Personal Finance Advice and Education! (6 Viewers)

[ghostguy123]

Gotcha, I figured. Yeah it is amazing how people ruin themselves with the monthly payment mentality.

I could do a three year at 0.9% but am choosing the five year at 1.9%. Not even sure if we will put any money down. Probably not.

 

[Tiger Fan]

Gotcha, I figured. Yeah it is amazing how people ruin themselves with the monthly payment mentality.

I could do a three year at 0.9% but am choosing the five year at 1.9%. Not even sure if we will put any money down. Probably not.

Can you afford the three year at .9%?

 

[ghostguy123]

Gotcha, I figured. Yeah it is amazing how people ruin themselves with the monthly payment mentality.

I could do a three year at 0.9% but am choosing the five year at 1.9%. Not even sure if we will put any money down. Probably not.

Can you afford the three year at .9%?

Yes. We would have to dip into the savings once in a while for it, but yes. If we wanted to completely deplete our savings we could just buy it cash.

However, we just bought our house recently, we have a rental property, and we have a new baby on the way. I prefer having a decent size liquid emergency savings.

At 1.9% and about $1,500 in interest over five years, the five year feels right.

I also like the idea of incorporating it into our monthly budget and not using the savings to make payments. My version of the monthly payment trap.

Honestly though, I plan to run some numbers with my wife because the three year is still a possibility, just not a priority. Especially when it seems like it would be a better idea to put that extra money into the house payment instead.

 

[thecatch]

My fiancee and I are under contract to buy a house, attorney approvals are good and we have formally applied for a mortgage. and all that. The loan officer has included tax and insurance escrow in our "good faith estimate" of closing costs, and I told her that I was assuming no escrow. She says that is fine, and they can remove it without a problem if we are certain.

What are the benefits/drawbacks to doing escrow? It seems like it'd be a good idea for people who struggle to save, but it would not be a problem for us. She has told us that the interest rate on the escrow is 2%. It seems that it would lower our closing costs by ~$2,000 if we were to do no escrow.

In the short-term, since we are putting quite a bit of our savings as a downpayment, I think I'd keep that excess cash in something liquid and so probably wouldn't beat 2%, but in the long-term I find it hard to believe that I couldn't beat that rate. We are going with a local bank (M&T) with whom we have both banked for a number of years, but their bank interest rates are notoriously low, so I'm assuming it'll permanently lag behind what I could get in the market.

Talk to me here.

I'm going through the same issue right now, but I don't think our lender is offering to pay much, if any, interest in the escrow. If they were offering a 2% return (way more than I'm getting on my bank savings account) I'd probably just let them handle it as that would mean just a little less paperwork for us. In my circumstance though, I think I will just handle taxes and insurance myself and try to get a little better return. BTW I have family that just bought a house in upstate New York and their property taxes make me cringe. My condolences.

 

[STEADYMOBBIN 22]

Due to the high praise I just downloaded Millionaire Next Door.

 

[slackjawedyokel]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

 

[STEADYMOBBIN 22]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense. We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

 

[Dentist]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

 

[FUBAR]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

with 4 boys in the house, leaving lights on is a pet peeve of mine. But if we're using the bathroom before leaving the house, we won't flush until everyone is done. Used to drive the wife nuts, but she's come around.

 

[wilked]

If you guys haven't switched to LEDs, you should do so. If you have, do the math. I did the math with LEDs and found that leaving lights on has very little consequence. That doesn't mean it doesn't drive me a little crazy, but I stopped nagging others and moved to gentle reminders.

Leaving fridge open is an issue (and strange) and buying more food shouldn't matter unless the food spoils

 

[irish eyes]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

with 4 boys in the house, leaving lights on is a pet peeve of mine. But if we're using the bathroom before leaving the house, we won't flush until everyone is done. Used to drive the wife nuts, but she's come around.

