money gets burnt, stolen, or otherwise damaged/misplaced, you've lost it all. I doubt any homeowner's insurance policy is going to actually pay out for cash you left in your house. You also earn no interest.

My money sitting in the bank is earning 5%+ a year, is insured by the federal government against loss, and is physically much more secure than anything I could have in my home. Yes, you lose your money if the bank goes under and the federal government is gone or in disarray. If both of these occur at the same time, you have much larger problems than any amount of greenbacks will fix.
Click to expand...

If you have any decent quantity of cash in your home, you've invested in a quality fire safe.

Not the kind you find at Staples or Target. The kind that's certified to keep its integrity for 2+ hours in a house fire. So the fire argument is out, IMO.

Strong safe + strong floor bolts + smartly hidden will prevent any average thief from taking your money. The kind of thieves that can take your money are not the kind that target random homes for B&E.

Otherwise damaged or misplaced? That's a bit too vague to respond to.

Earning 5% interest doesn't matter for two reasons. 1) 5% APR comes out to a few hundred dollars per year in interest...doesn't really interest me. 2) I use cash for business transactions, so it wouldn't be sitting there collecting interest anyways.

I've gone to banks and on multiple occasions they haven't been able to provide me with enough cash (in large denominations) for my withdrawal. Banks don't value customers like me, who have wildly fluctuating account balances and often drain their branches of their cash reserves on a daily basis.
Click to expand...

Ever heard of online banking?
You can use that for business transactions as well...
 
I'm not reading all these posts, but lets review some of our most notable post to date:

"How do you fix your Ramen?"
"How cheap IS expired meat at Costco?"
"My Check Engine light is on, can I just turn it off?"
 
Originally posted by: KLin
Not enough. 🙁
Click to expand...

Never enough...

Also, my "savings" are in property equity, retirement accounts, taxable accounts, etc....so this is a bit of a hard question to answer
 
You really shouldn't have more than a 6 month's budget in savings. The rest should be invested, unless you need it fairly liquid for a large purchase or something.
 
Six figures plus between ING Direct and Etrade Savings accounts. Will go down drastically when I close on my new house in the next month.
 
Originally posted by: joshsquall
<blockquote>quote:
Originally posted by: PrinceofWands
<blockquote>quote:
Originally posted by: joshsquall
<blockquote>quote:
Originally posted by: jpeyton
<blockquote>quote:
Originally posted by: tfinch2
<blockquote>quote:
Originally posted by: PrinceofWands
Couple grand in my safe and other secure locations.</blockquote>

You might want to rethink that safe. I have a friend who thought his money was good in a safe, but it turns out the safe was stolen and his money and belongings are gone.</blockquote>

I keep a lot more than that in a safe. Buy a quality safe, secure it with long floor bolts, keep it smartly hidden. That is usually enough of a deterrent for petty thieves. And I have no idea why a criminal mastermind would waste their time with me.</blockquote>

Why keep your money in a safe and not in a bank? If things are so bad that the FDIC can't pay up, your money is probably worthless anyway.</blockquote>

Some people (like me) don't let anyone else ever have control of their money. Other people put some in banks and investments but like to have some readily available at all times.</blockquote>

It's FDIC insured. Even if some bank idiot steals all your money and gets away with it, you're getting it back. Money in the bank is just about as liquid as cash. If the bank happens to be closed when you need more money than the ATM will give you, write a check or wait until the morning.

The risks of not putting your money in a bank greatly outweigh the risks of having it in a bank.
Click to expand...

A friend of mine was dating this girl, they lived together for a few years and had a kid together, but she was really crazy, so he finally broke up with her. So she got a lawyer and filed for a Divorce (even though they were not even married). And so after the filing the courts froze all of his assets for a few months until he finally got it all sorted out....
 
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