Where our economy is, for the young

Re:Where our economy is, for the young by reallydontask on Friday October 02, 2020 @09:52AM (#24662584)

There is the idea of having an emergency fund, which given its nature, should be stored in an instant access savings accounts.

This is money for when you lose your job for instance

Your appetite for risks and circumstances determine how big it should be (a good rule of thumb is six months worth of salary) but there are countless stories of people trying to be clever with their emergency funds and storing them in ETFs or riskier investments only to find that when the need comes, their fund is not enough and get in financial distress.

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Re:Where our economy is, for the young by jcalvinowens on Friday October 02, 2020 @10:45AM (#24663139)

If you're a US citizen, "I Series Savings Bonds" are fantastic emergency fund vehicles. You can cash them out instantly after holding them only one year, mine are paying just under 2% right now.

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Re:Where our economy is, for the young by vel0city on Friday October 02, 2020 @03:35PM (#24666280)

Series I Savings Bonds are currently 1.06%.

https://www.treasurydirect.gov/indiv/research/indepth/ibonds...

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Re:Where our economy is, for the young by dzonga on Friday October 02, 2020 @03:42PM (#24666340)

credit union savings accounts. mine pays 2.5%. you won't have penalty.

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