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pmchem posted:i just use a spreadsheet? yeah it's this but also, i put literally everything of long term / unknown amount into the same bucket. what I use it for or the amount doesn't change how I invest it if the time frame is all 2030+
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Feb 28, 2024 02:10
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I mean, there’s nothing stopping you from opening up 20 brokerage accounts at Fidelity either. Transfer between would be instant. Do not recommend though.
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Feb 28, 2024 02:12
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Anybody use Ally Invest for a brokerage account? Would there be any reason to switch to Fidelity or something for set-and-forget SGOV, VTI, and the like?
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Feb 28, 2024 15:50
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Are there any 'gotchas' I should aware of with transferring money from my bank savings to my new American Express HYSA? Any forms or penalties or red tape over a certain amount?
Hughmoris fucked around with this message at 02:43 on Feb 29, 2024 |
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Feb 29, 2024 02:06
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The Earl of ToeJam posted:Anybody use Ally Invest for a brokerage account? Would there be any reason to switch to Fidelity or something for set-and-forget SGOV, VTI, and the like?  Fidelity and Vanguard are solid.
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Feb 29, 2024 02:15
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Hughmoris posted:Are there any 'gotchas' I should aware of with transferring money from my bank savings to my new American Express HYSA? Any forms or penalties or red tape over a certain amount? Nope. Doing it digitally means all the paperwork happens behind the scenes and you don't need to worry about it.
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Feb 29, 2024 02:47
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The Ally desktop site runs like dogshit anymore too. Disappointing.
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Feb 29, 2024 03:55
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Cugel the Clever posted:I've been disenchanted with Ally of late. Savings account rates are decent, but don't stand out. I'd opened a brokerage account with them back when they launched their thing, didn't get around to funding it because I'd also opened up a Vanguard account, then they closed it on me without any warning with no recourse to reopen even if I wanted to Huh, that's definitely not encouraging. I'll look into opening one with Vanguard. Thanks!
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Feb 29, 2024 04:29
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Mint (which I put up with in spite of the ads just because I've had it for like a million years) forcibly migrated me to CreditKarma yesterday, and it's absolutely loving useless now.  What's everyone's go-to for having a quick-look sort of interface? I'm not really tracking budgets or anything, but I like being able to see all the poo poo in one place.
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Feb 29, 2024 04:30
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Sundae posted:What's everyone's go-to for having a quick-look sort of interface? I'm not really tracking budgets or anything, but I like being able to see all the poo poo in one place.
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Feb 29, 2024 04:39
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I just got an offer in the mail that I am pre-approved for Amex Gold. The terms (4% on restaraunts/4% on groceries, $750 in points if I spend at least $6k on it in 6 months, $10 monthly shake shack credits for some odd reason) seem like they (at least short term) make up for the annual fee. Do they ever waive the annual fee, and if not, is there any downside to potentially canceling the card after a year/2 years? I am going to be starting an intensive school program and I anticipate my spending will drop precipitously after that, to the point where $250 for a year will be more than the card benefits me. I only have 1 other credit card (a little more than a year old) and student loans, otherwise no credit history (Score is ~740 according to Experian). Also, I am a credit dumby. What is a charge card? If I pay my balance in full at the end of the month (which I do with my current credit card) will I be paying any interest? DildenAnders fucked around with this message at 05:00 on Feb 29, 2024 |
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Feb 29, 2024 04:53
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Cugel the Clever posted:Fidelity has a "Full View" feature that fills the role. Works great for at-a-glance. I want to use Full View, but they still haven't added support for my Synchrony Amazon Prime Card, and Chase and BOA don't pull in correctly. So not currently as functional as Credit Karma. Also makes me a bit worried how much dev support its getting. Edit: It also has wrong values for one of my accounts AT FIDELITY. Its showing a balance as of 2/28 on an RSU account that was zeroed out in December. Xenoborg fucked around with this message at 05:18 on Feb 29, 2024 |
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Feb 29, 2024 05:13
