Let’s face it, the current economy has made making money through your investments without taking on a large amount of risk pretty hard. The average interest rate on a savings account is less than 1%. The days of being able to keep money in your savings account at the bank and earn a respectable amount from interest are gone…or are they? There is a pretty simple trick to earning the absolute maximum amount of interest on your money every month. You simply have to optimize your account to take advantage of how your bank pays out interest. Even if you can’t afford to “save” every month because all your money goes out to bills. You can still take advantage of this, and boost what your bank pays you. Here’s how: Average Daily Balance Your “Average Daily Balance” is exactly what it sounds like. It’s the average amount of money you … Continue reading
What a difference a month makes. After last month’s disappointing results its sure nice to see some movement in the right direction over the month of October. October was an exciting month for a number of reasons, mainly because I’m buying a house! It’s been a long process which I’ll be detailing in a few posts in the coming weeks and I can’t wait until closing is official and we’re settled in. I guess for as far as this post is concerned I’m still debating on whether to include my home in these updates. As I like to only include my pure investments and not everything that makes up my true net worth. As for those investments… due to the house and expenses relating to purchasing it I wasn’t able to contribute to any of my accounts except for that piddling 401(k) balance. So the numbers you see are just the market … Continue reading
Think you’re smarter than the average American when it comes to personal finance? Well here’s your chance to find out. Marketwatch.com recently posted a money quiz that consists of 10 financial questions that they found to be the ones people most commonly answered incorrectly (according to their nationwide survey). Shockingly, of the people who were tested as part of their study the average score on these 10 questions was 50%! After taking the quiz myself I’m astonished that the average score is 50%. The questions are all very basic and represent different financial decisions we all have to make from time to time. I think it speaks volumes to the problem of financial literacy that we face as a nation. Maybe I’m being overly critical and only found it so easy because I spend so much time reading and writing about these kinds of things. It’s possible, but I doubt … Continue reading
I know, I know. Two occupy wall street posts in a row with no serious content or opinions on the protests! Really that’s because I haven’t been following the protests closely enough to warrant an opinion educated enough to share. My quick thoughts are that the protesters probably have some very legit complaints about the system, but as with most movements like this (I’m looking at you, Tea Party) probably lose their cohesive message once you dig beneath the high level rallying cry. Anyway, the real point of this post is to share this super simple calculator the Wall St. Journal posted to determine where in “the 99% ” of the country’s population you land based on your income. I think it would be more useful to rank things based on net worth instead of income, but for argument’s sake this works. If you’re totally clueless the occupy wall street … Continue reading
I’ve wanted to write a post on the occupy wall st. movement for some time. Then I was bored and was reading some Calvin & Hobbes strips online and came across this one which I think is applicable to many of the recent financial/economic situations this country has found itself in. This timely strip was published over 20 years ago. My how times have changed!
The million dollar portfolio challenge is in full swing over at cnbc.com and shockingly, I’m not winning! I’m playing two portfolios in the game and my best portfolio ranks in the 82nd percentile and officially in 118,677th place as of the end of trading Friday (10/14). From the $1,000,000 starting balance they give you my best portfolio now has $1,059,353 for a gain of 5.94%. Of the two portfolios this isn’t the one I expected to be performing the best. I’ll keep my specific holdings a secret for now, but I will say I hold 4 US stocks in this portfolio and hold one foreign currency. The stocks are actually performing very well for me, but I’m taking a beating in the forex trading. This is to be expected however, because I really had (have) no clue about currency trading as I mentioned in my original post on the game. … Continue reading