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| Monday, July 03, 2006 |
| Net Worth July 2006 |
Surprisingly, this was a good month for me. The market recovered somewhat which made my retirement accounts happy. I feel like I have been spending a lot of money lately, yet I am doing well on savings. I am looking forward to the end of the month when I should find out about my raise for this year. Fingers-crossed that it will be enough-of-a-one to allow me to ratchet up my 401(k) contributions.
 [Click on image to see larger]
I will need to take a look at my saving accounts and start shifting some more money over to HSBC and away from ING - 5.05% is just far too tempting to resist. I plan on keeping my ING account, just not park so much of my money into it.
If you don't already have an ING Direct savings account, you can still get one and benefit from the $25 sign-up bonus - Free money is always a good thing! |
| posted by Boston Gal @ 8:31 AM *
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| 4 Comments: |
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Wow. I am sure that you have covered why in previous posts (I recall you saying that you were saving for specific things), but $70k in cash just seems like a lot to me -- even at 4 and 5% interest. Are you so risk averse that mutual funds with a good 10 year track record are not safe enough investments, or do you plan on using the cash sooner than you would feel safe with such an inverstment? Understand, you are in a hell of a lot better financial shape than I am, so maybe this is just the jealousy talkin'!
I just thought maybe it was one of those things that had gotten away from you -- saving for a goal, and all of a sudden, you realize that you have more saved than you thought, or are ahead of where you thought you would be by now?
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I am so envious of you. I am so impressed with your only having mortgage debt. I wish I could say the same - someday.
Anyway, my question is ...with ING rates so much lower than the other guys...(I am an ING account holder too)....why not withdraw enough to pay off the investment property? Or are you saving to make another investment purchase when the prices go down a little in the fall?
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OK - the "too much cash" issue...
My ING Direct account holds my "Emergency Fund" - this is my "If I lost my job tomorrow" fund. Most financial experts suggest 3 - 6 months worth of expenses in such an account. The account currently holds a bit more than that - I tend to be more conservative since I have gone through layoffs in the past (The Dot Bomb) and also have to plan for things like rental vacancies, etc. Also, since I am single, I don't have another paycheck I can rely on in times of trouble. So basically that account just sits.
My HSBC Direct account is for planned improvements to my house. I could pay for work using a home equity loan or I can save first and pay cash. My plan is to try to pay cash for the planned work. So, while it looks like a lot of money, it is earmarked for improvements. I am about 1/3 of the way toward my saving goal for the planned projects.
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No Equities?! Why not? You're so young.
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Wow. I am sure that you have covered why in previous posts (I recall you saying that you were saving for specific things), but $70k in cash just seems like a lot to me -- even at 4 and 5% interest. Are you so risk averse that mutual funds with a good 10 year track record are not safe enough investments, or do you plan on using the cash sooner than you would feel safe with such an inverstment? Understand, you are in a hell of a lot better financial shape than I am, so maybe this is just the jealousy talkin'!
I just thought maybe it was one of those things that had gotten away from you -- saving for a goal, and all of a sudden, you realize that you have more saved than you thought, or are ahead of where you thought you would be by now?