Finance Advice Thread

How much do you have in savings for an emergency fund? [B]3 months minimum and work towards 6. If you're doing well go for a year. Put it in a high interest savings account that is separate from all your other accounts and auto-transfer money into it monthly. Check your banks fees and interest rate. Google "high interest low fee savings account USA"[/B]

How much are you locking away in a retirement fund? Either in your 401k or separate retirement fund that can be? [B]15% of your pre tax income is recommended. You have to beat yearly inflation from excessive money printed by the Fed. INVEST IN INDEX FUNDS. Actively managed funds perform worse than passively managed funds.[/B]

How much of your monthly income is dedicated to Daily Expenses, Holidays and Leisures? [B]If you suck at budgeting have separate checking accounts for everything and distribute your income appropriately. 40-70% daily Expenses. 5% Leisure. 5% holiday. Something like that.[/B]

Are you saving for a house? [B]Deposit your income into a high interest low fee savings account and auto-transfer that money into your separate accounts. Everything left over goes into a house deposit.[/B]

What kind of fees are you paying on your checking accounts, credit cards and retirement funds, ATM withdrawals etc.? [B]Get with a brokerage or a low fee bank that doesn't charge you bullshit fees. Fidelity, Charles Schwab and Vanguard have extremely low fees for retirement funds. Charles Schwab even has an option for a checking account if you open up a brokerage account with them to invest on your own. Minimal balance and investment required. The checking accounts has no fees, decent interest rate for a checking account and no ATM fees with refunded third party ATM fees WORLDWIDE. Also no foreign transaction fees when you travel. Get on it.[/B]

Also, if you plan on travelling, I would advise getting a transferwise borderless platinum debit card if you can't get a Schwab checking account (if you're non US or can't find some other way to avoid fees when travelling). You transfer your USD (or your countries' currency) into a bank account of the country you're going to at the best exchange rate possible with minimal fees. The debit card will then take money from that account to pay for your purchases. You also avoid any foreign transaction fees and shitty exchange rates.

This is all supposed to be pretty basic stuff I'm sure to some people but there are people out there that just go to the nearest bank (some big bank like BoA) and don't really know what they're getting into. Public school failed us when it came to financial advice. All it takes is for people to be made aware of all this to get serious about it. Never rely on the government to help you on this.

There's also a lot of new financial tech out there to eliminate fees and make investing easier.

Note: Not a financial advisor - just what works for me.

[IMG]https://media2.giphy.com/media/3oKIPuWNRHxeLJGgWk/giphy.gif[/IMG]
*taking notes*

[QUOTE=highwhey][IMG]https://media2.giphy.com/media/3oKIPuWNRHxeLJGgWk/giphy.gif[/IMG]
*taking notes*[/QUOTE]

Avoid debt.

I lived with mid 30 year olds that were in $20k+ worth of debt to coffee and drinks. It's pathetic.

I have a friend that put his vacation on layaway.

[URL="https://www.schwab.com/public/schwab/banking_lending/checking_account"]Schwab Checking Account[/URL]

[IMG]https://i0.wp.com/thepointsguy.com/wp-content/uploads/2019/03/Charles-Schwab-high-Yield.jpg?fit=2048%2C2048px&ssl=1[/IMG]

[URL="https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts"]High Interest Savings Accounts Options[/URL]

Anybody got a sight on some sweet index funds?

My company matches 10% at 100% in the 401k program.

So if someone puts in 7%, they are really getting 17%.

Don't be in too much of a rush to own your first home.

Buy dogecoins

[QUOTE=egokiller]My company matches 10% at 100% in the 401k program.

So if someone puts in 7%, they are really getting 17%.[/QUOTE]

Great savings program - 401k is good because you can get it out at 59.5 years of age whereas other countries are at 65. Most people should be able to get a decent retirement at 59.5 years.

Also, companies that generally have their programs always have retirement funds with low fees. Gotta be as aggressive as you can when you're young. Max that shit out every year and limit the amount of tax money you give to the government.