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DildenAnders posted:I just got an offer in the mail that I am pre-approved for Amex Gold. The terms (4% on restaraunts/4% on groceries, $750 in points if I spend at least $6k on it in 6 months, $10 monthly shake shack credits for some odd reason) seem like they (at least short term) make up for the annual fee. Do they ever waive the annual fee, and if not, is there any downside to potentially canceling the card after a year/2 years? I am going to be starting an intensive school program and I anticipate my spending will drop precipitously after that, to the point where $250 for a year will be more than the card benefits me. I only have 1 other credit card (a little more than a year old) and student loans, otherwise no credit history (Score is ~740 according to Experian). No, they arent going to randomly waive the annual fee. With the Amex Gold, a lot of its benefits come in the form of monthly use it or lose it credits that dont stack up. So unless you are using Uber every month, and one of their dining partners every month, you arent going to get those $240 worth of credits. 4% cash back on dining and groceries is nice, but you'd be able to get that much or better out of cards that dont have $250 annual fees. Based on your expected drop in spending, it might make sense to get a 2% on everything no annual fee card instead. Charge cards, unlike credit cards, dont let you carry a revolving balance month to month (I seem to recall this is no longer true for Amex charge cards, though). There is a credit cards thread here: https://forums.somethingawful.com/showthread.php?threadid=3679537
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Feb 29, 2024 05:44
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Sundae posted:Mint (which I put up with in spite of the ads just because I've had it for like a million years) forcibly migrated me to CreditKarma yesterday, and it's absolutely loving useless now. CK is garbage, yes, and the funniest part is they don't even have budgeting, so it's that much more baffling that their site basically does nothing with the other tidbits of functionality it does have. I didn't use budgeting with Mint either, so I dunno how theirs is asking their other features, but I've been using Monarch since January. They've got a pretty reasonable data import process from Mint (though some past transactions/spending trends and net worth calculations are messed up because of inverted minus signs happened sometimes, but moving forward it seems to be in order). It's made by former Mint employees and captures a lot of the same convenience. I find it to be good enough, and they have a discount code MINT50 for missing customers that extends the free trial from 7 days to 30 and lowers the first year's annual subscription price by 50% you're coming from Mint. I assume it still works.
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Feb 29, 2024 07:44
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DildenAnders posted:I just got an offer in the mail that I am pre-approved for Amex Gold. The terms (4% on restaraunts/4% on groceries, $750 in points if I spend at least $6k on it in 6 months, $10 monthly shake shack credits for some odd reason) seem like they (at least short term) make up for the annual fee. Do they ever waive the annual fee No, they don't waive the fee. Amex are cards for people with spend, period. Real spend, not crecit card churner "manufactured" spend. They are great, especially the paltinum if you actually are their target market. If you are not do not get one. You need to be spending deep into the 5 figures on that card to benefit from it. Not sure where the breakeven is for the gold but I bet there are a lot better options for that spend level. Mostly like cashback cards or cashback with categories.
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Mar 1, 2024 03:32
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I max out my 401k annually, my company has the option of Roth and Traditional that I can split however I want. I assume it's overall better to go with the Roth as much as I can since I pay taxes for it up front? I know it's not a traditional Roth IRA
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Mar 1, 2024 21:31
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Medullah posted:I max out my 401k annually, my company has the option of Roth and Traditional that I can split however I want. I assume it's overall better to go with the Roth as much as I can since I pay taxes for it up front? I know it's not a traditional Roth IRA That will depend greatly on your current tax bracket, expected future tax bracket, and many other factors.
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Mar 1, 2024 21:38
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Medullah posted:I max out my 401k annually, my company has the option of Roth and Traditional that I can split however I want. I assume it's overall better to go with the Roth as much as I can since I pay taxes for it up front? I know it's not a traditional Roth IRA Because you are maxing out your limit, as a general rule Roth 401k will be better. The contribution limit is the the same for pretax and Roth, but every dollar of Roth is worth more than a pretax dollar because you've already paid taxes on it. This means that you can effectively stuff more money into your 401k with Roth contributions. The benefit of a greater amount of money getting into a tax advantaged account will tend to drown out any other tax rate considerations. That is only really true if you can max out your 401k space with Roth dollars. If you're not maxing it out there are a bunch of other factors you have to take into account, as Muir said. Things like your current tax rate (something you should know) compared to your future tax rate (something you can only guess at). It's also worth investigating if your 401k plan allows a mega back door Roth. If it does (and not all plans allow it), it effectively raises the 401k contribution limit by a bunch. That can change the math as well. It's worth checking out. When you're saving well like you are, it's important to keep in mind that there aren't really any wrong choices with how you do it, just varying degrees of right choices and optimizations. You've already done the hard part, now you're just fine tuning.
