NT: Official Personal Finances Thread

[mplsdunk]

Fam how hard was it to get a land loan. I may wanna do this but I've always heard land has to be paid for in cash. I need like 3 acres at least.

Nah, you don’t have to pay cash. with the people I used I think min was 15 or 20% down.

The loan itself only took my 20 minutes to apply for and the underwriters were real chill.

I think you need a minimum of 5 acres for a land loan with them. Me and another friend both used this bank.

if You have above a 720 credit score interest rates are less than 3%.

https://rural1st.com/

 

[sneakaprince]

Nah, you don’t have to pay cash. with the people I used I think min was 15 or 20% down.

The loan itself only took my 20 minutes to apply for and the underwriters were real chill.

I think you need a minimum of 5 acres for a land loan with them. Me and another friend both used this bank.

if You have above a 720 credit score interest rates are less than 3%.

https://rural1st.com/

Man thank you.

 

[macbk]

TurboTax really is the just filed and it took about 45 minutes all-in.

Federal refund hit this AM the ETA when I filed was March 6th. Pleasant surprise.

 

[antidope]

I am actually switching to a Roth 401k next year from doing the traditional since I started working. I won't be converting any of the traditional monies I have, just gonna leave it as is.

I think if you can afford to max out a Roth 401k, that is the move you should make over the traditional. Its just way more expensive to do so which is why I haven't considered it until now.

I flipped to a Roth 401k this year... As expected I hate it. Just less net pay coming in every two weeks is annoying.

 

[zmdawg]

I flipped to a Roth 401k this year... As expected I hate it. Just less net pay coming in every two weeks is annoying.

I always go back and forth on this. I figure the tax bill reduction from maxing out 401k right now is too beneficial. Maxing out Roth IRA adds in some balance. My wife does like 50/50 in her 401k.... screwed herself out of stimulus money while I got it all. Nobody knows what anything will be in the future. Ideally I'll be retired living a simple life and my withdrawals will keep me in a low bracket. Time will tell.

 

[antidope]

I always go back and forth on this. I figure the tax bill reduction from maxing out 401k right now is too beneficial. Maxing out Roth IRA adds in some balance. My wife does like 50/50 in her 401k.... screwed herself out of stimulus money while I got it all. Nobody knows what anything will be in the future. Ideally I'll be retired living a simple life and my withdrawals will keep me in a low bracket. Time will tell.

Exactly what I'm wrestling with. That was the logic that kept me with a traditional to start. I will reevaluate in 2022 I guess I don't want to stop now.

 

[para bellum]

What other avenues do you guys use to invest? Looking to do more outside of stocks/crypto

 

[pdino]

What other avenues do you guys use to invest? Looking to do more outside of stocks/crypto

Real estate, stocks, crypto (in that order). I've dabbled with peer-to-peer lending (basically you pick who you lend to, higher risk, higher reward, but they can default. Lower risk, lower reward, but they'll most likely make payments.) If I had a lot of extra cash I would invest in startups/angel investing/accredited investor

 

[para bellum]

Real estate, stocks, crypto (in that order). I've dabbled with peer-to-peer lending (basically you pick who you lend to, higher risk, higher reward, but they can default. Lower risk, lower reward, but they'll most likely make payments.) If I had a lot of extra cash I would invest in startups/angel investing/accredited investor

I'll look into these, especially the angel investing. I just learned about Mainvest which sounds similar but is for local business to invest in

 

[206to813]

Real estate, stocks, crypto (in that order). I've dabbled with peer-to-peer lending (basically you pick who you lend to, higher risk, higher reward, but they can default. Lower risk, lower reward, but they'll most likely make payments.) If I had a lot of extra cash I would invest in startups/angel investing/accredited investor

what peer to peer lending platform do you recommend?

 

[206to813]

bumping this thread instead of the stocks thread with a 401k question..... maybe this is a dumb question...


i contribute some of my paycheck to my roth 401k, and some to my regular 401k... its in Fidelity... Shouldn't there be a balance of funds that are "roth" and a separate balance of funds that are pretax? I can't find that, just the total amount.

antidope

 

[antidope]

bumping this thread instead of the stocks thread with a 401k question..... maybe this is a dumb question...


i contribute some of my paycheck to my roth 401k, and some to my regular 401k... its in Fidelity... Shouldn't there be a balance of funds that are "roth" and a separate balance of funds that are pretax? I can't find that, just the total amount.

antidope

You might have to look at your statement for it. My 401k online platform doesn't segregate it either which is very annoying. Only can look via the statement.