For higher income earners, would be good to set up a personal retirement fund too to access even before 59.5 years of age. Increase your direct debits into it during a downturn.

10% is an incredible contribution rate. Good shit.

What would you say is a high interest rate for a separate savings account?

[QUOTE=Hawker]Great savings program - 401k is good because you can get it out at 59.5 years of age whereas other countries are at 65. Most people should be able to get a decent retirement at 59.5 years.

Also, companies that generally have their programs always have retirement funds with low fees. Gotta be as aggressive as you can when you're young. Max that shit out every year and limit the amount of tax money you give to the government.

For higher income earners, would be good to set up a personal retirement fund too to access even before 59.5 years of age. Increase your direct debits into it during a downturn.

10% is an incredible contribution rate. Good shit.[/QUOTE]

It is and i

[QUOTE=Charlie Sheen]Don't be in too much of a rush to own your first home.[/QUOTE]

I say the time to buy is when it

[QUOTE=ROCSteady]What would you say is a high interest rate for a separate savings account?[/QUOTE]

[URL="https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts"]https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts[/URL]

1.5-2.5% at the moment looks to be the best at the moment.Make sure there are no hang ups or fish hooks that could screw you. The one I'm in is 2.0% while another one was 3.0% but I'd have to give a 60 day notice to with draw the money. Not a good idea for an emergency fund you may need access to ASAP.

For example, take a look at the very first one Goldman Sachs Marcus. No fees. No minimum balance but you can only make a maximum of six transfers a month. Remember - this would be your emergency fund so you may not need to make the six transfers. It may not be a good idea for your long term holiday savings account but would make sense for your emergency fund.

It's not "that" much money to be honest but it's better than sitting in a checking account getting 0.00%. Convert the 2.0% into actual cash dollars instead of looking at the percentage. 2.0% on $10,000 of savings is $200.00. It's not gonna make you rich but that's maybe the cost of three car insurance payments? Or a monthly health insurance payment?

After emergency fund saving for awhile, you can start putting that emergency fund into some CD's to get a better interest rate.

I already have about six months of emergency funds so I'm planning to put three months worth of savings into a three month CD...if I need it well, I'll have my three months of liquid savings available to me and once they expire I can access the savings I put in a CD plus the extra interest I earned on it. If I continue to not need it, I'll keep reinvesting that three month CD over and over again.

A CD is a "certificate of deposit" if you don't know what it is. Your bank may have them but other banks and brokers have them as well. Look for the best rate.

Locked in $91k into my discover savings. Getting $150+ a month in interest. Feds dropped the interest rates for savings accounts but it's all good.

I should be hitting $100k any month now and then I'll be looking into other ways to invest.

[QUOTE=Draz]Locked in $91k into my discover savings. Getting $150+ a month in interest. Feds dropped the interest rates for savings accounts but it's all good.

I should be hitting $100k any month now and then I'll be looking into other ways to invest.[/QUOTE]

Nice and at that point you can start chucking it in some three month and six month CDs to get a higher interest rate and take those earnings and invest elsewhere - like index funds :lol . I remember you mentioning your salary earlier on your new job - that's some pretty intense saving at that level. :applause:

Trying to choose between an internship that pays a shit ton ($33+/hr) in a shitty boring location or one that pays a little less like around $25 an hour but much better location. It's a short internship.

[QUOTE=Jameerthefear]Trying to choose between an internship that pays a shit ton ($33+/hr) in a shitty boring location or one that pays a little less like around $25 an hour but much better location. It's a short internship.[/QUOTE]

Congrats on the internship man - you've identified a solid career path and sticking to it. Try to block out the college students who are doing **** all during summer, chilling at the pool or doing some camp shit for new freshmen. You'll secure a full time job early into your senior year and be on cruise control from that point on.


