Saving(s)
Out of context: Reply #12
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- sarahfailin0
To give a better answer:
Keep some money in your checking/savings account that you have access to immediately. Put a cap on how much this money should be. 2-3 times rent/mortgage is good for me as a single guy.Keep other money in an investment account at a bank like Fidelity, etc. This money you can get to fairly quickly for things like trips, emergencies, etc, but should still be making 5-8% interest.
Finally, put the rest of your money into a long-term savings account, like an IRA, a ROTH IRA, a 401(k) or another longterm investment account.
With these three accounts, you got your short-term, your short-long term, and your long-long term needs covered. The younger you are, the better it is to put money away for the long haul, cause you'll see it multiply mo and mo.