All Things Personal Finance

[Cheeks]

On 12/14/2023 at 12:31 PM, trottigy said:

 

I have been using YNAB (You Need a Budget - https://www.ynab.com/ ) for several years now. Having a system that you can review and see your spending trends is really helpful IMO.

 

As the old saying goes - "You can't manage what you don't measure."

 

Hey are you still using YNAB?  I’m thinking of taking the plunge & start using it.  Did you find it a big of a learning curve when you first started?

[trottigy]

Yes, I'm still using it. They've switched to an online thing, but my app still works on my phone and syncs with the laptop over wifi.

 

No, I did not have a learning curve at all.

[Myew]

Does anyone have experience managing an ABLE account or a Special Needs Trust?  I am unfamiliar with Special Needs Trusts, but I heard one may be needed if I ever received an inheritance from my parents if they should die. I have been intending to set up an ABLE account for several years and have still not done it. There are numerous problems with the program, but it's sadly the only way in the US for someone who is disabled (before age 26) to save money beyond $2000 assets, without being counted against and allowing one to retain the very important Medicaid and SSI benefits. Some of the 40? or so state run ABLE programs allow people to sign up even if they don't live in that state, but it is confusing and hard to compare them. I at one point found a spreadsheet on reddit or similar comparing all of the plans, but I lost it. Many have exorbitant fees that would make it break even or be slightly negative return on interest. Some don't, but most of them aren't insured or protected unless it's in the form of a checking account. I have gotten along fine without building capital, Jehovah takes good care of me and I have more than I need, but I feel it might be reasonable to store assets rather than spending down below $2000 every month. I am very comfortable and close to the hall in my low income apartment, but in the case this system were to go on long enough and something were to happen to it, it might be good to have money available for emergencies regarding housing or possibly eventually having a tiny home built. Funds in an ABLE account can only be used for "qualified disability expenses" which is very arbitrary and a major hassle if they say you're using them otherwise as it would suddenly count as income... Anyway. Any guidance or help on choosing a plan would be appreciated if you are familiar.

https://www.ablenrc.org/what-is-able/what-are-able-acounts/

https://www.ssa.gov/ssi/spotlights/spot-able.html

 

More edits: It looks like the one I had previously thought might be best with lower fees was the Massachusett's one done through Fidelity. https://www.fidelity.com/able/attainable/overview

Edited July 11 by Myew

[BLEmom]

5 hours ago, Myew said:

Does anyone have experience managing an ABLE account or a Special Needs Trust?  I am unfamiliar with Special Needs Trusts, but I heard one may be needed if I ever received an inheritance from my parents if they should die. I have been intending to set up an ABLE account for several years and have still not done it. There are numerous problems with the program, but it's sadly the only way in the US for someone who is disabled (before age 26) to save money beyond $2000 assets, without being counted against and allowing one to retain the very important Medicaid and SSI benefits. Some of the 40? or so state run ABLE programs allow people to sign up even if they don't live in that state, but it is confusing and hard to compare them. I at one point found a spreadsheet on reddit or similar comparing all of the plans, but I lost it. Many have exorbitant fees that would make it break even or be slightly negative return on interest. Some don't, but most of them aren't insured or protected unless it's in the form of a checking account. I have gotten along fine without building capital, Jehovah takes good care of me and I have more than I need, but I feel it might be reasonable to store assets rather than spending down below $2000 every month. I am very comfortable and close to the hall in my low income apartment, but in the case this system were to go on long enough and something were to happen to it, it might be good to have money available for emergencies regarding housing or possibly eventually having a tiny home built. Funds in an ABLE account can only be used for "qualified disability expenses" which is very arbitrary and a major hassle if they say you're using them otherwise as it would suddenly count as income... Anyway. Any guidance or help on choosing a plan would be appreciated if you are familiar.

https://www.ablenrc.org/what-is-able/what-are-able-acounts/

https://www.ssa.gov/ssi/spotlights/spot-able.html

 

More edits: It looks like the one I had previously thought might be best with lower fees was the Massachusett's one done through Fidelity. https://www.fidelity.com/able/attainable/overview

Hmmm honestly didn’t know there were options on different accounts.  I set up one for my adult son who receives disability. It was presented as a state thing so whatever type of account my state determined was what we did. And yes it’s pretty easy to deposit. We haven’t tried to withdraw for anything yet. I have a debit card for it and I can transfer funds via the website. 
There is a max per year deposit but it is pretty large. Not sure how that would work for inheritance money. 
We have a special needs trust set up in case we both die. The trustee would be in charge of the funds so they wouldn’t be in our sons name but could be used for his care. 
Honestly thinking about it all, meaning his future care, makes me want to hurl. I hope the new system comes before we both pass away. 