Some things to think about:

-Short term means it doesn't matter that you're in a shitty location. You will leave that shitty location in three months BUT

-Has any company indicated that they are more likely to choose from their internship pool for new hires?
-Has either indicated that they likely will give you another internship offer at the end of this internship for the next summer if you do well?
-Which company do you think will give you more freedom to learn?
-Finally, which one do you think would give you the best experience and networking opportunities when it comes time to looking for full time job and even further down the line from that? The lower paid one could have a massive pool of interns for you to network with (from all over the country) which will prove beneficial later on.
-Is the one that is $25/hr have the ability to get overtime to offset the loss of earnings?
-Will that really nice location distract you from doing a good job?

Another one to consider which I fortunately never had to is if you legitimately need the extra money to cover costs while you're in school.

I've done a couple internships in shitty locations (oil and gas) but I look back at them quite fondly. It was a good life experience and I added a trip at the end of each of them to make up for the shitty location - and I had the money to do so.

To be honest, whatever decision you choose, you'll likely end up being ok and get a full time job. Those are just some things to consider. Internships with a big pool of interns is basically a three month party but you still need to take it serious and make connections.

[QUOTE=Hawker]Nice and at that point you can start chucking it in some three month and six month CDs to get a higher interest rate and take those earnings and invest elsewhere - like index funds :lol . I remember you mentioning your salary earlier on your new job - that's some pretty intense saving at that level. :applause:[/QUOTE]
Yeah. I aggressively saved. I also aggressively spend too. But, it won't make sense having this much money and not treating myself to great meals every week or two. I intend on continuing this trend for the next few years, depositing no less than $1k and as much as $2500 while I can.

[QUOTE=Hawker]Congrats on the internship man - you've identified a solid career path and sticking to it. Try to block out the college students who are doing **** all during summer, chilling at the pool or doing some camp shit for new freshmen. You'll secure a full time job early into your senior year and be on cruise control from that point on.


Some things to think about:

-Short term means it doesn't matter that you're in a shitty location. You will leave that shitty location in three months BUT

-Has any company indicated that they are more likely to choose from their internship pool for new hires?
-Has either indicated that they likely will give you another internship offer at the end of this internship for the next summer if you do well?
-Which company do you think will give you more freedom to learn?
-Finally, which one do you think would give you the best experience and networking opportunities when it comes time to looking for full time job and even further down the line from that? The lower paid one could have a massive pool of interns for you to network with (from all over the country) which will prove beneficial later on.
-Is the one that is $25/hr have the ability to get overtime to offset the loss of earnings?
-Will that really nice location distract you from doing a good job?

Another one to consider which I fortunately never had to is if you legitimately need the extra money to cover costs while you're in school.

I've done a couple internships in shitty locations (oil and gas) but I look back at them quite fondly. It was a good life experience and I added a trip at the end of each of them to make up for the shitty location - and I had the money to do so.

To be honest, whatever decision you choose, you'll likely end up being ok and get a full time job. Those are just some things to consider. Internships with a big pool of interns is basically a three month party but you still need to take it serious and make connections.[/QUOTE]
This is actually my second company. I worked in a decently sized city before this so I got spoiled with all of the amenities and fun stuff to do as well as huge network of co-ops to interact with. Also, my girlfriend is going to live with me during the summer as well but she'll be graduated.
I think both companies will give me freedom to learn but I think the one that pays less will have more applications outside of that specific company. The higher paying one is actually O&G lol. The best part about that one is I'd likely secure a job post graduation and you already know about the high starting salaries in O&G. I think the one in a big city will give the best networking opportunities by far. THe good thing is I'm fully paid for so I don't need the money to pay off student loans or anything.

