OMG! How many cash equivalent accounts do I have?

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OMG! How many cash equivalent accounts do I have?

Post by umfundi » Wed Dec 26, 2012 11:06 pm

I was sitting here, feeling pretty smug. I shredded enough documents today to fill a 40-gallon leaf cleanup bag. Also, I have consolidated most of our investment accounts (all that I manage) each to a single fund, either a Vanguard Life Strategy or a Target fund. (Thank you, Taylor!)

That's still a lot of accounts: His and her TIRA and Roth (4), joint taxable (1), two kids with taxable, 529s and Roth IRAs (6), that's 11. But then I started contemplating other, cash-equivalent accounts that have a relatively small balance:

Bank of America checking and associated savings account. $10k.
Kids' checking / savings. 2 each at $2k.
Ally Bank savings / demand note (I forget what it is these days). $10k.
Checking for an LLC that I use as a shell for my consulting business. $10k.
Treasury direct. $1k.
State Dept. CU, so I can get a chip/PIN credit card that works in Europe. $2k.

Not to mention the cash / money market accounts associated with many of the 11 investment accounts. I could easily round up a dozen checkbooks in five minutes.

Not to mention the Home Equity Line of Credit (negative checking), and an envelope with about $15k of EE savings bonds.

Maybe this thread belongs in the one about reducing clutter!

Déjà Vu is not a prediction

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Re: OMG! How many cash equivalent accounts do I have?

Post by Jay69 » Thu Dec 27, 2012 8:40 am

I feel your pain!

We don't have as many as you but it’s enough.

“Begin Rant”
In today’s world and given the state that we live in I would think it would be possible to get by with (2-3) retirement accounts if we choose, tIRA/rIRA + taxable for the wife and I (shared accounts). Surly we have the tech to add up how much space we get, my work, wife’s work, IRA's etc. and put it all in two accounts. What’s hers is hers and mine is hers anyway, why in the world do we each need separate accounts.

I feel for many who want to save, have a decent job but no 401k etc., what do they get $5,500 (younger worker) in space! Ditch all the mumbo-jumbo and the 100's of pages of rules and regs and get it down to 10 pages or less. Everyone gets $23,000 of tax avantage space (pick your number) and be done with it.
“End Rant”
"Out of clutter, find simplicity” Albert Einstein

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Re: OMG! How many cash equivalent accounts do I have?

Post by rec7 » Thu Dec 27, 2012 4:18 pm

What umfundi I get the sense you don't want to join the eight credit unions I belong too. LOL

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