miller2348

Alright, so I have money saved up now and it's over the 100k FDIC insured amount. I'm not sure what I should do now. I know I can open another bank account at a different institution and move some there but are there any better options? I'd like to keep the money liquid in case I have any big ideas or something like that so CD's aren't a good option for me.

smaxor

Just keep opening accounts at new banks. I use etrade, ingdirect, emigrantdirect, washington mutual, hsbc and a couple others.

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phil9922

Spread it across different bank accounts. I just recently opened a few new bank accounts because I don't want to have everything in one place with the rate banks are failing right now. Even if the money is all insured it might take you a while to actually get it back if something were to happen, so I'd withdraw a bunch of that and deposit back into a few new accounts at other banks.

bb_wolfe

Invest that shit. Liquidity is for the poor. :>

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miller2348

Thanks guys for the advice. I'd love to invest it but don't know shit right now about investing so that's not an option just yet.

Seems like a pain in the ass to have so many accounts but I guess that's the safest option for right now.

-Matt-

Ever hear of a thing called Google? Maybe Borders or Barnes and Noble?

Seriously though, sit down and work up an investment plan. Keeping your money in the bank and not having it work for you is... well, just plain stupid.

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bb_wolfe

Are you really that fucking stupid? You can earn 100K, but you can't figure out how to invest?

I call Troll.
1/10

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Chris R Motive

Throw some of it in a mutual fund while you are sitting on it not making any interest for you. When you have that great idea that comes along pull it out and you might have a couple thousand more to play around with. If you dont know how to invest the most simple way to do it is to walk into a WAMU and say HELP ME!

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smaxor

Bah don't want to get into an investment strategy thing. But paying mutual fund fees for a short term placement of money doesn't make sense if you ask me. As far as investing it goes some times it doesn't make sense to invest it if you need it liquid for capital expenditures or large scale asset purchases.

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xmcp123

Investing is a difficult thing. I'm not sure what education you've had, but I know mine sure as shit didn't handle it. And it's a bit tricky to find solid advice on.
My financial education consisted of how to write a check properly. Bites me in the ass to this day.

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bb_wolfe

Step 1: Deposit 10K into Sharebuilder. Buy 4 stocks.
Step 2: Wait it out a quarter.
Step 3: See the results. The gains you want to study and the losses you want to study.
Step 4: Keep on investing in sure things, like C, GE, MSFT, and other dogs of the dow. For 100K, his dividends should be pretty good if he sticks with the continual winners.

And as for the checkbook, I don't use one at all. I have one, but it's for supremely out of the ordinary expenses, like buying a car or payroll when I need to hire someone.

and I still call troll. I think he's full of it. Most banks have investment centers and once they see your balance hit 20K+, the rep usually calls you to discuss options. Of course, I haven't had 20K in the bank for almost 2 years, so things may be different now.

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miller2348

You can call whatever you want, making money isn't hat hard especially online; however, investing is a totally different subject. I do have a broker, but losing 15% in the last year and a half doesn’t make me want to put more money into that. Hence, why I said, "I'd love to invest it but don't know shit right now about investing so that's not an option just yet" in my response.
I will look to investing when I'm ready, but for now it's not an option.

With the 8 or so banks that have failed this year, I'm just making sure I'm covered and earning interest. Sure, I'd rather keep all the money in one place but from the comments that weren't about stocks, it seems different accounts are the way to go.

Sohan

Buy a safe and a shotgun. Fuck the banks.

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projectv3

too bad a shotty wont help u fight against inflation :P

Aveligand

Truth be told, with the current investment climate and interest rates as low as they are, neither will the banks.

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