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Thread: How Much Do You Keep in Your Checking Account

  1. #14


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    Another thing to consider:

    Financial institutions (banks, brokerages, credit cards, etc.) endlessly nag me to switch to e-statements and swear off paper. I refuse to do so because if/when something happens to me, it's a lot easier for significant others to follow paper trails.

  2. #15


    0 out of 2 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by Wave View Post
    Develop an incentive program by rewarding her for efficiently managing a small portion of your budget and she'll learn quick enough.
    That has got to be the most patriarchal statement I seen on this forum. Your wife isn't a dog who will respond to treats...

    How about just opening up the checkbook and showing her where everything is? You're fooling yourself if you don't think a woman can manage money. Frankly I would be shocked if she didn't have a "mad money" account that you didn't know about.

  3. #16


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    Quote Originally Posted by Wave View Post
    Or prepare a "death file" containing instructions, account numbers, usernames and passwords if there is online access...in the event of your untimely demise.
    Quote Originally Posted by Midwest Player View Post
    Funny you mention this. I actually wrote up a 14 item list on what to do if I would die. I think I emailed it to all my kids and my younger brother. My wife will have help from our kids, or at least see better.
    Well MWP if you did pass away before your wife does at least next time she buys a vehicle she won't have you around dissuading her from purchasing a 4x by 4x for the bad roads.
    Last edited by BoSox; 04-23-2019 at 09:17 AM.

  4. #17


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    Quote Originally Posted by 21forme View Post
    Another thing to consider:

    Financial institutions (banks, brokerages, credit cards, etc.) endlessly nag me to switch to e-statements and swear off paper. I refuse to do so because if/when something happens to me, it's a lot easier for significant others to follow paper trails.
    FYI; Most identity thefts happen from people stealing your info from your mailbox. So their effort to get you to switch to e-statement is to protect your identity. I realize you did not state that as a reason to continue receiving paper statements but understand you are making yourself more vulnerable to someone stealing your identity by not getting statements e-mailed to you.

  5. #18


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by Sharpe View Post
    FYI; Most identity thefts happen from people stealing your info from your mailbox. So their effort to get you to switch to e-statement is to protect your identity. I realize you did not state that as a reason to continue receiving paper statements but understand you are making yourself more vulnerable to someone stealing your identity by not getting statements e-mailed to you.
    Maybe for some people, but my mailbox is in the lobby of a locked building and requires a key to open.

  6. #19


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    Quote Originally Posted by ZeeBabar View Post
    MW, I am in a similar situation. My wife cant handle money, wont learn. I pay all the bills and manage the money. I have decided to put some money in 1 year CD in the same bank (where it earns slightly more than in a savings account), some money is in a savings account linked to the checking account.

    Your post is a timely one and I am learning from it as well. At present, the income comes from social security and pension as well as some invested but now that I am over 70+, I am required to start withdrawing funds each year or be penalized by the IRS.
    If you have an IRA, you have to make withdrawals.

  7. #20


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    Quote Originally Posted by Midwest Player View Post
    I actually wrote up a 14 item list on what to do if I would die. I think I emailed it to all my kids and my younger brother. My wife will have help from our kids, or at least see better.
    I know that this thread is about money handling at your death, but everyone should have a plan for his/her health care when/if s/he is unable to make decisions. If you haven't already done it, a discussion with your physician & wife (& any others you want involved) about your desires for (& extent of) health care if you should become mentally incapable of making medical decisions for yourself prior to your death is extremely important.
    The decisions you make can (and should, IMHO) be made into a document known as a"living will" or "durable power of attorney for health care" by an attorney. At the very least, your designated decision maker should know your desires.



  8. #21


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    Quote Originally Posted by Sharpe View Post
    FYI; Most identity thefts happen from people stealing your info from your mailbox.
    No. It doesn't.

  9. #22


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    Quote Originally Posted by ZeeBabar View Post
    MW, I am in a similar situation. My wife cant handle money, wont learn. I pay all the bills and manage the money. I have decided to put some money in 1 year CD in the same bank (where it earns slightly more than in a savings account), some money is in a savings account linked to the checking account.

