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Thread: How Much Do You Keep in Your Checking Account

  1. #27


    0 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by Wave View Post
    Patriarchal used in a derrogatory manner (such as you did) is a tool of the PC crowd.
    Quite the red herring.

    Your statement was objectively patriarchal. instead of acknowledging that and maybe backing off or looking at it from another direction, you call me PC and say that I have a PC bias as if that's an insult. Let's not confuse political correctness with basic human decency. decent people don't try to manipulate their spouses with a rewards system.

    I can't teach you what your parents didn't, so please take the last word.

  2. #28
    Random number herder Norm's Avatar
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    Quote Originally Posted by 21forme View Post
    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).
    Yeah, that's good. I bought a six month CD at 2.4% last month, Bank of India, through a brokerage firm. When purchasing via a brokerage, they'll provide a long list of available CDs.

    (Trying to get the subject back.)
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

  3. #29


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    Quote Originally Posted by Norm View Post
    I bought a six month CD at 2.4% last month, Bank of India
    So that explains your avatar...

    When I bought it, the yield on the 1 year was the highest of any duration.

  4. #30


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    Quote Originally Posted by Sharpe View Post
    A couple of thoughts... I do think 11 months of living expenses in a “Checking account” is too much. Without knowing anything about your other investable assets (401k, IRA, Brokerage, etc), it may not be too much to have in “cash equivalents”. First, you should find out your income gap. This is the amount above your fixed income (SS, Pension, or annuity). Keeping 12 months of your income gap in “cash equivalents” isn’t always a bad idea... unless you have very little invested. So if you spend $5k per month, and your fixed income is $4k per month, you have a monthly income gap of $1k; or $12k per year.

    Inflation SHOULD be factored into your long term planning. Does your pension have a cost of living adjustment? If so, then $12k annual income gap may stay pretty consistent from a purchasing power aspect.
    I not sure what you mean by an income gap. I don't think I have one. More money is going into my checking account on average each month than is going out. I don't spend $5,000 a month from checking, but it is somewhere between $4,000 and $5,000. Lets say it is around $4,500. So on average, I would guess a couple hundred more is going into than out of checking each month.

    My house is paid off, and no car payments. I paid cash for my last new car a few years ago and probably will pay cash again in 2021 or 2022 when I hope to buy my next new car. All credit cards are paid off in full each month.

    Now with inflation that surplus going into my checking account will probably dry up. My pension is not indexed for inflation, but social security is somewhat indexed. I am withdrawing slightly more than my min required distribution from my 401(k). At the present rate I'm withdrawing from my 401(k), it will last a little over 18 years assuming I make no interest, dividends or capital gains which is unlikely or if I don't have any huge losses. My 401(k) is invested approx 60% bonds and cash and 40% stock. However outside my 401(k) I have about 8 mutual funds that are all invested in stock funds with a total value equal to whats in my 401(k). So you can see I'm really heavy on the stock side. Plus I have about 4 or 5 individual stocks which makes me even more heavy on the stock side.

    At one time I had a lot of money market accounts, but closed them all when interest rates went to hell. Just lately I started up a money market account again and started to buy CD's again. Most of my CD's are worth below par with the rising interest rate environment. I also have a local savings account which is the only account that doesn't have internet access. Still have some EE bonds that I didn't use for the kids education. I got to cash those as 30 years will be up I think next year.

    I'm sure 21forme and Dbs6582 are really interested in this. I spent a total of $1,680 on snow removal this winter. Roof was shoveled twice for a total of 11 man hours. Payloader came twice to move and pile up snow. I fell about 4 times and cracked a rib once. Now they are saying possible snow again this weekend.

  5. #31


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    Quote Originally Posted by RCJH View Post
    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.
    RCJH, I'm going to have to disagree with you on this one. I know several husbands that give their wife treats during the day hoping to score with them at night.

  6. #32


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    Quote Originally Posted by GMass View Post
    No. It doesn't.
    Well then... Consider me proven wrong with your insightful post

  7. #33


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    Quote Originally Posted by 21forme View Post
    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).
    You feel bankrate.com gives you valuable financial advice?

  8. #34


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    Quote Originally Posted by Member Name Hidden View Post
    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.
    Believe me, women use sex all the time to get what they want.

    However, in any marriage when there is a disagreement about something, someone has to rule the roost. Sometimes it is the man and sometimes it is the women who calls the shots. It really depends on the person's makeup. The person who makes the final decision takes the other person's wants and feelings into consideration, but usually one person becomes the "boss" and makes all the important decisions.

    Now in my case, I have three children. In one of my son's marriage there is no question he rules the roost. In fact, I think he treats his wife like shit making her work full time and do most of the household chores from cutting the grass to snow blowing. She doesn't really have to work because he makes twice as much as I ever made, but now he decided he wanted a brand new half million dollar home. He has all his money tied up in that new home. He made his wife switch from part time to full time work. To top matters off he says he can't afford to come visit us this year, and wants me to pay for his entire trip.

    Now my other son, has just the opposite situation. His wife rules the roost. Whatever xxxx wants she gets. She will decide where they go for vacation. If I was married to her I think the marriage would last about three minutes. This son is pretty easy going and pretty much just goes along with the flow.

    In my daughters marriage, everything is more balanced. No one really is at the extreme which is probably best.

    Now when I got married, my Dad gave me just this one piece of advice and nothing else. He said the man rules the roost. The important decisions are suppose to be made by the man. So you kind of know where I stand, but really its the individuals makeup who determines who is the"boss." Sometimes its the wife and sometimes its the man. And it really depends on how bad someone wants something. After our kids were mostly grown my wife wanted a dog. She kept pestering until I finally gave in. It was really important to her and made her happy. Well, after about 14 years the dog died. Here we go again. She wants another dog and some how she found out who had puppies. We were just going to go and look at them, not buy anything. Well, within two weeks of our dog's death we had another damn dog. I tell her everyday our present dog is the last dog we are getting.
    Last edited by Midwest Player; 04-24-2019 at 10:19 PM.

  9. #35


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    Quote Originally Posted by Sharpe View Post
    You feel bankrate.com gives you valuable financial advice?
    I wouldn't call it advice, but a listing of the available rates out there. Fro m that perspective, I find it helpful.

  10. #36


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    MWP - Where does your son who bought the $1/2M house live? Do the others live in the UP?

  11. #37


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    Quote Originally Posted by 21forme View Post
    MWP - Where does your son who bought the $1/2M house live? Do the others live in the UP?
    None of my children live in the U.P. Good jobs are few and far between in the U.P.

  12. #38


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    Quote Originally Posted by Midwest Player View Post
    None of my children live in the U.P. Good jobs are few and far between in the U.P.
    Then the $1/2M house may not be out of line (depending on household income, of course). Housing isn't cheap in desirable/growing locales.

  13. #39


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    We should have another bitching-about-the-weather post from MWP soon...
    https://www.forbes.com/sites/dennism.../#410cf06c7d3b

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