Do you reconcile your finances?

[JeffKeryk]

I've managed to get my finances down to a science; I live dirt cheap.
Debt is a tool; it allows you to acquire assets using other people's money. Like any tool, used correctly you will drive the nail; used incorrectly and you might smash your thumb.

 

[ZeeOSix]

Why draw on your cash so quickly? My cash earns near 5% ...

In a checking or savings acct? If so, Id like to know with who so I can switch banks.

 

[Pablo]

In a checking or savings acct? If so, Id like to know with who so I can switch banks.

Fidelity. There are others. It's a brokerage account, Fidelity is NOT a bank.

FZDXX - Fidelity ® Money Market Fund Premium Class | Fidelity Investments

Analyze the Fund Fidelity ® Money Market Fund Premium Class having Symbol FZDXX for type mutual-funds and perform research on other mutual funds. Learn more about mutual funds at fidelity.com.

fundresearch.fidelity.com

 

[atikovi]

In a checking or savings acct? If so, Id like to know with who so I can switch banks.

A dozen money market or savings accounts over 5% these days

Personal Deposit Rates

5.40% APY 12-Month Term Certificate Of Deposit; 5.25% APY High Yield Money Market Account

www.cfg.bank

My Banking Direct, a service of Flagstar Bank, N.A.

My Banking Direct has online accounts and services for your banking needs

www.mybankingdirect.com

Home

Popular Direct offers great interest rates with a simpler, more straightforward banking experience. We help you select the best savings strategy and products.

www.populardirect.com

 

[ARCOgraphite]

I am making 4.6% on my CD's there. Pays my insurance and taxes on the house . Along with my average monthly rewards on their credit card which average around 4.5%, its not too bad a deal. Last month I received $38 on $855 in purchases on the card.

You gotta pay taxes on that interest - Unless your family income position has a low exposure. I am trying hard to keep mine near zilch.

MM Gov't Cash position in Fidelity (SPAXX, FDRXX) and Vanguard (VMFXX 5.06%) and others is paying well over 4.5% and the money isn't tied up, and - its paid monthly. I noticed this maybe three months ago when I was about to by a few big blocks of CD in my IRA, so I pulled the plug on that idea the next day.

If you are "at the age of entitlement" I would keep most cash in an "aged" ROTH, It can be transferred at a click of a button into checking were needed.

I just use a local bank as a repository for ACH billpay - nothing more.

But it's all about what works for you

- Ken

 

[Hermann]

My income bracket means I don't really pay any taxes anymore. Everything I own is paid for. My tax load is around $3K and insurance on the house is $1500. Been retired close to 4 years and still have not spent any retirement savings. These CD's should renew at above 4.5%. A nice way to pay for these expenses IMO.

 

[ARCOgraphite]

Fidelity. There are others. It's a brokerage account, Fidelity is NOT a bank.

You beat me to it while I was typing!
I currently have too much $$$ in a "safe" position, meanwhile the market gained 5% the past month. But I am coming to a realization where I am not going to fall for that old Financial Advisor line,

"You have spent a lifetime making these gains, now it's time to preserve your nest egg"

Institutions are making double digits + on your dime, while they throw you back a dry bone with a teeny-tiny bit of meat on it. That's the game they have been playing for decades.

Now I just have to brave up and crank up my exposure. Admittedly scared of this generally overvalued market.

I'll see you in the small cap / mid cap sandbox

-Ken

 

[ARCOgraphite]

My income bracket means I don't really pay any taxes anymore. Everything I own is paid for. My tax load is around $3K and insurance on the house is $1500. Been retired close to 4 years and still have not spent any retirement savings. These CD's should renew at above 4.5%. A nice way to pay for these expenses IMO.

Don't forget RMD coming up in your mid 70's. I am looking at a big tax bill then, as we didn't get enough savings the past decade into a tax free ROTH whilst employed, and I am sure not converting big blocks now, other than maybe 20K annually - whatever keep us mainly in the 12% bracket.

 

[SHOZ]

You gotta pay taxes on that interest - Unless your family income position has a low exposure. I am trying hard to keep mine near zilch.

MM Gov't Cash position in Fidelity (SPAXX, FDRXX) and Vanguard (VMFXX 5.06%) and others is paying well over 4.5% and the money isn't tied up, and - its paid monthly. I noticed this maybe three months ago when I was about to by a few big blocks of CD in my IRA, so I pulled the plug on that idea the next day.

If you are "at the age of entitlement" I would keep most cash in an "aged" ROTH, It can be transferred at a click of a button into checking were needed.

I just use a local bank as a repository for ACH billpay - nothing more.

But it's all about what works for you

- Ken

Ain't nothing worse than paying 25% taxes on 2% interest

 

[John105]

Perhaps at your institution. My Navy Federal Credit Union debit card offers full fraud protection...and has done so since I joined in 1998.

View attachment 168802

I have one too (somewhere) but it would be policy not the law. They’re the largest CU in the nation (unless it’s changed) and have excellent customer service, but the law does not state that one is protected. When I did have a $14k CC balance, NavyFed was offering me 1.9% with $0 fee. But they offered my wife 0% with $0 fee. That was the last stop before ridding that debt. Had like $6k left and paid it off cash at once. (Backstory took 0% for 18 mos when son born. 18 mos later $14k balance. This took almost 5 years to pay back—STUPID and never again).

 

[John105]

I've managed to get my finances down to a science; I live dirt cheap.
Debt is a tool; it allows you to acquire assets using other people's money. Like any tool, used correctly you will drive the nail; used incorrectly and you might smash your thumb.

That’s a pretty cool way to describe it! I’m done smashing my thumb I think…

 

[hrv]

A dozen money market or savings accounts over 5% these days

Personal Deposit Rates

5.40% APY 12-Month Term Certificate Of Deposit; 5.25% APY High Yield Money Market Account

www.cfg.bank

My Banking Direct, a service of Flagstar Bank, N.A.

My Banking Direct has online accounts and services for your banking needs

www.mybankingdirect.com

Home

Popular Direct offers great interest rates with a simpler, more straightforward banking experience. We help you select the best savings strategy and products.

www.populardirect.com

We have a few credit unions around Louisville offering them at 5 or higher %...no need to do it online...

 

[goingplacesanddoingstuff]

I’m thinking seriously about smashing everything into outright owning real estate at this point.