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Pryor on Fire posted:Rates are ticking up slowly, after they do a couple more times it's probably worth looking at a high yield savings account somewhere. God it's been so long since interest rates were higher than nothing I practically forgot those exist. ING direct was pretty good back in the day, looks like they got bought out by Capital One so they are probably terrible now. We stayed with CapOne360 after they bought ING, it's been fine. We've always liked that you can have multiple named savings buckets under your one account, and they kept that through the buyout, and their rates are pretty good. Honestly I've never used Ally so I don't really know how they compare, but there's nothing wrong with CapitalOne360 from a day-to-day use perspective.
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May 23, 2016 15:58
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That's a feature I wish I had through Ally. Ally is ex-GMAC which is probably the sketchiest of all possible origins but it seems to be working fine!
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May 23, 2016 16:16
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Star War Sex Parrot posted:Capital One 360 Savings is fine and has a decent signup bonus, but I think the go-to is still Ally. I haven't heard much about the new Goldman Sachs consumer savings stuff. I just got a GS account and it seems legitimate enough, you get 1.05% interest (woo hoo  ) though I haven't had it long enough to actually accrue any yet
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May 23, 2016 18:37
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KYOON GRIFFEY JR posted:That's a feature I wish I had through Ally. True, but the competitors are not paragons of virtue either ; see Sachs, Goldman. 3-5% apr checking accounts do exist at smaller banks and credit unions. They typically have requirements referring a minimum # of debit transactions and a cap on the amount they'll pay the bonus interest on ($5-$10k) though. A 1% online account with whoever is certainly simplest. I've been keeping my emergency fund in LMCU (3%apr and atm fees refunded) for about six months with no issues, even though I've never lived anywhere near Michigan.
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May 23, 2016 19:15
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I've been with CO360 née ING Direct since like 2004 and really don't have any complaints. Literally nothing has changed since the CapitalOne take over except the name and the theme of the website. At the end of the day an online savings account is a really simple product so there's not too much to gently caress up. It'd be nice if they bumped up their APY from 0.75% to be a bit more competitive with Ally and the rest, though. Since the bulk of my medium-long term savings makes its way into ETFs and other investments its not a big enough difference on my balance for me to switch, but if I were opening a new account I might go with Ally or GS since they're a bit higher at ~1%. Guinness fucked around with this message at 19:22 on May 23, 2016 |
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May 23, 2016 19:20
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Quick question: if I get paid out for vacation time after leaving a job, is that taxed as capital gains? Would I be better served extending the date I end my employment by two weeks and (if permitted) just taking those last two weeks as vacation?
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May 23, 2016 21:08
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ryan_woody posted:Quick question: if I get paid out for vacation time after leaving a job, is that taxed as capital gains? Would I be better served extending the date I end my employment by two weeks and (if permitted) just taking those last two weeks as vacation? It's taxed as income. I would be suprised if they let you extend your end date.
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May 23, 2016 21:35
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ryan_woody posted:Quick question: if I get paid out for vacation time after leaving a job, is that taxed as capital gains? Would I be better served extending the date I end my employment by two weeks and (if permitted) just taking those last two weeks as vacation? It's just ordinary income. Getting it paid out would be effectively the same thing as "working" two extra weeks on vacation and getting a "normal" paycheck. If you want a two week vacation, just don't start your new job for two more weeks. I highly recommend a good few weeks of time off in between jobs if you are not paycheck-to-paycheck. Not often in life do you get time like that.
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May 23, 2016 21:38
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slap me silly posted:Sadly, no. The best you can do is whatever interest savings accounts are offering, which is 1% at best. It's not a big deal, just keep it in cash until you join Club House-Poor. Certificate of Deposit?
