NaijaProdigy Redux
Veteran
If you can financially, max out 401K (particularly if you're company matches) and mega backdoor Roth.
Personal Finance Gems
- Thread starter winb83
- Start date
Tax loss harvesting.
Anyone losing money on those meme stocks and crypto should try to tax harvest those losses to lower the tax bill on your capital gains and regular income. There are some simple rules you need to know in order to do it.
Tax-loss harvesting | Capital gains and lower taxes | Fidelity
Anyone losing money on those meme stocks and crypto should try to tax harvest those losses to lower the tax bill on your capital gains and regular income. There are some simple rules you need to know in order to do it.
Tax-loss harvesting | Capital gains and lower taxes | Fidelity
Student loan debt is this. It's a crisis.
I got a bonus on that Fidelity. Spend so much in the first 3 months and get $250 back. That Citi Double Cash is a product change from a Diamond Preferred I had back when my credit was worse. It's an old card so I don't cancel it. I just use it for bills.
Is there an echo in here?
I have a few of them myself nothing wrong with having multiple cards of the same type. Cash back, miles, etc.
i like this one
student loan debt is not a crisis
As someone who works in the banking industry, I see ppl more frequently than you would think who make 20K a month and get turned down for stuff.
Making more money is not always the answer
Do you do churning?
This isn't good advice for everyone tho.
My gf has one cc she uses for everything... It was all good, but lately she's gotten popped twice in a few months bc someone used her card fraudulently to buy food from Uber Eats.
So then her card has to be canceled until they can send her a new one. If you don't have a backup cc then you're screwed
Making more money isn't going to teach you how to manage money and live below your means. The reality for many people is they live at the edge of what they can afford they use debt to get there. They finance either the most expensive car they can afford or a car more expensive then they can afford. They live in a home and neighborhood they can't really afford.
You give these people more money and they'll just adjust their lives up. People need to figure out what's the minimum lifestyle they need to be comfortable and freeze their live at that point. Start making more and they divert that to saving and investing.
I've come around on stuff like car debt. I used to say never finance a care but now I say if you finance a car you better have the money in the bank to pay off the part you financed if need be. My car payment is $168 a month @ 2.89 APR it was financed for 5 years and I'm 2.3 into it. I took my car payment and doubled it putting the part over in a bank account. I won't lie I've dipped into that bank account to buy some stocks occasionally but just that double up account has 61% of the remaining loan balance in it. When that car is paid off I'll take both the payment and overage and continue to put it into that account.
I was but I stopped. Was looking to get a house back in 2019 so I stopped adding credit. In 2020 the housing market went crazy but I've still not added much in new credit.
Stop celebrating holidays. Invest that cash. Thank me later.
