OT: Crypto, Stocks, Bonds, Real Estate, Investments, IRAs & Finances, etc.

[ITGM]

Anyone here used the American Express High Yield savings account? It's at 1.90%.

If recommended, should I do their standard Savings Account or the

ir CD accounts. I don't think their CD Accounts are worth it for the extra 0.10 - 0.25% interest, but for their locked in rates. The standard Savings Accounts rate can change, but I'm sure they are flexible with withdrawals.

I'm still new to investing so I feel comfortable having a significant amount that is FDIC insured but also collect some interest.

My savings at BoA doesn't collect anything at all. I guess they are trying to encourage investing in their Merrill accounts, and I'm sure being a physical bank means they can't offer good interest rates on a savings.

CCU of Illinois used to offer 5.09% APY on their high yielding checking accounts (20k max); however, now they've restructured their applicable maximum amount to 10k. Generally, credit unions usually offer higher APYs than your typical bank, so you might want to check some out before you make your decision.

[Boss_]

I would not touch bitcoin. I agree with GONYK, it's just speculating.

Stocks are good for long term. Preferably low cost index funds.

But at the moment most of my money is invested into P2P lending. 10 platforms in total (for diversification mostly). They all reside in Europe, though, and almost all of them require a European bank account. German investors love them and so do I. Getting 14% a year is much better than stocks.

I'm going to name some of the platforms so you can google them if you're interested: Mintos, Crowdestor, Viainvest, Grupeer, Wisefund, Iuvo group, Estateguru, Robocash, Envestio, Bondster, etc.

Have you tried lendingclub?

I tried it once around 7k..was dissapointed..
Mostly invested in A and B grade credit scores..
Alot of people stopped paying, and I actually had alot of deaths..people take loans out before they die it seems

Also seemed silly that people would take out loans with a 25% interest rate and terrible credit score on a 20k loan for the bad grades

[Ville5]

I would not touch bitcoin. I agree with GONYK, it's just speculating.

Stocks are good for long term. Preferably low cost index funds.

But at the moment most of my money is invested into P2P lending. 10 platforms in total (for diversification mostly). They all reside in Europe, though, and almost all of them require a European bank account. German investors love them and so do I. Getting 14% a year is much better than stocks.

I'm going to name some of the platforms so you can google them if you're interested: Mintos, Crowdestor, Viainvest, Grupeer, Wisefund, Iuvo group, Estateguru, Robocash, Envestio, Bondster, etc.

Have you tried lendingclub?

I tried it once around 7k..was dissapointed..
Mostly invested in A and B grade credit scores..
Alot of people stopped paying, and I actually had alot of deaths..people take loans out before they die it seems

Also seemed silly that people would take out loans with a 25% interest rate and terrible credit score on a 20k loan for the bad grades

No, I don't live in the US so I have no access to Lending club. Even if I did, I wouldn't try it because I've heard many bad things about it. There are some platforms of this type in Europe (Bondora, Finbee, Neofinance), but I don't invest in them because in the end, the goals and interests of these platforms are not aligned with mine. My goal is to have as many good borrowers as possible, as good collection processes as possible. Their goal is to get as many borrowers (and investors) as possible and to save money on credit scoring and debt collection. You can see the conflict of interest there.

The platforms I invest in operate with a different business model. They take existing lending companies and offer investors to invest in existing loans. And the most important thing is that if the borrower is late more than 60 days, the loan originator buys the loan back from the investor so they have an incentive to have good debt collection processes and credit scoring. In such a situation, the investors don't need to worry about individual borrowers defaulting, they only need to worry about the loan originator going bankrupt. Hence the diversification I mentioned in my first post.

[Slicin N Dicin]

Anyone here used the American Express High Yield savings account? It's at 1.90%.

If recommended, should I do their standard Savings Account or their CD accounts. I don't think their CD Accounts are worth it for the extra 0.10 - 0.25% interest, but for their locked in rates. The standard Savings Accounts rate can change, but I'm sure they are flexible with withdrawals.

I'm still new to investing so I feel comfortable having a significant amount that is FDIC insured but also collect some interest.

My savings at BoA doesn't collect anything at all. I guess they are trying to encourage investing in their Merrill accounts, and I'm sure being a physical bank means they can't offer good interest rates on a savings.

I do theirs and a separate Barclays savings account that's at 2.10%. Had one set up.before marriage and wife and I set up the other one while dating. Nice addition to other investment vehicles giving you the flexibility to liquidate quick if needed but we leave one alone and the other will be used sporadically in the future

Thanks bud! Quick question, do you know if your CD accounts and saving accounts are in your same logon for AMEX or do you have to keep them separate?

