How Does a Money Market Account Work?

[Ed Miller]

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The average American never ceases to amaze me with his level of cluelessness and inertia in regard to finances.

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The inertia is overwhelming at times. My wife had to basically shake me a couple times before I was willing to open an ING account. Now I use the account heavily, storing my tax money there before I have to send it to Uncle Sam. But early in the year, I overpayed my estimated payments by $16k to avoid having to open a savings account to keep the money in. Dumb dumb. I lost about 16k*(0.03) = $480 just by being pigheaded.

There's probably a slightly better place to keep my Uncle Sam money, but I'm too lazy to try to find it. [img]/images/graemlins/tongue.gif[/img]