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May 24, 2016 01:03
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CD rates aren't much higher than online savings accounts. If you're really sure you don't need the liquidity of the money for the next couple years then sure, get that extra 0.2-0.3%. Looks like 5-year CDs on large deposits are up in the ~1.75% APY range, which is still pretty low considering the lack of liquidity. If your time horizon is 5+ years you may as well look at bond or index funds depending on your risk tolerance. Guinness fucked around with this message at 01:44 on May 24, 2016 |
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May 24, 2016 01:41
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I'm in a bit of a new situation and would appreciate some reasoned advice on how to proceed: I'm coming out of a brief period of high income abroad that I found out was temporary about half-way through (surprise!). As a result, I began feverishly hoarding money and accumulated a decently sized emergency fund. I'm relocating to TX at the end of this week. Fortunately, I was given an extension contract that carries me through December working remotely, and then may be renewed but most likely will not. The job market in the location I'm moving (for family purposes) is not super burning hot right now, so I'm not sure how long it will take me to find another job after December. In the meantime, I have an emergency fund that is basically big enough to fund at least 18 months of expenses with no cuts (rent, insurance, food, childcare), and longer if we make simple trims like reduce childcare expenditures. I won't have to draw from it until December as the continuation contract is sufficient to cover these expenses for now (possibly big enough to add to it a little, depending on the tax situation). So I feel OK about my situation, given the many worse alternatives. I feel like I shouldn't stop contributing to retirement savings simply because my work situation is uncertain - or, for example, I could pay off our student loans in their entirety (about $9k) right now without making too bad a dent in the emergency fund. But I worry about putting money anywhere I can't touch it (pay off loans, retirement fund) because what if I'm unemployed for 19 months and run through the entire emergency fund? This is pretty much an apocalyptic scenario in which we'd probably move somewhere else in hopes of finding a job, but it is still possible. I'd also worry about investing any of it as medium-term savings, because again, what if I need it and it loses value near term? I'm finding it hard to look beyond calling 100% of my available money an emergency fund until my work situation is more certain, despite the fact that indicators are generally positive. Is it reasonable to reduce the size of what I call my "emergency fund" to one year of full expenses and thereby be able to use the rest for stuff like student loans and retirement savings? Or because I have a known upcoming "emergency", is it better to continue shuffling coins into my hoard as much as possible?
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May 24, 2016 10:32
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KYOON GRIFFEY JR posted:That's a feature I wish I had through Ally. Ally lets me have multiple savings accounts under one account, I think the only catch is you have to have like, minimum $1 or something like that. Can't have a $0 balance. Or am I missing what you are asking for?
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May 24, 2016 13:54
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Duckman2008 posted:Ally lets me have multiple savings accounts under one account, I think the only catch is you have to have like, minimum $1 or something like that. Can't have a $0 balance. Or am I missing what you are asking for? how do you do this, am i just retarded?
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May 24, 2016 14:11
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kaishek posted:I'm in a bit of a new situation and would appreciate some reasoned advice on how to proceed: What is it that you do you do for work that you had to move abroad to do but that you can do remotely, just curious
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May 24, 2016 14:22
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KYOON GRIFFEY JR posted:how do you do this, am i just retarded? What I did (to separate EFund from Short-term cash savings) is literally set up a new savings account. Then I named them different things. It's like five button clicks. You get a bunch of paperwork because you're setting up an actual new account (rather than a virtual partition), but that makes way more sense from an accounting perspective -- how would you handle withdrawals from a partitioned account without complicated rules? DNK fucked around with this message at 15:23 on May 24, 2016 |
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May 24, 2016 15:19
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oh i just want to have a virtual allocation that i can play with i mean i guess i can open separate accounts? but i really want to be able to say $X is for efund and everything over that is for House
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May 24, 2016 15:42
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KYOON GRIFFEY JR posted:oh i just want to have a virtual allocation that i can play with So open separate accounts and put $X in one and label it "Emergency Fund". Put everything else in a different one labeled "House". It's not a big deal
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May 24, 2016 16:26
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slap me silly posted:So open separate accounts and put $X in one and label it "Emergency Fund". Put everything else in a different one labeled "House". It's not a big deal It's not important enough to me to open separate accounts because the efund amount is fixed and I know what it is, it would just be nice if it could be allocated, evidently like CapitalOne 360 does.
