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JMR
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Postby JMR » Thu Feb 27, 2014 9:36 pm

MrMosby wrote: I don't want to be one of the customers that they decide to randomly close all the accounts and sell of my mortgage :-) Maybe I'm just paranoid.


Yeah. They can't be too upset if you pay all your bills on time, am I right? Haha.
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Postby MrMosby » Thu Feb 27, 2014 9:39 pm

Yeah. They can't be too upset if you pay all your bills on time, am I right? Haha.


There's actually a thread on FlyerTalk about Chase shutting folks down. Some are doing manufactured spend, but ultimately the common thread is the bank makes a determination if they make enough margin off of a customer. They're taking reward redemption on credit cards, etc. into account.

I guess one guy had his bank account, mortgage, etc. with Chase and was churning and doing manufactured spend and he was declined an app with Chase not based on his credit at all, but solely on his profitability for the bank. There were others that had their accounts shut down completely as well.
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Postby MrMosby » Thu Feb 27, 2014 10:00 pm

Here's something to really put it in perspective :-) If you assume 10% return on investment in the stock market, and then 1% for expenses in funds, and another 1% of advisory services for the 8%.

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Postby JMR » Thu Feb 27, 2014 10:01 pm

MrMosby wrote:There's actually a thread on FlyerTalk about Chase shutting folks down. Some are doing manufactured spend, but ultimately the common thread is the bank makes a determination if they make enough margin off of a customer. They're taking reward redemption on credit cards, etc. into account.


Wow. Didn't know that. The banks make enough money off ridiculous interest rates for people that carry balances. That far outweighs the benefits they give the good, reliable customers.
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Postby whit » Fri Feb 28, 2014 10:35 am

That's silly, if the rich is suppose to benefit the good, reliable customers, then there would be bigger taxes for them (then already, I will give that slight change an edge) and you have to keep in mind there are a lot of unreliable, charged off folks who drags you right back down

Don't forget that if the lending is low, so is the profit margin so expect that to be seen in the form of low interest rates APY.

You know why the brick and mortars have a lower APY then the non-BM right? so the difference is passed off onto you and that's why there's that discrepancy

Rates for mortgages used to be around 7-10% so yes! CDs had 4-5% yield or higher depending on the term, and savings account can be 2-3%, plus or minus depending on institution

The economy is still struggling and people are slowly, s-l-o-w-l-y learning to be more responsible with their money and finances and a good portion is responsible even if they take on more then they can currently pay, but that's still risky with potential for the ill effects to be passed onto the

Good, reliable, customers

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Postby nismoZtuner » Fri Feb 28, 2014 3:43 pm

MrMosby wrote:But I think you need to ask yourself some questions -

1. Are you doing this to begin saving for retirement? For fun? etc?
2. What is your risk tolerance?
3. Do you understand the different investment vehicles well?

Kind of my spiel I always give is you are almost ALWAYS better off investing in a low expense ratio index fund/ETF.


1. I want to see how i do- back in high school during our investment month activity for economics. The teacher made an activity where he started all of us with money(fake money) and then we keep record of the stock market and then invested with the money he started us off with(he was the broker i guess) and see how much money we made by the end of the month i was doing very good but it wasnt real -_-
2. well i want to get started off with the $500 and eventually once i have made a profit i want to pull out those $500. sort of like getting money generated and then taking out my initial deposit (the $500). then let my profits keep my investments running. that way it wont feel too bad when i loose. but if i loose those $500 then i will feel terrible!
3. still new so im not well informed.
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Postby JoDa » Fri Feb 28, 2014 5:31 pm

One other option for you if you EARN any income, consider putting some of the money in a ROTH. You sound pretty young, so your tax rates are probably pretty low right now. Nothing beats tax-free growth when you're super young and kinda broke. :) Obviously, keep some you can get at (though you can always get at ROTH *CONTRIBUTIONS* and can borrow for your FIRST home), but stashing a portion of your portfolio in a ROTH young could do wonders for your ultimate retirement funds.
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Postby nismoZtuner » Fri Feb 28, 2014 5:52 pm

JoDa wrote:-in a ROTH young could do wonders for your ultimate retirement funds.


what would be a good place to start off with a ROTH, i just used google for them.

I found Fidelity.
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Postby JoDa » Fri Feb 28, 2014 5:57 pm

I use Vanguard because their fees are SO. DARN. LOW. But lots of good investment houses out there. Just keep the fees low, as others have mentioned.

EDIT TO ADD: Vanguard's minimum initial investment is $1K, but after that you can put money in in any increment.
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Postby MrMosby » Fri Feb 28, 2014 8:17 pm

JoDa wrote:Vanguard's minimum initial investment is $1K, but after that you can put money in in any increment.


Actually depends on the account, many are $3,000.

One other option for you if you EARN any income, consider putting some of the money in a ROTH.


A ROTH is great today because of the tax free status, if that will continue forever - who knows. I've actually started to put some money in a taxable account as well, accepting that I'm going to have to pay long term capital gains, but my goal is to retire by 55 at the latest so I won't be able to use money in some of my other accounts at that point in time without a large penalty.
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