[QUOTE=Jameerthefear]This is actually my second company. I worked in a decently sized city before this so I got spoiled with all of the amenities and fun stuff to do as well as huge network of co-ops to interact with. Also, my girlfriend is going to live with me during the summer as well but she'll be graduated.
I think both companies will give me freedom to learn but I think the one that pays less will have more applications outside of that specific company. The higher paying one is actually O&G lol. The best part about that one is I'd likely secure a job post graduation and you already know about the high starting salaries in O&G. I think the one in a big city will give the best networking opportunities by far. THe good thing is I'm fully paid for so I don't need the money to pay off student loans or anything.[/QUOTE]

lol

O&G and shithole towns? You don't say. :oldlol:

The last O&G downturn was pretty brutal dude so you'd have to be ready for that kind of stuff happening once every 5, 7 or 10 years.

It also depends on what part of O&G it is, if it's some kind of field role, I'd stay away as that would make you too specialized. Aren't you computer engineering? No matter what kind of job you get as an engineer, you'll be well paid so I think your choice to move to the city is a good one. Cheers bro.

[QUOTE=Hawker][URL="https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts"]https://www.nerdwallet.com/best/banking/high-yield-online-savings-accounts[/URL]

1.5-2.5% at the moment looks to be the best at the moment.Make sure there are no hang ups or fish hooks that could screw you. The one I'm in is 2.0% while another one was 3.0% but I'd have to give a 60 day notice to with draw the money. Not a good idea for an emergency fund you may need access to ASAP.

For example, take a look at the very first one Goldman Sachs Marcus. No fees. No minimum balance but you can only make a maximum of six transfers a month. Remember - this would be your emergency fund so you may not need to make the six transfers. It may not be a good idea for your long term holiday savings account but would make sense for your emergency fund.

It's not "that" much money to be honest but it's better than sitting in a checking account getting 0.00%. Convert the 2.0% into actual cash dollars instead of looking at the percentage. 2.0% on $10,000 of savings is $200.00. It's not gonna make you rich but that's maybe the cost of three car insurance payments? Or a monthly health insurance payment?

After emergency fund saving for awhile, you can start putting that emergency fund into some CD's to get a better interest rate.

I already have about six months of emergency funds so I'm planning to put three months worth of savings into a three month CD...if I need it well, I'll have my three months of liquid savings available to me and once they expire I can access the savings I put in a CD plus the extra interest I earned on it. If I continue to not need it, I'll keep reinvesting that three month CD over and over again.

A CD is a "certificate of deposit" if you don't know what it is. Your bank may have them but other banks and brokers have them as well. Look for the best rate.[/QUOTE]


In that case, might as well get a whole life insurance policy if you're looking for interest for a savings account.

With permanent life insurance, you can get 4% compounded interest for every dollar you put into it. There's no risk involved unless the company goes under, so if you choose wisely with a provider, you can let that cash value build over the years and take out from it whenever you need some cash for a rainy day. It basically acts as a glorified savings account that will be critical for the future

Depending on how much people want to save or pay on their life insurance, you can build a hefty cash value over the years and still have final expenses taken care of for your future family, or if you die unexpectedly, your current family will be able to bury you and likely have a lump sum come back to them.

Just a thought. I can give a few examples

[QUOTE=Hawker]lol

O&G and shithole towns? You don't say. :oldlol:

The last O&G downturn was pretty brutal dude so you'd have to be ready for that kind of stuff happening once every 5, 7 or 10 years.

It also depends on what part of O&G it is, if it's some kind of field role, I'd stay away as that would make you too specialized. Aren't you computer engineering? No matter what kind of job you get as an engineer, you'll be well paid so I think your choice to move to the city is a good one. Cheers bro.[/QUOTE]

O&G as in the company that does asphalt paving among other types of construction? I wonder who their supplier is for the asphalt? I always wanted to know why they used cationic asphalt emulsions in some parts of the country and anionic in others? I guess CSS-1h is cationic, slow setting and has a higher viscosity than an AESS-1h which is anionic. In Cleveland they spend so much time paving roads because of the yearly climate change. All that expansion and contraction along with freeze/thaw cycles fvcks up roads after one season in the mid-west. Whoever comes up with a new product that stands the test of time will be a hero in the construction world. Doubt it will be bitumen based.

