2 posts shown.
It feels like every time a massive conflict brews, the smaller players get stuck in this impossible position of choosing between retaliation or playing the diplomat. I honestly don't know how anyone manages to keep a straight face while trying to stay out of a fight they can't afford to lose. Do you think true neutrality is even possible when everyone is watching you?
I have a quick question for you all.
I’m looking to start setting aside money every single month—basically forcing myself to save at least $133 by setting up an automatic transfer right when my paycheck hits, so I don't even see the money and can't be tempted to touch it.
My first thought was to just open a high-yield savings account or maybe a CD, but honestly, interest rates feel pretty lackluster right now, and with these new tax laws regarding interest income, it feels like I wouldn't actually see much of a gain for the first few years while I'm still building up the principal.
So, what I really want is a specific account where I can funnel this amount into monthly (ideally via a standing order) and then just... forget it exists. No dipping into it, ever.
Right now, I use my checking and basic accounts over at JPMorgan Chase quite a bit, and I’m worried that if I leave the extra cash sitting in those same accounts, I’ll just end up spending it out of habit.
The only other option I can think of is opening a foreign currency account.
Would you guys recommend doing that and setting up an automatic transfer to move funds into it?
Also, does anyone know how the tax situation works if I'm constantly depositing money into one? Could the IRS come sniffing around those transfers? (I’m asking because I heard some rumor somewhere about the government being able to audit transaction histories on your accounts.)