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Posted: 4/25/2021 3:33:51 PM EDT
[#1]
Cayman Islands.
Bitcoin. Cryptocurrency. |
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Posted: 4/25/2021 3:40:43 PM EDT
[#2]
50 thou in my credit union and 30 thou in a safety deposit box in a different banks vault.
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Posted: 4/25/2021 3:47:51 PM EDT
[#3]
Quote HistoryQuoted: Cayman Islands. Bitcoin. Cryptocurrency. |
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Posted: 4/25/2021 3:53:44 PM EDT
[#4]
I keep a month's burn in checking, three or four months in savings, and the rest in index funds and crypto. If I feel the need to have more than several thousand in cash, I'll keep a month's worth at our place and spread a month's worth here and there at different family member's houses. Only did this for while during the scamdemic.
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Posted: 4/25/2021 4:58:59 PM EDT
[#5]
Quote HistoryQuoted: Not trying to hide it, but just a secure place to keep it. Quote HistoryQuoted: Quoted: Cayman Islands. Bitcoin. Cryptocurrency. Oh, ok, thought we were going all breaking bad. Bank is my answer then. |
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Posted: 4/25/2021 5:30:56 PM EDT
[#6]
Is this your 3-6 month emergency fund or something else?
Emergency funds should be liquid. That means savings, checking, or money market. Yes, with current rates they suck but an emergency fund needs to be available when needed and if you invest it you run the risk of needing money when the market is in the toilet. If this is money above your emergency fund, then just follow the order of operations and focus on tax savings: Get your company 401k match Max your HSA Max Roth IRA for you/spouse Max remaining 401k Backdoor/mega backdoor Roth Brokerage Real estate Pre pay future expenses (I.e college) |
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Posted: 4/25/2021 6:12:23 PM EDT
[#7]
Quote HistoryQuoted: Is this your 3-6 month emergency fund or something else? Emergency funds should be liquid. That means savings, checking, or money market. Yes, with current rates they suck but an emergency fund needs to be available when needed and if you invest it you run the risk of needing money when the market is in the toilet. If this is money above your emergency fund, then just follow the order of operations and focus on tax savings: Get your company 401k match Max your HSA Max Roth IRA for you/spouse Max remaining 401k Backdoor/mega backdoor Roth Brokerage Real estate Pre pay future expenses (I.e college) I'll for sure be maxing out any tax savings retirement tools. No company matching on anything though, LLC owner here. ETA: Income may well be above the ability to contribute to a Roth IRA unless I do the backdoor method. I'll have to get with a professional for that stuff as it is above my working knowledge. |
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Posted: 4/25/2021 7:13:50 PM EDT
[#8]
I just keep cash at my house. Everyone I know that holds some cash does the same.
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Posted: 4/25/2021 7:38:38 PM EDT
[#9]
Quote HistoryQuoted: Living expenses and just extra money for whatever, but not what I'm going to invest. I'll for sure be maxing out any tax savings retirement tools. No company matching on anything though, LLC owner here. ETA: Income may well be above the ability to contribute to a Roth IRA unless I do the backdoor method. I'll have to get with a professional for that stuff as it is above my working knowledge. Emergency funds are good. I keep about 12 months of expenses in my emergency fund because of how long it could be to replace my income. Most people need only 3-6 months Keeping cash on hand beyond the emergency fund to cover emergencies and living expenses is only wise if you are using it to purchase items that you would normally finance. Otherwise, your limiting your ability to maximize wealth. I’d discuss your position with a fiduciary and get their advice. |
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Posted: 4/26/2021 6:31:49 PM EDT
[#10]
Find an online savings account that gives the best rate. Yes, they are all terrible I know, but some are less terrible than others.
