What's your cash position

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Bmac
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Re: What's your cash position

Post by Bmac » Fri Feb 02, 2018 10:16 pm

Hoping to retire in 3-4 years, so have been steadily increasing cash to have approximately 3 years of expenses in cash. Both to minimize sequence of return risk and maximize Roth conversions in early years of retirement.

SQRT
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Re: What's your cash position

Post by SQRT » Sat Feb 03, 2018 4:41 am

Keep cash only for operating needs, eg lumpy expenses. Divs are also lumpy so need a fair bit of cash on hand, mid 6 figures. Dont consider it part of investment portfolio.

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Lauretta
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Re: What's your cash position

Post by Lauretta » Sat Feb 03, 2018 5:12 am

I have ~ 45% of my liquid worth in cash and cash-like products (CDs, strucutured products with guaranteed principle etc.) and 0% bonds.
Being in the EU where bonds have negative yields this is a no brainer.
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tennisplyr
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Re: What's your cash position

Post by tennisplyr » Sat Feb 03, 2018 8:26 am

Am well into retirement and have about 7-8% in cash. Downsizing of home and market run up have increased my position from 5%.
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pokebowl
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Re: What's your cash position

Post by pokebowl » Tue Feb 20, 2018 10:53 am

radiowave wrote:
Fri Feb 02, 2018 2:15 pm
I struggle with the "cash definition" as well. E.g. I was able to purchase some 2.0% 12 mo CDs late last year. It that cash or bonds? I have some short term treasury funds in taxable, is that cash or bonds? High yield savings rate are up to 1.60% now (https://www.bankrate.com/banking/savings/rates/) is that cash? Compare that to a 6 mo treasury bill at 1.63% https://personal.vanguard.com/us/FixedIncomeHome ?
This reminds me, I need to start keeping my eye on treasuries. Short and interm treasuries when you factor in the tax savings if bought at auction are now beating most current online savings accounts and CDs of similar maturity. I may need to move a portion of my cash holdings into these.

RollTide31457
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Re: What's your cash position

Post by RollTide31457 » Tue Feb 20, 2018 12:30 pm

Currently around 25% net worth in cash. Working to increase it to 30% or more.

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goodenyou
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Re: What's your cash position

Post by goodenyou » Tue Feb 20, 2018 1:03 pm

About 60/30/10 (S/B/C). So 10% cash. I have liquidity needs that allow for me to negotiate with strength on business deals. I also want to build a new house fairly soon.
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gundlached
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Re: What's your cash position

Post by gundlached » Tue Feb 20, 2018 1:25 pm

10% of portfolio in cash/IBonds. Target portfolio bond duration of 3.0 years. Portfolio Asset Allocation is 30% Stock / 70% Bond.

I am comfortable with a bond duration of 3.0 years.

broslami
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Re: What's your cash position

Post by broslami » Tue Feb 20, 2018 1:35 pm

2/3 equities
1/3 cash
Last edited by broslami on Tue Feb 20, 2018 1:38 pm, edited 1 time in total.

RRAAYY3
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Re: What's your cash position

Post by RRAAYY3 » Tue Feb 20, 2018 1:37 pm

A lot less after buying a car paid in full and lump summing more into Int’l

I’ll be building up cash going forward until my 401k starts up (maxing contribution and Roth already maxed)

No more taxable investing unless we get another correction

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welderwannabe
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Re: What's your cash position

Post by welderwannabe » Tue Feb 20, 2018 1:37 pm

bloom2708 wrote:
Fri Feb 02, 2018 11:43 am
Every dollar of cash should have a purpose. It can be all in your checking account or split out to different accounts, institutions and types (money market or CD).

Do whatever works for you.

If you have a dollar of cash, what is the purpose of that dollar?

Checking Account - Routine in and out, pay bills, have to keep some buffer here
Emergency Fund
Car Fund
Vacation Fund
Taxes Fund
House Fund
Dry Powder Fund (I kid, I kid)
<Insert your near term spending here>

Every dollar of cash that does not land in one of these places should be invested. If you have lots of "non-purposed" dollars left each month, then up your 401k to max, fill your Roths faster, lump into your HSA or increase your taxable account investments.