    Your post is a timely one and I am learning from it as well. At present, the income comes from social security and pension as well as some invested but now that I am over 70+, I am required to start withdrawing funds each year or be penalized by the IRS.
    Zee, don't buy your CD'S from a bank. Their rates all suck. I suggest you buy your CD's from a brokerage firm like Charles Schwab. Here is just an example to show the difference in rates. One of my local banks is offering a 1 year CD with a rate of 0.55%. You can get a one year CD at Schwab with an interest rate of 2.4%. At one time Schwab required a balance of $10,000 to open an account, but I think they did away with that. You can link you Schwab account to your checking account.

    CD's from a brokerage account work a little different than a bank. There is no penalty for early withdrawal from a brokerage account and you can sell them at any time. However, CD's will sell at a discount right after you buy them especially in a rising rate environment. In a falling rate environment after awhile you can sell them at a premium, but they should just be held until maturity.

    At one time I use to buy long term CD's and ladder them. As they became shorter length to maturity they could be sold at a premium. I don't buy long term CD's anymore as I don't have that many years left. The longest CD I have now matures in 2024. Also Schwab has something called Schwab Value Advantage Money Fund. It pays almost as much as a 1 year CD. Its interest rate right now is 2.3%. In fact I just opened this account not to long ago. It is like a money markrt account and keeps a stable net asset value.
    Last edited by Midwest Player; 04-23-2019 at 09:17 PM.

  10. #23


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    Quote Originally Posted by Wave View Post
    This has got to be the most economically illiterate and inherently illogical post I have seen on this forum.

    1) If humans did not respond to incentive programs, then why are they utilized by companies and corporations to foster behavior by their employees that will benefit their businesses?

    2) Would not your example of a "mad money" account be a self developed incentive program?

    3) If incentive programs, self developed or not, are ineffective in modifying human behavior, then why did you bother learning to count cards?
    Did you really just compare a employee/employer relationship to a marriage?

    And YOU'RE the boss, offering an incentive to your employee? I mean WIFE?

    My apologies; THIS is the most patriarchal statement, even more than your prior one.

    Of course incentive programs work. That's why businesses use them. And parents use them to reward good behavior. I think, however, giving your wife an incentive to behave in a certain way is just flat wrong.

    Quote Originally Posted by Wave View Post
    "Patriarchal"...your PC bias is showing.
    Not at all. I had no idea treating your wife as an equal partner was now considered "politically correct".

  11. #24


    3 out of 3 members found this post helpful. Did you find this post helpful? Yes | No
    I have to weigh in here.

    I am a female AP. There are those on this forum who know exactly who I am, but I choose to be "one of the guys" to protect my identity.

    The best part is that I have inherent cover, because just like Wave, most people assume I'm too stupid to be an AP. Twice I have been playing at a table with a male partner, and HE got the tap, even though I had more money on the felt. There have been countless times I've left a table, because I spotted another counter, but he's never spotted me even though we're raising our bets at the same time. A woman who can count? Unheard of...

    Giving your wife an incentive made me laugh. As IF we're that easily manipulated. But men? Look at all the dumb things guys do for piece of ass. Posters here have actually talked about the problem they have concentrating with a pretty dealer, or a hot cocktail waitress.

    To be clear, this isn't ALL men. It isn't even MOST men nowadays. And frankly, in my experience APs are less likely to be chauvinists than your run of the mill pit boss. The smartest ones realize that women can be just as good as the guys, and in some instances even better. Running a spotter/BP play? Few people suspect a female BP, and smart APs know this.

    And lastly, treating your wife as an equal isn't PC. It's what decent men everywhere do every day.

  12. #25


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    Quote Originally Posted by Midwest Player View Post
    You can get a one year CD at Schwab with an interest rate of 2.4%.
    I recently opened a 1 year CD at 2.8%. A good site to shop banks and products is bankrate.com (click ALL in the dropdown, so you don't see just their sponsored sites).

  13. #26


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    Quote Originally Posted by Wave View Post
    By labeling me as someone that generalizes all women as stupid, you did exactly what you accused me of doing.

    So yes, your PC bias is showing.
    I believe the word I used was patriarchal, in response to your patriarchal suggestion that a husband should use a reward system on his wife. You further went to say that employers do this all the time, so it must work.

    Yep it works. If I perform well I get a hefty bonus from my boss. If my kids behave Santa shows up. But a marriage is different....

    You can say I'm being politically correct or you can notice that not many people are rushing to your defense on this one. It isn't 1950 anymore.

    .....oh and I forgot to add my dog will sit, beg, see hands, lay down, play dead and speak... All for a treat.

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