Jul
10
Close Old Or Unused Accounts
July 10, 2008 | 7 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 …
Dec
31
Problems with Edward Jones
December 31, 2008 | Leave a Comment
… fees they charge. I really have no need for a full service broker to manage my retirement accounts. As the recent downturn in the market has shown, financial planners/advisors, aren't any better, and usually worse, at picking winning stock investments.
The second reason I left is the atrocious online access. Edward Jones just recently offered the ability to switch to electronic statements. Edward Jones cut down whole forests to send out their junk mail. I think I recieved …
Dec
22
Best Investmetns in a Depression Part 2
December 22, 2008 | 1 Comment
… That means I'm saving up a lot of cash in secure investments like high interest savings accounts and certificates of deposit.
I'm sure if you analyze it, you'll find that investing in yourself is one of the best bets you can make. You have little to no control of the stock market. Unless you're the best stock picker in the world, you 401(k) is going down like everyone else's.
In the long run, your major source of income is your profession. So finding one you love and …
Nov
26
Investing in Tax Free Municipal Bonds
November 26, 2008 | Leave a Comment
… for me? Read on.
I'm sitting on a lot of cash right now. Most of it's either in savings accounts or certificates of deposit. I want to put that money to better use. I think some of the money from the savings accounts would do much better in a tax free municipal bond or rather a fund that invests in tax Free municipal bonds.
What are Tax Free Municipal Bonds?
State and local governments borrow money for various purposes like building roads, bridges, water treatment plants or …
Oct
30
The Right Time To Save Money
October 30, 2008 | 3 Comments
… in savings account in a local bank. I keep the rest in a combination of CD's and online savings accounts.
This is not long term investment money, this is short term, the poop hits the fan money. If I lose my job or need money for any reason, I have it.
We also keep a ready reserve of cash on hand. You should probably have about $1,000 stashed somewhere in your house. I used to think this was foolish. However, if you bank shuts down over the weekend because the FDIC is taking …
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 …