vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"Two typical responses to articles/surveys making such claims: **1. People use other forms of asset for emergency savings because interest rates are low - clearly false.** **2. People use other forms of saving than a saving account therefore such surveys as the X% can't handle a $500 emergency are wrong on their face - this is false the vast majority use a savings account.** I've chosen a topic that absolutely annoys the shit out of me every time it comes up, how people save their money. Every time this topic comes up about X% of americans can't come up with $Y dollars in an emergency or have less than $Z in savings someone inevitably chimes in with the linked response. I have *never* seen anyone attempt to source their hand waving response beyond their own anecdote, which is usually a thinly veiled brag about how financially savvy they are with their wealth. Perhaps people who have no assets, or crippling debt don't go out of their way to brag about it... I could link multiple reddit posts making a similar response, which I address with my own stock response about once every 1-2 months. Instead I've decided to expand with data from several other sources. This is the prototypical good/bad research problem. If you're asserting something, but qualify your statement with, ""I""m sure we'd find...if we looked into..."" then you're doing it wrong. A good researcher or journalist doesn't put bullshit like that in their work because it's their job to actually look for sources of data; data which should exist with multiple government and independent groups. So let's get started (all data as recent as I could find, oldest source is for 2010): * [Most americans don't invest in the stock market](https://www.federalreserve.gov/pubs/bulletin/2014/pdf/scf14.pdf) About 48.8% of americans owned publicly traded stock directly or indirectly, with a much smaller percent (13.8%) owning stock directly - pages 18 and 16 respectively. It's important to note the predominance of indirect ownership which suggests this is mostly retirement accounts.
your money in a bank gets used to fund other investments. So basically you either make money, or you're making money for someone else.  Sorry i'm such a dick for not foreseeing 100,000% APR interest in bank accounts with no inflation, god i feel stupid now.
"No, this is not true. All of these banks are subject to audits by one of the four largest accounting firms in the country. These firms are worth billions of dollars. They would not risk their reputation opining on the validity of financial statements of companies that are ""allowed to keep two sets of books."""
"Whatever you did to ""set up my Bank of America account to use my mobile phone number to receive payments"", most likely registered your phone number in whatever network does the transfers, which both banks are probably a part of."
"Absolutely no conditions.  The central bank just uses the money as if it were real money, which is technically becomes.  They just simply buy financial products.  It's as if I had a printing press in my basement.  I would just print the cash, then walk into a store and buy some products.  Anyone with half a brain can obviously see that this is not a solution, but a temporary band-aid with devastating consequences.  I believe there are three types of people involved here.  People who don't understand what's going on (most people), people who understand it and are OK with the obvious fraud, inflation, and wealth re-distribution which benefits the 1%, or people who are against it and actively seek to abolish central banks.  We're the ones the media calls ""crazy"".  You'd be surprised at how many people understand it and still advocate it.  If you'd like to read a book about this topic and the other horrible practices of today's major central banks, read ""[End the Fed](http://www.amazon.com/End-Fed-Ron-Paul/dp/0446549193)"" by Ron Paul."
In the US, paper checks are still the rule, and there is a large amount of the population that does not care to use online banking. As a result, those people need to go to the bank once a week or more often, to deposit checks they get from anywhere, to get cash, etc.; so all those little banks have traffic. This is slowly changing, and banks start to automatic the processes even in the brick-and-mortar location, but for now, they are around.
The banks use any loss as a tax right off which helps when you make billions..  So yeah a couple of grand is like me dropping a penny. Even if 1 million people did this and the average is 10k that's still less than 1% of the banking industries total revenue in a year. Hell bank of America alone is 100 billion a year and it could take a 10% all at once hit and still be fine.  And a car is easily resold and has less protection than a house.
Bank and most Credit Union deposit accounts (including CDs) are guaranteed by the Federal government by the FDIC and NCUA, respectively.  Some state-chartered credit unions use private insurance, you'll want to be careful about storing lots of money in those institutions.
Bank runs very complex software to detect suspicious activity - terrorism financing, money laundering, etc. How would a program know that some person's activity is suspicious? It uses a set of rules. That set might be imperfect (that likely was not intended) - there might be some rule that triggers a warning on your account dominating the fact you've been with them for 15 years. So it's highly likely that an imperfect program triggered a warning on your account and the bank employer didn't dismiss it.
"Many services are available to people who are wealthy enough to use private banks. The linked Wikipedia article says: ...banking services (deposit taking and payments), discretionary asset   management, brokerage, limited tax advisory services and some basic   concierge-type services, offered by a single designated relationship   manager. Having cash delivered to your door would come under ""basic concierge-type services""."