Not flushing the toilet is the most disgusting thing ever. Now I know why the urinals and toilets at work are never flushed, because people like you all do this at home and just think it's normal. IT ISN'T NORMAL! It is beyond gross

 

[Instinctive]

Just finished Millionaire Next Door yesterday. Biggest thing that stood out to me (which I'm sure is heavily impacted by my point in life) was all the data on the "Economic Outpatient Care." As someone in grad school whose parents have been gracious enough to help out (with an interest free loan, so I don't have to borrow at 6+% from the government), just keeping that in mind and being aware of it is something that will be very important. I've got a pretty strong independent streak in me, so I'm not the type to ever ask for money gifts from my parents like some of the anecdotes in the book, but still.

My parents fall into the 1985 Bears Defense category of things, as both are CPAs, and my mom didn't work once they started having kids. Some very good lessons to learn, but I was shocked at the prices people paid for things like suits and stuff even in 1995...just simple things like buying stuff on sale. I've got this habit of stocking up on things that last when they're on a good sale because that's what my parents did, among many other good habits.

 

[FUBAR]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

with 4 boys in the house, leaving lights on is a pet peeve of mine. But if we're using the bathroom before leaving the house, we won't flush until everyone is done. Used to drive the wife nuts, but she's come around.

Not flushing the toilet is the most disgusting thing ever. Now I know why the urinals and toilets at work are never flushed, because people like you all do this at home and just think it's normal. IT ISN'T NORMAL! It is beyond gross

WTF? we flush. Just after all of us use it within about 5 minutes.

 

[irish eyes]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

with 4 boys in the house, leaving lights on is a pet peeve of mine. But if we're using the bathroom before leaving the house, we won't flush until everyone is done. Used to drive the wife nuts, but she's come around.

Not flushing the toilet is the most disgusting thing ever. Now I know why the urinals and toilets at work are never flushed, because people like you all do this at home and just think it's normal. IT ISN'T NORMAL! It is beyond gross

WTF? we flush. Just after all of us use it within about 5 minutes.

Again gross! Just what I would want to walk in on when needing to go to bathroom, bowl full of piss from 4 or 5 other people. You can never rationalize that as not being disgusting.

 

[STEADYMOBBIN 22]

Let me clarify-

-I'll flush if I've gone #2 every time.

-I'll usually flush every other time I go #1

-I only apply this in the early to mid part of the days- as in I won't just let it sit there all night.

-I would never apply this in some else's home or business.

Also- I have my own bathroom that only I use and i actually pee outside.... A lot. Almost every morning when I let the dog out and the same in the evening.

Waaaaaay too much talk about piss.

 

[Steve Tasker]

Just flush the ### #### toilets.

 

[FUBAR]

Due to the high praise I just downloaded Millionaire Next Door.

The content is outdated but probably exponentially as true now than it was 20 years ago. It's a good book. It might become a bit redundant but the data is eye opening.

Finished chapter 1 and I'm really enjoying it. I must have my wife hear the last 2 minutes about playing good defense.We play good offense and we've played good defense the past couple of years but I really want that point to be driven into her brain.

My wife did not grow up in an affluent home yet she acts as if she did. Maybe all those years growing up in an apartment where water/electricity is "free" ( ie;included in the rent) didn't prepare her for a frugal lifestyle? She doesn't spend a ton of money on clothes or jewelry but the waste of electricity, food and water is astounding. She keeps all the lights in the house on- during the day! It's not uncommon for me to come home and find 30 lights on throughout the house. Yes I count them and yes it makes me out to be an ####### but c'mon! She also leaves the fridge open, water running while she's doing other things in the kitchen and buys WAAAAY too much food.

I on the other hand was raised by my grandfather, a WW2 veteran who was born in 1912 and spend his adolescence during the Great Depression. Needless to say, I barely turn the lights on. The curtains are closed during the day, open at night. Rooms that are not being used are closed and the air registers closed as well. I always eat leftovers and only buy items on sale. I'll flush the toilet after several uses (unless it's #2).

We've got work to do but if I can show her how a frugal lifestyle will eventually get us into financial security she 'll listen.

