Quote:
Originally Posted by MandoMan
I’m not sure what you are trying to show us. I have essentially nothing in a bank savings account. Money comes into my checking account and out again as I pay my bills. But I have a lot in low-load indexed mutual funds. Are you trying to show us that people aren’t saving enough, or that the people with the highest income save the most? The two groups may not be the same. For years, savings accounts were paying, say, 0.5% interest when the inflation rate was 2%. That is not a sound way to make your money grow.
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I agree. I use a bank checking account for day-to-day cash flow only. All my savings assets are in mutual funds or other non-bank accounts. I have owned bank CDs years ago, but I no longer consider them to be an efficient way to save money.