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Need some guidance with savings.

Frequent Contributor

Need some guidance with savings.


I have about 8200.00 sitting in a money market doing nothing. I am tempted to move the 8200.00 over into my Schwab intelligent portfolio to get it working for me along with all my other investments. It's nice to have everything in one place. I could leave about 1000.00 in the money market. 

But what if I need cash immediately? Well, I have some options. Keybank Line of credit is readily available to me at 5k. BECU 15K. Penfed 20k. It's there and has not been touched. I have debit cards that will give me access to these cash. 

What are your thoughts? Any advice are welcome. Thank you.

Message 1 of 5
Frequent Contributor

Re: Need some guidance with savings.

If you want to have everything in "one place" you could move it to Schwab, but I would see what kind of fees they are charging you.


You could look at betterment or wealthfront.  You make a profile, answer some questions, and they will create an investment portfolio for you.  I know that wealthfront will manage your first $10k for FREE, and i think 0.25% after that.  You deposit money, and they take care of everything else, rebalancing your portfolio as needed.  

BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's.
Message 2 of 5
Regular Contributor

Re: Need some guidance with savings.

Schwab Intelligent Portfolios always keeps about 8% of your investments liquid, so you can pull that out in a day or two if you need to. Intelligent Portfolios has no transaction fees and no management fees.
Message 3 of 5
Established Contributor

Re: Need some guidance with savings.

Doctor of Credit has some great options, ranging from the simple to the complex - basically the more micro-managing you are willing to do, the higher yield you can expect


Doctor of Credit Savings Account Guide


Have fun!

Message 4 of 5
Valued Contributor

Re: Need some guidance with savings.

While I will not recommend to do what I've chosen to do, I would be doing folks a disservice for at least not sharing.


So, I was in the same boat. The better my credit got, the better my fiances became. 


The better my finances became, the more money started to save because I had a new respect for my money.  Well, then I started to learn that this money needs to work for me instead of me working for my money.


Back in 2012...roughly when I started to rebuild, I looked into trading currencies via a school 2 people I knew had created. I still wasn't there mentally but I kept their information bookmaked for that day when I perhaps was ready to expand.


That came Feb of last year. I started trading a year ago and made 35% ROI w/ 4.97% Drawdown.


Now, again...I'm not saying everyone should do this. In fact, 99+%  should not. It is one of the QUICKEST ways to lose money, if you don't have the right mental state or know how spreads will kill your profits if you go one way...see that you're wrong, then thinking by changing direction of your trade will then put in you profit. Not how the market works...or everyone would be doing it.


So for me, I've created small accounts that I can afford to lose (I don't WANT to lose them, but if I went bust, I wouldn't be out on the streets) and between low risk and high leverage (leverage is the devil), these accounts take care of small monthly recorruring bills such as dog food, car insurance, etc.


35% while not impressive when compared to most, it's a FAR cry ahead of any savings account offering...and possible w/ as low as $10 to start (vs 5k+)



But, you could always get a vanguard fund offering 10-11% annual returns and sleep easier...

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 5 of 5