On to chapter 2.

good luck! You're making me sound spendy and wasteful here! I have to say i'd recommend flushing the toilet, the rest is ok.

with 4 boys in the house, leaving lights on is a pet peeve of mine. But if we're using the bathroom before leaving the house, we won't flush until everyone is done. Used to drive the wife nuts, but she's come around.

Not flushing the toilet is the most disgusting thing ever. Now I know why the urinals and toilets at work are never flushed, because people like you all do this at home and just think it's normal. IT ISN'T NORMAL! It is beyond gross

WTF? we flush. Just after all of us use it within about 5 minutes.

Again gross! Just what I would want to walk in on when needing to go to bathroom, bowl full of piss from 4 or 5 other people. You can never rationalize that as not being disgusting.

You wouldn't walk in on the bathroom, in our house, being used by 5 males, within 5 minutes of us leaving the house and then flushing before we leave. You're either trolling or making way too much of this.

 

[Sand]

I mean, I can buy it comfortably in 3 years, but why? I am putting that extra money away into my 403b. Is that the wrong way to do it? Serious question.

Assuming that you invest the remainder and that the market doesn't tank over the next few years and that money would have been better served going into the car, then yes.

But, in general, at low interest rates like this it is generally preferable to borrow and invest the remainder.

 

[wilked]

An LED bulb should cost you about $1 - 1.50 / year in electricity, assuming 3 hrs/day

There are better ways to spend your negative energy, even if it goes against your principles

 

[Tiger Fan]

An LED bulb should cost you about $1 - 1.50 / year in electricity, assuming 3 hrs/day

There are better ways to spend your negative energy, even if it goes against your principles

I'm kicking myself for not doing this when I built my house 4 years ago. Instead I went CFL, now every time a bulb goes out; I play this rotation game so it looks ok. I should just bite the bullet and completely replace every one, but it's goign to kill me to waste all these CFLs

 

[FUBAR]

An LED bulb should cost you about $1 - 1.50 / year in electricity, assuming 3 hrs/day

There are better ways to spend your negative energy, even if it goes against your principles

I'm kicking myself for not doing this when I built my house 4 years ago. Instead I went CFL, now every time a bulb goes out; I play this rotation game so it looks ok. I should just bite the bullet and completely replace every one, but it's goign to kill me to waste all these CFLs

just put all CFLs upstairs or in various non-high traffic places.

 

[Doctor Detroit]

I only flush the toilet when there are more than 50 flies in the bathroom.

 

[Tiger Fan]

An LED bulb should cost you about $1 - 1.50 / year in electricity, assuming 3 hrs/day

There are better ways to spend your negative energy, even if it goes against your principles

I'm kicking myself for not doing this when I built my house 4 years ago. Instead I went CFL, now every time a bulb goes out; I play this rotation game so it looks ok. I should just bite the bullet and completely replace every one, but it's goign to kill me to waste all these CFLs

just put all CFLs upstairs or in various non-high traffic places.

yeah, i'm slowly doing this wherever i can

 

[shady inc]

I am 28 years old. I am leaving my current company after the 1st week of August. I have a Roth 401k of about $31,000 (vested portion). My YTD contributions are around $8,000.

After I leave, I plan to roll the Roth 401k (held at Fidelity) to a Roth IRA (I'll open at Fidelity as well). QUESTION 1: Can I then contribute $5,500 from the date I open the Roth IRA through 12/31/15? QUESTION 2: Or can I contribute $9,500 since it used to be part of a 401k plan ($17,500 401k limit - $8,000 YTD contribs)?

At my new job, I start Sept 1. I won't be allowed into their retirement plan until 1/1/17 (need 1 year of service and can only enter July 1 or Jan 1). Therefore, my retirement savings for 2016 would be limited to $5,500 into the Roth IRA. QUESTION 3: Would it be wise to open a regular IRA in addition to the Roth IRA so I don't lose too much ground in my retirement savings since I won't be able to contribute to a 401k?

Thank you for any suggestions or help

 

[Gawain]

I am 28 years old. I am leaving my current company after the 1st week of August. I have a Roth 401k of about $31,000 (vested portion). My YTD contributions are around $8,000.