It is complicated because cash (except emergency fund) should be spent in the short term. Once spent, then that fund (theoretical or an actual account) has to be filled up again. I just paid my property taxes for 2017. Now, that "fund" needs to be filled up again. I can do it monthly, with each paycheck, wait for a bonus, move some cash from another account (then that one might be short) or something else.

I know some can have a checking account only and just keep a big balance and use it for all the near term spending. If that works, do it. Otherwise plan some other way to track and spend.
I do exactly this. Way too many accounts at Ally, but it is how I make it work.
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randomizer
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Re: What's your cash position

Post by randomizer » Tue Feb 20, 2018 1:45 pm

I currently have a few years in cash, but only because I am about to do a big home renovation which will turn that 3-year pile into a 1-year one.
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indexonlyplease
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Re: What's your cash position

Post by indexonlyplease » Tue Feb 20, 2018 3:05 pm

I like having what they call dry powder. Separate from my AA. This money is standing by for anything but the market. I just keep it in cds that keep up with inflation for now.

Nowizard
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Re: What's your cash position

Post by Nowizard » Tue Feb 20, 2018 3:07 pm

Equal to about 9% of the rest of our portfolio, though that is an all-time high due to gathering cash for a more expensive home after our current home sells.

Tim

fourwheelcycle
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Re: What's your cash position

Post by fourwheelcycle » Tue Feb 20, 2018 3:18 pm

We maintain our Bank of America platinum rewards level with at least $10K in our checking account and $40K in an overdraft-linked savings account. In practice, our checking account often accumulates $20K or more, so we we have an average cash balance of $60K or so.

We also try to maintain about $120K in an online savings account that currently pays 1.5% interest. That money could be for ourselves, but we maintain it primarily as an emergency fund for our adult children. We have only used it once, to help with a first mortgage, but it is there to provide liquid reserves for the Bank of Mom and Dad.

During the 2008 financial crisis we built up about $200K in money market funds at Vanguard, not wanting to invest during a scary market period, and also wanting to have investable funds in case the market ever took a big plunge. However, we did not "buy" when the market dropped in March, 2009. We waited for more possible drops until late fall, 2009, and then we fed our money back into our equity and bond AA. Vanguard's risk questionnaire asks if we sell when the market drops - we don't, but apparently we also don't buy, even if we have the funds to do so.

minimalistmarc
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Re: What's your cash position

Post by minimalistmarc » Tue Feb 20, 2018 3:25 pm

Almost none, usually less than 1% of my net worth.

This thread is pretty pointless though.

If you have cash are you:
1) Saving it for a short term goal e.g. buying a property within 5 years
2) using it as emergency savings
3) keeping it for market timing purposes

I am 100% equities although I admit I find it annoying not having cash to take advantage quickly enough of dips in the market, as dips have always recovered very quickly in this bull market.

My thinking is that if we enter a sustained bull market, it will be best to just buy equities all the day down and all the way up to stay 100% equities as per my mission statement, rather than try and hoard cash with a hope of timing the market. I'll be accumulating for at least another 10 - 15 years.

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Doom&Gloom
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Re: What's your cash position

Post by Doom&Gloom » Tue Feb 20, 2018 3:50 pm

Just enough in two checking accounts to cover monthly bills and stay above the minimum to avoid a service fee.

And enough cash at home for various anticipated needs.

So, most of the time: hardly a blip.

harrington
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Re: What's your cash position

Post by harrington » Tue Feb 20, 2018 4:12 pm

40/30/30

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MichaelRpdx
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Re: What's your cash position

Post by MichaelRpdx » Tue Feb 20, 2018 4:21 pm

We have ~18 months projected spending in cash. This includes funds for large emergency purchases.

After retiring last fall I started sleeping through the night. It's a great feeling.
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bengal22
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Re: What's your cash position

Post by bengal22 » Tue Feb 20, 2018 4:34 pm

2%. When I was doing ACA, I had a higher cash position so I could minimize income. No need for cash now.
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over45
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Re: What's your cash position

Post by over45 » Tue Feb 20, 2018 4:39 pm

We also try to maintain about $120K in an online savings account that currently pays 1.5% interest.


Where are you able to get 1.5% on a savings account?

Darth Xanadu
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Re: What's your cash position

Post by Darth Xanadu » Tue Feb 20, 2018 5:45 pm

over45 wrote:
Tue Feb 20, 2018 4:39 pm
We also try to maintain about $120K in an online savings account that currently pays 1.5% interest.


