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Old 01-10-2019, 07:47 AM   #1501
42graystreet
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Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

Quote:
Originally Posted by Tiduwho View Post
The catch is why use a debit card at all for anything, when you can just use a credit card and get rewards that away. No meaningless purchases to hit a quota needed.

I use my 2% travel card for most things these days aside from the 5% quarterly stuff. A savings type account that is good interest is a lot better world than a high interest checking account that forces you to use your debit card instead of a credit card.

You can do a lot better than forcing yourself into using a debit card.
It's not that hard if you're diligent. Just use the debit card the minimum times per month necessary to get your high interest rate on little purchases like a Starbucks or a sandwich for lunch. Then all other purchases go on your favorite rewards credit card.

This is what I do because my credit union forces me to have 10 "transactions" per month out of checking to get 3% APY. I do that with small purchases and then use Capital One Venture Rewards card for all other purchases to get their 2%. Doing that enables me to pocket an extra $150 a year. And all I miss out on are $12 of CC rewards on those little purchases.

Some would say that's a lot of work for $138 but not me. I'm happy to do it.
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  • Old 01-10-2019, 07:47 AM   #1502
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by M. Steng View Post
    Thanks for the input, all. Just doesn't make sense to have that money earning 0.03% APY interest in our TD savings when it can be at 2.0% APY and basically just as easily accessible.
    Definitely, high yield savings accounts are awesome. It's about as easy and safe as investment money you'll find because it's also FDIC insured.
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    Old 01-10-2019, 07:50 AM   #1503
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by 42graystreet View Post
    It's not that hard if you're diligent. Just use the debit card the minimum times per month necessary to get your high interest rate on little purchases like a Starbucks or a sandwich for lunch. Then all other purchases go on your favorite rewards credit card.

    This is what I do because my credit union forces me to have 10 "transactions" per month out of checking to get 3% APY. I do that with small purchases and then use Capital One Venture Rewards card for all other purchases to get their 2%. Doing that enables me to pocket an extra $150 a year. And all I miss out on are $12 of CC rewards on those little purchases.

    Some would say that's a lot of work for $138 but not me. I'm happy to do it.
    To me, it's not really about the extra work, it's that high yield savings accounts are safer by comparison. You don't have to worry about the bank ending the promotion or changing the terms of the promotion. Also, debit cards simply aren't a very safe transaction format. So it's a riskier method of getting interest and it only nets about 83 cents/$1000/month. Personally, I like the simplicity and the safety of the high yield savings account better even if it gets a little less interest. Use whatever you're comfortable with though.
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    Old 01-10-2019, 07:56 AM   #1504
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by Benny003 View Post
    Yes, but Ally, Discover Bank, and other high yield banks' rates are basically directly tied to the Federal Reserve interest rates. They only move if the Fed moves their rates. The Kearny Bank thing is just a promotional rate that isn't really tied to anything other than they are offering a promotion. They could decide to end that promotion at any time or change the terms of what qualifies for the promotional rate at any time.
    That would be a terrible business model though. I'm not saying they'd never do it but if you lure people in at 3% and then drop it to 2%, they would just walk away. This particular offer is good because the you can have up to $25k earning the high yield rate. That's a fairly high number.

    In the end, it all comes down to whether it's worth it for you to deal with that hassle in order to earn the extra 1%. Most will say no. Some will say yes.
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    Old 01-10-2019, 08:03 AM   #1505
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by Benny003 View Post
    To me, it's not really about the extra work, it's that high yield savings accounts are safer by comparison. You don't have to worry about the bank ending the promotion or changing the terms of the promotion. Also, debit cards simply aren't a very safe transaction format. So it's a riskier method of getting interest and it only nets about 83 cents/$1000/month. Personally, I like the simplicity and the safety of the high yield savings account better even if it gets a little less interest. Use whatever you're comfortable with though.
    I should've mentioned, I can use my credit union's travel rewards *credit card* in order to get the high yield rate on my checking account. Plus that CC has 2% rewards on top of it. It's any combination of transactions on my checking account, check card and credit card.