Barclays is showing just at 2.00 for me. I might go with AMEX b/c they have better customer service, and I've dealt with them before. If I really want the extra interest, I can try their CDs.

I just found out Discover has a high yield savings account too. And they offer bonuses, so I might consider that too. But they require some hefty minimums for the bonus and their CDs.

Sorry for the delay - was away for the weekend, but unfortunately I do not have a CD through AMEX, but I believe they are through the same log-in. I know I have to do a separate one for my Amex credit card and savings which is a pain.

Barclays started off at 2, but jumped up to 2.1% fairly quickly for me. They have two accounts as well, with a Dream savings account generating additional interest for every 6 months there is no withdrawal and a certain deposit limit within that frame I forget as well.

I have had a great experience with Barclays customer service if that might be a deterrent and I like having both.

My Amex and Barclays Dream Savings account are set up to have relatively small weekly deposits that will go untouched, while the regular Barclays Savings account is set up weekly as well, but used as more of a vacation/big ticket item account when needed.

If looking for a savings account, with no minimum and kind of set it and forget you can't go wrong with either.

[Stannis]

Sorry for the delay - was away for the weekend, but unfortunately I do not have a CD through AMEX, but I believe they are through the same log-in. I know I have to do a separate one for my Amex credit card and savings which is a pain.

Barclays started off at 2, but jumped up to 2.1% fairly quickly for me. They have two accounts as well, with a Dream savings account generating additional interest for every 6 months there is no withdrawal and a certain deposit limit within that frame I forget as well.

I have had a great experience with Barclays customer service if that might be a deterrent and I like having both.

My Amex and Barclays Dream Savings account are set up to have relatively small weekly deposits that will go untouched, while the regular Barclays Savings account is set up weekly as well, but used as more of a vacation/big ticket item account when needed.

If looking for a savings account, with no minimum and kind of set it and forget you can't go wrong with either.

All good!

Looks like they don't do the Dream savings anymore. That sounded pretty cool.

That sucks that you need two different logons lol.

Anyways, I decided to go with Discover's actually. They have some bonuses going on that will require some churning, but I might do it if I have the time. And their APY is 1.9%. And their CD offerings look slightly better. But still requires two logons (one for credit card and one for online savings).

I might try Barclay's next.

Thanks!

CCU of Illinois used to offer 5.09% APY on their high yielding checking accounts (20k max); however, now they've restructured their applicable maximum amount to 10k. Generally, credit unions usually offer higher APYs than your typical bank, so you might want to check some out before you make your decision.

Thanks for this suggestion. It had some requirements that needed to be met for me to get the full 5%, which isn't for me since I pay everything on credit cards so I can get cash back bonuses.

But I'm going to pass CCU to my GF and brother, since they are always complaining about their banks and use mostly debit cards.

[Stannis]

I'm debating if I should do a traditional IRA or Roth IRA. Is it as simple if you think you will make more later in life, choose a Roth? And if you really need tax breaks now, go with a traditional IRA?

I'm think I will be making more as I get old (I sure hope so, lol).

What are you opinions on having both a tIRA and a rIRA?

I was thinking about doing both to play it safe. Like maybe have a tIRA and put small investments in it. That way I already have an IRA ready where I can rollover my 401k if I have change jobs. And I can have a rIRA for larger investments.

[CharlesOakley]

Roth makes a ton more sense to me. Taxes in, no taxes out should always be better unless you plan on losing money in your IRA.

[Stannis]

Has anybody used HSAs? My work is offering one this year.

I can go with a PPO plan at $214 (no HSA) a month OR $102 HDHP (with HSA). I'm single. $500 deductible vs $1,500 deductible.

I've read that some people max our their HSA ($3550) a year. Mostly because it's tax free like an IRA, tax free if you withdraw for medical expenses, and it acts like a IRA if you don't use it for medical expenses by the time your 65. Some people say to use and invest in low cost index funds. My employer would put in $500 a year.

The only thing I'm worried about is that I'm still trying to find out if our employers will give us any options for this fund or if it is all auto-manged.

And if I do change jobs, is moving an HSA a pain? Will I get stuck paying fees on this sort of account?

EDIT: Just found out the carrier is "HSA Bank". I just need to see how this is managed.

[aq_ua]

Has anybody used HSAs? My work is offering one this year.