Where are you able to get 1.5% on a savings account?
I see many options for this on bankrate
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Sandtrap
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Re: What's your cash position

Post by Sandtrap » Tue Feb 20, 2018 5:51 pm

Sheepdog wrote:
Fri Feb 02, 2018 1:21 pm
Being retired and living off of my savings, I carry quite a lot of cash [ (money market and short term CDs) about 2 years+ worth of normal distributions from savings for spending]. That is for safety reasons to protect me during several years of market downturns. I also have short term bond funds and fixed term immediate annuities for protection.
In my younger daysI know I carried very little cash....just enough to pay some upcoming due bills.
+1
1 year in cash
1 year in CD's
Like a shock absorber for the portfolio.
Great sleep factor.
j :D

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BeerMoney
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Re: What's your cash position

Post by BeerMoney » Tue Feb 20, 2018 6:13 pm

Maxed a couple rewards checking accounts for cash. $20k earning 4.6% interest in one account, $10k earning 3% in another.

Better than what I can do with bonds and I don't risk the bond fund dropping in value and selling it at a loss whenever I need the money.

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Sandtrap
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Re: What's your cash position

Post by Sandtrap » Tue Feb 20, 2018 9:24 pm

BeerMoney wrote:
Tue Feb 20, 2018 6:13 pm
Maxed a couple rewards checking accounts for cash. $20k earning 4.6% interest in one account, $10k earning 3% in another.

Better than what I can do with bonds and I don't risk the bond fund dropping in value and selling it at a loss whenever I need the money.
That's incredible!
I was not aware that there were checking accounts with that level of interest?
What type of accounts?

mahalo,
j :D

andypanda
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Re: What's your cash position

Post by andypanda » Tue Feb 20, 2018 9:55 pm

"If you have a dollar of cash, what is the purpose of that dollar?"

Cash is pretty. I like it.

I'm 67 and 5 years into retirement and living mostly on a pension and full SS retirement. I have - after buying a truck for me and a car for my girlfriend and a car for my aunt and uncle(and a big John Deere mower) and giving away some money - about 467k reasons to be happy. Call it 10% or so if you like, but I don't consider it investment money. It's mad money that I would like to squander over the next 10 years or so.

I haven't touched my 3 tax deferred accounts or my large taxable account. When I sell my home and move in with my soon to be engaged girlfriend I'll have more cash. Minus a whatever a super ideal grade 2 carat diamond is going to cost me. :)

There was an article on line the other day about Baby Boomers who have saved and saved for so many decades that they don't spend much in retirement. I'm trying to be a trend setter. ;)

fourwheelcycle
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Re: What's your cash position

Post by fourwheelcycle » Tue Feb 20, 2018 10:03 pm

over45 wrote:
Tue Feb 20, 2018 4:39 pm
We also try to maintain about $120K in an online savings account that currently pays 1.5% interest.


Where are you able to get 1.5% on a savings account?
https://www.marcus.com/us/en/savings?pr ... DAodey8JwQ

radiowave
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Re: What's your cash position

Post by radiowave » Tue Feb 20, 2018 10:51 pm

pokebowl wrote:
Tue Feb 20, 2018 10:53 am
radiowave wrote:
Fri Feb 02, 2018 2:15 pm
I struggle with the "cash definition" as well. E.g. I was able to purchase some 2.0% 12 mo CDs late last year. It that cash or bonds? I have some short term treasury funds in taxable, is that cash or bonds? High yield savings rate are up to 1.60% now (https://www.bankrate.com/banking/savings/rates/) is that cash? Compare that to a 6 mo treasury bill at 1.63% https://personal.vanguard.com/us/FixedIncomeHome ?
This reminds me, I need to start keeping my eye on treasuries. Short and interm treasuries when you factor in the tax savings if bought at auction are now beating most current online savings accounts and CDs of similar maturity. I may need to move a portion of my cash holdings into these.
You can buy Treasuries at both Vanguard and Fidelity - I suspect other brokers as well. With Fidelity, they have an auto roll feature where say you purchase a 3 mo Treasury Bill and it will keep rolling it over every 3 mo with the new rate until you tell it otherwise. Vanguard does not have this feature. BTW, T Bill auctions are Thursday.
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MichaelRpdx
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Re: What's your cash position

Post by MichaelRpdx » Wed Feb 21, 2018 12:14 pm

Sandtrap wrote:
Tue Feb 20, 2018 9:24 pm
BeerMoney wrote:
Tue Feb 20, 2018 6:13 pm
Maxed a couple rewards checking accounts for cash. $20k earning 4.6% interest in one account, $10k earning 3% in another.

