Working Class Millionaires
I've decided to make a slight change in my savings habits, and coincidentally, there's an article on CNN Money that mentions the same technique.
It's the latest feature in CNN Money's "Millionaires in the Making" series: Mark and Lori Gorney. The article notes that their story isn't the typical money-making-via-real-estate tale, which is a good thing to see once in a while.
One thing mentioned in the article is that any money Mark was paid for working overtime was put into savings immediately, in addition to the couple's normal savings routine. Earlier this week, I decided to do this as well. My emergency savings account (held at ING Direct) and my Roth IRA (invested in TCEIX at TIAA-Cref) form my "emergency fund." (I can withdraw my Roth IRA contributions -- not returns -- tax and penalty-free as a last resort.) Since reaching my emergency fund goals, I've slacked off a little in my savings habits. I decided that any money I get paid for working overtime should be set aside in another account.
Perhaps I'll keep this "Overtime Fund" at Emigrant Direct where it can earn 3.25% in interest at this time.
Marshall Loeb mentions the popularity of money clubs, akin to the investment clubs of the 1990s. Read
Jonathan Clements from the Wall Street Journal offers some advice, or his experiences as an example, for teaching children about money management. (By the way, this article can be accessed for free, unlike most of the Wall Street Journal Online.) The first rule of writing ... Read
Since Bankrate.com’s list is often incomplete, here is a list of high-yielding checking and savings accounts. The table below lists the accounts and their interest rates (APY), as well as any comments, as of May 5, 2005 (5/5/5). Leave a comment if you have any ... Read
You may remember that I opened an account at Emigrant Direct to take advantage of their 3.25% APY. I received a letter today from the bank explaining that they are limiting one of their features. Read