I'd add that bigger banks tend to have experience doing more complicated things. As an example, my local credit union (~12 offices), simply didn't have the software to wire money to a Canadian bank, as where Chase did.  The Canadian routing number wasn't in the format of a US institution, and their software user interface just didn't allow for that number to be entered.  Also, most smaller banks don't have international toll free (in-country) numbers for foreign access. Smaller banks also tend to have less sophisticated business banking tools and experience. If you take a Treasury bond approval to a small bank, they'll generally look at you like you have three heads. So the international side of things is definitely in the favor of big banks; they have a lot more money to dump on services.
Sigh - this is one of many reasons I never, ever use checks. I am not aware of any law that requires a check to be physically returned if requested, or proof or destruction provided, or anything like that. It's a large part of the reason why we have the ability to stop payment on a check, and so void it through the bank without having any physical access to the check - but this process is spotty and imperfect, and cannot be relied upon. You can request them to do whatever you like, like void it and send it back, or destroy it, and they can just refuse - or say they'll do it and then just not do it, and you have no real useful recourse. The main goal should be to avoid losing money if someone ""accidentally"" (or intentionally) cashes both checks. So you can ask, or demand (refuse to pay until they return the check), etc - and they can respond more or less any way they want. As a final piece of future advice, consider no longer using checks for purposes like this. Switch to using something like a cashier's check or money order offered by your bank, which (by their very nature) takes the money out of your account immediately, severs all ongoing connection to your bank account, and is effectively like cash with the added benefit of a paper trail. Keep the stub and and receipt from the cashier's check/money order, in case it is lost or they claim they didn't get the money."
Thank you for pointing out one of the biggest flaws of that argument. To add to your points: Even if they used simple savings accounts for all their money (poor idea), the banks can still lend it as business/home loans... The money doesn't just site there.
"I figured that there must be some people in a corporate office somewhere who sign $100M loans for lunch. :)  The banks have that experience (but I'm not interested in asking them for a sample), and our consultants definitely have that experience, but I'm looking to evaluate the consultants with this exercise. If they provide the sample, then deliver to that sample, I'm still blind as to whether that sample is ""good"" as compared to something that the corporate world would use on the daily.  I'd take your advice for the $1M loan, but I can't help but think as the factors of 10 increase, the data required to properly negotiate also increases. I don't want to go in blind, and provide a proposal that looks like a high school project."
I called Bank of America today about the same problem on my account. The service representative said that part of money is available to me and I can use the money.
Historically there weren't really high barriers to get in, but I find nowadays that banks are looking for quant backgrounds (MQF, ME, MFin) even though it isn't really required unless you're working in modeling. Maybe pursuing a master's program would help.   Another route considering your BA experience, you could try to get involved in regulatory projects at a bank. It's a bit of a longshot since they tend to use consulting firms. Get involved with that and you'll interact with risk reporting teams and could work from there.   Other than that, get a lucky break haha, knowing someone definitely helps.
Use Online banking, or open an account with the bank within WalMart.  Then you can use ATMs, wherever.
One other advantage of a 529 versus a simple investment account (like an UGMA/UTMA) is that the treatment for the purposes of financial aid is more advantageous (FinAid.org). Even if it is a custodial account (in which the student is both the owner and beneficiary), it is treated as a parental asset when completing the FAFSA. That means the amount that will be considered available each year towards the Estimated Family Contribution (EFC) will be greatly reduced. To be sure, this does not help with all colleges (often ones that use the CSS/PROFILE in addition to the FAFSA). Some will simply assume that 25% of the 529 will be used each year.
Yodlee is the back-end which communicates with the banks, and Mint just provide a pretty layer on top. You can sign up for an account with Yodlee directly, which may give you the flexibility you need.
Most transactions that the bank performs for you are electronic ACH transactions, so the costs to them are minimal in the long run.  Most banks do it now to keep up with the competition.  Almost every bank does it now, so they have to do it to attract new business and keep existing customers. Also, the more you rely on the bank and use them to pay bills, the more they learn about you over time and can use that data in overall marketing plans.  It's easier for them to record it into their system if it is all electronic to begin with.
"Right, but this relies on two things:  1.  ""the economy that is accepting his dollars"" - in situations involving legal tender laws, the participants in the economy have no choice but to use the banker's money.  2.  The Cantillion Effect means the banker can take advantage of low prices before the market reflects the inflation he created from expanding the credit supply.  This is a direct transfer of value away from the rest of the economy and toward the banks."