[Hotteok]

How is stocks+crypto  investment viewed in general among JWs?

I’m not trading in crypto, rather investing in it.

But something tells me I shouldn’t openly discuss it with JWs, or they’ll think I’m being materialistic and greedy. 

I remember once reading an WT article describing investing in stocks in a negative light.

 

I think it comes down to how you do your investing.. 

If one does it with a get rich quick plan, it crosses the line and becomes bad. 

[Tortuga]

4 hours ago, Hotteok said:

How is stocks+crypto  investment viewed in general among JWs?

I’m not trading in crypto, rather investing in it.

But something tells me I shouldn’t openly discuss it with JWs, or they’ll think I’m being materialistic and greedy. 

I remember once reading an WT article describing investing in stocks in a negative light.

 

I think it comes down to how you do your investing.. 

If one does it with a get rich quick plan, it crosses the line and becomes bad. 

You are right. It is a personal choice to invest in the stock market. It is very similar to using a bank that pays interest on your account. Some people confuse investing with high-risk trading as you said.

[Witness1970]

On 1/24/2024 at 5:16 PM, davanz said:

Randall, is this sister a Witness? My wife and I live only about 30 miles from Kilgore, and that Congregation is in our circuit. If any of your family is in that congregation we may know them.

My sister was attending meetings a while back.  She said the brothers would line up the elderly sisters, get their keys, and bring their cars around for them.

 

She will be 81 in November, I believe.  I am unsure if she attends the meetings regularly, but she said she was driving several other sisters in Field Service recently.  

[Witness1970]

On 5/29/2023 at 6:47 AM, Witness1970 said:

My credit Union accounts are the other way around.  My savings account pays a slightly (very slightly) higher interest than my checking account does.  No limits on the amount in the savings account.  I only use cashback credit cards myself.  One of my credit cards, which was cashback, was transferred to another company that gave travel rewards.  I never used that card again.  They canceled the card because I never used it, but my credit score is 825 anyway.

My checking and savings account at the Credit Union changed.  When I got the interest on my checking and savings account in June, the checking account rate was 3 times as high as the savings account rate.  I kept most of my money in the savings account because it was higher interest.  Now things have changed.  Of course, 0.1% and 0.3% isn't much but I still like to get as much interest as possible.  I now have put about equal amounts in each account.

 

I use another bank to pay most of my bills because my wife wanted a local bank, but their interest rate is abysmal.  $5,000 in the local bank savings account gets $0.25 interest per month, the checking account pays no interest, and the reserve (long-term planning) account gets $0.01 interest each month on about $1,000.00 account balance. 

[Witness1970]

It seems amazing to me that I am already thinking of setting up my 2025 budget.  I usually just copy the last year's budget and then change the discretionary spending to miscellaneous spending for the upcoming year.  My income will have to be adjusted to reflect the amount of my cost-of-living adjustment (COLA) for my Social Security.   It will take me some time to get it ready for next year.

 

I will have to make my beginning balances for 2025 equal to the ending balances for 2024 and then go from there.  I must admit I am having more trouble keeping up with everything as I get older.  I seem to make more mistakes now than I used to.

[Witness1970]

I finally broke down and made my 2025 budget spreadsheet.  As usual I just copied the previous year's spreadsheet.  Then I had the computer change everything dated 2024 to 2025 and everything dated 2023 to 2024.   I had the computer copy the beginning balance for all the accounts for 2025, making it equal to the projected ending balance for 2024.  All of the gas, food (groceries and fast food), etc. were changed to miscellaneous.  The dates for my SS payments were adjusted for 2025.  I still need the exact COLA for 2025 so that I can adjust the amount of my SS payments for 2025.

 

I also have a balance sheet each year and a balance sheet for multiple years (2024 through 2029) with separate columns for each year.  Years ago I was making spreadsheets for everything I could think of.  I ran out of ideas.  I now occasionally make a spreadsheet when something comes up but it is rare that I make many spreadsheets nowadays.

 

 

[bobby]

i dont have lots of money would love to get in to crypto So the Q. is cant I start out by in vesting lets say $10.00 or 20.00 to star our with and put 20.00 very month after that 

[computerwiz]

18 minutes ago, bobby said:

i dont have lots of money would love to get in to crypto So the Q. is cant I start out by in vesting lets say $10.00 or 20.00 to star our with and put 20.00 very month after that 

 

Yes with Pionex you can buy that little amount if you link your bank account through Stripe. I just tried it and it didn't complain.

