Comments on: Two Alternatives to High Yield Savings Accounts http://www.moneyunder30.com/two-alternatives-high-yield-savings-accounts Personal Finance for the Young and Ambitious Fri, 19 Mar 2010 21:32:50 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ricardo http://www.moneyunder30.com/two-alternatives-high-yield-savings-accounts/comment-page-1#comment-2325 Ricardo Fri, 06 Mar 2009 18:53:40 +0000 http://www.moneyunder30.com/?p=1490#comment-2325 I am doing the social lending thing. Per your advice, I did open up a savings acoung at FNBO for my emergency funds (based off of your spread sheet but also my own personal financial calculatoins). After that though, I do have much money left over and I figured I could use Lending Club to save for the big things such as a house, pay off major debt or whatever. My plan is to deposit 10% of my income each month into lending club. Afterwards I diversify the risk by putting 3/4 of my balance in "A" and then the other 1/4 in a more risker credit rating; picking a more risker rating each go round. For example I would put $150 in A, then 50 in B. Next month $150 in A, $50 in C and so on and so on. So constantly gaining interest while building savings would hopefully build a nice nest egg in something that is **Hopefully*** more stable than the stock market. I appreciate the ideas you have given me! I am doing the social lending thing. Per your advice, I did open up a savings acoung at FNBO for my emergency funds (based off of your spread sheet but also my own personal financial calculatoins). After that though, I do have much money left over and I figured I could use Lending Club to save for the big things such as a house, pay off major debt or whatever. My plan is to deposit 10% of my income each month into lending club. Afterwards I diversify the risk by putting 3/4 of my balance in “A” and then the other 1/4 in a more risker credit rating; picking a more risker rating each go round. For example I would put $150 in A, then 50 in B. Next month $150 in A, $50 in C and so on and so on. So constantly gaining interest while building savings would hopefully build a nice nest egg in something that is **Hopefully*** more stable than the stock market.

I appreciate the ideas you have given me!

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