Jul
10
Close Old Or Unused Accounts
July 10, 2008 | 5 Comments
I hate loose ends, especially financial loose ends. If you have old accounts that you no longer use like credit cards, home equity lines or other bank accounts, you should close them. In case you need convincing, I've created a list of the reasons you should close unused accounts.
When ING kept sending me statements via email, I wondered what was going on. I logged into my account and found that I still had a home equity line open with them. I …
Comment by Jeff: … Myth #1 Closing accounts can help your credit score …
Feb
23
Online Savings Accounts: HSBC vs ING
February 23, 2008 | 3 Comments
… ING is paying 3.4% and HSBC is paying 3.55%. At those rates its really not worth it to change accounts. At the time I switched the difference was 4.5% versus 5%.
ING goes out of their way to make every process smooth, they really make saving enjoyable. HSBC isn't that bad either. One irritant is that I get two or three emails alerting me of my automatic transfers. I am aware of these transfers, I set them up. One email would suffice.
So if you are choosing between ING or HSBC I …
Dec
30
Ask WealthyReader - Should I Close Unused Credit Card Accounts
December 30, 2006 | 1 Comment
… and have no expectations of needing to borrow money then we recommend that you close all unused accounts as a safeguard against identity theft.
You should also consider getting a free copy of your credit bureau report and checking to make sure you don't have any accounts that you have forgotten about. Many store cards might fall in this category, for instance if you opened an account to get a discount on a wedding ring or a big screen television and then never used the card again, you …
Sep
23
Letting the Storm Pass
September 23, 2008 | Leave a Comment
… excluded). Why let some snake oil salesman take it away. Keep a decent amount in FDIC insured accounts (savings account or CD's). Don't invest in anything you don't understand or feel comfortable with, NO MATTER WHO WANTS YOU TO. I don't care if it's your brother, brother in law, father, son or Jesus himself. If you don't feel comfortable with it, don't do it.
Stop watching the news. Watching the news will make you unhappy. The only news reported is bad news. 99% of …
Sep
21
Why Money Market Funds Aren't Safe
September 21, 2008 | Leave a Comment
… case. Money market funds are mutual funds whose sole purpose is to act like a checking/savings accounts. Usually they pay interest. The main goal of a money market is to preserve wealth. A dollar buys one share and the money invested should always be worth be worth at least a dollar.
Note: Your money market account may be FDIC insured if you open it with a bank. However, most money market accounts with investment firms (such as Edward Jones ) are not FDIC insured. Make …
Sep
17
Stocks for the Long Run
September 17, 2008 | 1 Comment
… for about that long.
You would have much more today if you had stashed you money in savings accounts, real estate and CD's. Most of my wealth is accounted for by cash and real estate. The minority (and getting smaller :-)) is in stocks and corporate bonds through mutual funds.
I think buy and hold went the way of the dodo. When a portion corporate America is out to pillage the wealth that rightfully belongs to the shareholder, the small investor is the one who gets hurt. I'm …
Comment by Jeff: … money in savings accounts, real estate and CD's. Most …
Aug
19
Debit Card Security - How To Keep Your Information Private
August 19, 2008 | 1 Comment
… governing checking account fraud and theft are far less stringent then those for credit card accounts.
Banks are supposed to investigate claims of fraudulent charges and refund the money to the customer if the investigation takes longer than 10 days. However, unlike credit cards, checking accounts and the associated debit (ATM) cards aren't as thoroughly regulated.
The rules regarding checking account fraud and theft vary by state.
How To Protect Yourself
Generally there …
Jul
30
The Real Reason I Paid Off My Mortgage
July 30, 2008 | 3 Comments
… in excess of most 30-year fixed mortgage interest rates. About a year ago, several online savings accounts were offering 6% APY, and PenFed had a 6.25% CD promotion. Those might have tempted some of the more risk adverse people, as they were probably safer than paying down your mortgage.
Jeff is making a good point here. Interest rates (for investors/savers) are terrible. That is the number one reason I paid off my mortgage.
I realized that I hadn't properly explained my motivations …
Comment by Chris: … high rate savings accounts and right after the bubble …
Jul
29
More Reasons to Pay Off Your Mortgage
July 29, 2008 | 4 Comments
… keeping an open mind on this topic. If I can find a convincing argument as to the merits of a mortgage, I'll post it.
Comment by Jeff: … online savings accounts were offering 6% APY, and …
Jul
18
How Uninformed Investors Keep the Stock Market Moving
July 18, 2008 | Leave a Comment
… no business investing. Many of today's "investors" should be in Treasuries, CD's and savings accounts, not international growth funds. But what about the returns you ask? What about the return? When you buy high and sell low, your damned sure not getting a good return.
Every time we extend ownership ( sub-prime mortgage fiasco, Fannie Mae, Freddie Mac ) to those that don't deserve it, we end up with a big mess.
With the 401(k) Congress has handed a loaded weapon to the …