 

If you decide to join, please use my referral. 

 

https://accounts.pionex.us/en/signup?ref=rGmbhu74

 

Right now there are $0 fees for doing ACH deposits. Perfect for someone of little means.

 

You just have to keep track of your trades for taxes. They offer something to help with that but I just do it myself, I feel that's easier. 

[daydream]

Brother Jeremy, what about those in foreign countries, would it be possible for me to join the scheme. I think the exchange rate would be terrible. 

The most important aspect while dabbling in these volatile kind of investments is to keep a level head and not be carried away by our emotions. Well, I'm so old and don't need much for my day to day living. Just enough to get by. But future health issues maybe of great concern : dementia, stroke etc

Thanks for the info.

 

Spoiler

 

Edited September 18 by daydream

[daydream]

32 minutes ago, computerwiz said:

ACH deposits

https://www.investopedia.com/ach-transfers-what-are-they-and-how-do-they-work-4590120

Quote

An ACH transfer is an electronic, bank-to-bank money transfer processed through the Automated Clearing House (ACH) Network. The ACH network is a batch processing system that banks and other financial institutions use to aggregate these transactions for processing.

My, this transaction is going to cost me money being not a US based account. Citibank pulled out of this country and now all my accounts transferred to Singapore based bank (UOB)

[computerwiz]

11 minutes ago, daydream said:

Brother Jeremy, what about those in foreign countries, would it be possible for me to join the scheme. I think the exchange rate would be terrible. 

The most important aspect while dabbling in these volatile kind of investments is to keep a level head and not be carried away by our emotions. Well, I'm so old and don't need much for my day to day living. Just enough to get by. But future health issues maybe of great concern : dementia, stroke etc

Thanks for the info.

 

  Reveal hidden contents

 

 

There's a .com version for non-US citizens. Lemme get my referral on that one. Gimme a minute....

[computerwiz]

21 minutes ago, daydream said:

https://www.investopedia.com/ach-transfers-what-are-they-and-how-do-they-work-4590120

My, this transaction is going to cost me money being not a US based account. Citibank pulled out of this country and now all my accounts transferred to Singapore based bank (UOB)

 

Use this version for non-US citizens: https://www.pionex.com/en/signUp?r=tamAS9kZ

 

And I'm just reposting this one for US citizens: https://accounts.pionex.us/en/signup?ref=rGmbhu74

 

Let me know if y'all have any questions!!!  

[daydream]

https://investor.vanguard.com/investor-resources-education/article/the-science-behind-money-and-emotion

 

Enact a waiting period. Emotions may have evolved to draw attention to situations that demand immediate attention. They certainly can make any decision feel urgent and critical. Many people find that they can and should reevaluate their thinking once they return to their calmer baseline—which is almost guaranteed to happen given a little time.

 

Spoiler

Unfortunately, I either jump in, head first or proscrastinate always. Both get me in big trouble

 

Edited September 18 by daydream

[computerwiz]

Just now, daydream said:

https://investor.vanguard.com/investor-resources-education/article/the-science-behind-money-and-emotion

 

Enact a waiting period. Emotions may have evolved to draw attention to situations that demand immediate attention. They certainly can make any decision feel urgent and critical. Many people find that they can and should reevaluate their thinking once they return to their calmer baseline—which is almost guaranteed to happen given a little time.

 

Indeed. It's important to develop a PLAN of investment, and then to stick with it. Don't let emotions change it....

[daydream]

https://www.msn.com/en-my/news/other/can-napping-during-the-day-really-help-your-brain-age-better/ss-AA1doMpo?ocid=hpmsn&cvid=91aeffadc35b462ca3ed7159562fd6a4&ei=12#image=5

 

I think I need a 30 min nap everyday or go lie down when trying to navigate this quadmire of investment schemes.

Spoiler

There was a link between napping and brain health

Interestingly, the research did find that daily napping was associated with better brain health and estimated that there was a huge difference in brain health for the people who napped. 

 

[trottigy]

On 3/21/2024 at 6:02 AM, Tortuga said:

7.4% as of 3/20/24. That's after my monthly draw and the advisor fees, so it's actually over 8% YTD. It's always fun watching the stock market, it's like watching people on a roller-coaster...

 

You should be double that by now - it's been a good year.

 

I'm not doing bad - YTD 14.86%, but no draw. 

 

 

EDIT: I see the Crypto stuff, but I am just not ready for it ....

