Current Events > My co-worker brags about having $63K in his bank account.

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Corporate_Thug
06/07/17 12:21:07 AM
#1:


I dont know anyone that has more than $5K or let alone $10K.
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XxKrazyChaosxX
06/07/17 12:22:11 AM
#2:


Usually how people end up getting robbed.
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megamanzero1000
06/07/17 12:35:31 AM
#3:


63k really isn't that much.
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ASithLord7
06/07/17 12:37:26 AM
#4:


megamanzero1000 posted...
63k really isn't that much.

Depends how old he is and what industry he's in.

In any case, that's a stupid way to sit on that much money.
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megamanzero1000
06/07/17 12:40:39 AM
#5:


ASithLord7 posted...
megamanzero1000 posted...
63k really isn't that much.

Depends how old he is and what industry he's in.

In any case, that's a stupid way to sit on that much money.


what's not a stupid way?
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ASithLord7
06/07/17 12:41:20 AM
#6:


megamanzero1000 posted...
ASithLord7 posted...
megamanzero1000 posted...
63k really isn't that much.

Depends how old he is and what industry he's in.

In any case, that's a stupid way to sit on that much money.


what's not a stupid way?

Savings accounts don't keep up with inflation. It's fine and good to keep some on hand for an emergency, but large amounts that won't be touched for a long time should be invested.
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Wotswayla
06/07/17 12:45:18 AM
#7:


ASithLord7 posted...
megamanzero1000 posted...
ASithLord7 posted...
megamanzero1000 posted...
63k really isn't that much.

Depends how old he is and what industry he's in.

In any case, that's a stupid way to sit on that much money.


what's not a stupid way?

Savings accounts don't keep up with inflation. It's fine and good to keep some on hand for an emergency, but large amounts that won't be touched for a long time should be invested.

Yep, he should at least max out his 401k and roth ira, and then invest the rest in a vanguard mutual fund
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#8
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fan357
06/07/17 1:30:36 AM
#9:


megamanzero1000 posted...
63k really isn't that much.

It is compared to most people on the planet.
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Corporate_Thug
06/07/17 1:32:40 AM
#10:


megamanzero1000 posted...
63k really isn't that much.


I thought most Americans only have about $4500-5000 in savings... like 70% or something.
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Kingbuffet
06/07/17 1:33:04 AM
#11:


He needs to put it in a mutual or index fund.
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#12
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ToucheAmore
06/07/17 1:43:02 AM
#13:


Sounds like a boring life if he's in his 20s.
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