I use Ally |
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Posted: 4/26/2021 6:37:03 PM EDT
[#11]
 Why are you guys so old? Don't get left behind.  Crypto has stable coins pegged 1:1 with the dollar. Look at those 30d rates. You decide. |
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Posted: 4/27/2021 12:44:40 PM EDT
[#12]
USDC / USDT / UST
1:1 coins (stablecoins) pegged to the USD and easy to find returns of 9% APY. Some at 20% (UST). Liquid to USD and in a bank in 24hrs. Even if you are not on the crypto but this should be on everyones radar. You earn more on deposit in a week than you can in a Money Market in a year. |
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Posted: 4/27/2021 3:23:04 PM EDT
[#13]
Quote HistoryQuoted: USDC / USDT / UST 1:1 coins (stablecoins) pegged to the USD and easy to find returns of 9% APY. Some at 20% (UST). Liquid to USD and in a bank in 24hrs. Even if you are not on the crypto but this should be on everyones radar. You earn more on deposit in a week than you can in a Money Market in a year. Can you take it out at your leisure? |
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Posted: 4/28/2021 7:44:01 AM EDT
[#14]
Yes. Best to take it out Sunday when fees are lower, but in the next few months eth gas fees will get another drop due to an upgrade.
It takes 8-12 hours to hit my bank account when I need cash. |
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Posted: 4/28/2021 11:13:01 AM EDT
[#15]
I keep cash in a high-yield savings account with Ally Bank. With the Fed dropping interest rates, the high-yield savings rate has plummeted from 2.1% to 0.5% currently.
I keep about 1 months expenses in checking. I maintain an emergency fund of about 3 months expenses (not income) in savings. I also keep cash in savings for things I expect to spend within a year such as property taxes, home/auto insurance, vehicle maintenance, vacations, etc. The rest is kept in mutual funds/retirement accounts. |
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Posted: 5/1/2021 7:42:52 PM EDT
[#16]
Quote HistoryQuoted: https://thenewrifleman.com/wp-content/uploads/2021/04/Screenshot_20210426-173448_Brave.jpg Why are you guys so old? Don't get left behind. Crypto has stable coins pegged 1:1 with the dollar. Look at those 30d rates. You decide. I no shit moved 90% of my cash to stablecoins in yield farms and lending protocols. |
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Posted: 5/2/2021 12:06:14 PM EDT
[#17]
Just in savings.
It loses value but ive got bigger fish to fry. Keep it simple. A small emergency fund. Everything else gets leveraged for generational wealth. My industrial mechanical business, auto shops, rentals, e-commerce. Right now we are scaling the e-commerce, rentals will be after that. I see people get caught up in minutiae. You aren't making 250 or 500 a year but you're worried about 3k in interest. Fixing your income is the low hanging fruit. Be the short giraffe. Once your neck has grown, your can reach for harder to get fruit in the tallest branches. My neck is really short but well muscled. I tear off low hanging fruit by the bushel basket. Mangos, papayas. All that. Those coconuts are way up there, hard to crack. Every dollar i put in e-comm gets doubled with 12 months. I can't say i care but a little bit of emergency cash does. #betheshortgiraffefirst |
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Posted: 5/3/2021 9:54:33 AM EDT
[#18]
Keep a few weeks "living money" in cash. If the banks close or your bank account is unavailable for longer than that...something's happened that money isn't currency anymore.
Everything else: bank (if not invested). |
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Posted: 5/10/2021 2:45:07 AM EDT
[#19]
Quote HistoryQuoted: https://thenewrifleman.com/wp-content/uploads/2021/04/Screenshot_20210426-173448_Brave.jpg Why are you guys so old? Don't get left behind. Crypto has stable coins pegged 1:1 with the dollar. Look at those 30d rates. You decide. Ok that looks interesting, tell me more I don't quite understand What is that on, not coinbase right ? There is crypto that pays interest and stays aligned 1 to 1 with dollars? Didnt know so far I've just been buying btc and eth on coinbase. |
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Posted: 5/10/2021 2:49:09 AM EDT
[#20]
Under the mattress
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Posted: 5/10/2021 3:09:06 AM EDT
[#21]
Quote HistoryQuoted: USDC / USDT / UST 1:1 coins (stablecoins) pegged to the USD and easy to find returns of 9% APY. Some at 20% (UST). Liquid to USD and in a bank in 24hrs. Even if you are not on the crypto but this should be on everyones radar. You earn more on deposit in a week than you can in a Money Market in a year. What are the risks ? How are they generating that kind of return ? Where do you find that kind of return ? Dont think on coinbase. |
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Posted: 5/10/2021 8:10:48 AM EDT
[#22]
I Bonds. They limit you to 10K a year per person but they pay 3.54% now and there's no tax on interest until you sell which can be in 30 years. There is a 12 month lockup time and a 3 month interest penalty if you sell before 5 years though. It's the best place for emergency funds in my opinion since there is zero risk of loss and they pay a lot more than CDs. They also adjust twice a year for inflation. The government inflation figures are lower than real inflation, but at least their rates increase if inflation increases.
