I've also read that only 3% of Americana that have a 401k available to them from their employer participates.

So with that mindset , I Agree with the OP article as well.

(10-09-2015 12:19 PM)South Carolina Duke Wrote:  I've also read that only 3% of Americana that have a 401k available to them from their employer participates.

So with that mindset , I Agree with the OP article as well.

Not contributing up to the employer match in a 401k is just dumb. It is essentially refusing free money and a 100% return on your contribution.

Multiple savings and checking accounts, investment accounts, 401K, Roth IRA, real estate, and pension... now that i'm thinking about it, I couldn't imagine managing my financial portfolio without digital records and transfers.

I just keep all my money in my 401k or my checking account. Savings accounts are basically useless. They generate almost no interest. Maybe some people like to have them so they can keep the money separate so they don't spend it, but I don't really blow money anyway. I know what I have, I know what I can afford. I don't need to stick it somewhere else to not spend it.

It is kind of crazy to think of how little money the people of America actually own if it is true that so many have nothing but what is in their checking account right now.

That is pretty scary and does lend itself somewhat to the idea that the American people have been robbed.

(10-09-2015 02:26 PM)HeartOfDixie Wrote:  It is kind of crazy to think of how little money the people of America actually own if it is true that so many have nothing but what is in their checking account right now.

That is pretty scary and does lend itself somewhat to the idea that the American people have been robbed.

That's part of it. However, never fail to underestimate the stupidity of people. There are plenty of people that make decent money but fail to save accordingly.

(10-09-2015 02:20 PM)Niner National Wrote:  I just keep all my money in my 401k or my checking account. Savings accounts are basically useless. They generate almost no interest. Maybe some people like to have them so they can keep the money separate so they don't spend it, but I don't really blow money anyway. I know what I have, I know what I can afford. I don't need to stick it somewhere else to not spend it.

Sounds about like what I have going on. I do have a credit union acct in NC that I have money auto deposited in each pay period. I have no card for ATM access and the nearest branch is like over an hour away so it takes effort to get to the cash, by design. I just check it online from time to time.

(10-09-2015 02:28 PM)VA49er Wrote:  

(10-09-2015 02:26 PM)HeartOfDixie Wrote:  It is kind of crazy to think of how little money the people of America actually own if it is true that so many have nothing but what is in their checking account right now.

That is pretty scary and does lend itself somewhat to the idea that the American people have been robbed.

That's part of it. However, never fail to underestimate the stupidity of people. There are plenty of people that make decent money but fail to save accordingly.

Very true.

I wonder if there are historical statistics that show that people further down the line used to have savings.

(10-09-2015 02:31 PM)HeartOfDixie Wrote:  

(10-09-2015 02:28 PM)VA49er Wrote:  

(10-09-2015 02:26 PM)HeartOfDixie Wrote:  It is kind of crazy to think of how little money the people of America actually own if it is true that so many have nothing but what is in their checking account right now.

That is pretty scary and does lend itself somewhat to the idea that the American people have been robbed.

That's part of it. However, never fail to underestimate the stupidity of people. There are plenty of people that make decent money but fail to save accordingly.

Very true.

I wonder if there are historical statistics that show that people further down the line used to have savings.

I think it's unfair to say they are stupid. Ignorant maybe but not stupid.

(10-09-2015 02:33 PM)Fitbud Wrote:  

(10-09-2015 02:31 PM)HeartOfDixie Wrote:  

(10-09-2015 02:28 PM)VA49er Wrote:  

(10-09-2015 02:26 PM)HeartOfDixie Wrote:  It is kind of crazy to think of how little money the people of America actually own if it is true that so many have nothing but what is in their checking account right now.

That is pretty scary and does lend itself somewhat to the idea that the American people have been robbed.

That's part of it. However, never fail to underestimate the stupidity of people. There are plenty of people that make decent money but fail to save accordingly.

Very true.

I wonder if there are historical statistics that show that people further down the line used to have savings.

I think it's unfair to say they are stupid. Ignorant maybe but not stupid.

No, some people are just plain stupid no matter how one spins it.

(10-09-2015 02:31 PM)VA49er Wrote:  

(10-09-2015 02:20 PM)Niner National Wrote:  I just keep all my money in my 401k or my checking account. Savings accounts are basically useless. They generate almost no interest. Maybe some people like to have them so they can keep the money separate so they don't spend it, but I don't really blow money anyway. I know what I have, I know what I can afford. I don't need to stick it somewhere else to not spend it.

Sounds about like what I have going on. I do have a credit union acct in NC that I have money auto deposited in each pay period. I have no card for ATM access and the nearest branch is like over an hour away so it takes effort to get to the cash, by design. I just check it online from time to time.

I also contribute to my health savings account. I think I have a couple thousand in there. I don't put much into it. I'd put more in there if I had a family, but I have health insurance and plenty of money in my checking account to cover my deductible + a lot left over.

I need to diversify though and start doing more active investing. 401k is nice, but I really need to put some in the market.

I took all my money out of the market in 2007 right before the crash. Never again.

