52 Week Money Challenge

[Steve Piffler]

That's the weakest kind of saving method I've ever seen

it's pocket change for a treat at the end of the year....who cares how it's done. as long as it gets done....

 

[DallasTxRep]

I'm doing this, this isn't hard at all. Just gives me extra incentive to save more money

 

[Pindatail onadonkey]

it's pocket change for a treat at the end of the year....who cares how it's done. as long as it gets done....

True, I can't knock a nikka atleast tryna save. Me personally, I'd be ashamed if I only saved a little over a g in a year. But everyone situation different I guess

 

[Marciano]

That's the weakest kind of saving method I've ever seen

Maybe....but with Blacks being like the worse when it comes to saving & retirement, that simple formula can be beneficial. Something is better than nothing! $1400 a year (including interest) is definitely better than nothing.

When it comes to retirement readiness, the study found that only two in 10 African Americans believe that they are on track to meet their planning and savings goals for retirement, and nearly twice as many say they are way behind or haven't even started. In fact, the study found that 60 percent of African Americans surveyed have less than $50,000 in company retirement plans and only 23 percent have more than $100,000.

African Americans Financial Planning Needs - A Study | Prudential

 

[M617]

yall must make shyt paychecks and spend all your money you make to even consider that saving money. 1,300 in a year is shyt savings if i cant even save that shyt in 2 months i feel at the poverty level

who the fukk only saves $25 on their paychecks? i put my whole check in and take what i need from the account as needed

 

[CoolazzFemale]

Im down.

 

[Soundbwoy]

yall some condescending mofos nobody is saying its their life saving its just a lil treat for you next year, imma use this for my december vacay

 

[illadope]

Betterment seems like the best thing to do

 

[Dark Knyght]

yall must make shyt paychecks and spend all your money you make to even consider that saving money. 1,300 in a year is shyt savings if i cant even save that shyt in 2 months i feel at the poverty level

who the fukk only saves $25 on their paychecks? i put my whole check in and take what i need from the account as needed

Everybody ain't ballers out here. Its just a lil way to save extra money for those who feel that they can't because they maybe living paycheck to paycheck like the majority of America.

I on the other put a thousand plus away to save every month.

 

[R.E.N. Spells Ren]

I didn't either, so I went with www.betterment.com

Completely automated. They choose the investments for you, re-balance, re-invest dividends, etc.... Fees aren't super-low but it's a great service, and it beat the hell out of my savings acct (0.9%).

As you can see, I'm pretty happy with the returns.

Anybody vet this? This strikes me as a ponzi scheme...they just give you returns? Do they tell you what they're investing in? Do they send all quarterly reports and associated prospectus?

No, I'm not just hating cuz it outperformed my brokerage account.

 

[R.E.N. Spells Ren]

As far as the challenge, I don't get the point....I save everything I don't spend anyway

 

[TheBigBopper]

Ya'll nikkas lost if ya'll ain't putting this money into an index fund instead of that weak ass 0.25% interest rate savings account

 

[BlvdBrawler]

Anybody vet this? This strikes me as a ponzi scheme...they just give you returns? Do they tell you what they're investing in? Do they send all quarterly reports and associated prospectus?

No, I'm not just hating cuz it outperformed my brokerage account.

Yeap it's completely legit. They invest in a combination of Vanguard ETFs and iShares bonds. Lemme screenshot it. There's really nothing preventing anyone from investing in this mix on their own, they just do it for ya and handle the re-balancing and dividend re-investment automatically. I don't know about a prospectus, they've probably sent it to me but I throw all those away anyway. Quarterly reports do come tho.

 

[BlvdBrawler]

Betterment seems like the best thing to do

I can't really complain, just understand that there's a risk / reward and unlike a savings acct, you could lose a lot of money.

 

[aRoMaN21]

Most on the coli wouldnt get past week 13.

$91 would vanish down to $1 every 3 mnths. smh