Night Owl Chatterboxes - Part XXV!
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*shaking head, going tsk tsk tsk*Originally posted by the Bear:did you guys hear what happened in the UK?
the Home Office let go hundreds of ex-cons who were not UK citizens after they served their sentences for terrible crimes like murder and rape...
they should have been deported but the Home Office just let them walk out of the prison... now they've disappeared into society instead of being deported... -
MG, I opened the MM account yesterday at my credit union. 4.8%. Thanks for your advice. I figured better start asap, no matter what the rate is. Better than nothing.
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Would not surprise me one bit. The actual number is most likely a lot higher when you factor in the unaccounted illegals.Originally posted by jetta:No. But hey, did you know that there are more Latinos in CA than the entire population of Nebraska?
My niece, who lives in Orange County, told me that Spanish is a required second language in most schools there. Go figure. -
Originally posted by Meia Gisborn:
What do you think of the Spanish version of the National anthem? Hubby says there is nothing stopping them from doing that since no where is it written that English is the first language.
Would not surprise me one bit. The actual number is most likely a [b]lot higher when you factor in the unaccounted illegals.
My niece, who lives in Orange County, told me that Spanish is a required second language in most schools there. Go figure.[/b] -
Shiok!!!Originally posted by jetta:MG, I opened the MM account yesterday at my credit union. 4.8%.
That's a bloody good rate!
What is the fund's tax status? Are there service charges? -
No service charge. 40 free checks. $2500 to start. I intend to let it ride with bi-monthly allotments. Tax status ah? Forgot.Originally posted by Meia Gisborn:Shiok!!! That's a bloody good rate!
What is the fund's tax status? Are there service charges?
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Jose, can you see?
Originally posted by jetta:What do you think of the Spanish version of the National anthem? Hubby says there is nothing stopping them from doing that since no where is it written that English is the first language. -
LMAOOriginally posted by the Bear:Jose, can you see? -
I have not heard anything about a Spanish version of the National Anthem. Are the lyrics in Spanish merely translated from the original English version, or have they changed the content?Originally posted by jetta:What do you think of the Spanish version of the National anthem? Hubby says there is nothing stopping them from doing that since no where is it written that English is the first language. -
They changed it for rhyming reasons. Blasphemy! Was on last night's evening news.Originally posted by Meia Gisborn:I have not heard anything about a Spanish version of the National Anthem. Are the lyrics in Spanish merely translated from the original English version, or have they changed the content?
Side thought: Think I'll start MM accounts for the kids too. Better than leaving it languishing earning low savings rates. -
Money Market Accounts?
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The fund's tax status affects its net rate of return. If it is not tax-exempt, you'll have to pay income tax on the interest earned, thereby lowering the fund's rate of return.Originally posted by jetta:No service charge. 40 free checks. $2500 to start. I intend to let it ride with bi-monthly allotments. Tax status ah? Forgot.
Since your MM account has check-writing privileges, I am assuming that it is not an investment-type account that is heavily vested in tax-free public securities like municipal bonds and treasury bills. If that's the case, the interest is probably not tax-exempt. -
Yah.Originally posted by the Bear:Money Market Accounts? -
wow..
maybe i should be doing something like that too... after i pay off the damned car -
If I remember right, I think it's tax-deferred.Originally posted by Meia Gisborn:The fund's tax status affects its net rate of return. If it is not tax-exempt, you'll have to pay income tax on the interest earned, thereby lowering the fund's rate of return.
Since your MM account has check-writing privileges, I am assuming that it is not an investment-type account that is heavily vested in tax-free public securities like municipal bonds and treasury bills. If that's the case, the interest is probably not tax-exempt. -
Bear. Go find out what the minimum to start a MM a/c is. Better to start now with little than, start later with alot since you can tweak the total invested anytime. What got me started is reading David Bach's book on The Automatic Millionaire. So damn informative, I feel so empowered. I'm also reading his other book, The Automatic Millionaire Homeowner.Originally posted by the Bear:wow..
maybe i should be doing something like that too... after i pay off the damned car -
thing is, my folks, in their guillable nature, bought a crapload of insurance investment things and i get saddled paying a crapload for them...
they only mature in a couple of decades
still, i think i'll go have a looksee coz there were a lot of things i was thinking about which i could not tie up my $$ for... there were thoughts of further studies, thoughts of taking a couple of months to go wander Europe.. stuff like that...
each one kinda got overtaken by events..
but, knowing my luck, i'll probably tie up my $$ and end up finding out that i need the liquidity almost immediately..