(10-09-2015 02:36 PM)Niner National Wrote:  

(10-09-2015 02:31 PM)VA49er Wrote:  

(10-09-2015 02:20 PM)Niner National Wrote:  I just keep all my money in my 401k or my checking account. Savings accounts are basically useless. They generate almost no interest. Maybe some people like to have them so they can keep the money separate so they don't spend it, but I don't really blow money anyway. I know what I have, I know what I can afford. I don't need to stick it somewhere else to not spend it.

Sounds about like what I have going on. I do have a credit union acct in NC that I have money auto deposited in each pay period. I have no card for ATM access and the nearest branch is like over an hour away so it takes effort to get to the cash, by design. I just check it online from time to time.

I also contribute to my health savings account. I think I have a couple thousand in there. I don't put much into it. I'd put more in there if I had a family, but I have health insurance and plenty of money in my checking account to cover my deductible + a lot left over.

I need to diversify though and start doing more active investing. 401k is nice, but I really need to put some in the market.

I did the health savings account one year but then stopped because it was a pain in the rear to actually use it. Sending in receipts, etc and then the govt cut back on stuff I used it for so....

I don't do anything in the market other than retirement stuff like the 401k and Roth IRAs. I just don't have time to properly research individual stocks and without research, investing in the market is no different, IMO, than just going to Vegas.

The only reason we have money in our savings and not checking is because if our debit card is stolen they will only get what is in our checking which isnt much. We have a checking with little in it. Savings with quite a bit and my 401K and a 529.

(10-09-2015 12:00 PM)South Carolina Duke Wrote:  Well you are stuck in the venture then. But at 0% on the roof you are good. But once it's paid off, negotiate the medical down and be done with that.

Then I'd throw extra cash towards the house.

I'm just anti debt... Period.

I've learned a lot from my wife the business major. We too are without debt including our house which we paid off in 11 years (186k home). We bought it 15 years ago. When we were both working she asked me, "do you think we can live off one paycheck?) It was funny to me as I was supporting a family of four with one, (divorce).

The money that the IRS was asking every year we would just "invest" in an IRA account. So far we haven't even taken any out but we're getting close to where we have to (age). That was one way of saving.

Another thing we do is use our credit card for everything as we get cash back but that requires a LOT of will power which means you have to pay off your debt every month otherwise it won't work.

Twice already banks have asked us to open a credit card account and they would reward us with 200 dollars one time and 400 dollars another time so there you made more money that you wouldn't have had for something that you do anyway (use your credit card).

When we bought our house we gave 20% as a down in order that it wouldn't be tacked on to our mortgage payment. It helps a lot in that you don't have to pay interest on that 20% and better to make an IRA investment.

Heck, my wife and I could write a book for newbies to learn good money habits. The magic word is interest. Make an effort to not pay any or as little as possible. It's free money for banks and stores. Give it to yourselves instead.

But, you know what? It isn't our doing, the credit belongs to God as He is the One that gives us all we need, and He's doing a really great job.

(10-09-2015 02:31 PM)VA49er Wrote:  

(10-09-2015 02:20 PM)Niner National Wrote:  I just keep all my money in my 401k or my checking account. Savings accounts are basically useless. They generate almost no interest. Maybe some people like to have them so they can keep the money separate so they don't spend it, but I don't really blow money anyway. I know what I have, I know what I can afford. I don't need to stick it somewhere else to not spend it.

Sounds about like what I have going on. I do have a credit union acct in NC that I have money auto deposited in each pay period. I have no card for ATM access and the nearest branch is like over an hour away so it takes effort to get to the cash, by design. I just check it online from time to time.

We use our credit card at Wal Mart for cash back. Using an ATM is paying to use your money…and that ain't right. 60 bucks is the minimum per visit. Which is enough for emergencies like tailgating, etc. Mostly we'll use our credit card for EVERYTHING. Sometimes the credit card company will give you special cash back rates for gasoline, shows, etc. which we take advantage of but in those you have to call to sign up which isn't a hassle.

(10-09-2015 02:36 PM)Niner National Wrote:  I need to diversify though and start doing more active investing. 401k is nice, but I really need to put some in the market.

If you're under 40, max out your risk tolerance. You're not touching it for at least 25 years anyway.

(10-09-2015 03:27 PM)Hitch Wrote:  

(10-09-2015 02:36 PM)Niner National Wrote:  I need to diversify though and start doing more active investing. 401k is nice, but I really need to put some in the market.

If you're under 40, max out your risk tolerance. You're not touching it for at least 25 years anyway.

I'm 29

I have a lot in liquid assets, but I don't add to it. I invest in my Roth 401k at work. I like the peace of mind knowing that I can just pay for basically any necessity without moving a bunch of money around.

(10-09-2015 02:38 PM)Fitbud Wrote:  I took all my money out of the market in 2007 right before the crash. Never again.

That's sad.

Even if you bought at the absolute peak in 2008, you would still be up 28% today, or about 3.6% annually -- and again, that would have been the absolute worst case scenario.