Fcking feds dropping the interest rates for savings costing me money. Was getting a wonderful $150 a month and more now it dropped $10 less. That's fcking juul pod money

[QUOTE=ROCSteady]In that case, might as well get a whole life insurance policy if you're looking for interest for a savings account.

With permanent life insurance, you can get 4% compounded interest for every dollar you put into it. There's no risk involved unless the company goes under, so if you choose wisely with a provider, you can let that cash value build over the years and take out from it whenever you need some cash for a rainy day. It basically acts as a glorified savings account that will be critical for the future

Depending on how much people want to save or pay on their life insurance, you can build a hefty cash value over the years and still have final expenses taken care of for your future family, or if you die unexpectedly, your current family will be able to bury you and likely have a lump sum come back to them.

Just a thought. I can give a few examples[/QUOTE]

I've always been of the understanding that life insurance is only claimed if you die to pass income on to your loved ones?

Is this not the case or are there different life insurance policies out there.

[QUOTE=egokiller]O&G as in the company that does asphalt paving among other types of construction? I wonder who their supplier is for the asphalt? I always wanted to know why they used cationic asphalt emulsions in some parts of the country and anionic in others? I guess CSS-1h is cationic, slow setting and has a higher viscosity than an AESS-1h which is anionic. In Cleveland they spend so much time paving roads because of the yearly climate change. All that expansion and contraction along with freeze/thaw cycles fvcks up roads after one season in the mid-west. Whoever comes up with a new product that stands the test of time will be a hero in the construction world. Doubt it will be bitumen based.[/QUOTE]

O&G as in oil and gas.

Good paragraph though - definitely learned something new today. :lol

[QUOTE=Hawker]I've always been of the understanding that life insurance is only claimed if you die to pass income on to your loved ones?

Is this not the case or are there different life insurance policies out there.[/QUOTE]

Yeah, a whole life policy accrues cash value over time that the insured can use or borrow against. The premiums are substantially more than term insurance which is what most people have.

Hey Hawk, my advisor wants me to take 1/3 of my retirement savings out of the market. Good idea?

[QUOTE=rufuspaul]Yeah, a whole life policy accrues cash value over time that the insured can use or borrow against. The premiums are substantially more than term insurance which is what most people have.

Hey Hawk, my advisor wants me to take 1/3 of my retirement savings out of the market. Good idea?[/QUOTE]

I'll have to take a closer look at the life insurance options then.

Definitely not qualified to answer that question for you bro. :lol

I just plan to have my assets in aggressive/growth shares until I'm at least 45 (depending on the economy) and go a bit more balanced from there and more conservative at 50+. If the economy tanks at 45 I might as well keep it in aggressive/growth for a couple more years to buy up low priced shares and have it grow more.

This thread wasn't really meant for me to be the only one give advice but general advice from everybody. I learned something from ROCSTEADY that I had no idea about. :lol

The big ones really are making sure you aren't getting shitty fees (ATM, foreign transaction, annual fees, monthly fees, etc.), getting your money in the right retirement fund and how to get your savings into places that are accruing some interest and not just sitting in an account doing nothing.

[QUOTE=rufuspaul]Yeah, a whole life policy accrues cash value over time that the insured can use or borrow against. The premiums are substantially more than term insurance which is what most people have.

Hey Hawk, my advisor wants me to take 1/3 of my retirement savings out of the market. Good idea?[/QUOTE]


The reason premiums are higher for whole life (which I'm sure you know, this is for other posters that may not), is because when you enroll with whole life policies, your premiums never go up, . For the YOUNGER POSTERS, ( just stressing this because of cost, not taking a shot at you my guy) you guys should get as much whole life insurance as is comfortable for your pocket.

Meaning you'll be paying the same price for life insurance, when you are retired (likely on a fixed income in light of pensions and SS being shit for the future) it will be great to know your bill will be the same the rest of your life, no matter how old or sick you may become.

