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Thread: New Money Market Account! Advice?

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    Featured Member vivianbear's Avatar
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    Exclamation New Money Market Account! Advice?

    Hi All!

    I'm kind of proud of myself. I just opened my very first Money Market savings account with TD Ameritrade! They are having a promotion (a la Suze Orman) where if you open an account, they'll put in $100 after a year of active deposits. Here's the page if you're interested:

    http://www.saveyourself.com/

    Since I've settled my lawsuit, I have a nice chunk of change to get by for several months. Finally, I know for a fact that all of my household bills are more than covered. My husband's pay will continue to pad our family savings for emergency. We're already half-way to the $20K I'd ultimately like us to have.

    Using the cash I bring in from NiteFlirt (or whatever I end up doing) I'm ready to start building a more independent chunk of savings for only myself. I have a goal of $9000 as the base amount to save before I try to dip into stuff like stocks and trading. I do want to someday get adventurous with it but I'm not in a hurry. Ultimately, this is my emergency/ way-super- retired-fund. Like, when I want to quit working entirely, open my own strip club and I'm 50 or something.

    I'm kind of excited just to funnel cash into it for now, knowing that its just for me. I really wish I'd realized this a few years ago when I was way more proactive about making money, honestly. I come from a family that just put money in the bank and took it out. I had no idea that there was such a thing as online savings accounts until maybe a year ago.

    Who else has had an account like this? What do you think of the deal I got? I mean, if Suze Orman will vouch for it, I'm sold. I tried looking into alternatives (ING, local banks) but nothing really stood out as totally competitive. I'm pretty confident I made a good call for just starting out but I do want to make sure I'm utilizing the resource to its fullest potential.

    Any thoughts?
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    Default Re: New Money Market Account! Advice?

    Quote Originally Posted by vivianbear View Post
    Hi All!
    I mean, if Suze Orman will vouch for it, I'm sold.

    Any thoughts?


    Suze Orman gets paid to promote that service, doesn't she.

    http://www.stripperweb.com/forum/sho...highlight=suze
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    Senior Member patchouli's Avatar
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    Default Re: New Money Market Account! Advice?

    If your account is insured, I wouldn't be worried a bit. (Money market deposit is different than money market mutual funds.) It sounds like it's just a regular money market savings. So if they're paying you $100 to keep adding to the account for a year, that sounds like a pretty good return on your investments and in that case I'd say go for it.

    P.S. You say this is your "emergency/ way-super- retired-fund," but which is it? Emergency is for short-term, and doesn't belong in the stock market. Since retirement funds are for the long run, they can be put in riskier investments.

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    Featured Member vivianbear's Avatar
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    Default Re: New Money Market Account! Advice?

    Quote Originally Posted by glambman View Post
    Suze Orman gets paid to promote that service, doesn't she.
    I don't believe she's profiting off the offer, no. But even if she were to, its a great offer, so who cares? She only chooses reputable companies to refer her listeners to. The link you posted was to a thread for another FREE book offer from her. She usually offers her books and resources free when they're first released. It sounds like you have beef with her show or something.

    Quote Originally Posted by patchouli View Post
    If your account is insured, I wouldn't be worried a bit. (Money market deposit is different than money market mutual funds.) It sounds like it's just a regular money market savings. So if they're paying you $100 to keep adding to the account for a year, that sounds like a pretty good return on your investments and in that case I'd say go for it.

    P.S. You say this is your "emergency/ way-super- retired-fund," but which is it? Emergency is for short-term, and doesn't belong in the stock market. Since retirement funds are for the long run, they can be put in riskier investments.
    It is just a savings account, yes. To clarify, this account IS for long-term savings. I say emergency but you're right, I have no intention of using this account in the short term (3-5 yrs). Its just money that's exclusively mine outside my marriage, so I guess were something to happen on that end, this would be the money I'd have just for me. Does that make sense?
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    Senior Member patchouli's Avatar
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    Default Re: New Money Market Account! Advice?

    Quote Originally Posted by vivianbear View Post
    It is just a savings account, yes. To clarify, this account IS for long-term savings. I say emergency but you're right, I have no intention of using this account in the short term (3-5 yrs). Its just money that's exclusively mine outside my marriage, so I guess were something to happen on that end, this would be the money I'd have just for me. Does that make sense?
    Absolutely. Good for you for putting aside money for your personal savings! I know this is something Orman talked about on her show and in Women & Money and I think it's a great idea. Personal security is so important.

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