After I leave, I plan to roll the Roth 401k (held at Fidelity) to a Roth IRA (I'll open at Fidelity as well). QUESTION 1: Can I then contribute $5,500 from the date I open the Roth IRA through 12/31/15? QUESTION 2: Or can I contribute $9,500 since it used to be part of a 401k plan ($17,500 401k limit - $8,000 YTD contribs)?

At my new job, I start Sept 1. I won't be allowed into their retirement plan until 1/1/17 (need 1 year of service and can only enter July 1 or Jan 1). Therefore, my retirement savings for 2016 would be limited to $5,500 into the Roth IRA. QUESTION 3: Would it be wise to open a regular IRA in addition to the Roth IRA so I don't lose too much ground in my retirement savings since I won't be able to contribute to a 401k?

Thank you for any suggestions or help

Don't quote me, but fairly sure that you're limited to 5500 in an IRA for this year, regardless of the rollover (roll-over doesn't count as contribution). If you can, why not put your last paycheck or two into your 401K and max deduction for this year?

For 2016, 5500 is the limit roth or traditional, combined. I'd think you could deduct a traditional because you're not eligible for the company retirement plan, but I'm not positive and it'd be worth checking to see if you qualify.

 

[wilked]

I've done it. You will roll your Roth 401K into a Roth, and can submit an additional $5500 into a Roth as well. One has nothing to do with the other

I would not do a T-IRA. If you start in Sept, just contribute a buttload of your paycheck to 401K if you want to catch up

 

[shady inc]

Thanks guys, appreciate the help

 

[Gawain]

I've done it. You will roll your Roth 401K into a Roth, and can submit an additional $5500 into a Roth as well. One has nothing to do with the other

I would not do a T-IRA. If you start in Sept, just contribute a buttload of your paycheck to 401K if you want to catch up

He's going to have no company 401K option for all of 2016 though. He should be traditional eligible because of this. Why not put in traditional and backdoor roth to gain the deduction on the traditional and the tax-exempt gains on the roth? Can't he do this and owe nothing because all of his investments are already roth exempt? It would save him a bit of cash because without an employer plan he could deduct the traditional IRA from 2016 taxes.

 

[FUBAR]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

 

[Chadstroma]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

That is 2% back. Which as far as flat rates back is pretty good. Not sure if anything out there gets you better across the board.

Discover, Chase and US Bank have cards that can get you 5% back in certain categories but that is about it as far as getting better. The problem with Discover and Chase is that you have no control over which categories you have each Q. US Bank allows you to pick three categories each Q out of a list they give you. I can not remember if Discover has an annual fee, the Chase Freedom and US Bank Cash + do not. I have both the Chase and US Bank and never use my Chase anymore. Oh, another plus on the US Bank is that it has a higher limit on what you get the 5% up to... on Chase it is capped at $1,500 spent a Q and US Bank is capped at $2K.

 

[Sand]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

That is 2% back. Which as far as flat rates back is pretty good. Not sure if anything out there gets you better across the board.

2% is about as good as it gets for an "everything" card. I use the Fidelity Amex, but it is the same deal. The only other card I use is a Sallie Mae one for 5% on gas, groceries, and Amazon. I think Penfed also has a good gas credit card, too.

 

[FUBAR]

We have discover now and would keep it for the 5%, but I'd like more on everything.

Just reluctant to apply for another card (we only have 2)

 

[mquinnjr]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

That is 2% back. Which as far as flat rates back is pretty good. Not sure if anything out there gets you better across the board.

2% is about as good as it gets for an "everything" card. I use the Fidelity Amex, but it is the same deal. The only other card I use is a Sallie Mae one for 5% on gas, groceries, and Amazon. I think Penfed also has a good gas credit card, too.