Considering inflation in our elder years, that premium will be considered very low in middle age/elder years.

It's a very smart move if you think long term with that and take advantage. Most younger people pay it no mind or give it any thought You just wanna make sure the higher premiums than other types of life insurance is something you can commit to.

I'll give y'all a nice clean value:

[B]30 year old male. Non-smoker.[/B]

For [B]$100,000 in WL [/B] life coverage, you pay $82. Annoying bill, yes.

However, when you're 65 years old, the cash value from that policy (the glorified savings account aspect on the side) will be around [B]$36,000[/B]

You can take from it whenever you want though. Some companies charge a surrender fee, some don't.

[QUOTE=Hawker]I've always been of the understanding that life insurance is only claimed if you die to pass income on to your loved ones?

[B]Is this not the case or are there different life insurance policies out there.[/B][/QUOTE]

Yes, it only pays out upon a death claim. However, since you mentioned savings accounts, that 4% is legit. You can enjoy that cash value from the side pot. Plus, whenever you have a family of your own, you can have piece of mind that they'll never have to come out of pocket to bury you.

Main types of life insurance and their benefits:

[B]Work Insurance/Group Term[/B] - Generally less than ten bucks (awesome) for decent coverage, on avg 1 x salary. However, when you leave your job, you lose all those benefits and suddenly, life insurance will be very high when you want to replace it. I recommend side coverage.

[B]Term Insurance[/B]- Lower premiums for more coverage. It is designed to portect the things most important in the immediate, should someone die unexpectedly. Things like mortgage protection, income protection and college tuition. HOWEVER, your dollars don't work for you.

If you don't die before expected, the term expires and when you re-enroll, the premiums will be quite a bit higher, esp at retirement age. Plus, if you get sick, there's the possibility you will be uninsurable after considering terms are generally 10, 20, 30 years.

[B]Whole Life Insurance[/B]- I basically already went over this but it provides for final expenses and collects the 4%. The advantage is having the same premiums no matter what. The company will always see you in the current age and health as when you enrolled, which is awesome. That's why people should get at least SOME whole life as young as possible

in the old days, what's in the middle where all circles collide in a venn diagram is the fed. Now it's products.

[QUOTE=ROCSteady]Yes, it only pays out upon a death claim. However, since you mentioned savings accounts, that 4% is legit. You can enjoy that cash value from the side pot. Plus, whenever you have a family of your own, you can have piece of mind that they'll never have to come out of pocket to bury you.

Main types of life insurance and their benefits:

[B]Work Insurance/Group Term[/B] - Generally less than ten bucks (awesome) for decent coverage, on avg 1 x salary. However, when you leave your job, you lose all those benefits and suddenly, life insurance will be very high when you want to replace it. I recommend side coverage.

[B]Term Insurance[/B]- Lower premiums for more coverage. It is designed to portect the things most important in the immediate, should someone die unexpectedly. Things like mortgage protection, income protection and college tuition. HOWEVER, your dollars don't work for you.

If you don't die before expected, the term expires and when you re-enroll, the premiums will be quite a bit higher, esp at retirement age. Plus, if you get sick, there's the possibility you will be uninsurable after considering terms are generally 10, 20, 30 years.

[B]Whole Life Insurance[/B]- I basically already went over this but it provides for final expenses and collects the 4%. The advantage is having the same premiums no matter what. The company will always see you in the current age and health as when you enrolled, which is awesome. That's why people should get at least SOME whole life as young as possible[/QUOTE]

Ah, so the savings aren't liquid at all? That's what I thought you were getting at. The emergency fund is for if I get laid off and need some income to support me while I look for a new one. Or random high expenses.

The emergency fund needs to be liquid and if you think about it - the money you put into life insurance premiums at an early age might be better spent put into a side investment retirement fund getting better than 4%. Sure, the life insurance premiums might be larger whenever you get older and have a family and kids but the returns on your retirement investments would surely make up for it.

