Hopefully no one is over drafted right now…
If that includes IRA and 401k, then yes, I can retire today, and much more comfortably.
Exactly. Keep your bank account at a safe but not wasteful level while letting the rest appreciate somehow.
depends, all bank accounts or just the main one. Cause if all, them yeah, huge difference. Just our main bill account, no not really.
Which account? Salary account that my card is connected to? That is about two months of expenses.
Emergency fund account? Now we’re getting somewhere. It’s about one years expenses I get.
Investment account? I’ll be able to fund my current lifestyle with the dividends forever even with inflation adjustments.
Yay $4!
Define “bank account”
I’m out of work and slowly burning through the savings so doubling it would give me an extra six months headroom
I would have about 6, $7. Woohoo.
Not really. I’m fortunate enough that I have enough money in the bank to hold myself over for a few months. It’d just double that amount of time for me.
I could probably get the new camera I want, but I could do that now too, I just don’t want to spend 4 figures on something this moment.
Checking account? No change – I have more in savings (emergency fund)
All accounts, including mortgage? ouch. I’d still be above zero, but I wouldn’t like the new, bigger house payment.
I’m going to assume the “magical doubling” is totally legal and tax free. Meaning, the bank won’t come after me for the accidental deposit in a few days and whatever process added to my account also sent money to the IRS in my name to pay the inevitable tax bill. Obviously, my answer would be different if this weren’t the case.
It would make a small improvement in my life, but not much. I’d lock the extra money away in savings and likely wouldn’t touch it, but it would provide peace of mind in case things went south financially.
Isn’t that how capitalism works, now that I think about it… The more you have, the more you have and the less difference it makes.
I’m glad I put my overdraft in a loan, else it would be disastrous.
On the regular account it would help a tad, on savings a tad more. Big difference, nop. (But we could finally buy the oled TV and keep some for emergencies)
Removed by mod
All of my bank accounts? Checking, Savings, HSA, 401k and IRA? While significant I don’t think I’d really do anything different than I am doing now.
Nope, cash shrinks. Assets inflate.
