NT: Official Personal Finances Thread

[antidope]

The purpose of the Marcus 1% bonus post was to take advantage of the quick 6.15% APR in 3 months. Withdraw the funds as soon as the bonus hits the account.

In my case, I maintain a 6 months emergency fund of $50k anyway. Anything more is invested in businesses, real estate, or stocks.

Wait the what? I totally missed this.

 

[hoosier bad boy 11]

I just won a good amount in Vegas and I can pay the total amount of all my debts and credit cards. Do I pay everything in full or do I contact the credits and credit bureaus first.

 

[pitman13]

I just won a good amount in Vegas and I can pay the total amount of all my debts and credit cards. Do I pay everything in full or do I contact the credits and credit bureaus first.

Pay everything off.

 

[アミーゴ]

Pay it all fam

 

[hoosier bad boy 11]

Thanks gentlemen

 

[antidope]

What they said. Pay it all off.

 

[titang545]

For those who own homes, what percentage of your take-home pay is your mortgage payment?

I am terrible with percentages, however I think it is 8% of my monthly take home. Wife and I are trying to buy a second home in Florida and rent it out.

2.5 million on me. 750k on my wife. I have a young child and I am primary earner or I would have gotten less for myself.

Is that all from one company or do you have multiple life insurance companies. I believe I have one through my job and another the wife and I opened another account. We have two daughters under 5 so we want to make sure they want for nothing.

 

[plansb]

I am terrible with percentages, however I think it is 8% of my monthly take home. Wife and I are trying to buy a second home in Florida and rent it out.

Is that all from one company or do you have multiple life insurance companies. I believe I have one through my job and another the wife and I opened another account. We have two daughters under 5 so we want to make sure they want for nothing.

Both from the same company. I also have one through my job, however, it is for only a coupe hundred grand and my advisor advised getting my own policy for two reasons. One, i can get more insurance, and two, he said that its not the greatest idea to rely on insurance through your work because if they start cutting benefits that is usually the first to go. All i know is that i feel a lot better knowing my son (and maybe wife too, depending on if we die together or not) have a sizeable chunk of cash coming their way if anything were to happen to me.

edit: i should also note that i had a friend who is an attorney set up my will and all that stuff so if anything happens i dictated exactly what will happen with my money and the insurance money.

 

[moderndarwin]

damn that’s another insurance i gotta eventually get. But with no kid yet i don’t feel obligated to get anything other than what already comes through work.

I’m about to get my first paycheck at my new job. i’m so excited - finally making a decent amount of money.

Will be frequenting this thread a lot more for motivation and to stay on that earn more but spend the same or less grind.

 

[moderndarwin]

my tidbit of advice. download Credit Karma. It’s the only way I feel safe about knowing what accounts I have and if someone steals my identity and opens up something fraudulent. My fav app.

 

[antidope]

My work insurance is so cheap, but that's a great point.

 

[MakeNTGreatAgain]

https://www.bankrate.com/banking/betterment-launches-everyday-savings-cash-account/

On the cash conversation. I'm considering it. Same rate as the MF I'm in and no NAV risk (admittedly I was never concerned about the MF I was in but zero is better)

The checking will be the main draw.

I did it. I already have Betterment so it's a no brainer. If their checking accounts come with a yield component I'm making that my primary bank.

Do you encourage others to use betterment?

Looking for something automated to throw money at for a rainy day

 

[antidope]

Do you encourage others to use betterment?

Looking for something automated to throw money at for a rainy day

I have in the past. I think it's a great tool for some one who wants to invest and wants to take a lot of the legwork out of it and it's a great learning tool

It's cheap, diversified, all indexed, partial shares so every dollar is invested, I'm a fan.

 

[moderndarwin]

Do you encourage others to use betterment?

Looking for something automated to throw money at for a rainy day

i use it. love it. have 4 different funds set up in it.

Personal
Wifey
Pets Medical
New Car

I have auto deposits set up for each of them 1x a month. Makes it so easy to automate / force myself to invest.

