My Money Blog

My Money Mistakes: IRAs and Student Loans

Posted on February 4, 2006 // 20 Comments

Before I started this blog in late 2004, I didn't know squat about managing my money besides not to spend it all. Although I'm sure I could have done much worse, let's see where I was 5 years ago: 1) I didn't max my IRAs out. Even though I was … [Read the rest]

Avoid An Audit: Don’t File Electronically

Posted on February 3, 2006 // 19 Comments

I was doing some business tax research today and ran across this interesting tip for avoiding an audit - don't E-file. Here's why. The way the IRS determines if you are to be audited is through a computer algorithm that churns through your numbers … [Read the rest]

Business Checking Account and Mailbox Opened

Posted on February 3, 2006 // 13 Comments

Recently I opened a business checking account, and also a private mailbox at a UPS Store. Bank of America even offered a $50 bonus in the branch. The box costs $15 a month. This will just about finish my 2006 Q1 goal of separating business and … [Read the rest]

Beware! Some Banks Lie About No Minimum Balances

Posted on February 2, 2006 // 15 Comments

A great thing about online savings accounts with no minimum balances is that theoretically you can just move all your money to the one currently paying the highest interest! (If it's worth it.) But, from e-mails I have gotten and other reports on … [Read the rest]

You Need A Budget (YNAB) System Review

Posted on February 2, 2006 // 17 Comments

I've decided there are three types of people out there: 1) One who needs a budget, otherwise they'll spend whatever they can get their hands on, and then some, 2) One who does a pretty good job by themselves, stays out of debt, but could … [Read the rest]

Short Takes

Posted on February 1, 2006 // 3 Comments

HSBC Direct finally updated their front page, confirming that their 4.80% APY rate hike is indeed only until 4/30. Capital One 360 must be thrilled. The HSBC rate is higher than their 0.75% APY, applies to all deposits instead of just new ones, and … [Read the rest]

Traditional IRA to Roth IRA Conversion Revisited

Posted on January 31, 2006 // 12 Comments

Almost exactly a year ago, I pondered whether to convert my Traditional IRA into a Roth IRA. I ended up not doing it right away after realizing that I might hit the ceiling that limits conversions to those with a modified adjusted gross income (MAGI) … [Read the rest]

Presidential Bank Raises Rates to 4.25% and 4.37% APY

Posted on January 31, 2006 // 5 Comments

Perhaps inspired by Greenspan's parting rate hike, the rate on the Presidential Internet Checking Plus (review) account has been raised to 4.25% APY and their Presidential Premier Savings (review) account is now at 4.37% APY. I consider my Prez … [Read the rest]

25 Excuses For Not Saving For Retirement

Posted on January 31, 2006 // 14 Comments

Not saving for retirement? Need a good excuse why? Not to worry - here are some 25 ideas for you, all for free! 1. I'm young, I need to enjoy life. 2. I'm too old, it's too late for me. 3. I'm scared of money. It's too complicated. 4. It's … [Read the rest]

Carnavals D’argent

Posted on January 30, 2006 // 1 Comment

Carnival of Personal Finance #33 Carnival of Investing #7 Carnival of the Capitalists #121 Festival of Frugality #8 … [Read the rest]

HSBC Direct Now Paying… 4.80% APY Interest!

Posted on January 30, 2006 // 12 Comments

HSBC Direct is now paying 4.80% APY on their OnlineSavings accounts. It's not updated on their front page, but it is shown on their Rates page. For those with accounts, check out my Rate Chaser Calculator if you are at a lower rate right now and … [Read the rest]

Cashback Credit Cards – Hot or Not?

Posted on January 29, 2006 // 27 Comments

Cash back credit cards are all the rave now, especially the 5% ones. Citibank has had their Dividend card giving 5% cash back for groceries, gas, and drugstores for years now. Chase then copied Citi with their own version. American Express and … [Read the rest]