    But why are there so many people commenting on the security concerns of debit cards? My check card has a chip and doesn't feel any less safe than a credit card. In my own experience, I've had fraudulent charges I've had to report and dispute multiple times. All of them with credit cards.
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    Old 01-10-2019, 08:16 AM   #1506
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    the report/dispute process is much easier with a credit card than a debit card, that's the difference. nobody is saying that credit cards are charged fraudulently less than debit cards are, just that when it happens, it's much easier to recoup than with debits
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    Old 01-10-2019, 08:21 AM   #1507
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    the report/dispute process is much easier with a credit card than a debit card, that's the difference. nobody is saying that credit cards are charged fraudulently less than debit cards are, just that when it happens, it's much easier to recoup than with debits
    Ok. I can see that. I guess it depends on your bank. Never have had to recoup money into my checking account that was fraudulently stolen. Would be curious to hear anyone's stories if they have.
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    Old 01-10-2019, 08:27 AM   #1508
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by 42graystreet View Post
    That would be a terrible business model though. I'm not saying they'd never do it but if you lure people in at 3% and then drop it to 2%, they would just walk away. This particular offer is good because the you can have up to $25k earning the high yield rate. That's a fairly high number.

    In the end, it all comes down to whether it's worth it for you to deal with that hassle in order to earn the extra 1%. Most will say no. Some will say yes.
    Just to note, Ally and Discover Bank have no limitations on how much you have that can earn the high yield rate. Of course, only up to $250,000 is FDIC insured, but that's probably not a problem.
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    Old 01-10-2019, 08:28 AM   #1509
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    it's a statutory thing-does not depend on your bank at all.

    with credit cards, if your physical card is stolen, you are the hook for $0 dollars if you report it before it's used. you are on the hook for a maximum of $50 if it's used before you report. if just the numbers are stolen but not the physical card, you have zero liability, ever.

    with debit, if your card is stolen, it's a much more complicated procedure. if you report it before it's used, you have zero liability. if you report it within two days of learning about the loss or theft, your liability is limited to $50. if more than 2, but less than 60 days after receiving a statement with fraudulent charges on it, your liability max is $500. if more than 60 days after receiving the statement, your liability is limitless.

    if your debit number, but not card, is stolen, your liability is zero if reported within 60 days of receiving a statement with fraudulent charges. more than 60, and your liability is limitless.
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    Old 01-10-2019, 08:30 AM   #1510
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    now, if you're someone that reviews your accounts regularly and would always report bad transactions, then more power to you. but I know, given the statutory regime listed above, which card I'd choose, and that's completely putting aside rewards for using a cc.
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    Old 01-10-2019, 08:50 AM   #1511
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    I look at all my accounts on a daily or weekly basis. So perhaps that's why I feel comfortable with both.

    But I know that I'm not normal
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    Old 01-10-2019, 09:02 AM   #1512
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    I look at all my accounts on a daily or weekly basis. So perhaps that's why I feel comfortable with both.

    But I know that I'm not normal
    I check almost daily as well. Part of my morning routine to log into my Mint account.
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    Old 01-17-2019, 06:09 AM   #1513
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    RIP Jack Bogle
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    Old 01-17-2019, 07:16 AM   #1514
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    RIP Jack Bogle
    Absolutely, RIP. Founder of Vanguard. Inventor of the index mutual fund. This guy brought investment to the masses. He made a name for himself by starting and succeeding at the Wellington Fund. How many of us are or have been invested in that fund? [raises hand]
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    Old 01-17-2019, 09:03 AM   #1515
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    "A lot of Wall Street is devoted to charging a lot for nothing. He charged nothing to accomplish a huge amount." - Warren Buffet
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    Old 01-21-2019, 08:42 AM   #1516
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Able to set up everything this week, let’s start maxing out baby

    Rebalanced my emergency fund, leaving it at 4 months expenses

    Opened a Roth IRA- plan on maxing out for 2018, and then again for 2019 in April

    Upped my 401k contribution, will end up going from $6500 in 2018 to $12400 in 2019

    Unfortunately I don’t qualify for an HSA.

    That’s the absolute most I can do and still afford rent/groceries/gas/insurance

    Am content with never owning a home and never buying a car new, traveling once every 3 years or so

    Here’s to the next 40 years tbh
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    Old 01-21-2019, 09:25 AM   #1517
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Plan for this year is max 401k, open 529 plan, increase my wife’s 401k plan, and pay off 401k loan for house 2 and a half years early with bonus in March.
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    Old 01-21-2019, 09:42 AM   #1518
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by UCFish View Post
    pay off 401k loan for house 2 and a half years early with bonus in March.
    What does this mean



    Also how old are your kids/how much should you contribute to a 529
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    Old 01-21-2019, 09:55 AM   #1519
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    I think he borrowed against his 401k to come up with down payment dollars on his house purchase.