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May 24, 2016 16:41
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slap me silly posted:So open separate accounts and put $X in one and label it "Emergency Fund". Put everything else in a different one labeled "House". It's not a big deal This is exactly what I do 
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May 24, 2016 17:40
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kaishek posted:But I worry about putting money anywhere I can't touch it (pay off loans, retirement fund) because what if I'm unemployed for 19 months and run through the entire emergency fund? This is pretty much an apocalyptic scenario in which we'd probably move somewhere else in hopes of finding a job, but it is still possible. I'd also worry about investing any of it as medium-term savings, because again, what if I need it and it loses value near term?
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May 24, 2016 18:31
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DNK posted:Agree with posters above: don't worry about paying more than you need to for those loans if you have any financial risk in your life that would be mitigated by having a bigger savings account. This was my thought. Putting $500 towards it last week was definitely do-able but I doubt I'll be able to sustain that as well as tackling the oncoming medical and dental bills and the car bill I'm going to have. That said, I've got about $2k left on my school loans. They're split into two that I pay through Nelnet. I don't believe there is a way to throw a payment at one of the specifically but the interest is close enough that it doesn't realllly matter. Putting that payment through knocked my next due date from tomorrow until March 2017 (the minimum has been $50/month) lol
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May 24, 2016 19:23
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Lblitzer posted:This was my thought. Putting $500 towards it last week was definitely do-able but I doubt I'll be able to sustain that as well as tackling the oncoming medical and dental bills and the car bill I'm going to have.
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May 24, 2016 20:40
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Parallel Paraplegic posted:What is it that you do you do for work that you had to move abroad to do but that you can do remotely, just curious I do political risk/security analysis, mostly Middle East focused. It's not as interesting remotely =P. moana posted:Agreed on student loans, don't overpay on those. You can still stuff money into your retirement funds and then if poo poo hits the fan enough that you really need it, you get a loan. Feel free to keep it in a money market fund until you feel safe enough to reallocate it. If I were you, I'd start looking for positions now. Depending on the pay difference, it might be worth the peace of mind to drop to a lower income with a new job earlier than you need to. (or just keep working remotely and also work your new job - not sure if that's even feasible but that's what I'd try to do) These are good points. The pay differential is such that it's probably in my best interest to keep the temp contract, but I am looking for precisely the reason you suggest - the peace of mind (plus the insurance...COBRA runs out at 18 months?). Especially good point about the money market thing. My primary issue was losing out on the ability to contribute for the year, where I've tried really hard to be good about socking retirement funds away. That way I can make the contribution, but not risk it too heavily until I'm ready. I may also use a Solo 401k to help offset the self-employment tax hit.
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May 25, 2016 10:33
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What's the best and cheapest way to transfer a couple hundred dollars to a Spanish bank account? I've never done an International Transfer before so I do not know where to go. I checked the transfer fees through Bank of America and the fees are ridiculous. BoA charges a $35 transfer fee and their exchange rate is pretty bad. Exchange rate I understand but the transfer fee seems a little high. I'm sure there's a cheaper way to go about it. Time is not an issue. Any suggestions? edit: I just checked Money Gram and seems that there exchange rate is 1:1 and there is only a $25 transfer fee. Seems like the best option so far. Transferwise seems like a great option as well. Busy Bee fucked around with this message at 18:46 on May 25, 2016 |
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May 25, 2016 18:00
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Could check Paypal. What's the charge on the Spanish bank cashing a dollar-denominated personal check?
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May 25, 2016 19:47
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Sorry if this seems like a odd question, but I'm gonna get my first check from a job today (working with kroger and I'm 21 if that is relevant), and I was wondering what I should do with it?
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May 26, 2016 03:04
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thechosenone posted:Sorry if this seems like a odd question, but I'm gonna get my first check from a job today (working with kroger and I'm 21 if that is relevant), and I was wondering what I should do with it? Do you mean literally? Like take it to the bank? Or what you should do with the money?