Better than what I can do with bonds and I don't risk the bond fund dropping in value and selling it at a loss whenever I need the money.
That's incredible!
I was not aware that there were checking accounts with that level of interest?
What type of accounts?

mahalo,
j :D
Local to me credit unions offer that kind of deal. Usually up to $5,000 limit, and you might need to use their debit card three times a week, depends on the offer and the CU.
Be Appropriate && Follow Your Curiosity

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BeerMoney
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Re: What's your cash position

Post by BeerMoney » Wed Feb 21, 2018 6:18 pm

Sandtrap wrote:
Tue Feb 20, 2018 9:24 pm
BeerMoney wrote:
Tue Feb 20, 2018 6:13 pm
Maxed a couple rewards checking accounts for cash. $20k earning 4.6% interest in one account, $10k earning 3% in another.

Better than what I can do with bonds and I don't risk the bond fund dropping in value and selling it at a loss whenever I need the money.
That's incredible!
I was not aware that there were checking accounts with that level of interest?
What type of accounts?

mahalo,
j :D
1) Consumers Credit Union reward checking http://join.myconsumers.org/
2) R Bank R Best Checking https://www.rbanktexas.com/personal-checking

EDIT: At least for the CCU one you don't have to live in Illinois, they offer shared branching so you can go to local credit unions all over for in-person service.

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cfs
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Re: What's your cash position

Post by cfs » Wed Feb 21, 2018 7:54 pm

Good question, and here are my two centimos. Money which is allocated for investing is already IN the market, no cash floating around except a few pennies in the brokerage settlement funds. Good luck with your investments, y gracias por leer ~cfs~
~ Member of the Active Retired Force since 2014 ~

dogagility
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Re: What's your cash position

Post by dogagility » Thu Feb 22, 2018 6:50 am

How much cash, i.e. checking account? Just what my family needs for this month's expenses.

How much cash, i.e. no-penalty CD paying 1.75% (Ally)? 200K. To be used for a house down payment this year.

How much cash, i.e Emergency Fund? Nada, zippo, zilch. However, I do have a two month (and growing by the year) payroll cushion from my employer should I be let go.

YMMV

GoldenFinch
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Re: What's your cash position

Post by GoldenFinch » Thu Feb 22, 2018 7:14 am

whodidntante wrote:
Fri Feb 02, 2018 1:34 pm
Sheepdog wrote:
Fri Feb 02, 2018 1:21 pm
Being retired and living off of my savings, I carry quite a lot of cash [ (money market and short term CDs) about 2 years+ worth of normal distributions from savings for spending]. That is for safety reasons to protect me during several years of market downturns. I also have short term bond funds and fixed term immediate annuities for protection.
In my younger daysI know I carried very little cash....just enough to pay some upcoming due bills.
I've seen this squirrel strategy referenced here before. I believe the strategy is accumulate nuts during fall to eat during winter. The problem is, how does the squirrel know which season it is? Stocks are off their highs now, so is it winter or is it fall?
You are getting too deep into the actual squirrel analogy and applying it to short term market fluctuations. The stock market ups and downs are not winter or fall. :happy The long term trend is up. The idea is to invest early and often and then later, when you need it, the money/nuts will be available.

indexonlyplease
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Re: What's your cash position

Post by indexonlyplease » Thu Feb 22, 2018 8:56 am

These days I really like cash.
2 cds at Ally Bank 5 yr and 1 yr no penalty. About to open 3rd.
This money is not included in my AA
Some say it should be included but I like it this way. Just try to keep up with inflation on the cds.

With a pension I am really sucre in income for living expenses. So I just want cash around for a large purchase one day. Don’t know what.

