Post Your Wins

[QuarterMillionMan]

Like everything in life the problem gamblers need to control their compulsions. Likewise the person in debt needs to stop spending and learn to save. Doing things in excess is not good.

[disneysteve]

Like people who go to concerts and spends $200 a night,

Good luck spending $200 for a night going to a concert. I'm amazed by what concert tickets go for now. It isn't unusual for a ticket to a big name performer to be $500 or more. For a couple to go to dinner and a concert, with travel and parking and all, you can easily be talking close to $1,500.

[disneysteve]

Of course QMM, you game responsibly. But, what about everyone who doesn't?

What does that have to do with anything? The same could be said for any addictive behavior or substance. My wife and I are whiskey aficionados. We have a respectable collection of bourbon and rye, belong to a few whiskey lover groups, and regularly attend tastings and other events. We may drop $100 on a special bottle, occasionally more. We aren't alcoholics. We don't drink every day. We never drive drunk. The fact that alcohol addiction exists should have no bearing on our ability to enjoy the hobby. Just because there are gambling addicts doesn't mean the rest of us can't enjoy the occasional trip to the casino.

[QuarterMillionMan]

Here in Los Angeles Disney Land is a major entertainment option and expense. 5 out of 7 of my subordinates have annual passes which must be $1500/year. I often overhear them talking or more like complaining about how expensive it is, lol. Disney adding more black out dates, etc. They go every weekend. Some don’t even have kids yet. I often wonder how much they spend but it makes them happy so more power to them.

[QuarterMillionMan]

[disneysteve]

QMM, if you earned $9,000 in your Ally account, that means you've had over $200,000 in that account. You could have earned a lot more with CDs or Treasuries or even just a brokerage money market. Vanguard is paying 5.3% which would have gotten you an extra $2,000 on that same balance. I've got an Ally account too but I just keep a modest amount in there with the rest in higher rate accounts.

[QuarterMillionMan]

You're good at math. Yes on 12/9/23, I had just transferred $110,000 into a new Capital One 360 online savings account in order to get the $1500 bonus after 90 days. CDs and treasuries need long maturity times (ie, 6 months or 1 year).

[disneysteve]

You're good at math. Yes on 12/9/23, I had just transferred $110,000 into a new Capital One 360 online savings account in order to get the $1500 bonus after 90 days. CDs and treasuries need long maturity times (ie, 6 months or 1 year).

That’s true about CDs and bonds but you can buy them on the secondary market maturing pretty much any time. That’s also why I mentioned the Vanguard money market. That’s fully liquid just like Ally but pays 20% more interest. On 200K that’s an extra 2K in a year.

[QuarterMillionMan]

Ok thanks, I'll look into Vanguard when more of money gets freed up. I'll be cashing out $10,000 in government series I-bonds in 2024, I can't wait to free up that money.

[disneysteve]

Ok thanks, I'll look into Vanguard when more of money gets freed up. I'll be cashing out $10,000 in government series I-bonds in 2024, I can't wait to free up that money.

What's the rate on the bonds? Why so anxious to cash them in? They grow tax-free until you redeem them which is nice and they're inflation-protected.

[QuarterMillionMan]

About 4% which is fine but I'm more concerned about the ability of the government to repay.

[disneysteve]

About 4% which is fine but I'm more concerned about the ability of the government to repay.

Well if that’s your concern then your money isn’t safe at Ally or Vanguard either or anywhere else in the banking system.

If the US starts defaulting on its bonds it won’t matter where you have your money.

[QuarterMillionMan]

Hence, 10% - 15% of my net worth is in gold/silver and cryptocurrencies. I’m near $1 million net worth but not there yet. And if I’m wrong I don’t get above 15%. Need to remind myself of the pendulum not swaying too far in either direction and stay balanced.

[crazyliblady]

Instead of posting individual threads for your financial wins, lets share stories of how we've paid off our debts, made extra money, or otherwise took home some personal finance wins.

For my part, I recently just bought a condo. This is way better than renting because I'll be racking up 500 in equity every month, plus getting into a better tax situation and now my housing payments will be going into having an asset that's gaining value in the real estate market.

My husband and I got solar panels installed in March this year. We had been wanting to do this for years, but kept encountering other situations that needed more immediate attention. We financed the solar panels and agreed between us, that whatever money we would have normally paid to the electric company, we would pay to the solar loan. We are also tracking other funds that we have not allocated for something else and applying them directly to the solar loan. The original amount of the solar loan was about $40,000. The current balance is about $26,000. We will be filing for the solar credit and are planning to have a significant part of the loan off by next December. Once it is paid off, we will be allocating extra funds tot he mortgage. This feels pretty amazing, as we have never been in this kind of financial condition before.

[james.hendrickson]

My husband and I got solar panels installed in March this year. We had been wanting to do this for years, but kept encountering other situations that needed more immediate attention. We financed the solar panels and agreed between us, that whatever money we would have normally paid to the electric company, we would pay to the solar loan. We are also tracking other funds that we have not allocated for something else and applying them directly to the solar loan. The original amount of the solar loan was about $40,000. The current balance is about $26,000. We will be filing for the solar credit and are planning to have a significant part of the loan off by next December. Once it is paid off, we will be allocating extra funds tot he mortgage. This feels pretty amazing, as we have never been in this kind of financial condition before.

Great work!!!