Comments on: Assessing the Progress toward Financial Simplification

By: Investing » Assessing the Progress towards Financial Simplification

Investing » Assessing the Progress towards Financial Simplification — Mon, 24 Sep 2007 08:24:51 +0000

[...] huge fund wrote an interesting post today onHere’s a quick excerptBack in April, after reviewing our financial structure, I came to the conclusion that our system was way to complex due to the large number of accounts we own, though I managed to make the system work quite smoothly for us. … [...]

By: Food For Thought - Articles From My Blgoroll About Credit Card Limits, Time Management, And 401K Mistakes

Thu, 13 Sep 2007 14:29:17 +0000

[...] Sun’s Financial Diary is working on simplifying finances. If you read Sun’s work, you’ll be impressed by the amount of content included in each [...]

By: Tyler

Tyler — Wed, 12 Sep 2007 11:40:17 +0000

How you keep that crap organized is beyond me. Why the financial hoarding mess? It sounds more a like a psychological problem to me. Get your act together and get yourself down to 1 checking and 1 savings – At most, 3 credit cards, and 2 online savings. I think you’re ok on the brokerage accounts because of the different needs but needing anymore than that is beyond comprehension.

By: John

John — Wed, 12 Sep 2007 04:08:53 +0000

Sun,
The good point of the Wells Fargo PMA account compared to the Bank of America is that the $25,000 requirement is the sum of all the accounts with Wells Fargo. So the stocks in your account are also valued and as long as it satisfies the criteria you are good. On a negative note they do not have good rates for Options trading

By: Sun

Sun — Wed, 12 Sep 2007 00:44:13 +0000

I am aware of the Wells Fargo program (Bank of America has a similar one, but not as good with a higher minimum requirement). The only reason that I don’t want to use it the requirement of $25,000 minimum balance of the account. Though the balance of my investment accounts is larger than $25K, I don’t want to be forced to have to keep the minimum in order to get the free trade. The same for savings accounts that require minimum balance to avoid fees. I generally try to avoid this type of accounts unless there’s no other alternatives or the benefits are significant. I usually make about 10 trades per year so it’s fine even if I have to pay a little fee.

By: Sa Ra

Sa Ra — Tue, 11 Sep 2007 16:23:33 +0000

Why don’t you open a trading account with Wells Fargo? They have 100 free trades per year if you have $25,000 total in cash/cd/equity/mutual fund etc.