Best ways to save money right now?

Steven Morris12 said:Look, if they’re stamped with $50, that’s just the face value. In some perfect little vacuum, they shouldn't ever trade for less than that. But this $190 price tag? That’s just what the market is doing right now, you know? Here’s the real kicker, though: from what I know, most big banks around here won't even touch gold. So, one day you might be sitting there hoping you can actually offload it to a local jeweler for $200 😬

The dilemmas you're sweating are valid, but at the end of the day, you're gonna have to make a call.😉

It’d be great to get both set up, but I think I’ll just start with a high-yield savings account for now. Once I land a steady job, I'll look into getting life insurance too.🙂

Thanks for the advice, everyone. 🙂

shadowpilot8 said:Try asking over here; I have no idea.

You could also look through this:

Taylor Swift, I am aware of that chart. In fact, I recently noted on a gold thread that it looks like a bubble. However, people with more expertise than us dismissed my claim, insisting that gold is undervalued. 🤷

On an internet forum?? Give me a break... "people" who claim to know things...😬 If they aren't even posting here, then all I can say is they’re probably the same crowd that bought in back when gold was at $1,200, and now it's sitting at $1,100, and they're just praying they somehow break even.😍
Look, if everyone thought exactly the same way, there wouldn't be any money to be made in the market. Period.😉

Some folks thought stocks were a steal back in 2007 too, right before everything went south.

On the contrary, analysts like Warren Buffett and Ray Dalio have been sounding the alarm on real estate and stock bubbles since 2006. They’ve long maintained that gold is a sound hedge. It is simple logic: if hyperinflation hits global currencies, paper money becomes worthless.
I find their track record more convincing than yours, especially since you haven't posted a single thing regarding gold yet. 😉
To be clear, I don't own any gold 😬. My portfolio consists of stocks, mutual funds, and CDs—nothing else. No life insurance, no 401(k).
People ask for my take, so I am simply repeating what sounds logical to me.
Regardless, shadowpilot8 already dismissed this idea, so discussing gold here will likely be a waste of time. 🙂

shadowpilot8 said:On the contrary, analysts like Warren Buffett and Ray Dalio have been sounding the alarm on real estate and stock bubbles since 2006. They’ve long maintained that gold is a sound hedge. It is simple logic: if hyperinflation hits global currencies, paper money becomes worthless.
I find their track record more convincing than yours, especially since you haven't posted a single thing regarding gold yet. 😉
To be clear, I don't own any gold 😬. My portfolio consists of stocks, mutual funds, and CDs—nothing else. No life insurance, no 401(k).
People ask for my take, so I am simply repeating what sounds logical to me.
Regardless, shadowpilot8 already dismissed this idea, so discussing gold here will likely be a waste of time. 🙂

Let's be real, since 2006/07, there have been hundreds of different theories and predictions flying around online. Eventually, someone was bound to get lucky... 🙂 Even a broken clock is right twice a day. Now, we see all this "gold promotion" while prices are at historic highs, much like when everyone was aggressively pitching mutual funds and stocks right when they peaked. It's just a way to take money from the naive to make the wealthy even wealthier.

And if hyperinflation actually kicks in, none of your stocks, funds, or CDs will mean a thing.

I don't quite get why you wouldn't have life insurance when you clearly have significant capital tied up in stocks, funds, and CDs.

I am not pitching gold; I am simply outlining the available options. I lack the expertise to make definitive claims about precious metals—just as I lacked knowledge regarding mutual funds and stocks back in 2007, which led me to follow every Turk blindly. I learned through my own mistakes. Now, I prefer to educate myself before committing capital. My motivation is precisely what you mentioned: the fear that hyperinflation could render my entire portfolio worthless, whereas gold might retain its value.
I do not have any such investments because that level of illiquidity does not suit me. I cannot tolerate the idea of being unable to access my cash on a whim. For that reason, I haven't even contributed to a 401(k). There are other reasons, but those are private. 🙂

Investing in funds and stocks instead of bonds—just grab the riskiest fund out there and call it a day. Honestly, I don't think anything beats it right now. 🤷 You can't exactly smoke what you put in, but the returns? Way bigger.

