A Boring Dystopia

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Nearly 40% of Americans have less than $500 in cash savings, survey shows (www.livenowfox.com)

submitted 5 days ago by return2ozma@lemmy.world to c/aboringdystopia@lemmy.world

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[–] nexguy@lemmy.world 3 points 3 days ago (1 children)

You can open a brokerage account like Fidelity and put the money in a 3-4% cash account(like spaxx). Takes about 10 minutes and it's low risk. Can get your money any time like a bank.

[–] Trainguyrom@reddthat.com 2 points 3 days ago

This is the ideal way to handle your emergency fund, toss it in a high yield savings account with a different bank from your every day one, and then it's harder to tap into if you have a mild inconvenience. Between the high yield savings account and CDs that I keep about 1/3 of my emergency fund tied up in, my emergency fund is earning me about $500/year. Is that a life changing amount of money? Of course not! But it is enough that I can basically never touch my emergency fund and it should hold its value a bit above inflation indefinitely. And as a bonus it's all FDIC insured!