I have a few CC's, 4 to be exact (Citi and SM recently, others for ~10 years). The Citi DC card (recent) is my go-to for everything but gas, Amazon and groceries. Gas and Amazon go on the SM card. Groceries go on my Target red card, 5% off at the register. Lastly is a Capital One Quicksilver Visa card w/1.5% Cash back, which is on the shelf. I keep that for the credit history, and no foreign exchange fees if I travel. Only have it linked to Uber, which is 20% off if you use a Capital Once Quicksilver card through April 2016. Will shelve after that, save the occasional trip OUS.

Full disclosure: I have paid off all CC's I possess in full every month in which I have ever owned them, have never paid a cent in interest, and my credit score is great. I don't open them often (Citi and SM first in almost 10 years) because I am fully aware it's a hard pull on your credit and affects utilization. I use them purely for points, and the fact that I hate carrying cash. Dave Ramsey is right in that no one gets rich off of points, but if you use credit responsibly, it's also foolish to leave free money on the table whilst building your credit history. The rewards are purely pocket money, I save responsibly otherwise.

 

[Chadstroma]

We have discover now and would keep it for the 5%, but I'd like more on everything.

Just reluctant to apply for another card (we only have 2)

There really is no reason to be reluctant to have more than two cards for any financial/credit score reasons. In fact, in most cases more credit cards will help your credit score. I remember seeing an independent company that did a profiling questionaire of people with different credit scores. The top bracket- 750+ "profile" was like 7+ credit cards. As you went down the different profiles the 'average' of credit cards in each profile dropped. Which makes sense... credit scores are quantified ways of expressing how well you manage credit. The more credit, the more you have shown you can manage it. There are other factors too but in general, more credit cards is not a negative.

Like I said before, the big negative on the Discover and Chase Freedom is being told what you get your 5% in. The major reason I stopped using the Chase, besides not liking Chase in general, is not having that choice and then trying to remember something I did not choose. Also, when they do individual companies rather than categories, it drives me crazy. Not too long ago they did Lowes.... which is great other than the fact I almost never go to Lowes and go to Home Depot instead because of traffic, distance and tax differences. If you like Discover and/or Chase for the 5% then I would check out the US Bank one instead or as another option.

 

[Chadstroma]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

That is 2% back. Which as far as flat rates back is pretty good. Not sure if anything out there gets you better across the board.

2% is about as good as it gets for an "everything" card. I use the Fidelity Amex, but it is the same deal. The only other card I use is a Sallie Mae one for 5% on gas, groceries, and Amazon. I think Penfed also has a good gas credit card, too.

I have a few CC's, 4 to be exact (Citi and SM recently, others for ~10 years). The Citi DC card (recent) is my go-to for everything but gas, Amazon and groceries. Gas and Amazon go on the SM card. Groceries go on my Target red card, 5% off at the register. Lastly is a Capital One Quicksilver Visa card w/1.5% Cash back, which is on the shelf. I keep that for the credit history, and no foreign exchange fees if I travel. Only have it linked to Uber, which is 20% off if you use a Capital Once Quicksilver card through April 2016. Will shelve after that, save the occasional trip OUS.

Full disclosure: I have paid off all CC's I possess in full every month in which I have ever owned them, have never paid a cent in interest, and my credit score is great. I don't open them often (Citi and SM first in almost 10 years) because I am fully aware it's a hard pull on your credit and affects utilization. I use them purely for points, and the fact that I hate carrying cash. Dave Ramsey is right in that no one gets rich off of points, but if you use credit responsibly, it's also foolish to leave free money on the table whilst building your credit history. The rewards are purely pocket money, I save responsibly otherwise.

My wife and I don't have any shared credit cards. She has several and I have several. Two Citi, Capital One, Chase and US Bank. I pretty much stick with the US Bank and I have the Chase as back up in my wallet. She has mostly the same but I think the difference is one Citi and then a Discover.

We were just about to add another credit card- the Costco Amex. We actually basically agreed to get one after we had bought our car and taken care of a few other credit related things. It would have been our first/only shared card.

Then Costco announced they were dropping Amex. No need for an Amex now.

 

[FUBAR]

We have discover now and would keep it for the 5%, but I'd like more on everything.

