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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Tue Jul 22, 2014 4:37 pm




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 Post subject: Re: Where do you keep your Emergency Fund?
PostPosted: Mon Mar 04, 2013 10:48 pm 

Joined: Fri Jun 25, 2010 3:06 pm
Posts: 81
gilbertholdings wrote:
I keep my cash emergency fund in ING. One thing I would NOT do is use your Roth as an EF. Even if it's technically possible, you're robbing your future to use it. Personally, i'd take a higher rate path before using my roth because once you pull the funds out of a roth, you can never put them back in.
Once you don't put them in during a year, you also can never put those funds in. Using a Roth for the e-fund simply means you're putting your e-fund money into a tax free account instead of a taxable account. You're not robbing your future of anything.

DaveInPgh wrote:
I am going to go with paying down the mortgage.

Cool. It's a reasonable choice in my opinion. Good luck to you!


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 Post subject: Re: Where do you keep your Emergency Fund?
PostPosted: Tue Mar 05, 2013 7:33 pm 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 249
Location: Pittsburgh
nelson wrote:
DaveInPgh wrote:
I am going to go with paying down the mortgage.

Cool. It's a reasonable choice in my opinion. Good luck to you!


Thanks. It was pretty cool today logging into Mint.com today and seeing my mortgage debt lower than my car loan.

If we continue with the $200 monthly additional principal, our mortgage will be paid off by December 2014. I am optimistic that we will be able to knock several months from the payoff date.


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 Post subject: Re: Where do you keep your Emergency Fund?
PostPosted: Mon Mar 11, 2013 5:33 am 

Joined: Tue Feb 26, 2013 11:09 pm
Posts: 6
Your regular bank account is a better option to keep your emergency fund separate. By keeping your EF in your bank account you will have the access of your money whenever you need it.


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