    Im torn on the whole 529 plan. Not sure on the pros and cons. Got a 1 month old, but currently still trying to get my and my wife's financial house in order.
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    Old 01-21-2019, 10:53 AM   #1520
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Been max'n out my 401 for the last two years. Have another year to go on student loans. Just recent put excess HSA money in to the vanguard s&p admiral shares.
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    Old 01-21-2019, 11:04 AM   #1521
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by Tiduwho View Post
    I think he borrowed against his 401k to come up with down payment dollars on his house purchase.

    Im torn on the whole 529 plan. Not sure on the pros and cons. Got a 1 month old, but currently still trying to get my and my wife's financial house in order.
    Damn I’m curious to know the penalties

    What’s your house situation?
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    Old 01-21-2019, 11:04 AM   #1522
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    Been max'n out my 401 for the last two years. Have another year to go on student loans. Just recent put excess HSA money in to the vanguard s&p admiral shares.
    Do you have a Roth as well or just 401k/HSA
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    Old 01-21-2019, 11:35 AM   #1523
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    Damn I’m curious to know the penalties

    What’s your house situation?
    Bought in Feb 2018. Had to borrow on the down payment as well, I used my regular taxable portfolio thru Edward Jones which has an open line of credit that you can borrow against.

    Had to take about 15k from there to complete the down pmt. Things started piling up fast tho after the house with a baby, house mechanicals, and a better vehicle for the wife needed. So I ended up just selling a couple of my stocks and paying it off. It was I think prime + 1% and getting over 6% i couldnt stomach the interest charge any longer.

    One stock was Walmart, which proceeded to go up 10% within two weeks of my selling, fuck, but oh well.
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    Old 01-21-2019, 12:24 PM   #1524
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by Tiduwho View Post
    Bought in Feb 2018. Had to borrow on the down payment as well, I used my regular taxable portfolio thru Edward Jones which has an open line of credit that you can borrow against.

    Had to take about 15k from there to complete the down pmt. Things started piling up fast tho after the house with a baby, house mechanicals, and a better vehicle for the wife needed. So I ended up just selling a couple of my stocks and paying it off. It was I think prime + 1% and getting over 6% i couldnt stomach the interest charge any longer.

    One stock was Walmart, which proceeded to go up 10% within two weeks of my selling, fuck, but oh well.
    Wow, sounds like some big time decisions for some big time events, have you been able to get back on track with assets or still adjusting to the car/house/child?
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    Old 01-21-2019, 12:50 PM   #1525
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Still adjusting. Wife is on 12 weeks FMLA and used up her PTO, so we are on one paycheck until mid-March. Im actually projecting out our budget the next month and it is not rosy. Annual insurance on everything is all due right now too, so thats $1500. Then I just paid off the furniture we bought when moving in a year ago, 0% was ending in Feb so had to payoff $2200 last week.

    I cut my 401k back to 6%, nothing to my Roth IRA, and close to minimum payment on the house and car loan. Trying to make this one check go farther.

    This is not fun. When she goes back, the daycare bill will be new to the budget. Still a no brainer cost wise, need that second check.

    I miss the days after graduating college and living at home. I was saving 401k, maxing a Roth IRA, and buying stocks in a taxable account with spare money. I also was paying off my student loans.

    Money does not go very far if you have a house and kids. Remember that.
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    Old 01-21-2019, 01:32 PM   #1526
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Wow bro, good luck and best wishes

    I’m sure you’ll learn a lot and will teach many others along the way
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    Old 01-21-2019, 02:05 PM   #1527
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    Do you have a Roth as well or just 401k/HSA
    My 401k is a Roth/traditional blend, but no, no IRA. Yet.
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    Old 01-22-2019, 04:40 AM   #1528
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
    Originally Posted by justinandimcool View Post
    What does this mean



    Also how old are your kids/how much should you contribute to a 529
    Tidu was right I borrowed to help get the 20% down.

    One kid and he is 2 right now. Plan is to check the different 529 plans...last year there was a vanguard one that had a 3k minimum. Can do that now. Hoping that once he stops going to daycare in a few years will just put that money away into the 529 monthly.
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    Old 01-22-2019, 05:02 AM   #1529
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Quote:
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    My 401k is a Roth/traditional blend, but no, no IRA. Yet.
    Speaking of, best company to go with these days?
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    Old 01-22-2019, 06:42 AM   #1530
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    Re: The Investment Thread (help with savings, stocks, retirement funds, etc.)

    Heard the best are Fidelity and Schwab
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