Just reluctant to apply for another card (we only have 2)

There really is no reason to be reluctant to have more than two cards for any financial/credit score reasons. In fact, in most cases more credit cards will help your credit score. I remember seeing an independent company that did a profiling questionaire of people with different credit scores. The top bracket- 750+ "profile" was like 7+ credit cards. As you went down the different profiles the 'average' of credit cards in each profile dropped. Which makes sense... credit scores are quantified ways of expressing how well you manage credit. The more credit, the more you have shown you can manage it. There are other factors too but in general, more credit cards is not a negative.Like I said before, the big negative on the Discover and Chase Freedom is being told what you get your 5% in. The major reason I stopped using the Chase, besides not liking Chase in general, is not having that choice and then trying to remember something I did not choose. Also, when they do individual companies rather than categories, it drives me crazy. Not too long ago they did Lowes.... which is great other than the fact I almost never go to Lowes and go to Home Depot instead because of traffic, distance and tax differences. If you like Discover and/or Chase for the 5% then I would check out the US Bank one instead or as another option.

The reluctance isn't about the credit score (we're close to 800 right now with no desire to add debt for a few years), it's just a mental thing about not liking more places having our financial information.Eta: what tax differences between lowes and home depot?

 

[dino259]

I don't like asking the question, but is there a better CC than the citibank double cash mastercard?

Our criteria: No annual fee, best cash rewards possible. percentage yield is not an issue.

www.magnifymoney.com is recommended by the stacking Benjamins podcast.

 

[Chadstroma]

We have discover now and would keep it for the 5%, but I'd like more on everything.

Just reluctant to apply for another card (we only have 2)

There really is no reason to be reluctant to have more than two cards for any financial/credit score reasons. In fact, in most cases more credit cards will help your credit score. I remember seeing an independent company that did a profiling questionaire of people with different credit scores. The top bracket- 750+ "profile" was like 7+ credit cards. As you went down the different profiles the 'average' of credit cards in each profile dropped. Which makes sense... credit scores are quantified ways of expressing how well you manage credit. The more credit, the more you have shown you can manage it. There are other factors too but in general, more credit cards is not a negative.Like I said before, the big negative on the Discover and Chase Freedom is being told what you get your 5% in. The major reason I stopped using the Chase, besides not liking Chase in general, is not having that choice and then trying to remember something I did not choose. Also, when they do individual companies rather than categories, it drives me crazy. Not too long ago they did Lowes.... which is great other than the fact I almost never go to Lowes and go to Home Depot instead because of traffic, distance and tax differences. If you like Discover and/or Chase for the 5% then I would check out the US Bank one instead or as another option.

The reluctance isn't about the credit score (we're close to 800 right now with no desire to add debt for a few years), it's just a mental thing about not liking more places having our financial information.Eta: what tax differences between lowes and home depot?

There is no tax difference in general between the two companies. For me it simply is the location of the nearby Lowes and Home Depot. The Lowes is in Cook County which is 9.25% sales tax (one of the highest in the nation) and the Home Depot is in Will County which is 7%.

 

[ghostguy123]

What are the best credit card rewards these days? Looking at specifically cash back. I don't care about the airline miles or anything else. Just cash back.

 

[Sand]

What are the best credit card rewards these days? Looking at specifically cash back. I don't care about the airline miles or anything else. Just cash back.

Double Cash is good. I use my Fidelity 2% Amex all the time (you need an account there, but they'll just dump the 2% right into the account). For gas and groceries I have a 5% Sallie Mae card, which does have a monthly spend cap. For me it works, though.

 

[Chadstroma]

What are the best credit card rewards these days? Looking at specifically cash back. I don't care about the airline miles or anything else. Just cash back.

See my posts above for the cards I know of at 5% (adding the Sallie Mae that others have mentioned).

 

[ghostguy123]

What are the best credit card rewards these days? Looking at specifically cash back. I don't care about the airline miles or anything else. Just cash back.

See my posts above for the cards I know of at 5% (adding the Sallie Mae that others have mentioned).