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welderwannabe
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Re: What's your cash position

Post by welderwannabe » Thu Feb 22, 2018 9:06 am

radiowave wrote:
Tue Feb 20, 2018 10:51 pm
pokebowl wrote:
Tue Feb 20, 2018 10:53 am
This reminds me, I need to start keeping my eye on treasuries. Short and interm treasuries when you factor in the tax savings if bought at auction are now beating most current online savings accounts and CDs of similar maturity. I may need to move a portion of my cash holdings into these.
You can buy Treasuries at both Vanguard and Fidelity - I suspect other brokers as well. With Fidelity, they have an auto roll feature where say you purchase a 3 mo Treasury Bill and it will keep rolling it over every 3 mo with the new rate until you tell it otherwise. Vanguard does not have this feature. BTW, T Bill auctions are Thursday.
I agree with you both. I am migrating my short duration bond allocation in my 401k from CDs to 3 month TBills.

Also, I don't mean to nitpick, but TBill auctions are usually Mondays...or Tuesdays in case of a holiday week. The settlement date is Thursday.
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

grayparrot
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Re: What's your cash position

Post by grayparrot » Sat Feb 24, 2018 1:48 am

I have 50% cash.

I am retired early with a low 7 figure portfolios, and I feel fortunate to have "enough". I also believe that one can have some ability to gauge relative performance among asset classes over the next decade, based on starting valuations and a tendency for mean reversion over such periods. So, as I see short term no-penalty CDs offering a return that in my view is a good 50% or more of what I can expect from stocks, and since I greatly value preservation of purchasing power and liquidity over increase in wealth, until risky assets are cheaper I like the conservative stance.

dogagility
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Re: What's your cash position

Post by dogagility » Sat Feb 24, 2018 7:45 am

grayparrot wrote:
Sat Feb 24, 2018 1:48 am
I also believe that one can have some ability to gauge relative performance among asset classes over the next decade, based on starting valuations and a tendency for mean reversion over such periods. So, as I see short term no-penalty CDs offering a return that in my view is a good 50% or more of what I can expect from stocks, and since I greatly value preservation of purchasing power and liquidity over increase in wealth, until risky assets are cheaper I like the conservative stance.
Sounds like market timing. :beer

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MichaelRpdx
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Re: What's your cash position

Post by MichaelRpdx » Sat Feb 24, 2018 9:55 am

dogagility wrote:
Sat Feb 24, 2018 7:45 am
grayparrot wrote:
Sat Feb 24, 2018 1:48 am
I also believe that one can have some ability to gauge relative performance among asset classes over the next decade, based on starting valuations and a tendency for mean reversion over such periods. So, as I see short term no-penalty CDs offering a return that in my view is a good 50% or more of what I can expect from stocks, and since I greatly value preservation of purchasing power and liquidity over increase in wealth, until risky assets are cheaper I like the conservative stance.
Sounds like market timing. :beer
Sounds like Asset Allocation from a very risk adverse investor.
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TresBelle65
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Re: What's your cash position

Post by TresBelle65 » Sat Feb 24, 2018 10:08 am

I'm at 50% as well. Retiring soon, why keep playing? sitting at 30x not counting pensions or SS.

Actually, when I first saw the question, it reminded me of early stage dating, lol.

radiowave
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Re: What's your cash position

Post by radiowave » Sat Feb 24, 2018 10:16 am

welderwannabe wrote:
Thu Feb 22, 2018 9:06 am
radiowave wrote:
Tue Feb 20, 2018 10:51 pm
pokebowl wrote:
Tue Feb 20, 2018 10:53 am
This reminds me, I need to start keeping my eye on treasuries. Short and interm treasuries when you factor in the tax savings if bought at auction are now beating most current online savings accounts and CDs of similar maturity. I may need to move a portion of my cash holdings into these.
You can buy Treasuries at both Vanguard and Fidelity - I suspect other brokers as well. With Fidelity, they have an auto roll feature where say you purchase a 3 mo Treasury Bill and it will keep rolling it over every 3 mo with the new rate until you tell it otherwise. Vanguard does not have this feature. BTW, T Bill auctions are Thursday.
I agree with you both. I am migrating my short duration bond allocation in my 401k from CDs to 3 month TBills.

Also, I don't mean to nitpick, but TBill auctions are usually Mondays...or Tuesdays in case of a holiday week. The settlement date is Thursday.
Purchase of T-Bills is not available until Thursday in VG or Fido so not sure of your comment. I can't even see the auction until Thurday in both brokerages. I don't use Treasury Direct. Are the T-Bill auctions available earlier in the week there?
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welderwannabe
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Re: What's your cash position

Post by welderwannabe » Sat Feb 24, 2018 11:12 am

radiowave wrote:
Sat Feb 24, 2018 10:16 am
Purchase of T-Bills is not available until Thursday in VG or Fido so not sure of your comment. I can't even see the auction until Thurday in both brokerages. I don't use Treasury Direct. Are the T-Bill auctions available earlier in the week there?

