Savings account alternative?

I have a very basic money question for you financially savvy members...

Since I paid off my 4Runner end of 2020, I've been dumping all the money that I can into my savings account. My ultimate goal is that this is going to go toward a down payment for house. I know, crazy time to be doing this. F*ck me, right? Lol

Right now it's just in a savings account, earning like $0.40 interest a month. With inflation what it is, I think it's effectively losing money every month.

What are some suggestions for an alternate account to park this money in to grow it, while still allowing pretty easy access to it?

Was thinking of maybe mutual funds, or an REIT? I'm not sure. I just need a few suggestions to look into.

Or even just post up your favorite financial guy other than Dave Ramsey. Ramsey got me on the path that led me to pay off all my shit in the first place and become such a saver, but I find him pretty cringe these days.

Thanks!

 

Short term CD's are doing just fine right now.

 

Spend it on mods.

Seriously, though, I'll be curious about this as well. Hoping to buy a house in a few years.

 

I'm tempted. Over a year I've been resisting. I want to do suspension and have been pondering a hidden winch set up. Instead. I just transferred another 2K into my savings account yesterday lol.

Living in Rhode Island helps. My vehicle is already more than capable for literally any trail in the state. With gas the way it is, I'm not as inclined to want to drive a few hundred miles to wheel.

 

Thanks for the tip. I just googled it, found a few with rates in the 0.5 to 0.6 range. For kicks and giggles, I looked up high interest savings account, found some in the same range. Perhaps instead of doing the CD I'll just transfer over into the high interest savings account, so I'm not limited by any particular time frame.

I had thought of the high interest savings account, but I was hoping there was some sort of a mutual fund or something similar that's relatively low risk that could grow the money faster.

 

Good thinking. A good set of tires will get you pretty far. Travelling to hit the trails is going to hurt this year!

Where are you finding the best interest rates on savings accounts?

 

I would suggest finding a reputable financial advisor in your area...My friend owns an Edward Jones gig here in Texas and has made me ALOT of money...He lives and breathes money, investments, what is hot, and what is not 16 hours a day...I get e-mails every week telling me that he is moving my money around...I certainly don't have the time to keep up with latest trends in the market.

 

You know, I was thinking about that, but I live near an area that also has a lot of wealthy people, so I feel like I'm such small potatoes that I'd go in there and they wouldn't even want to deal with me or take me seriously.

Doesn't hurt to check I guess.

 

Yeah, I have ATs, skids and sliders. If I run out of clearance, I have plenty of steel haha.

Like everything else, I just googled it. I tend to like articles published by nerdwallet, you may have another favorite financial place. But this is what I found just now:
https://www.nerdwallet.com/m/bankin...-41DF-8C39-EEDFF63C6EA4&nw_campaign_id=759685.

 

Actually, to be honest I feel like we're heading towards the edge of a cliff right now. That things are going to get very bad very fast. Part of me thinks I should just have fun and enjoy myself on the way down, as this future that I am trying to plan for may never come.

My great grandparents that lived through two world wars and the depression would probably tell me I'm being silly, but I just can't shake this thought in the back of my mind that something very bad is coming.

Modding my 4Runner, buying a new mountain bike, and spending a few k on fuel to drive out west for a few weeks would make me very happy right now.

Disclaimer: this has nothing to do with politics, just the general state of the world.

 

I get physically sick when I start to think how things will be for my Grandchildren in about 20 years...I should be signing off around then so perhaps I won't have to witness much of it.

 

Turn off the news, all of it. Don't listen to talk radio or any pundits. Their job is to sell the bad and make you mad and upset. You will enjoy life better once you do that.

 

If you want to use the money within 5 years, don't put it in the stock market (including mutual funds). Right now, I think a good vehicle for you would be Series I Savings Bonds. You can find some advice here: https://thefinancebuff.com/how-to-buy-i-bonds.html

 

I saw a clip a few weeks ago of some crypto billionaire saying to buy Bitcoin every week. Whatever you can afford - $8, $50, $100 - whatever you can afford. Not just any crypto. Bitcoin. Every week. In 10 years you will be a millionaire. I will let you know in 10 years if he was right. Hehe

 

What I do even thought my rides are paid off is I still take the amount I was paying monthly on them and bank it then I also take $50 every week and put that towards my "I want it fund" for items like Mods for my vehicles then I take a percentage of the "monthly" payments and grab a 10 month CD however unless you are really plunking down a decent amount CD are so so at 1.10% (average) but better than the wild ride the market is taking right now. and Resist the Credit card trap unless you are going to pay it off in full before it gets hit with interest.

I brought the house that I currently own with a good size down payment by doing it this way.

And on top of that become obsessed with your credit rating number that I had to learn to do because before the house purchase I use to pay cash for everything great huh? no bad credit because paid cash and No cards to worry about well I was certainly wrong on that one because that made NO credit and the lenders see that to be worst than Bad credit since they can not see your history.

 

Invest it in FJ Cruisers

 

You Know that is no joke! 2 weeks ago I spotted my old 2007 FJ Cruiser that I sold 4 years ago for $19,000 with 127,030 miles on it for sale now with 199,847 miles on it with asking price of $22,000.

 

Send me $100 and I’ll send you $1,000! Just give me your social, birthday, and all your passwords.

But seriously, long term stocks may be something to look into. I bought into stocks like Nvidia, Zoom, Tesla, etc. right before the pandemic and since have made over 200% my original investment. Just do your research first and dear God do not listen to MeetKevin for financial advice whatsoever.