Reply to How much do you keep in your checking account?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Currently have $1.2m in there. Usually around $500k-$1m. Too high and ridiculous. We got around $1m in bonuses that we haven’t moved out yet. We are too busy to constantly be moving money to our financial advisor or to our own accounts, and don’t have the time to research the market to make good investments. And we’ve been expecting a crash for about five years so it always seems like a bad time to put money in the markets which is why I always dither. [/quote]

My husband’s parents are like this. Millions are sitting in a checking account. Wanting it there for ‘easy access in an emergency’ is their reasoning. They have tons of money and don’t ‘need’ returns to make them more but like the PP mentioned, moving even a fraction of it over would be making you easy returns. I shudder thinking about the millions they have let slip away keeping that amount in a regular checking account. [/quote]

I always get so confused when people don’t just open a jumbo savings account with these large amounts of money rotting in a checking account and get interest by doing nothing. If they need the money, use the app, and switch money to accounts. Done. 
[/quote]

we keep about 50k in our checking. Not trying to sound like an ass, but relative to our net worth and investments, it’s a drop in the bucket. Today i’m headed out to buy two chairs, each are $2500 so there’s 5k in credit card that will need to be paid off immediately. Kids just had 5 days off from school (weekend to 2 teacher work days and lunar new year) and all 5 of us went skiing in Utah. That was 5 flights, 3 days of lift tickets, 4 nights rental house, 5 days of meals out, and a large SUV car rental.  The cried cat bill for that trip is over 20k.  I actually don’t care to add it up to be honest.

we do move money over when it piles up, but yes our burn rate for the year is proportional to income/investments. we’d spend all day moving money over if we kept it much under 50k.

I will say though keeping 500k-1M in your checking is idiotic.  we try to keep only a little more than we burn.  unless you at evening 1M/mo and in that case more power to ya. [/quote]

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