Comments on: My Personal Saving and Investing System http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/ Fri, 22 Aug 2008 00:45:36 +0000 http://wordpress.org/?v=2.6 By: Did You Splurge? http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-43391 Did You Splurge? Wed, 30 Jul 2008 13:58:06 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-43391 [...] me, I consider myself quite disciplined in saving for the future, which is done through an automatic saving and investing system that I have been using for years. With that system, saving always comes before spending. However, [...] [...] me, I consider myself quite disciplined in saving for the future, which is done through an automatic saving and investing system that I have been using for years. With that system, saving always comes before spending. However, [...]

]]> By: Online Interest Checking Plus Savings Accounts: Who Offers the Best Deal? http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-43156 Online Interest Checking Plus Savings Accounts: Who Offers the Best Deal? Tue, 08 Jul 2008 03:49:20 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-43156 [...] However, all these activities are limited to only online savings account. I have only one Bank of America checking account and no internet based checking account, though the BoA account doesn’t ear me any interest. When ING Direct introduced their interest checking account last year, I have once considered whether to switch, but eventually abandoned the idea for reasons I explained before. [...] [...] However, all these activities are limited to only online savings account. I have only one Bank of America checking account and no internet based checking account, though the BoA account doesn’t ear me any interest. When ING Direct introduced their interest checking account last year, I have once considered whether to switch, but eventually abandoned the idea for reasons I explained before. [...]

]]> By: Dave http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-40218 Dave Fri, 15 Feb 2008 20:46:41 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-40218 I have ING Direct for "Electric" Checking and Savings plus HSBC for savings (they usually have a slightly better rate on savings than ING). I have a brick and mortar credit union which usually holds a balance of less than $500 and I use it as my vehicle to deposit checks. I use Scottrade for my Roth IRA investment account, 3 years running now. I either pay $17 DODFX or $7 VTV and VWO per trade with a buy and hold philosophy. I buy about 2 or 3 times a year and have never sold. I wish Scottrade would automatically reinvest dividends on ETF's. They also only pay a measly .42% on cash in the account, though cash has been a nice place to be the past few months. :) I have ING Direct for “Electric” Checking and Savings plus HSBC for savings (they usually have a slightly better rate on savings than ING). I have a brick and mortar credit union which usually holds a balance of less than $500 and I use it as my vehicle to deposit checks.

I use Scottrade for my Roth IRA investment account, 3 years running now. I either pay $17 DODFX or $7 VTV and VWO per trade with a buy and hold philosophy. I buy about 2 or 3 times a year and have never sold. I wish Scottrade would automatically reinvest dividends on ETF’s. They also only pay a measly .42% on cash in the account, though cash has been a nice place to be the past few months. :)

]]> By: Sun http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-26183 Sun Sun, 21 Oct 2007 02:07:48 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-26183 Keith: The reason for having multiple bank accounts was that each offered a good rate when I opened the account. As other banks, especially those small players, started to offer online savings accounts with better rates, I sometimes opened accounts with them without closing the old ones. I thought having the old accounts open gives me the option to go back to them should their rates become attractive again. However, that's almost never the case. Once they lagged, they will never be a leader again. I am in the process of reducing the total number of accounts I have. I have closed two already and will probably close another one soon. As much as I like to use only one account, I still want to get the most of my money. However, I probably won't get any new account since the difference between rates in the top tier is small. It won't be worth it if I only have a small amount of cash. As for brokerage accounts, it won't be as simple as just close the account and move the money somewhere else though I could essentially use Zecco for all the trading. But I am not comfortable with them. What's the benefit of OptionsXpress? I heard of this firm, but don't know much about it. When I choose a broker, the most I am concerned is commission. Keith: The reason for having multiple bank accounts was that each offered a good rate when I opened the account. As other banks, especially those small players, started to offer online savings accounts with better rates, I sometimes opened accounts with them without closing the old ones. I thought having the old accounts open gives me the option to go back to them should their rates become attractive again. However, that’s almost never the case. Once they lagged, they will never be a leader again. I am in the process of reducing the total number of accounts I have. I have closed two already and will probably close another one soon. As much as I like to use only one account, I still want to get the most of my money. However, I probably won’t get any new account since the difference between rates in the top tier is small. It won’t be worth it if I only have a small amount of cash.