[QUOTE=Hawker]Ah, so the savings aren't liquid at all? That's what I thought you were getting at. The emergency fund is for if I get laid off and need some income to support me while I look for a new one. Or random high expenses.

The emergency fund needs to be liquid and if you think about it - the money you put into life insurance premiums at an early age might be better spent put into a side investment retirement fund getting better than 4%. Sure, the life insurance premiums might be larger whenever you get older and have a family and kids but the returns on your retirement investments would surely make up for it.[/QUOTE]


No, they are. All you do is call whatever insurance company and get your money. Like I said, it acts as a savings account. Nothing needs to be converted or anything. It yields the 4 % compounded interest and when you settle down and have kids, you're locked in.

I was just saying that SOME companies charge a surrender fee if you try to dip into it super early.

I def hear you as far as putting money towards other investment opportunities, retirement, 401 k etc. I was just letting you know about the accrued interest because you mentioned savings accounts.

Funerals are expensive af though. I'd rather just pay a reasonable bill for that long term and invest with other things. Plus, if I croak in a car accident or something, my family doesn't have to worry about expenses and then the resy of the policy face value would just go back to them

[QUOTE=ROCSteady]No, they are. All you do is call whatever insurance company and get your money. Like I said, it acts as a savings account. Nothing needs to be converted or anything. It yields the 4 % compounded interest and when you settle down and have kids, you're locked in.

I was just saying that SOME companies charge a surrender fee if you try to dip into it super early.

I def hear you as far as putting money towards other investment opportunities, retirement, 401 k etc. I was just letting you know about the accrued interest because you mentioned savings accounts.

Funerals are expensive af though. I'd rather just pay a reasonable bill for that long term and invest with other things. Plus, if I croak in a car accident or something, my family doesn't have to worry about expenses and then the resy of the policy face value would just go back to them[/QUOTE]

Sorry I never got back to you on this.

I haven't bothered to look into this but I'll take your word for it. I don't hear much advice on using life insurance for a savings account so not sure if I 100% trust it so I'll just keep it in a savings account or CDs at the moment.

Do you perhaps have an example of a company offering life insurance basically as a savings account option? Or at least explaining it?

Just did some basic google searching - more specific than the last time I researched it:

[URL="https://www.investopedia.com/terms/c/cash-value-life-insurance.asp"]https://www.investopedia.com/terms/c/cash-value-life-insurance.asp[/URL]

Is it a cash value life insurance plan?

If I had a wife and kids, I'd buy life insurance so they wouldn't have to pay for the funeral - I get you on that. My mom and dad can afford it at the moment.

Hope you're doing well on your financial journey bro.

Just wanted to add - if you plan on travelling, check your back for the currency conversion rate and foreign transaction fees. There are checking accounts out there that don't even charge this - like Charles Scwhab Checking account.

Or you can use transferwise - which is what I use. Charles Schwab may still charge you a crappy currency rate though.

I have three bank accounts within transfer wise - USD, AUD and NZD. I have all three currencies on hand since I've worked in all three.

I recently signed up for their borderless bank account and I got a debit card with it. No foreign transaction fees. No transferwise ATM fees up to $350 for one month. Currency conversion fees are the lowest on the market and you get the mid-market rate which is the best out there.

[URL="https://transferwise.com/nz/"]https://transferwise.com[/URL]


I recently transferred over $1000 NZD to AUD since I was visiting Aus recently. I did a bank wire from my NZD bank to my NZD transferwise account (no fee) and then transferred it to my AUD account within Transferwise. I could then use my debit card in Aus and pay in AUD instead of using my NZD debit card.

It amounts to an $8.16 fee which is 0.8% and gave me the market rate of 0.93 AUD/NZD. In total I got $923.71.