Especially with everything sitting at these "lows" lately. Basically, things are lower now than they'll ever be once we hit that new normal. 😁

blueridge32 said:Investing in funds and stocks instead of bonds—just grab the riskiest fund out there and call it a day. Honestly, I don't think anything beats it right now. 🤷 You can't exactly smoke what you put in, but the returns? Way bigger.

Especially with everything sitting at these "lows" lately. Basically, things are lower now than they'll ever be once we hit that new normal. 😁

Why bother using a 401(k) for those funds?

Look, you aren't betting the whole farm, just a slice of it. You can make some serious bank with that small amount, so why on earth would you need a guarantee that you won't lose money?

blueridge32, do you have any specifics? I mean, actual details.
Speak up.

Is it better to stick with a standard high-yield savings account or go all-in on a mortgage savings plan?

What kind of fees am I looking at if I opt for a mortgage savings program?

blueridge32 said:Look, you aren't betting the whole farm, just a slice of it. You can make some serious bank with that small amount, so why on earth would you need a guarantee that you won't lose money?

I don't see how that relates to life in general. 😕

You could just go about it directly without all that extra layer.

shadowpilot8 said:blueridge32, do you have any specifics? I mean, actual details.
Speak up.

Look, I know my stuff,😁 I just haven't had the energy to write out anything useful lately.😁 In my book, an investment life insurance policy is a killer product—way better than basic term life. The only catch is they're a nightmare to sell, so agents don't push them much. Doing the math on the fly is tough, and most folks aren't educated enough to feel confident selling it. Honestly? I'd take it over standard life insurance any day. It’s just way better.🤷

Charles Ramos7 said:I don't see how that relates to life in general. 😕

You could just go about it directly without all that extra layer.

If something happens and you can't keep up with payments, it's a lifesaver—especially if you hit some snag during the year. Plus, the investment portfolio is totally different. I said "different," not necessarily "better."😉 I think you could see something like a 28% return over 4 years,🤔 but hey, that's just me shooting from the hip.

Personally, that's a sweet return. But look, if you actually know how to handle mutual funds and stocks yourself, you're better off doing it solo and just getting a cheap term policy.

blueridge32 said:Look, I know my stuff,😁 I just haven't had the energy to write out anything useful lately.😁 In my book, an investment life insurance policy is a killer product—way better than basic term life. The only catch is they're a nightmare to sell, so agents don't push them much. Doing the math on the fly is tough, and most folks aren't educated enough to feel confident selling it. Honestly? I'd take it over standard life insurance any day. It’s just way better.🤷

If something happens and you can't keep up with payments, it's a lifesaver—especially if you hit some snag during the year. Plus, the investment portfolio is totally different. I said "different," not necessarily "better."😉 I think you could see something like a 28% return over 4 years,🤔 but hey, that's just me shooting from the hip.

Personally, that's a sweet return. But look, if you actually know how to handle mutual funds and stocks yourself, you're better off doing it solo and just getting a cheap term policy.

I think you missed my point. I was actually saying that major banks offer similar products—like investing in funds with principal protection—so there's really no need to go it alone.

blueridge32 said:Look, I know my stuff,😁 I just haven't had the energy to write out anything useful lately.😁 In my book, an investment life insurance policy is a killer product—way better than basic term life. The only catch is they're a nightmare to sell, so agents don't push them much. Doing the math on the fly is tough, and most folks aren't educated enough to feel confident selling it. Honestly? I'd take it over standard life insurance any day. It’s just way better.🤷

If something happens and you can't keep up with payments, it's a lifesaver—especially if you hit some snag during the year. Plus, the investment portfolio is totally different. I said "different," not necessarily "better."😉 I think you could see something like a 28% return over 4 years,🤔 but hey, that's just me shooting from the hip.

Personally, that's a sweet return. But look, if you actually know how to handle mutual funds and stocks yourself, you're better off doing it solo and just getting a cheap term policy.