I can go with a PPO plan at $214 (no HSA) a month OR $102 HDHP (with HSA). I'm single. $500 deductible vs $1,500 deductible.

I've read that some people max our their HSA ($3550) a year. Mostly because it's tax free like an IRA, tax free if you withdraw for medical expenses, and it acts like a IRA if you don't use it for medical expenses by the time your 65. Some people say to use and invest in low cost index funds. My employer would put in $500 a year.

The only thing I'm worried about is that I'm still trying to find out if our employers will give us any options for this fund or if it is all auto-manged.

And if I do change jobs, is moving an HSA a pain? Will I get stuck paying fees on this sort of account?

EDIT: Just found out the carrier is "HSA Bank". I just need to see how this is managed.

One piece of advice I always have for the younger folk is always always always max out any opportunity for employer contributions or matching. It just doesn’t make sense not to take advantage of it. Even if it means you’re eating cup noodles for lunch, you should just do it - it’s free money.

[Papi_swav]

Buy some Bitcoin
Lock it up in cold storage
Don’t touch it for 7-10 years
.
.
.
Retire

The time to have done that was 7 years ago.

[Stannis]

One piece of advice I always have for the younger folk is always always always max out any opportunity for employer contributions or matching. It just doesn’t make sense not to take advantage of it. Even if it means you’re eating cup noodles for lunch, you should just do it - it’s free money.

I agree. And that's what I do with my 401k. But only see $500 a year for this HSA

[aq_ua]

One piece of advice I always have for the younger folk is always always always max out any opportunity for employer contributions or matching. It just doesn’t make sense not to take advantage of it. Even if it means you’re eating cup noodles for lunch, you should just do it - it’s free money.

I agree. And that's what I do with my 401k. But only see $500 a year for this HSA

Don’t make me type out what compounding can do with a free $500 over your lifetime. If you saw $500 lying in the middle of the street with no one around, do you walk past it and say, oh whatever, it’s only $500? I am happy to take it in your stead.

[ZKnicks]

Buy some Bitcoin
Lock it up in cold storage
Don’t touch it for 7-10 years
.
.
.
Retire

The time to have done that was 7 years ago.

That’s true to an extent. If you got in 7 years ago, you would pretty set for life right now depending on how much you bought initially.
I still think 5+ years from now we will look back and say $8k was an absolute steal.
My opinion. Could be worth $10 at that time too

[Papi_swav]

Buy some Bitcoin
Lock it up in cold storage
Don’t touch it for 7-10 years
.
.
.
Retire

The time to have done that was 7 years ago.

That’s true to an extent. If you got in 7 years ago, you would pretty set for life right now depending on how much you bought initially.
I still think 5+ years from now we will look back and say $8k was an absolute steal.
My opinion. Could be worth $10 at that time too

Man I wish I would of listened to some of my friends back then lol. I paid no mind to Bitcoin back then. I mean most ppl didn't . If I had one regret in my life, that was it.

[Stannis]

Anyone recommend any good investment podcasts?

Also, would you guys ever purchase something like Motely Fool's Stock Advisor? It's a yearly subscription.

[Dantares]

Calling it right now. Britain finally leaves the EU in historic vote tomorrow and the market pops with that uncertainty gone.

[Ville5]

Also, would you guys ever purchase something like Motely Fool's Stock Advisor? It's a yearly subscription.

I would not. If you're serious about investing, buy and hold is the way to go. If you try to beat the market, well, you might get lucky once or twice but you'll never beat the market many years in a row, especially taking into account all the trading fees. All those who say they've got a strategy for you, they just want your money. If their strategy was so good, they'd keep it a secret so they could profit from it. And they'd be long retired enjoying life on a beach somewhere (or whatever).

[Jose7]

Anyone here successfully acquired their first rental property?

[Stannis]

Am I missing out if I'm not investing in cannabis/mj?

[Garbagelo]

I'm debating if I should do a traditional IRA or Roth IRA. Is it as simple if you think you will make more later in life, choose a Roth? And if you really need tax breaks now, go with a traditional IRA?

I'm think I will be making more as I get old (I sure hope so, lol).

What are you opinions on having both a tIRA and a rIRA?

I was thinking about doing both to play it safe. Like maybe have a tIRA and put small investments in it. That way I already have an IRA ready where I can rollover my 401k if I have change jobs. And I can have a rIRA for larger investments.

If you are holding risky non 401k investments, then go roth. If you aren't I'd prefer traditional. You are taxed either way but you won't be taxed out the wazoo if your risky investments fail and have to take out from your roth 401k to sustain your life.