NT: Official Personal Finances Thread

antidope said:
For people who keep all their savings in an online bank how much cash do you keep in checking? I keep about two months of rent plus expenses at all times but my brother thinks thats too much. I am just fearful of something crazy happening then I have to pull cash out and not have enough for rent if I'm only keeping a month on hand.
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-1-6 months expenses in checking, don't really plan it, just depends on my cash flow/spending
-Any idle cash in Vanguard's VUSXX (currently yielding 2.38% , exempt from state tax - important for me since I live in NYC)
-Rest in Investments

Right now I am playing around with my asset allocation so I'm holding a lot of cash in VUSXX.

Feel comfortable with this since in any emergency I can get access to cash pretty quickly and I have a whole lot of available credit if needed.
 
206to813 said:
Dropped 5.5 k into my roth ira today for tax year 2018.... hurts like a b but I know it’s the right thing to do for the future smh.
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I usually average into it but this year I'm just using my return to max it out once I get it
 
Anyone know of an accurate and safe website to check your credit score? One that you won’t feel uneasy giving your social too?
 
Recently became self employed with some writing gigs. Decided to open up a Roth IRA with Bettermint. Feel better about my retirement situation now lol

My rent is cheap, wife and I plan on buying a house in the next year or so but both have student loan debt and a little credit card debt. Was thinking of just pulling out a small amount from my savings account to pay some of it off and get ahead. Good or bad idea?
 
Cc debt most likely yes because the rate must be high.

If you have a good rate on your student loan then it could be better to just invest the extra money and keep making regular payments since the return on the investment has a good chance of being higher than your student loan interest (long term obviously)
 
zack54attack said:
Recently became self employed with some writing gigs. Decided to open up a Roth IRA with Bettermint. Feel better about my retirement situation now lol

My rent is cheap, wife and I plan on buying a house in the next year or so but both have student loan debt and a little credit card debt. Was thinking of just pulling out a small amount from my savings account to pay some of it off and get ahead. Good or bad idea?
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If the goal is to pay off the credit card debt within 12-18 months, I’d recommend getting a balance transfer card with 0% interest and just paying it off during that time frame. Look into the Chase Slate and Freedom Unlimited.

That way you can stop the bleeding caused by interest payments and hold on to your savings. If something happens where you can’t pay off the card by the end of the interest free promo period, then use your savings as a last resort.
 
bronconation24 said:
Anyone know of an accurate and safe website to check your credit score? One that you won’t feel uneasy giving your social too?
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Check the benefits of your credit cards.

I have at least two that give me my Fico score for free anytime I wish.



-Drew
 
jjs said:
Cc debt most likely yes because the rate must be high.

If you have a good rate on your student loan then it could be better to just invest the extra money and keep making regular payments since the return on the investment has a good chance of being higher than your student loan interest (long term obviously)
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My idealogy on this is that Market returns are variable, but the interest rate on your debt is constant. I'm very debt averse though I don't like carrying it at all.
 
tkthafm said:
-1-6 months expenses in checking, don't really plan it, just depends on my cash flow/spending
-Any idle cash in Vanguard's VUSXX (currently yielding 2.38% , exempt from state tax - important for me since I live in NYC)
-Rest in Investments

Right now I am playing around with my asset allocation so I'm holding a lot of cash in VUSXX.

Feel comfortable with this since in any emergency I can get access to cash pretty quickly and I have a whole lot of available credit if needed.
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I was keeping a small amount in checking. I have an Online Savings Account with Ally, I think it's 2.2%. It's not the highest rate but I have a checking linked to it (Free Checks/ATM Reimbursement) should I need some cash in a pinch.

I was doing the T Bill laddering (4 Week) for that very reason (No State Taxes). It's not as liquid as the VUSXX So I'm going to look more into that.

Good thread. I got away from my good habits. Need to regain my focus.
 
antidope said:
My idealogy on this is that Market returns are variable, but the interest rate on your debt is constant. I'm very debt averse though I don't like carrying it at all.
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Sure. But if you look at the all-time returns of the S&P 500 and your debt is for 20-25 years, it might not be the best move.

Also if you pay your student loan faster, your “locking” that money away. You’ll never see it back. If you invest the difference, at least you can access the funds somehow if you have an emergency (definitely not optimal, but doable).

Understanding your investor profile is key. If you sleep better at night knowing that you’re reducing your debt rapidly, go for it.
 
jjs said:
Sure. But if you look at the all-time returns of the S&P 500 and your debt is for 20-25 years, it might not be the best move.

Also if you pay your student loan faster, your “locking” that money away. You’ll never see it back. If you invest the difference, at least you can access the funds somehow if you have an emergency (definitely not optimal, but doable).

Understanding your investor profile is key. If you sleep better at night knowing that you’re reducing your debt rapidly, go for it.
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All fair points. I'm more of a doomsday scenario kind of guy so I don't really invest unless I'm debt free outside of my retirement.

All personal preference really like you said.
 
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Quick question regarding a 401k rollover......

I am looking to transfer my 401k and merge it into my existing roth....is this possible without getting taxed? Any insights? Would prefer this over just rolling it over to my new employer.
 
blackintellect said:
Quick question regarding a 401k rollover......

I am looking to transfer my 401k and merge it into my existing roth....is this possible without getting taxed? Any insights? Would prefer this over just rolling it over to my new employer.
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Is it a Roth 401k? If so you're good. If it's a traditional 401k you're not going to avoid taxes on that. That is considered a Roth conversion by the IRS.
 
blackintellect said:
Quick question regarding a 401k rollover......

I am looking to transfer my 401k and merge it into my existing roth....is this possible without getting taxed? Any insights? Would prefer this over just rolling it over to my new employer.
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you wont get taxed on it ur not withdrawing the funds ur jsut transferring them from one account to another
 
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