As for brokerage accounts, it won’t be as simple as just close the account and move the money somewhere else though I could essentially use Zecco for all the trading. But I am not comfortable with them. What’s the benefit of OptionsXpress? I heard of this firm, but don’t know much about it. When I choose a broker, the most I am concerned is commission.

]]> By: Keith http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-26071 Keith Fri, 19 Oct 2007 16:58:53 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-26071 Wow that's an amazingly complicated system you have created. What's the point of having 3 on-line banks? Why not just pick one on-line bank and consolidate your savings there? Better yet, consolidate everything except your brokerage account with Vanguard and use their money market fund as your back account, assuming your BofA checking account offers on-line bill pay. Personally I have one bank account with Wells Fargo which provides me with free brokerage trades and then all index funds directly with Vanguard with automatic monthly withdrawls and lastly a brokerage account with OptionsXpress. (One could argue that I could even consolidate everthing with Wells Fargo but I still like the "balance of power.") The bottom line is that I really applaud your commitment to savings, it's just that I would simplify things just to make tracking and rebalancing a lot easier on yourself in the long run. Wow that’s an amazingly complicated system you have created. What’s the point of having 3 on-line banks? Why not just pick one on-line bank and consolidate your savings there? Better yet, consolidate everything except your brokerage account with Vanguard and use their money market fund as your back account, assuming your BofA checking account offers on-line bill pay. Personally I have one bank account with Wells Fargo which provides me with free brokerage trades and then all index funds directly with Vanguard with automatic monthly withdrawls and lastly a brokerage account with OptionsXpress. (One could argue that I could even consolidate everthing with Wells Fargo but I still like the “balance of power.”)
The bottom line is that I really applaud your commitment to savings, it’s just that I would simplify things just to make tracking and rebalancing a lot easier on yourself in the long run.

]]> By: Sun http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-23334 Sun Thu, 20 Sep 2007 19:01:02 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-23334 It's true that I can essentially do the same thing with fewer accounts and I am actually in the process of reducing the number of accounts I own, especially the online bank accounts and brokerage accounts. The hardest part is the brokerage accounts as each one has its own feature and tax consequences have to be considered as well. Though it's still at a manageable level so far, having fewer accounts to manage is my goal :) It’s true that I can essentially do the same thing with fewer accounts and I am actually in the process of reducing the number of accounts I own, especially the online bank accounts and brokerage accounts. The hardest part is the brokerage accounts as each one has its own feature and tax consequences have to be considered as well. Though it’s still at a manageable level so far, having fewer accounts to manage is my goal :)

]]> By: 10 Things to Do Before Starting A Business : Step 1 - Millionster.com - Personal Finance, Business, Investing and Life http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-23118 10 Things to Do Before Starting A Business : Step 1 - Millionster.com - Personal Finance, Business, Investing and Life Tue, 18 Sep 2007 20:39:51 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-23118 [...] You have the advantage of being truly informed with the lessons hard-grained into your thinking, and in turn have better judgment to make better decisions! [...] [...] You have the advantage of being truly informed with the lessons hard-grained into your thinking, and in turn have better judgment to make better decisions! [...]

]]> By: Stock Broker reviewer http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-22606 Stock Broker reviewer Fri, 14 Sep 2007 08:01:52 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-22606 Just my opinion, but don't you think you could do essentially the same thing with fewer accounts. It also seems that with more accounts with more companies that it exposes you to a greater chance of being the victim of fraudulent charges. Although, I do see that it being much easier today to manage all of those accounts from your computer. Just my opinion, but don’t you think you could do essentially the same thing with fewer accounts. It also seems that with more accounts with more companies that it exposes you to a greater chance of being the victim of fraudulent charges.
Although, I do see that it being much easier today to manage all of those accounts from your computer.

]]> By: Transfer Money WebLog » Blog Archive » Money Walks - Personal Finance Blog - Save Money » Saving http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-15546 Transfer Money WebLog » Blog Archive » Money Walks - Personal Finance Blog - Save Money » Saving Wed, 25 Jul 2007 18:40:04 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-15546 [...] My Personal Saving and Investing System | The Sun’s Financial Diary … … just multiple online savings accounts, but pretty much every type of account … I am sure we can learn something from your highly … could be a big difference if you have a large amount of deposit. http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/ [...] [...] My Personal Saving and Investing System | The Sun’s Financial Diary … … just multiple online savings accounts, but pretty much every type of account … I am sure we can learn something from your highly … could be a big difference if you have a large amount of deposit. http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/ [...]