The TBill auction happening on 2/26 was announced on 2/22. The announcement is when Fidelity lets you put in your order, but you dont know what the 'price' will be until 2/26. The money won't come out of your account until 3/1, and that is when the actual tbill is 'issued'.

Its pretty much the same schedule every week barring any holidays. I believe the only new info that comes out in the 'announcement' of the upcoming auction is really the amount of the auction. 1 month, 3 month, and 6 month bills are auctioned off every week like clockwork. 52 week bills are auctioned monthly. If you want to see the schedule you can go here https://www.treasurydirect.gov/instit/i ... m?upcoming

You can also download the schedule for most of the year here https://www.treasury.gov/resource-cente ... ctions.pdf
I am not an investment professional, but I did stay at a Holiday Inn Express last night.

dogagility
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Re: What's your cash position

Post by dogagility » Sat Feb 24, 2018 7:07 pm

MichaelRpdx wrote:
Sat Feb 24, 2018 9:55 am
dogagility wrote:
Sat Feb 24, 2018 7:45 am
grayparrot wrote:
Sat Feb 24, 2018 1:48 am
I also believe that one can have some ability to gauge relative performance among asset classes over the next decade, based on starting valuations and a tendency for mean reversion over such periods. So, as I see short term no-penalty CDs offering a return that in my view is a good 50% or more of what I can expect from stocks, and since I greatly value preservation of purchasing power and liquidity over increase in wealth, until risky assets are cheaper I like the conservative stance.
Sounds like market timing. :beer
Sounds like Asset Allocation from a very risk adverse investor.
Let me rephrase the last phrase: Until the market drops from the high P/E ratio, I'm not investing in stocks.

BW1985
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Re: What's your cash position

Post by BW1985 » Sat Feb 24, 2018 8:01 pm

85% equities
15% cash
"Squirrels figured out how to save eons ago. They buried acorns. Some, they dug up, for food. Others, they let to sprout, in new oak trees. We could learn from squirrels." -john94549

JBTX
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Re: What's your cash position

Post by JBTX » Sun Feb 25, 2018 12:35 am

About 4-5 months cash, and 6-8 months in ibonds. Everything else is in retirement accounts, which except for a few active funds sitting on a portion of cash is otherwise very small.

DrGoogle2017
Posts: 1322
Joined: Mon Aug 14, 2017 12:31 pm

Re: What's your cash position

Post by DrGoogle2017 » Sun Feb 25, 2018 1:26 am

A lot more in cash than last month, lol.

The Casualty
Posts: 64
Joined: Sun Oct 24, 2010 9:09 pm

Re: What's your cash position

Post by The Casualty » Sun Feb 25, 2018 1:35 am

50 % Equity
35 % Bonds
15 % Cash

nicepulkit
Posts: 1
Joined: Sun Feb 25, 2018 2:16 am

Re: What's your cash position

Post by nicepulkit » Sun Feb 25, 2018 2:20 am

I keep some cash just to leverage it wherever I can. Whenever I buy something I always make a point to ask if there is any cash discount and use it when the discount it better than my creditcard cashback.

Savio
Posts: 28
Joined: Sun Nov 05, 2017 7:35 pm

Re: What's your cash position

Post by Savio » Sun Feb 25, 2018 5:50 pm

I have ~25% as cash, but only because I have 2 car purchases and a downpayment I will be making in the next 6 months. Otherwise I would not keep more than $15-20k just for emergency fund.

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Wildebeest
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Re: What's your cash position

Post by Wildebeest » Sun Feb 25, 2018 6:44 pm

This is a good reminder to check. I have a HELOC as an emergency fund.

I try to have as little cash as possible.
The Golden Rule: One should treat others as one would like others to treat oneself.

GoldenFinch
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Joined: Mon Nov 10, 2014 11:34 pm

Re: What's your cash position

Post by GoldenFinch » Sun Feb 25, 2018 8:42 pm

A few of livesoft’s posts in the past convinced me to not hold cash. But if I was just starting out, I would be more cautious and hold some cash.

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