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May 26, 2016 03:09
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Re: Spanish bank, if you're going to do it a lot, you may want to look in to getting an account at Compass (they're owned by a Spanish bank), otherwise CitiBank or ING, then just transfer the USD to their account at the same bank, and let them pull it out in Euros locally. My buddy's wife got mugged the other day coming out of a Western Union; Western Union is an easy target since people only go in there to send or receive large sums of cash. They ended up setting up a joint CitiBank account as they have lots of branches where they both live currently.
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May 26, 2016 03:16
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Jmcrofts posted:Do you mean literally? Like take it to the bank? Or what you should do with the money? what I should do with the money. Because I don't really know what should do with it. It isn't gonna be much, as in, it isn't gonna break $200 (though maybe this is obvious, but I have no idea if that is so). I just want to try to get as good a head-start on getting destroyed by life as I can. thechosenone fucked around with this message at 03:21 on May 26, 2016 |
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May 26, 2016 03:17
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thechosenone posted:what I should do with the money. Build up your emergency fund. Once you have that put it in an IRA i guess? I assume Kroger doesn't offer you a 401k?
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May 26, 2016 03:22
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only if you work there for a year as well as for a total of over 1000 hours. how much should I save up till I can get an account with someone? and how much is a good emergency fund? btw I still live with my parents. thechosenone fucked around with this message at 03:39 on May 26, 2016 |
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May 26, 2016 03:33
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While I'm normally really conservative with my money, if I could get my first paycheck all over again, I'd probably still blow it all on purpose. Nobody here is going to agree with that. alright, maybe some do  I'd figure out what you definitely have to pay in expenses (gas, phone, insurance) if they aren't covered by your parents, put that aside, earmark some amount to spend on yourself (10%? 15%?) and transfer the rest into savings. Make a rule that money doesn't come out of savings. Not for an awesome concert, not for a new game coming out. That comes out of your money for yourself. Unless you're destitute or you specifically saved up for something, leave the money in. Once you get some substantial savings, then think about investment accounts. Moneyball fucked around with this message at 14:27 on May 26, 2016 |
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May 26, 2016 03:52
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Alright, that actually sounds about like what I had in mind. My parents pay for pretty much everything I need, So 90% to save it is! would $1000 be enough to start a savings account?
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May 26, 2016 04:03
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Build up a months expenses in your checking account and keep that amount ("float" it) in your checking account. Dump the rest in your savings account until you have two months expenses in there. So 3 months total. Once you've done that -- if you can do that -- consider opening an IRA. e: a months expenses with paid for everything might be like $200. That's fine. You may need to save up to open an IRA -- you usually need at least $1000. DNK fucked around with this message at 04:09 on May 26, 2016 |
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May 26, 2016 04:06
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Moneyball posted:While I'm normally really conservative with my money, if I could get my first paycheck all over again, I'd probably still blow it all on purpose. Nobody here is going to agree with that.
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May 26, 2016 04:29
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Also, buy your parents some groceries or take them out. Sure they are technically "paying for it" but it's a nice gesture
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May 26, 2016 04:36
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gariig posted:Also, buy your parents some groceries or take them out. Sure they are technically "paying for it" but it's a nice gesture It sounds like you don't have even a checking account with a bank. Are you a student? Most banks offer free student checking accounts with no minimum. A local credit union is probably your best bet if you can swing it, search around online for "credit union" and see what pops up. Come back here if you have any more questions, we're happy to help you get started on the right foot 
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May 26, 2016 04:55
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thechosenone posted:only if you work there for a year as well as for a total of over 1000 hours. You can get a checking/savings account from like every bank ever for a starting deposit of $10 to $50 these days. I'd see if you can get a good credit union in your area. Make sure there aren't any minimum balance fees though if you're only going to put a couple hundred in at a time.
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May 26, 2016 14:23
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You should get a bank account, deposit the minimum, and blow the rest on dumb poo poo. Then don't do that again.
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May 26, 2016 14:26
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KYOON GRIFFEY JR posted:You should get a bank account, deposit the minimum, and blow the rest on dumb poo poo. Then don't do that again. Ah yes, the Brewster's Millions maneuver. Brb, I have a 31 year old movie to go watch.
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May 26, 2016 22:24
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