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Where do you put your cash I'm the meantime?

Anything related to investing, including crypto

tonyf7

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My wife and I have some excess cash just sitting in various savings accounts earning nothing. Any suggestions on where to park that money while we work on that paycheck pot and FU account?

I currently own a small slow lane business which I want to grow so it can produce more income so I can pay off all of our debt. I hate debt. But in the meantime I'd like my money to at least be earning something. Recently an insurance agent peaked my curiosity about putting that money into a Life Insurance policy but after doing some research I found out that that's a shit idea.

Thoughts?
 
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Kevin88660

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Why not pay off the debt first? What’s the interest on your debt?
 

Kak

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My wife and I have some excess cash just sitting in various savings accounts earning nothing. Any suggestions on where to park that money while we work on that paycheck pot and FU account?

I currently own a small slow lane business which I want to grow so it can produce more income so I can pay off all of our debt. I hate debt. But in the meantime I'd like my money to at least be earning something. Recently an insurance agent peaked my curiosity about putting that money into a Life Insurance policy but after doing some research I found out that that's a shit idea.

Thoughts?

I hate lazy money. So I like the stock market. It doesn't get much better than one click and your money is deployed in a way that you like. One click to get it back.

Now, as far as what to invest in, that is an argument as contradictory as the day is long.

If you want to replicate what a run of the mill money manager might do without having to pay them or ask them for your money back, take a look at a balanced ETF like this.


It has high trade volumes and you can just slam money in and out of it all you want. Black Rock does all the work. It just isn't going to be spectacular.

You buy it with a trading platform like Fidelity, TD Ameritrade, Schwab... Whatever.

I would suggest you learn enough to know what you like and don't like in an investment and customize your approach over time.
 

tonyf7

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Why not pay off the debt first? What’s the interest on your debt?
All the interest rates are below 6% if I'm remembering correctly. Not much but that's 6% I'm paying to someone else and I hate that idea.
 
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tonyf7

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I would suggest you learn enough to know what you like and don't like in an investment and customize your approach over time.

So much to learn and no idea where to start! Overwhelming.
 

Kak

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So much to learn and no idea where to start! Overwhelming.

Then for now... AOM is your ticket.

Just read about it on the ishares website... It is pretty straightforward.
 

Tourmaline

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If your debt is at 6% or more, probably better to pay it off than to invest in something at 6% no?
 
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Kak

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If your debt is at 6% or more, probably better to pay it off than to invest in something at 6% no?

I would hope that he has more money than debt...

Much like not paying a home off because it is cheap debt, servicing any debt is better than paying it off if you are making better returns on that money than you are paying in interest.

If it is even, make things simple and just pay off the debt.

If you can't realistically expect better returns then you should also pay off the debt.

If it is just a heaping pile of debt that you have no realistic chance of paying off in 2-3 years, just file bankruptcy and start the healing process.
 

tonyf7

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I would hope that he has more money than debt...

Much like not paying a home off because it is cheap debt, servicing any debt is better than paying it off if you are making better returns on that money than you are paying in interest.

If it is even, make things simple and just pay off the debt.

If you can't realistically expect better returns then you should also pay off the debt.

If it is just a heaping pile of debt that you have no realistic chance of paying off in 2-3 years, just file bankruptcy and start the healing process.

As I mentioned, that money isn't earning anything at the moment and I am not educated enough to feel confident about picking investments that will yield me 6% returns. Not even close to that level of knowledge yet.

Which is why I want to pay off all of our debt and save myself all that interest. It'll be like paying myself 6%. It's just two mortgages, a student loan and a couple of car notes. No credit cards. I just really like the idea not owing anyone a penny.
 
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Kak

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As I mentioned, that money isn't earning anything at the moment and I am not educated enough to feel confident about picking investments that will yield me 6% returns. Not even close to that level of knowledge yet.

Which is why I want to pay off all of our debt and save myself all that interest. It'll be like paying myself 6%. It's just two mortgages, a student loan and a couple of car notes. No credit cards. I just really like the idea not owing anyone a penny.

I literally just gave you an ETF that has a 10 year history of over 6% returns.

I guess I wasted my time answering your question.
 

Tourmaline

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I would hope that he has more money than debt...

Much like not paying a home off because it is cheap debt, servicing any debt is better than paying it off if you are making better returns on that money than you are paying in interest.

If it is even, make things simple and just pay off the debt.

If you can't realistically expect better returns then you should also pay off the debt.

With you here.

If it is just a heaping pile of debt that you have no realistic chance of paying off in 2-3 years, just file bankruptcy and start the healing process.

Really? Just 2-3 years? Hmm I'd expect it's way worse to file for bankruptcy unless it'd take like 10 years to pay something off...

curious

I literally just gave you an ETF that has a 10 year history of over 6% returns.

I guess I wasted my time answering your question.

:rofl:
 

EvanOkanagan

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Which is why I want to pay off all of our debt and save myself all that interest. It'll be like paying myself 6%. It's just two mortgages, a student loan and a couple of car notes. No credit cards. I just really like the idea not owing anyone a penny.

You just answered your own question about what to do with that money...

Am I missing something here?

The answer is to use all that money to pay off the 6% interest debt. By just holding the money in your savings account you’re essentially losing out on 6% interest.
 
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guy93777

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My wife and I have some excess cash just sitting in various savings accounts earning nothing. Any suggestions on where to park that money while we work on that paycheck pot and FU account?

I currently own a small slow lane business which I want to grow so it can produce more income so I can pay off all of our debt. I hate debt. But in the meantime I'd like my money to at least be earning something. Recently an insurance agent peaked my curiosity about putting that money into a Life Insurance policy but after doing some research I found out that that's a shit idea.

Thoughts?


maybe you should put it in yourself by learning new skills

a new skill is like a tree. it will give you fruits again and again

nobody , no taxes and no financial crash can steal you this value inside yourself

it is yours forever and it will yield you money


example :

buy a 100 dollars guitar, learn to play the guitar. create songs or sing in pubs

your 100 dollars guitar and your skills are a tree that will give you money for ever since music will always be considered as something of value in society.






25898






25897
 

tonyf7

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I literally just gave you an ETF that has a 10 year history of over 6% returns.

I guess I wasted my time answering your question.

No time waisted my friend. Just haven't checked out your link yet.
 

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