Most bank accounts offer automatic bill pay as well. They don't rely on support from the bill you're paying, I think they basically just mail a check with your account number on it
"I don't think this is news.  We all know that banks were taking advantage of people.  This guy only said what we all knew already.  It's a shame that the banks are ""too big to fail"" while the government thinks that the people aren't."
If someone had both, there would be two potential problems: If you do ultimately want your wife to be on the HSA, see if you can spend what is left in her FSA, as it will end when she ends her health coverage with her employer. If the amount you stand to lose is significant, you may need to wait another year until your next open enrollment period or life event (such as the birth of a child) to enroll her on your HSA. It is also likely that her premium on the HSA will be lower, which could impact the effect of ending her FSA. Recently, there has also been a rule change regarding what is called a ""Limited Use"" FSA. These are FSAs that are used for qualifying non-""health"" expenses such as dental and vision that can be used together with an HSA. This may be something that is helpful to you and/or your wife on the HSA if your employer offers this as a possibility. Please note that unlike retirement accounts, you cannot ""rollover"" funds between FSA plans offered by two different employers as each FSA is a separate benefit fund that is on a use-it or lose-it basis (again, because the government wants to restrict tax-advantaged contributions to what you are likely to spend). You may also find the article here helpful to learn more about FSA/HSA combinations and Limited-Use FSAs. I hope this helps!"
A typical manufacturer buys raw materials, produces a product using labor and energy at a specific cost with some waste, and then sells the product to produce income. A bank buys raw materials (deposits) by paying interest, then uses labor and energy to turn a portion of the raw materials into their product (loans), they then receive income (interest) on those loans. If the income exceeds the cost to buy and produce the loans taking into account losses due to delinquencies (waste) the bank company has made a profit. The growing profits can lead to an increase in stock prices or the paying of dividends. The search for more raw materials can lead to paying more for the raw materials, or by buying other factories (branches) or even other bank companies.
Account number are Unique based on the following combinations, based on manual banking practise of early days; -Country -Bank -Branch -Location -Account Number -Currency -Account Type [Savings, Checking] With the current computerization, there are quite a few items that have been coded into the number, for example Branch, Currency, Account Number and Account Type are part of account number.  Overall there are some attempts to standardize the account number so that they can be unique across the world as described as littleadv.
Credit cards have two revenue streams: So yes, the are making money from your daily use of the card.
"If you're making big money at 18, you should be saving every penny you can in tax-advantaged retirement accounts. (If your employer offers it, see if you can do a Roth 401(k), as odds are good you'll be in a higher tax bracket at retirement than you are now and you will benefit from the Roth structure. Otherwise, use a regular 401(k). IRAs are also an option, but you can put more money into a 401(k) than you can into an IRA.) If you do this for a decade or two while you're young, you'll be very well set on the road to retirement. Moreover, since you think ""I've got the money, why not?"" this will actually keep the money from you so you can do a better job of avoiding that question. Your next concern will be post-tax money. You're going to be splitting this between three basic sorts of places: just plain spending it, saving/investing it in bank accounts and stock markets, or purchasing some other form of capital which will save you money or provide you with some useful capability that's worth money (e.g. owning a condo/house will help you save on rent - and you don't have to pay income taxes on that savings!) 18 is generally a little young to be setting down and buying a house, though, so you should probably look at saving money for a while instead. Open an account at Vanguard or a similar institution and buy some simple index funds. (The index funds have lower turnover, which is probably better for your unsheltered accounts, and you don't need to spend a bunch of money on mutual fund expense ratios, or spend a lot of time making a second career out of stock-picking). If you save a lot of your money for retirement now, you won't have to save as much later, and will have more income to spend on a house, so it'll all work out. Whatever you do, you shouldn't blow a bunch of money on a really fancy new car. You might consider a pretty-nice slightly-used car, but the first year of car ownership is distressingly close to just throwing your money away, and fancy cars only make it that much worse.
"Because you've sold something you've received cash (or at least an entry on your brokerage statement to say you've got cash) so you should record that as a credit in your brokerage account in GnuCash. The other side of the entry should go into another account that you create called something like ""Open Positions"" and is usually marked as a Liability account type (if you need to mark it as such). If you want to keep an accurate daily tally of your net worth you can add a new entry to your Open Positions account and offset that against Income which will be either negative or positive depending on how the position has moved for/against you. You can also do this at a lower frequency or not at all and just put an entry in when your position closes out because you bought it back or it expired or it was exercised. My preferred method is to have a single entry in the Open Positions account with an arbitrary date near when I expect it to be closed and each time I edit that value (daily or weekly) so I only have the initial entry and the current adjust to look at which reduces the number of entries and confusion if there are too many."