 

[206to813]

What kind of roi have y’all seen on your betterment accounts? I put a few k into it a while ago and the returns have been peanuts

 

[206to813]

I am terrible with percentages, however I think it is 8% of my monthly take home. Wife and I are trying to buy a second home in Florida and rent it out.

Is that all from one company or do you have multiple life insurance companies. I believe I have one through my job and another the wife and I opened another account. We have two daughters under 5 so we want to make sure they want for nothing.

8%? Either your paycheck is crazy good or your payment is super low ... or your math is off lol

 

[antidope]

What kind of roi have y’all seen on your betterment accounts? I put a few k into it a while ago and the returns have been peanuts

Nothing mind blowing but it's been good to me. Been in since October 2015 I think.

 

[titang545]

8%? Either your paycheck is crazy good or your payment is super low ... or your math is off lol

Technically all of the above, we have been in the house for 10 years so we refinanced and lowered our rate and I have doubled my salary since then.

 

[lilchico4life]

Here we go again with the Capital One data breach. Over 100 million peoples data was compromised.


I have a couple accounts with them too.

 

[206to813]

Here we go again with the Capital One data breach. Over 100 million peoples data was compromised.


I have a couple accounts with them too.

smh
i have an account too, i just logged in and this is from their message:

No bank account numbers or Social Security numbers were compromised, other than:

• About 140,000 Social Security numbers of our credit card customers
• About 80,000 linked bank account numbers of our secured credit card customers

For our Canadian credit card customers, approximately 1 million Social Insurance Numbers were compromised in this incident.

We will notify affected individuals through a variety of channels. We will make free credit monitoring and identity protection available to everyone affected.

I guess they know exactly what users had information compromised but it seems like free credit monitoring to all users would have been a better solution from a PR perspective, give everyone some peace of mind.

 

[pdino]

What pisses me off about our data getting compromised is they always offer couple years of credit monitoring.. What happens after those years? We gotta pay for it ourselves. Capital one hacker released all information on REDDIT, think this information is lost? no screen shots?

Should be LIFETIME credit monitoring/identity theft protection at minimum

 

[MakeNTGreatAgain]

Do yall have your credit frozen with the 3 bureaus?

If u don't, why not

 

[CrownRoyalDaddy]

Should be getting my pension money from my last company this week or next...some might say it was dumb to take the money but Im 26. This will allow me to pay off all the debt ive built up and start fresh. Im excited to not have these CC payments bleeding money from my account every month and accruing interest.

 

[titang545]

Do yall have your credit frozen with the 3 bureaus?

If u don't, why not

A lot of misinformation about credit so I am asking, can you improve your credit if you have it frozen? Don't intend on buying anything major in the next few years outside of emergency situations, but I am trying to raise my score more. I thought having it frozen might prevent that. I was just talking to my mom and she is planning on buying a second house and she said she is about to unfreeze her credit.

 

[lilchico4life]

A lot of misinformation about credit so I am asking, can you improve your credit if you have it frozen? Don't intend on buying anything major in the next few years outside of emergency situations, but I am trying to raise my score more. I thought having it frozen might prevent that. I was just talking to my mom and she is planning on buying a second house and she said she is about to unfreeze her credit.

Yes, you can improve your credit while it is frozen. A credit freeze only freezes access to your credit reports. It doesn't freeze your credit scores. Freezing your credit just means you're unable to apply for new credit until the freeze is removed/lifted. It's particularly in place to prevent someone from stealing your information and opening new accounts in your name.

Now to maximize your credit scores, you'll need at least 3 credit cards and 1 installment loan. Implement the AZEO (all zero except one) method. Only let 1 of the 3 credit cards report a small balance. The other 2 credit cards should report a zero balance when the statement cuts. Same can be done if you have more than 3 credit cards. Just let 1 card report a small balance and all the others report a zero balance.

Sorry, I know the question wasn't directed to me, but I wanted to clear things up.