Quote:
|
Originally Posted by Savingmonster
Since money in the bank more than 100k is uninsured and all. That is my goal, in 5 yrs, I want to have atleast $100,000 in the bank. Don't you think that is a great goal to have?
|
Quote:
|
What I really mean was, "I wanted to be worth 100k + in 5 years", not have 100k in savings.
|
As noted, if you chose to keep over 100K in the bank, you could avoid the insurance problem by splitting the money between 2 or more banks (or, if you are married, titling the accounts differently so they are insured).
And I agree with not keeping 100K in the bank. If you have that kind of money, you should be investing in stocks, mutual funds, etc., not keeping it all in the bank.
Is 100K in 5 years a good goal? I don't know. It depends on your situation and income. Some of that 100K might be in home equity if you purchase a house. Some might be in your emergency fund. Some might be in your retirement account or other investment accounts.