2% anything with 5% on some stuff with limits would be nice. Will look into one of those.

 

[Chadstroma]

What are the best credit card rewards these days? Looking at specifically cash back. I don't care about the airline miles or anything else. Just cash back.

See my posts above for the cards I know of at 5% (adding the Sallie Mae that others have mentioned).

2% anything with 5% on some stuff with limits would be nice. Will look into one of those.

The US Bank doesn't give you 2% on anything. You have a couple of choices for your 5% and then another choice for 2% and then 1% on everything else. Discover and Chase give 5% on a couple of categories that they choose each Q and then 1% on all else. I am going to look into the Sallie Mae card because groceries and gas is what I spend mostly on with my cards.

 

[Chadstroma]

Sallie Mae MasterCard®If you have student loans, the Sallie Mae MasterCard might be the right card for you. Not only does it offer cash back rewards, but it also allows you to use those rewards to pay down your eligible Sallie Mae student loans.1
Here’s how you earn cash back:

• 5% cash back on the first $250 you spend per month on eligible gas and grocery purchases each and the first $750 you spend per month on eligible book purchases.2
• 1% cash back on every other purchase you make.2
• Earn 2500 bonus points which may be redeemed for a $25 cash back statement credit, just for using your card within 90 days of account opening.3
• No annual fee..

 

[JackReacher]

Awesome thread; couple questions for the room:

My wife is 13 years younger. We fully fund my Roth. Should we also fund hers knowing that when she turns 59 we will already be withdrawing from my 401k no penalty for several years?

Also, saw someone post about 529 tax breaks. Do you have to live in the state where your 529 is to be eligible? We are in FL, but our 529 is in VA. Thanks

 

[Doctor Detroit]

Awesome thread; couple questions for the room:

My wife is 13 years younger. We fully fund my Roth. Should we also fund hers knowing that when she turns 59 we will already be withdrawing from my 401k no penalty for several years?

Absolutely. You should fund a Roth if you are able to, regardless of other assets and circumstances. Also realize that because you are 13 years older than your wife, you are likely to die sooner. You never have to withdrawal from a Roth either (at least as it stands right now), so it has several possible landing places in your estate and long-term financial plans.

 

[Wooderson]

So my wife is becoming a partner this month. I know we will need to file quarterly taxes now but is there anything else I should be aware of?

I plan to meet with our accountant later this month.

Thanks.

 

[thecatch]

Awesome thread; couple questions for the room:

My wife is 13 years younger. We fully fund my Roth. Should we also fund hers knowing that when she turns 59 we will already be withdrawing from my 401k no penalty for several years?

Also, saw someone post about 529 tax breaks. Do you have to live in the state where your 529 is to be eligible? We are in FL, but our 529 is in VA. Thanks

529 contributions are deductible in certain states. Since you are in a no income tax state I don't think that's going to help you.

 

[JackReacher]

Awesome thread; couple questions for the room:

My wife is 13 years younger. We fully fund my Roth. Should we also fund hers knowing that when she turns 59 we will already be withdrawing from my 401k no penalty for several years?

Absolutely. You should fund a Roth if you are able to, regardless of other assets and circumstances. Also realize that because you are 13 years older than your wife, you are likely to die sooner. You never have to withdrawal from a Roth either (at least as it stands right now), so it has several possible landing places in your estate and long-term financial plans.

Got it. Like most, it has been very tough to max the 401K and double fund the Roth, but we have been scraping by.

 

[JackReacher]

Awesome thread; couple questions for the room:

My wife is 13 years younger. We fully fund my Roth. Should we also fund hers knowing that when she turns 59 we will already be withdrawing from my 401k no penalty for several years?

Also, saw someone post about 529 tax breaks. Do you have to live in the state where your 529 is to be eligible? We are in FL, but our 529 is in VA. Thanks

529 contributions are deductible in certain states. Since you are in a no income tax state I don't think that's going to help you.

Thanks. Figured my accountant would've flagged it but making sure. She's terrific.