You know I have zero interest in life, but I do love stocks and mutual funds. 😁 Try harder to pique my interest. 😛
Fine. If that's the case, just make the payment. $33 Monthly. Put 50% into a standard savings account with a decent APY, then dump the other 50% into whatever stock or index fund you prefer. Or what's your plan?

Be specific. 😉

blueridge32 said:Look, I know my stuff,😁 I just haven't had the energy to write out anything useful lately.😁 In my book, an investment life insurance policy is a killer product—way better than basic term life. The only catch is they're a nightmare to sell, so agents don't push them much. Doing the math on the fly is tough, and most folks aren't educated enough to feel confident selling it. Honestly? I'd take it over standard life insurance any day. It’s just way better.🤷

If something happens and you can't keep up with payments, it's a lifesaver—especially if you hit some snag during the year. Plus, the investment portfolio is totally different. I said "different," not necessarily "better."😉 I think you could see something like a 28% return over 4 years,🤔 but hey, that's just me shooting from the hip.

Personally, that's a sweet return. But look, if you actually know how to handle mutual funds and stocks yourself, you're better off doing it solo and just getting a cheap term policy.

I’d have to agree with your bolded point. An investment-linked policy is a good (just good) product, but the only downside is those fees—especially during the first three years, where they're massive. You lose about 50-60% of your annual premium to insurance costs, and after that, it's around 5% of the total premium every year. Also, these policies offer zero flexibility when it comes to choosing funds; you're stuck with whatever the insurance company has contracts with. There are probably 150 different funds out there in the US, but here you're limited. For example, Mercury uses Vanguard funds, Prudential uses BlackRock, JPMorgan Chase uses Erste, MetLife uses Fidelity Investments, Bank of America uses Allianz, and so on... Plus, the risk coverage within these policies is pretty expensive. Because of that, I'd rather avoid those insurance fees and just buy funds directly alongside a separate term life policy. Let's be real, you don't need to be a genius to handle funds—you just fill out the purchase request and the check—whereas stocks are a whole different ballgame...

I know plenty of salespeople and some failed "independent" advisors used to pitch these investment policies using one main selling point (alongside those projected 15% annual returns they'd calculate for you): the tax refund benefit. But that benefit could very soon become... well, it won't just change, it might vanish entirely.🙂

The only policy that makes sense to me is from Prudential because it has one specific advantage that makes me willing to pay those insurance costs: their GEICO Guarantee, which guarantees 90-100% of the principal depending on the term. However, you're still limited to just one fund where you can exclusively buy shares through that specific product.

I'm not trying to advertise, just giving an example, but if the admin thinks this isn't the place for that, feel free to delete that part.🙂

Anonymous said:Is it better to stick with a standard high-yield savings account or go all-in on a mortgage savings plan?

What kind of fees am I looking at if I opt for a mortgage savings program?

Both options have their perks, depending on your timeline! If you can leave the money untouched for five years, a mortgage savings plan is a solid choice... but if you need it sooner, a CD or a money market fund might be smarter.
The penalty for withdrawing from a mortgage plan is usually about 1% of the contracted amount, which typically lands somewhere between $50 and $100.

shadowpilot8 said:You know I have zero interest in life, but I do love stocks and mutual funds. 😁 Try harder to pique my interest. 😛
Fine. If that's the case, just make the payment. $33 Monthly. Put 50% into a standard savings account with a decent APY, then dump the other 50% into whatever stock or index fund you prefer. Or what's your plan?

Be specific. 😉

Give me some details too, I absolutely love trying new things! 🙂

If we're talking about structured financial products with managed portfolios, then I am even more intrigued...

crimsonseal13 said:I’d have to agree with your bolded point. An investment-linked policy is a good (just good) product, but the only downside is those fees—especially during the first three years, where they're massive. You lose about 50-60% of your annual premium to insurance costs, and after that, it's around 5% of the total premium every year. Also, these policies offer zero flexibility when it comes to choosing funds; you're stuck with whatever the insurance company has contracts with. There are probably 150 different funds out there in the US, but here you're limited. For example, Mercury uses Vanguard funds, Prudential uses BlackRock, JPMorgan Chase uses Erste, MetLife uses Fidelity Investments, Bank of America uses Allianz, and so on... Plus, the risk coverage within these policies is pretty expensive. Because of that, I'd rather avoid those insurance fees and just buy funds directly alongside a separate term life policy. Let's be real, you don't need to be a genius to handle funds—you just fill out the purchase request and the check—whereas stocks are a whole different ballgame...