 

I probably missed that boat anyway. If Trump gets elected it will be intersing to see what happens with Crypto - he seems likely to be a big supporter.

Edited October 10 by trottigy

[computerwiz]

18 minutes ago, trottigy said:

I probably missed that boat anyway.

 

Lol not at all.  That boat has come back to shore to pickup more passengers.  

 

I went from being up 132% to only up about 3%.  So "the boat" is definitely back.   Soon as the election is out of the way, we're gonna see a boost.  And as soon as recession fears are out of the way, another boost.  And once rate cuts are much more significant, we'll see the biggest boost.  So the best is yet to come!

 

That's the 3 main things holding us back.  Here's the updated cycle chart that I feel is most accurate.

 

 

 

186k as the top for Bitcoin is way more reasonable than any of the crazy numbers that people are throwing around.  Even that is 3x from the current price.  And if you look into all the companies getting onboard the BTC train...I think you'd agree that this is the bare minimum it will get up to at this cycle top.

 

Other coins are more risky, but more profitable, but not as "guaranteed" as BTC...

 

And I agree with the assessment that the top will be towards the end of 2025.  But the time to buy is before the election is over.  And perhaps a month afterwards as well.

[Tortuga]

48 minutes ago, trottigy said:

I'm not doing bad - YTD 14.86%, but no draw. 

My YTD is 16.8% with a monthly draw..

[computerwiz]

1 minute ago, Tortuga said:

My YTD is 16.8% with a monthly draw..

 

14.7% here in Wealthfront for the year...

[jdcarlson]

I am a retired Certified Public Accountant. My first job in accounting started in 1968.

 

In over 50 years since then I have seen a lot of variations on how people handle their money.

 

I remember the Senior Partner of a large firm I worked with 40 years ago saying about some of his clients "It's a good thing for them their parents were born first."

 

I have seen a lot of different "schemes" for attempting to make money quickly. 

 

I have never seen a "quick" scheme work for longer than a few months.

 

The best advice I have is to put something aside on a regular basis, and keep it up. Do not get discouraged if at first the earnings (interest, dividends, etc.) do not add up as quickly as you wished. Just keep at it. 

 

It takes a considerable amount of time for a savings plan to flourish.

 

Beware of "new" investment ideas. I know there is a lot of "buzz" around crypto investing in recent years. I would NOT recommend that. It is not based on any "backed" medium of exchange (i.e., the dollar which is backed by the US, or the pound sterling which is backed by the UK).  It is based solely on what public opinion thinks it is worth. To be brutally plain, it is just TOO risky for normal people.

 

If one has a $10,000,000 investment portfolio and wants to "dabble" in a gamble (like crypto), they could afford to loose $100,000 (about 1% of their portfolio) and it would not hurt. But for the rest of us mere mortals, any kind of "wildcat" investment (to use a classic term) is just not suitable.

 

Over the years I have seen a lot of people who went in to "day trading" or a similar venture. I have yet (in over 50 years) seen a "day trader" make morey over a five year term. Too much activity means one is going to be wrong on timing more often than they are right.

 

Although I know just about all investment procedures, theoies, etc., I will NOT offer advice to an individual beyond the general statement to set aside a good amount on a regular basis, and leave it there. 

 

Just be sure that whatever you put your money in is backed up by something substantial.

 

Thanks,

 

Jim

 

 

[Cushi]

It’s been a while since I posted in here. Since then, I have funded my ROTH IRA before the 2024 tax deadline. After months of procrastinating, I finally started a ROTH 401K with a company match a couple of weeks ago. I meant to do it 3 weeks prior but had to wait because my job switched to a different company and had to wait until the switch was finalized. My goal was to start it before my 38th birthday, which I did. 
 

I started investing late, so I decided to invest aggressively by contributing 25% of my earnings into my 401K and maxing out my ROTH IRA every year. My first 401K contribution was invested yesterday. I felt really good about that. I personally don’t see this system lasting long enough to retire in my 50’s, so I’m basically investing for peace of mind. What I mean by that is that with each passing year I get closer to retirement age, I won’t have to worry about whether or not this will last indeed last longer than I expected and end up not being able to retire early. 
Also, one of the reasons I chose ROTH versions for both investments is because you can withdraw the contributions at any time, just not the earnings until you’re 59 1/2. I don’t plan to withdraw any contributions, but I would like to at least be able to withdraw the contributions when the cry of peace and security goes out, in case this system does end before I retire. That will enable me to use the money to help the friends and myself, if I need it, for as long as this system will allow.

Edited October 10 by Cushi