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Mar 2, 2024 07:38
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I Like Jell-O posted:Because you are maxing out your limit, as a general rule Roth 401k will be better. The contribution limit is the the same for pretax and Roth, but every dollar of Roth is worth more than a pretax dollar because you've already paid taxes on it. This means that you can effectively stuff more money into your 401k with Roth contributions. The benefit of a greater amount of money getting into a tax advantaged account will tend to drown out any other tax rate considerations. Yeah I've been going hard for the last ~10 years because I hosed my life up in my 20s so when I left my last job at Best Buy I cashed out my 401k to pay off my credit card debt, so I pretty much started from zero at 30. Got my poo poo together and kept getting raises at work so I max out 401k, do 10% into employee stock and max out my HSA as well. Right now my split is like 60/40 for Roth/Traditional, but figured I'd ask.
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Mar 2, 2024 13:56
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I Like Jell-O posted:Because you are maxing out your limit, as a general rule Roth 401k will be better. The contribution limit is the the same for pretax and Roth, but every dollar of Roth is worth more than a pretax dollar because you've already paid taxes on it. This means that you can effectively stuff more money into your 401k with Roth contributions. The benefit of a greater amount of money getting into a tax advantaged account will tend to drown out any other tax rate considerations. You're partly right here, but you are missing the fact that any money paid in taxes in this scenario could instead be put into a taxable account and grow there. So, yes, Roth dollars are worth more than Trad dollars, but there are *more* of the Trad dollars available because you pay less in taxes up front.
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Mar 2, 2024 20:32
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re: buckets i track this in ynab and just put it in one yoooge pile that matches my asset allocation in fidelity, fidelity also has a "cash manager" that will alert you if you keep too much in cash management or xfer over money from savings if you drop below a customized amt, nice for maximizing what's in savings if you also spend outta fidelity
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Mar 2, 2024 21:11
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drk posted:You're partly right here, but you are missing the fact that any money paid in taxes in this scenario could instead be put into a taxable account and grow there. This assumes that you actually invest those additional dollars. I would argue that over 90% of people who contribute to a traditional retirement account do not do this. They take the extra money they get from the up front tax break and just spend it. If you don't actually invest that extra money the potential advantages of a traditional retirement account over a Roth account vanish. This is one of those situations where the math says one thing and human behavior says another.
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Mar 4, 2024 05:36
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Antillie posted:This assumes that you actually invest those additional dollars. I would argue that over 90% of people who contribute to a traditional retirement account do not do this. They take the extra money they get from the up front tax break and just spend it. If you don't actually invest that extra money the potential advantages of a traditional retirement account over a Roth account vanish. That makes sense, but If we're going to talk human behavior, then I think it's also useful to account for the ease of keeping track of how much money you actually have in a Roth vs Trad account. Sure, folks may know that their balance in a trad account is going to be taxed at some amount, but I'd be willing to bet most won't keep an accurate running estimate for that (and, as discussed earlier, it's going to depend on future factors that may be unknowable), so it's harder to plan\budget as well.
