Quote:
Originally Posted by MrGoat
Had a conversation with my FIL yesterday and he thinks I have too much money sitting in the bank and that I should instead invest it in a money market account because I can’t lose.
As some here know, I had a rough upbringing and then some pretty unpleasant life experiences due to losing everything. This makes me want to keep most (roughly 90%) of my money readily accessible in various FDIC insured checking and savings accounts spread between multiple institutions.
I was self trading in the market and made some but eventually lost more than I made. I pulled out of everything except what was already in retirement accounts.
I would rather have what I have and make a smaller percentage than risk losing it all at this point (this has become a significant ideal of mine in the last 8 months or so, if not longer).
We self insure our home and one account is simply our insurance account in case God forbid we have a catastrophic event.
Would taking my money from these various accounts that are insured by FDIC be in my best interest to put into a money market account when the security of that money means more to me than the potential money it can make in a money market account?
We each have a a few different retirement accounts that not included in this but in the market and funded monthly.
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You are really hurting yourself having 90% of your money in cash or cash equivalents. I would strongly encourage you to start looking at some kind of strategy or plan to start shifting your assets to investments.. You are slowly losing money every year you stay all cash to inflation.