Not at all a dumb question

 

[Chopper]

Same boat. It’s pretty ridiculous you can’t see a simple summary showing the accounts separately.

 

[para bellum]

I started using my AMEX gold card less but I added authorized users and they bring the monthly average balance on the card up. My card is on autopay each month, but AMEX denied me a credit limit increase on my Blue Cash card because of my overall usage on my account across all cards have gone up. So I look like a bigger "risk" on paper to them

Basically getting penalized for authorized users even though they see it's paid on time in full each month. Just wasn't expecting that especially since my credit score it's higher than its ever been

 

[Mokorider]

Any of you with side hustles/side businesses?

 

[usabasketball08]

Any benefits to having a personal line of credit? I was kind of surprised to hear that all of my coworkers have unsecured or savings secured bank lines of credit open ranging from as little as $25K to as much as $1MM for various purposes. This is obviously in addition to savings accounts and high limit credit cards.

Just thinking out loud here, but if I needed immediate access to cash for whatever reason here and there, let’s say $25K, why wouldn’t I just pull it from my checking or emergency savings immediately instead of leveraging a $100K LOC?

 

[mplsdunk]

Idk, just depends on the interest rate I guess.

I’m with you unless it’s super low but I doubt it.

 

[sneakaprince]

I'm all for lines of credit especially if they have little to no interest. Why spend your money when you can spend someone else's?

I've had to fund projects as big as 100k outta pocket and that **** can be a dagger. Having a line of credit eases that burden by a ton. If worst comes to worst yes it will suck taking the hit on my credit but if rather do that knowing I have the capital on reserve to rebound.

Honestly if I could I'd get 1/2 million on a HELOC and wait for the market to crash then go on a buying spree in my city.

 

[usabasketball08]

I'm all for lines of credit especially if they have little to no interest. Why spend your money when you can spend someone else's?

I've had to fund projects as big as 100k outta pocket and that **** can be a dagger. Having a line of credit eases that burden by a ton. If worst comes to worst yes it will suck taking the hit on my credit but if rather do that knowing I have the capital on reserve to rebound.

Honestly if I could I'd get 1/2 million on a HELOC and wait for the market to crash then go on a buying spree in my city.

Idk, just depends on the interest rate I guess.

I’m with you unless it’s super low but I doubt it.

The lowest rate I’ve seen is 2.95% with First Republic. Other banks have much higher rates, I’m seeing 8%+. Idk, I get your point but it seems like it just doesn’t make a ton of sense in most situations. Then again, I’d much rather pay it back over time if I could get a low interest rate rather than part ways with that much cash all at once.

 

[HarlemShakeStory]

I'm all for lines of credit especially if they have little to no interest. Why spend your money when you can spend someone else's?

I've had to fund projects as big as 100k outta pocket and that **** can be a dagger. Having a line of credit eases that burden by a ton. If worst comes to worst yes it will suck taking the hit on my credit but if rather do that knowing I have the capital on reserve to rebound.

Honestly if I could I'd get 1/2 million on a HELOC and wait for the market to crash then go on a buying spree in my city.

Not an expert or anything, but I believe if the market drops your HELOC would drop as well since the equity is no longer there.

With that said, just took out a HELOC for the same purpose.

 

[sneakaprince]

Not an expert or anything, but I believe if the market drops your HELOC would drop as well since the equity is no longer there.

With that said, just took out a HELOC for the same purpose.

While heloc is tied to the value of your home I'm not sure they always re-asses the line of credit. I have friends who have had helocs on their properties for a decade plus without adjustments.

 

[Mokorider]

Lets bump this up. This thread is too good!

How many banks do you guys bank with?

 

[アミーゴ]

Lets bump this up. This thread is too good!

How many banks do you guys bank with?

None, I don’t trust those frauds. My liquidity is under the mattress

 

[3900stabler]

Can I make a tax deductible charitable donation that offers a tax credit and still take the standard deduction?

I don't own property so taking the standard deduction always works best for me.

 

[Brownstone]

Not an expert or anything, but I believe if the market drops your HELOC would drop as well since the equity is no longer there.

With that said, just took out a HELOC for the same purpose.

Heloc's can be variable or fixed. Fixed rates are typically higher though.

The limit of the Heloc I believe can be minimized if you don't use it, just like a cc can