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Posted: 5/10/2021 1:53:06 PM EDT
[#23]
Quote HistoryQuoted: What are the risks ? How are they generating that kind of return ? Where do you find that kind of return ? Dont think on coinbase. You are actually smart asking these questions. Tether is not a safe or even a stable instrument. DeFi is creating leverage that is going to collapse the system. |
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Posted: 5/10/2021 1:59:10 PM EDT
[#24]
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Posted: 5/10/2021 3:39:18 PM EDT
[#25]
Savings accounts spread across multiple banks.
I have lots of other investments, but other than emergency cash at home, non-investment money is best kept in a bank. If you don't care about speedy access, then other things like CDs are an option. I want to be in a position to wire my savings immediately if needed. I have crypto, I view it as an investment and not as savings. It's far too volatile. |
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Posted: 5/11/2021 3:04:39 AM EDT
[#26]
Quote HistoryQuoted: You are actually smart asking these questions. Tether is not a safe or even a stable instrument. DeFi is creating leverage that is going to collapse the system. Quote HistoryQuoted: Quoted: What are the risks ? How are they generating that kind of return ? Where do you find that kind of return ? Dont think on coinbase. You are actually smart asking these questions. Tether is not a safe or even a stable instrument. DeFi is creating leverage that is going to collapse the system. Collapse what system ? Crypto ? All crypto or just DAI and these high interest investments? I'd like to know more. |
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Posted: 5/11/2021 4:13:53 AM EDT
[#27]
Quote HistoryQuoted: 50 thou in my credit union and 30 thou in a safety deposit box in a different banks vault. I hear safety deposit boxes aren’t so safety these days |
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Posted: 5/11/2021 6:00:20 AM EDT
[#28]
Quote HistoryQuoted: Collapse what system ? Crypto ? All crypto or just DAI and these high interest investments? I'd like to know more. And wouldn’t transferring back to cash (selling the coins) be a taxable event? |
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Posted: 5/11/2021 6:04:01 AM EDT
[#29]
At your house.
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Posted: 5/11/2021 11:03:01 AM EDT
[#30]
Quote HistoryQuoted: And wouldn’t transferring back to cash (selling the coins) be a taxable event? Quote HistoryQuoted: Quoted: Collapse what system ? Crypto ? All crypto or just DAI and these high interest investments? I'd like to know more. And wouldn’t transferring back to cash (selling the coins) be a taxable event? Yes. |
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Posted: 5/11/2021 11:08:00 AM EDT
[#31]
Where do you keep cash? In a place nobody would want to mess with it,in my special sock so nobody will bother it lol
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Posted: 5/11/2021 11:11:22 AM EDT
[#32]
A couple of thousand in mostly smaller bills in a fireproof box inside a gun safe.
You don't want to have too much cash with inflation coming, just enough to cover food and gas for a few weeks. Although you should probably have a few weeks of food stored as well. |
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Posted: 6/25/2021 7:24:06 PM EDT
[#33]
Quote HistoryQuoted: Ok that looks interesting, tell me more I don't quite understand What is that on, not coinbase right ? There is crypto that pays interest and stays aligned 1 to 1 with dollars? Didnt know so far I've just been buying btc and eth on coinbase. Quote HistoryQuoted: Quoted: https://thenewrifleman.com/wp-content/uploads/2021/04/Screenshot_20210426-173448_Brave.jpg Why are you guys so old? Don't get left behind. Crypto has stable coins pegged 1:1 with the dollar. Look at those 30d rates. You decide. Ok that looks interesting, tell me more I don't quite understand What is that on, not coinbase right ? There is crypto that pays interest and stays aligned 1 to 1 with dollars? Didnt know so far I've just been buying btc and eth on coinbase. You’re getting rewarded for being a liquidity provider to a market maker. Crypto has a lot of alternative market spaces where people develop & obtain funding for new projects (DeFi - decentralized finance). It’s the land of the crypto penny stocks basically and the whole thing is tied together with stable coins for stability & lack of regs (deposit reporting rules around $). |
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