bad timing.. that's the story of my lifeOriginally posted by jetta:Bear. Go find out what the minimum to start a MM a/c is. Better to start now with little than, start later with alot since you can tweak the total invested anytime. What got me started is reading David Bach's book on The Automatic Millionaire. So damn informative, I feel so empowered. I'm also reading his other book, The Automatic Millionaire Homeowner. -
The MM fund is also nicknamed the rainy day or emergency fund. Since you're saving for a holiday and need the funds to have some kind of liquidity, I think this is the way to go.Originally posted by the Bear:thing is, my folks, in their guillable nature, bought a crapload of insurance investment things and i get saddled paying a crapload for them...
they only mature in a couple of decades
still, i think i'll go have a looksee coz there were a lot of things i was thinking about which i could not tie up my $$ for... there were thoughts of further studies, thoughts of taking a couple of months to go wander Europe.. stuff like that...
each one kinda got overtaken by events..
but, knowing my luck, i'll probably tie up my $$ and end up finding out that i need the liquidity almost immediately..
bad timing.. that's the story of my life
To quote my bank:
MMSAs are often “emergency” or “rainy day” accounts or a place to hold investment income until you’re ready to reinvest. An MMSC has a higher rate, but penalties apply if you withdraw before a predetermined maturity date. An MMSC is the best place to put large sums you know you won’t need for three to six months. -
i like the "large sums" bit
coz i wish i had large sums
but i think i can start one near the end of this year
by then, the car would have about 6 months' left of payments
Originally posted by jetta:The MM fund is also nicknamed the rainy day or emergency fund. Since you're saving for a holiday and need the funds to have some kind of liquidity, I think this is the way to go.
To quote my bank:
MMSAs are often ?emergency? or ?rainy day? accounts or a place to hold investment income until you?re ready to reinvest. An MMSC has a higher rate, but penalties apply if you withdraw before a predetermined maturity date. An MMSC is the best place to put large sums you know you won?t need for three to six months. -
Some banks don't have a minimum sum to start. Here's more info from my bank:Originally posted by the Bear:i like the "large sums" bit
coz i wish i had large sums
but i think i can start one near the end of this year
by then, the car would have about 6 months' left of payments
Money Market Savings Account (MMSA)
With our MMSA, you earn more than with a share savings account, but the number of transactions per month is limited. The MMSA requires a minimum opening deposit of $2,500.
You can access your account with special MMSA checks, online access, ATMs or phone. You can make no more than six total withdrawals per calendar month, and only three can be by check.
Tiered rates are based on money market environment and may change weekly. Rate applies to the entire balance, not just the amount over the tier threshold.
Dividends are compounded and paid monthly.
There is no set term.
What is a Money Market Savings Account?
An account with higher earnings potential than a share savings account, but more limited access due to federal regulations.
What are the limits on how many withdrawals you can make per month?
You can write only three MMSA checks per month, or make six withdrawals using any combination of three or fewer checks, the Automated Clearing House (electronic debits), phone, fax, Internet or automatic transfers. There are no monthly limits on the number of transfers or withdrawals made in person at a branch, through an ATM or by mail. Note: checks are included in monthly totals based on the date they are paid, not on the date written. -
thing is, lots of banks herer have such things but they want a minimum of about $30k
gotta keep looking -
That's alot! The $2500 limit by my bank is considered high here. As you know, Americans aren't known to save. There are some banks that require only $50 to start a MMA.Originally posted by the Bear:thing is, lots of banks herer have such things but they want a minimum of about $30k
gotta keep looking -
Hmm... you might want to confirm that with the credit union.Originally posted by jetta:If I remember right, I think it's tax-deferred.
A tax-deferred investment incurs a tax liability at a future point in time (the best example being a 401K or 403B investment account, where the tax is paid when the funds are wholly or partially withdrawn upon the account holder reaching retirement age).
A MM account with check-writing privileges functions much like a regular checking account, except that the bank has wider latitude in determining how to invest the deposited funds. I can't recall, but I seem to remember that MM accounts, unlike regular checking and savings accounts, are not FDIC-insured.
Again, I would advise checking with your credit union to confirm. -
well, i went to citibank about a month ago...
it was kinda scary... "oh.. with only $50k you can "
i went: uhh... lady... i WISH i had $50kOriginally posted by jetta:That's alot! The $2500 limit by my bank is considered high here. As you know, Americans aren't known to save. There are some banks that require only $50 to start a MMA. -
Sounds like the housing market here. 3 bedroom, 1500sq ft, 2 car garage house in my area only $700K.Originally posted by the Bear:well, i went to citibank about a month ago...
it was kinda scary... "oh.. with only $50k you can "
i went: uhh... lady... i WISH i had $50k