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Mar 4, 2024 06:42
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Been arguing back and forth with myself for a few weeks now on the best financial course of action and could use some insight. My credit score is currently not great in the upper 600s, tied up exclusively in two maxed out but low limit credit cards and my mortgage. I've never missed a payment on any of them, but I recognize I shouldn't be carrying the debt at all. I recently completed a business trip that left me with a good windfall in savings thanks to a lot of overtime and per diem, and I can easily pay off the total limit of my credit cards without dipping into my emergency savings, and I planned to do so as soon as I returned from my trip. I also owned an older car that needed expensive repairs, and I intended to make those repairs with the earnings from my trip. However, when I returned from the trip and brought the car to a garage to make the repairs, I found out they were far more extensive than worth paying for the car, and I ultimately decided to sell the car to boost a potential down payment. I had already paid for a large repair less than a year ago and it bit me, because I should have just gotten rid of the car then. So, I've got a crossroads and I know I'm not knowledgeable enough to choose a path on my own -- I'll need another vehicle *soon*. I'm currently driving my wife's old car so I can get to work, but it's also old, in need of repairs, and will be my daughter's car when she gets her license later this year. There's currently no knowing how long this vehicle will last either, and a limit of a few months that I can use it as a daily driver. I'll likely have to apply for a car loan eventually. Since I've got a large cash windfall right now that I can access, is it better to put those funds into a down payment when it comes time to purchase a car, or is it better to use those funds now to pay off my high interest credit cards and have a much better credit score when I apply for a car loan? I'm not likely to have access to a large fund again for a down payment during this process. I'll still add the newbie format from the OP to paint a picture. - A list of all your debts and assets. If you're asking how to best pay off your debt, we'll also need to know interest rates and balances Debts: Credit Card 1 - $3488 / $3500 balance @ 18% interest, minimum $80/mo Credit Card 2 - $1000 / $1000 balance @ 18% interest, minimum $20/mo Home Repair Loan: $14,589 @ 10% interest, $156.77/mo split between my wife and I, newly acquired and payments haven't begun Payment for music equipment - $224 / $500 @ 0% interest, $37.36/mo TSP Loan from last year - $14,062.51 / $16,535 @ 4% interest, $278/mo - Payments come from payroll deduction and everything including interest paid returns to my retirement account. Took this out April of last year to purchase a car at that time, opted to make vehicle repairs on the car that's now sold with the funds, and used to remainder to pay for an overseas vacation and music equipment for myself. Had also paid off one card from this last autumn, but emergencies brought the balance back to full. These don't include my mortgage or monthly utilities since my wife and I share the cost of those, and aren't factoring into this since they're paid from a shared checking account. I'll include that info below. Assets: HYSA - $6,680 <-- This is the lump sum that'll go towards either a down payment or credit card payment balances. Money Market Savings (Joint) - $4,549 <- Emergency fund, try to supplement with the HYSA but this we don't touch Personal Checking - $1,770 currently Joint Checking - $5,079 currently <- used exclusively for monthly expenses and an upcoming home repair TSP Retirement - $49,152 - Your budget, including income and expenses. - Make $83,000/yr after a large pay raise last summer, net about $1800/mo after taxes and deductions (health insurance, retirement fund, $2000 into mortgage & utilities/mo included in deductions). I work hourly and am eligible for overtime as well, so this is just my base pay. Wife makes ~$80,000 salary from her job. Typical mortgage and utilities costs us ~$2,254/mo. - Your goals With the sudden payment for home repairs added on and the surprise loss of my vehicle, trying to figure out the smartest way forward to keep myself from accumulating too much debt when it comes time to buy a newer car. I was recommended to get a 0% APR credit card to consolidate my two outstanding cards to pay off over the next year, but adding on more debt (or the risk of more debt) and opening a third card to pay these ones down just sounds like a bad idea in my head. Don't fully trust myself to have it paid off when the 0% runs out. Genuinely appreciative of anyone's advice on the best move to make!
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Mar 4, 2024 17:52
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A down payment on a car worth how much? It really doesn't seem like you can afford to be buying cars right now, and perhaps that also means you can't afford to be giving a car to your daughter. You're half a year's take home pay in debt my goon. That is an emergency.
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Mar 4, 2024 17:58
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whatever you do, pay off the credit cards first. easy win. there’s a car buying thread in A/T that someone here will link (i’m phone posting) which can help on that front. the choice to take a loan from your retirement savings and spend it in part on a vacation is something i’d probably try to avoid repeating
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Mar 4, 2024 18:01
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18% vig is killing you. Pay those off!