I know plenty of salespeople and some failed "independent" advisors used to pitch these investment policies using one main selling point (alongside those projected 15% annual returns they'd calculate for you): the tax refund benefit. But that benefit could very soon become... well, it won't just change, it might vanish entirely.🙂

The only policy that makes sense to me is from Prudential because it has one specific advantage that makes me willing to pay those insurance costs: their GEICO Guarantee, which guarantees 90-100% of the principal depending on the term. However, you're still limited to just one fund where you can exclusively buy shares through that specific product.

I'm not trying to advertise, just giving an example, but if the admin thinks this isn't the place for that, feel free to delete that part.🙂

Well, it doesn't really work like that here in the States 😉

Plus, these investment policies don't give you any real flexibility when it comes to picking your funds.

They totally do, but man, I really don't feel like getting into a whole debate about it right now. Maybe one day I'll write a massive post explaining everything.

The only policy that makes sense to me is from Allianz Life. It has this specific perk that makes the insurance costs worth it for me: the Allianz Life Profit plan. It guarantees 90-100% of your principal depending on the term, though you're stuck with just one fund where you can buy shares through that product.

But wait, where's this "100% guarantee" exactly? 😉

@ bilokoje, I'll shoot you a DM sometime soon 😉

blueridge32 said:Well, it doesn't really work like that here in the States 😉

Plus, these investment policies don't give you any real flexibility when it comes to picking your funds.

They totally do, but man, I really don't feel like getting into a whole debate about it right now. Maybe one day I'll write a massive post explaining everything.

The only policy that makes sense to me is from Allianz Life. It has this specific perk that makes the insurance costs worth it for me: the Allianz Life Profit plan. It guarantees 90-100% of your principal depending on the term, though you're stuck with just one fund where you can buy shares through that product.

But wait, where's this "100% guarantee" exactly? 😉

@ bilokoje, I'll shoot you a DM sometime soon 😉

Alright then, we'll just be waiting for that moment of inspiration from you! 🙂

blueridge32 said:Look, I know my stuff,😁 I just haven't had the energy to write out anything useful lately.😁 In my book, an investment life insurance policy is a killer product—way better than basic term life. The only catch is they're a nightmare to sell, so agents don't push them much. Doing the math on the fly is tough, and most folks aren't educated enough to feel confident selling it. Honestly? I'd take it over standard life insurance any day. It’s just way better.🤷

If something happens and you can't keep up with payments, it's a lifesaver—especially if you hit some snag during the year. Plus, the investment portfolio is totally different. I said "different," not necessarily "better."😉 I think you could see something like a 28% return over 4 years,🤔 but hey, that's just me shooting from the hip.

Personally, that's a sweet return. But look, if you actually know how to handle mutual funds and stocks yourself, you're better off doing it solo and just getting a cheap term policy.

It's a decent enough amount, I suppose, especially when you factor in that slice of the pie meant for the insurance company—even someone like Made-off probably wouldn't feel too embarrassed about that.
My bad, I didn't mean to let that slip out. No hard feelings, I guess.

crimsonseal13 said:Give me some details too, I absolutely love trying new things! 🙂

If we're talking about structured financial products with managed portfolios, then I am even more intrigued...

It’s not exactly groundbreaking news, I suppose; they've been selling that stuff over in the Netherlands since all the way back in the early 90s. I think insurance companies ended up setting aside something like 6 billion dollars just to cover themselves because of how "transparently" they were supposed to be informing clients about policy costs, though I stopped following the numbers after that point. 😍I guess it might be worth looking into some kind of compensation, maybe.

Best of luck, I suppose.