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Originally Posted by al0061
1. Is a traditional IRA CD considered 'Savings' or 'Investment'?
2. I guess I'm unclear as to the definition of 'Investment' as opposed to 'Savings'. My new ING and EmigrantDirect accounts will be 'Savings', I think. Into what category do CD's fall?
3. There's a category in Quicken called 'Property and Debt'. I put the blue book value of my old truck in there just to try it with something, but I don't know what else is considered 'Property'. My new couch? Mattress? Computers? (I don't own a home yet.)
3.5. What is the benefit, if any, of listing one's property in Quicken or other financial software, once one knows what that is?
4. I had set up my credit card accounts in the 'Cash Flow Center' along with my checking and regular savings accounts. Does the 'Debt' part of 'Property and Debt' refer only to actual loans, such as auto and mortgages? This as opposed to revolving credit, such as cards?
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1. I would say that any IRA would be listed as a long term investment.
2. Savings are more short term and liquid (easier to get at) than investments. I think short term CDs would be considered savings, but longer term CDs would be investments.
3. Yes - everything that you own. Jewelry, TV, etc.
3.5 Well, if worse comes to worse, that property can be sold. When you die, that property would also probably be sold and would count as part of your estate. It has value even if you don't plan to sell it and it can be sold if worse comes to worse.
4. I don't use quicken so I'm not entirely sure...sorry