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Mar 4, 2024 18:07
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Not to Monday morning quarterback too hard but your retirement savings should be NEVER TOUCH unless there is an absolute emergency the sort of underlying theme here that I sense is limited planning. Home repairs are expensive, car repairs replacements are expensive. the precise time at which they will occur is not known, but they are fairly predictable overall. Most people try to accrue and budget for this stuff in advance; it seems like you are lurching from one expense to another and getting further behind. You need to take care of your debt ASAP and start with CC. After that - what's on tap for retirement You have a roughly driving age kid which to me means that you are at minimum in your late 30s, and possibly older. If you are just dependent on TSP and SS, you aren't gonna have much money in retirement at all and that needs to be addressed. Car buying thread: https://forums.somethingawful.com/showthread.php?threadid=3213538
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Mar 4, 2024 18:18
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Thanks for the input, all. Paying off the credit cards along with car repairs was my original intent for that lump sum, but it helps to have everyone tell me "yeah, do that". I've regularly been keeping up with the AI/BFC thread since last year, thats what convinced me to repair my car after I took the TSP loan in the first place. In any case, I've paid off the credit cards in full and I'll be re-directing those funds towards the new home repair loan. Motronic posted:A down payment on a car worth how much? It really doesn't seem like you can afford to be buying cars right now, and perhaps that also means you can't afford to be giving a car to your daughter. You're half a year's take home pay in debt my goon. That is an emergency. Definitely appreciate the wake-up call of this, as well. I've tried to follow the basic flow chart from the OP for at least the past few months, but until writing out all my debts for my post I hadn't recognized just how much they had been building up. As far as the down payment would have went, wasn't looking at anything more expensive than $12k total, and the down payment would cover half that. But I can just drive my daughter's car for a while, and once my finances are fixed long term I can pick up on the car buying again.
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Mar 4, 2024 20:15
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You should sit down with your daughter and tell her that due to some unforseen repairs on the old car you cannot afford to outright give it to her when she gets her license. This does not mean she can't drive it, I imagine the times you will want to drive it don't overlap as much as it seems right now. How do you intend to pay for her insurance? That is going to probably double or triple your monthly cost. Plus the insurance on a new to you car is going to be much higher before she's on it and going to require comp/collision if you're only on liability right now. Overall you're drowning in interest bearing credit card debt though, pay that off the moment that work check lands in your account. Ask your boss if there's some more OT you can work, and suggest she start babysitting or whatever on the weekends. Great way to get access to a car and some very real money. At least based on what I'm paying for sitters.
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Mar 4, 2024 21:32
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I feel like there is something missing here. Your gross household income is $160k/year and you still need to lean on credit cards and TSP loans for relatively small purchases? Where is the money going? Is this going to be one of these? $2000: Mortgage/utilities $1300: Food $250: Gas $500: Misc expenses $4700: Flügelhorns edit: to be a bit more constructive, personally I would not put a single dollar into retirement until you pay off those 18% credit cards. Yes, saving for retirement is important, and the tax advantages are nice, but you aren't going to earn 18% on your retirement savings. drk fucked around with this message at 23:22 on Mar 4, 2024 |
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Mar 4, 2024 23:19
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somebody help me my family
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Mar 4, 2024 23:21
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OP did say that they recently got a substantial raise - but that was like six months ago or more, so yeah there's some lack of sound controls for sure.
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Mar 4, 2024 23:25
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Honestly I think OP needs to pay off his credit cards and then CLOSE THEM. He already paid them off once and oops an emergency caused him to charge it back up. From his posts it seems like in the last 12 months he's had at least 3 emergencies (2 car related things and some third undefined emergency) requiring loans/credit. If emergencies are coming at you that fast you need to have a bigger emergency fund, not lean on cards with 18% interest or take a loan against retirement savings and miss what this cool bull market is currently doing. Whatever "rewards" he gets by using credit cards are utterly destroyed by the fact that he's maxing them out and carrying that as a balance. Whatever "safety" he gets by using a credit card instead of a debit card is also pretty firmly countered by 18% interest, which is money he is definitely losing all the time vs some possible thief. The benefits of credit cards assume responsible usage. This is not even getting at using a retirement account loan for a vacation. There's really a pattern here that as long as there's open credit it will be tapped. This is not a dig at OP really, it's a pattern I see in a lot of personal finance. Almost everyone has the very good intentions of paying off their credit cards and not carrying a balance. But also almost everyone who carries a balance more than once will continue to replay that pattern. Something unexpected always happens. I'm glad he took the good first steps to pay off the credit cards and reconsider the car purchase. Maybe with his increased income, car savings, and buffing up the emergency fund he can keep the cards from carrying a balance going forwards. If in a year he comes back and says "I never carried a balance from one month to the next this past year after paying them off" I'll eat my words here and be extremely impressed.
