happenings
My family member is ill and has been hospitalized. When you sit around in a hospital room for hours, you wind up talking about all kinds of stuff. My cousin was talking about bank fees. I chimed in with my recent switch to a credit union, because of not wanting to be charged to use my own money. She told me that the fee for going under $100 is now $10 more than it was when I left that bank. Another cousin told us that he doesn’t remember the last time his balance went under $100 dollars, since he usually keeps four figures in the bank.
I said, that’s too much money to keep in the bank - if you got it like that, you should be making your money make money for you. What about some CDs, or a money market account, or even an online brokerage account? My mind ran over the many options he has. I wondered if he had a retirement plan at work, or if he knew anything about having a Roth IRA. He has a son - I wonder if he’s given any thought to a 529 college savings plan.
He said, I don’t know anything about that stuff, but I would be willing to do it if I understood it more.
Broke my heart. An over 40-year-old homeowner and father, not having any knowledge about money except to put it in a checking account and leave it there. He told me we should talk, and I agreed. I’ll recommend that he calculate how much he needs for emergencies and then we can talk about his goals to figure out what to do with the rest of the money. If he doesn’t call me, I’m calling him!
On another note, because we’ve both been too busy to cook - my honey with his side hustle, and me with my hospital visits - I bought some fast food the other day on my way home from the hospital. The convenience was just what I needed, but man I want that $10 back. It did do one good thing for me, though. At this level of brokeness, I’m no longer tempted to buy anything I don’t need. It’s scary how a measly $10 was enough to shock my sensibilities of how low a balance I’m comfortable with.