I like precious metals and real estate. For the OP's stated timeframe and the effects QE is having on precious metals, physical silver is not a recommended short term play. If you believe that silver prices will fall as QE is reduced, you may want to consider an ETF that shorts silver.  As for real estate, there are a number of ways to generate profit within your time frame. These include: Purchase a rental property. If you can find something in the $120,000 range you can take a 20% mortgage, then refinance in 3 - 7 years and pull out the equity.  If you truly do not need the cash to purchase your dream home, look for a rental property that pays all the bills plus a little bit for you and arrange a mortgage of 80%. Let your money earn money. When you are ready you can either keep the property as-is and let it generate income for you, or sell and put more than $100,000 into your dream home. Visit your local mortgage broker and ask if he does third-party or private lending. Ask about the process and if you feel comfortable with him, let him know you'd like to be a lender. He will then find deals and present them to you. You decide if you want to participate or not. Private lenders are sometimes used for bridge financing and the loan amortizations can be short (6 months - 5 years) and the rates can be significantly higher than regular bank mortgages. The caveat is that as a second-position mortgage, if the borrower goes bankrupt, you're not likely to get your principal back.
"I hear you (and those answering) use the words ""my money"" (or ""me to pay for stuff"") The sooner that ends, the better off you'll both be. My wife and I do have our own checking accounts that we maintain so she can write a check without notifying me, or I can buy her a birthday/mother's day/ etc gift without it showing in the joint account, but nearly all money flows through our joint account. Before we were married, the joint bank accounts were opened as was the joint brokerage account. You need to work on the budget as a single project and without judging. It's good that your incomes are similar, it makes the dynamics of pooling seem more fair, but for those where one spouse is making far more than the other, the impulse to 'chip in' equally towards bills leaves the lower earner with nothing. Will your wife go back to work after a maternity leave? Once she's back, and working for a time, things will settle down a bit. There's a postpartum time that's difficult. Women who have been through it will tell you that it can be pretty bad, and the best a guy can do is be understanding and supportive. As long as you are talking ""we"" with your wife, she'll see that you are both in it together. At the risk of sounding sexist, Women's clothing needs are different than men's. I could get away with owning 5 suits which could be replaced at the rate of one per year. If not for my wife, I can see in my own daughter how clothing makes her feel good about herself, and while I'm frugal with most of our budget, my clothing questions are 2 - Will it last? & Will it match other pieces you have? Therefore, clothing gets a line item all its own in the budget. There are a number of financial things to consider, but I see you are in the UK, so I'll generalize. In the States, there are pretax benefits to help care for a child under 13 (called a dependent care account) and for medical expenses not covered by insurance (called flexible spending account).
First of all, look for a savings account with a decent interest rate. Online banks are good at offering those, and you can transfer your money back and forth from the checking account with a couple of business days' delay. ING Direct offers 1.1% APY right now - lame, but much better than nearly-nothing. If you'd like a little nicer rate of return you should also consider putting some of the money (the part you need least) in a short- or intermediate-term bond ETF or mutual fund. You can sell them quite readily, they pay more interest than a savings account, and because of the shorter maturities involved the interest rate risk is limited. (That's the one that makes your bonds less valuable now because the rates went up after you bought them.) I have some NYSE:BIV that's yielding 3.8% or so.
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It's unclear what you're asking. When I originally read your question, it seemed that you had closed out one options position and opened another. When I read your question the second time, it seemed that you were writing a second option while the first was still open. In the second case, you have one covered and one naked position. The covered call will expire worthless, the naked call will expire in the money. How your broker will resolve that is a question best left for them, but my expectation is that they will assign the non-worthless calls. Whereas, if both options expired in the money, you would be assigned and you would have to come up with the additional shares (and again, that depends on how your broker works). In general, for both cases, your net is the premiums you received, plus the difference between strike price and the price that you paid for the stock, minus any cost to close out the position. So whether you make a profit is very much dependent on how much you received for your premiums. Scenario #1: close first call, write second: Scenario #2: write covered + naked, one expires worthless Scenario #3: write covered + naked, both expire in the money Disclaimer: the SEC does not consider me a financial/investment advisor, so this is not financial/investment advice