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Mar 5, 2024 00:26
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I was severely underemployed for about 10 years while I took care of my elderly parents. They've since passed, and I started a new full-time job last year. Due to inheritance and the fact that I never spend any money unless I have to, I currently have about $75k sitting in my .01% APY savings account doing jack poo poo. I'm very financially illiterate, but I know that's not good. What should I do with it? Park it in an HYSA while I figure out my next move? IRA? 457? 403b? How much should I keep in checking? Income: $45k - I'm in a very low cost-of-living area. Supposedly going up to $48k in a few months, but I'll believe it when I see it on the paystub. Assets: $75k in savings ~$300k home ~$2k POS 18-year-old car Debt: None Budget: $200 food $40 gas $50 car insurance $400 property tax $400 home insurance (not actually responsible for this until 2025 since we paid for 2024 while settling the estate) $250 utilities Retirement: 8.5% of paycheck is automatically deducted and employer matched. Job offers the choice of 403b or 457 plans, but neither comes with employer matching. No other plans available. Should mention that I'm mid-30s. Near-future: - Hoping to start an accelerated master's with employer's tuition assistance program this summer. Will bring the price of a master's down to about $5k total over the next 18 months. This should open me up to jobs in my field closer to the $75k-100k range, which would be well above median for where I live. - Will probably need to get a new (used) car once this one bites the bullet. - Would like to spend about $3k on a ductless mini-split system for the house to hopefully help with the brutal summers and bring down utilities. Long-term: - I'm not in love with this house, but it's very hard to say no to 2500 sq. feet for $800/mo. Lester Shy fucked around with this message at 01:24 on Mar 6, 2024 |
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Mar 6, 2024 01:20
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there's a flowchart you can follow that's on the first post of this thread, it will probably answer most of your general questions about where to put your money.
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Mar 6, 2024 01:36
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Lester Shy posted:I was severely underemployed for about 10 years while I took care of my elderly parents. They've since passed, and I started a new full-time job last year. Due to inheritance and the fact that I never spend any money unless I have to, I currently have about $75k sitting in my .01% APY savings account doing jack poo poo. I'm very financially illiterate, but I know that's not good.
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Mar 6, 2024 01:57
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Ham Equity posted:Do you get a 403 or a 457, or a 403 and a 457? I probably need to talk to HR because the wording on our internal website is vague, but I believe it's and/or. For the 403, I have to establish my own account with a vendor from an approved list and then provide documentation to HR. For the 457, I can enroll in Texa$aver and then I have to choose my own investment funds. If I'm reading the benefits correctly, I can contribute up to $20k/year, but I'm totally out of my depth with this sort of stuff and our internal documentation is extremely poor.
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Mar 6, 2024 03:17
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Lester Shy posted:I probably need to talk to HR because the wording on our internal website is vague, but I believe it's and/or. Different state, but most of this is federal: I have both, and that means I have a separate limit for each, so the annual limit winds up being some absurd amount (I think it's like $35k each, for a total of like $70k). There is a per account limit, and a separate total limit across all employer-sponsored accounts, and then yet another separate limit for mandatory contributions (I have to contribute 7.5% which gets matched with 7.5%, none of which counts towards the per-account or overall limit). Also, you may already know this, but you can start taking penalty-free distributions from a 457 as soon as you leave your job. You don't have to wait until 59.5 like with a 403b or 401k. It's great if you want to retire early. And if you own your own house mortgage-free in a LCOL area, retiring early may be in the stars for you.
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Mar 6, 2024 20:20
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My sibling and their partner just had a baby. If I wanted to put some money aside for the kid for when they turn 21, what would be the best way to do that? EE bond? Drop it in an investment account? Can I set up an account on their behalf? Not looking to do a ton of money. The EE bonds after 20 years is appealing but I suppose putting it in the market will probably yield a higher return over the same time period.
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Mar 8, 2024 17:27
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