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I just cashed out all but $1 from my ING Direct account. Additionally, I cashed out all but $3 from my online gaming account.
ING Direct has simply fallen behind the pack in offering competitive rates. Heck, my local credit union (Navy Federal) is offering as high a return on their money market accounts. Cashing out now also establishes a lower baseline account value in the event ING Direct tries another promotional period of offering a higher interest rate to new money.
As for gambling, I've kept to a budget; however, most games require a "rake" which shifts any game from equal odds to one that has a negative implied value (house always win). I feel that i'm better off using these new funds to boost my prosper.com bankroll in order to construct a real return portfolio that should net my family around a 12%+ real return.
So far, I've got 9 active loans (18.38% avg interest rate) with 4 going to funding and 2 in the bidding process. Short term, i'm considering keeping my loan bids around $50 or so. I'll probably start doubling my bids to $100 once our loan portfolio achieves $50/month in interest income.
Saturday, June 17, 2006
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2 comments:
Bravo on turning away from online gambling. Not only is it a smart financial move, but also a great example to others! Gambling is entertainment - not a part of a sound financial plan.
As for ING Direct - good move on keeping the account open with that $1. Who knows what is ahead with the ongoing rate wars. Plus, keeping the $1 means you don't give up any earned income you may have accrued during the month.
Thanks for the applause jane dough, it adds to my will power reserve.
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