My bank offers 0.91 AUD/NZD so to get the same amount of money it would've cost me $1015 and assuming I spend all the money, another 2.5% or $25 on top. So $1040 on total vs. $1008

May not seem like much for $1000 ($32 dollars saved really is basically two meals though) but I did an even larger transfer recently and really makes a difference.

Anyway, there are legitimate options out there for saving money when travelling. Just takes a bit of effort and research.

Anybody ever watch any of these millenial money videos? I find them fascinating.

Seems like millenials, based on these videos, aren't doing too bad.

[URL="https://www.youtube.com/watch?v=n6S3_Mtr8yQ"]https://www.youtube.com/watch?v=n6S3_Mtr8yQ[/URL]

A little too much "money is for everyone" type of attitude in a couple videos but they aren't doing too bad.

Millennials do gotta cut down on the uber eats. Cook your own food.

Thinking it's a good time for folks to change their 401k from stocks to bonds. Thoughts? You can still have like 10% stocks but certainly not 25% or something crazy. Market is being ramped up artificially and probably not a good idea to have 401k be anything more than conservative reliance on stocks at this point. Impeachment is also coming, and it could be a catalyst to a recession.

[QUOTE=bladefd]Thinking it's a good time for folks to change their 401k from stocks to bonds. Thoughts? You can still have like 10% stocks but certainly not 25% or something crazy. Market is being ramped up artificially and probably not a good idea to have 401k be anything more than conservative reliance on stocks at this point. Impeachment is also coming, and it could be a catalyst to a recession.[/QUOTE]

Bad idea.

Why would you only buy when stocks are high? Keep it in an index fund and continue to buy - even increasing your monthly contribution - and buy low. Watch the growth happen immediately after. The returns are projected to be much lower over the next ten years by Vanguard and Fidelity but it will still be higher than bonds and cash.

Market has been ramped up artificially since day 1. That's what lowering the interest rate and stimulation packages do.

You're obviously young so downturns are bound to happen. And if impeachment is a catalyst for a recession as you say...then impeachment probably shouldn't happen. :confusedshrug:

[QUOTE=Hawker]Bad idea.

Why would you only buy when stocks are high? Keep it in an index fund and continue to buy - even increasing your monthly contribution - and buy low. Watch the growth happen immediately after. The returns are projected to be much lower over the next ten years by Vanguard and Fidelity but it will still be higher than bonds and cash.

Market has been ramped up artificially since day 1. That's what lowering the interest rate and stimulation packages do.

You're obviously young so downturns are bound to happen. And if impeachment is a catalyst for a recession as you say...then impeachment probably shouldn't happen. :confusedshrug:[/QUOTE]


This. If you're young stay in it for the long haul. Old folks like me can afford to be a little more cautious.

[QUOTE=Hawker]Bad idea.

Why would you only buy when stocks are high? Keep it in an index fund and continue to buy - even increasing your monthly contribution - and buy low. Watch the growth happen immediately after. The returns are projected to be much lower over the next ten years by Vanguard and Fidelity but it will still be higher than bonds and cash.

Market has been ramped up artificially since day 1. That's what lowering the interest rate and stimulation packages do.

You're obviously young so downturns are bound to happen. And if impeachment is a catalyst for a recession as you say...then impeachment probably shouldn't happen. :confusedshrug:[/QUOTE]

Doesn't matter for me since I work part-time at present but it does for my dad who is just 5 years away from retirement. If recession comes, he could lose a huge chunk of his 401k, no? Trying to convince him to switch to high bonds from high stocks. I think it's a good idea especially if you are in your 40s and even older around retirement age.

[QUOTE=bladefd]Doesn't matter for me since I work part-time at present but it does for my dad who is just 5 years away from retirement. If recession comes, he could lose a huge chunk of his 401k, no? Trying to convince him to switch to high bonds from high stocks. I think it's a good idea especially if you are in your 40s and even older around retirement age.[/QUOTE]

If he's really 5 years from retirement, then yes he should have a heavier weight towards bonds/FI.