]]> By: Sun http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-15120 Sun Mon, 23 Jul 2007 04:50:45 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-15120 Nate: Yes, I have way too many accounts. I am now in the process of reducing the number of accounts so the system can be more efficient and easier to manage. Just curious, you don't have a savings account? Or have only one? Nate: Yes, I have way too many accounts. I am now in the process of reducing the number of accounts so the system can be more efficient and easier to manage.

Just curious, you don’t have a savings account? Or have only one?

]]> By: Nate http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14983 Nate Sun, 22 Jul 2007 15:15:01 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14983 Interesting setup you have there. Quite complex I personally.... 1 checking, 1 401(k), and to many credit cards! Interesting setup you have there. Quite complex I personally…. 1 checking, 1 401(k), and to many credit cards!

]]> By: Pay Ourselves First: The Way We Save and Invest | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14177 Pay Ourselves First: The Way We Save and Invest | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing Tue, 17 Jul 2007 15:34:38 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14177 [...] have a rather large saving and investing system which consists of more than a dozen bank and brokerage accounts. However, despite the complicity (I [...] [...] have a rather large saving and investing system which consists of more than a dozen bank and brokerage accounts. However, despite the complicity (I [...]

]]> By: Blue Collar Assets » Blog Archive » Fun Friday Reading http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14051 Blue Collar Assets » Blog Archive » Fun Friday Reading Mon, 16 Jul 2007 18:03:40 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-14051 [...] Sun’s Financial Diary, Sun carefully outlines his personal savings and investing system. This is what makes personal finance blogging so wonderful, the ability to peer into another [...] [...] Sun’s Financial Diary, Sun carefully outlines his personal savings and investing system. This is what makes personal finance blogging so wonderful, the ability to peer into another [...]

]]> By: Online Interest Checking Plus Savings Accounts: Who Offers the Best Deal? | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11667 Online Interest Checking Plus Savings Accounts: Who Offers the Best Deal? | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing Tue, 19 Jun 2007 18:39:32 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11667 [...] However, all these activities are limited to only savings account. I have only one Bank of America checking account and no internet based checking account, though the BoA account doesn’t ear me any interest. When ING Direct introduced their interest checking account last year, I have once considered whether to switch, but eventually abandoned the idea for reasons I explained before. [...] [...] However, all these activities are limited to only savings account. I have only one Bank of America checking account and no internet based checking account, though the BoA account doesn’t ear me any interest. When ING Direct introduced their interest checking account last year, I have once considered whether to switch, but eventually abandoned the idea for reasons I explained before. [...]

]]> By: Did I Misread Discover Miles Card's Promotion? : The Sun’s Financial Diary http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11496 Did I Misread Discover Miles Card's Promotion? : The Sun’s Financial Diary Sun, 17 Jun 2007 01:32:31 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11496 [...] is not a month away but three days from now: June 19th. Fortunately, I already transferred the fund from my IGoBanking account to BoA account early this week, so I won’t face any shortfalls on June [...] [...] is not a month away but three days from now: June 19th. Fortunately, I already transferred the fund from my IGoBanking account to BoA account early this week, so I won’t face any shortfalls on June [...]

]]> By: Ben http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11429 Ben Sat, 16 Jun 2007 04:49:01 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11429 Thanks for sharing Sun, its nice to see how others do things. Gave me a few things to think about in regards to our system. Thanks for sharing Sun, its nice to see how others do things. Gave me a few things to think about in regards to our system.

]]> By: » Fun Friday Reading on Blueprint for Financial Prosperity http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11399 » Fun Friday Reading on Blueprint for Financial Prosperity Fri, 15 Jun 2007 18:25:34 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11399 [...] Sun’s Financial Diary, Sun carefully outlines his personal savings and investing system. This is what makes personal finance blogging so wonderful, the ability to peer into another [...] [...] Sun’s Financial Diary, Sun carefully outlines his personal savings and investing system. This is what makes personal finance blogging so wonderful, the ability to peer into another [...]

]]> By: Finance Findings For Wednesday, June 13, 2007 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11249 Finance Findings For Wednesday, June 13, 2007 Wed, 13 Jun 2007 14:42:10 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11249 [...] My Personal Saving and Investing System [Sun’s Financial Diary] [...] [...] My Personal Saving and Investing System [Sun’s Financial Diary] [...]

]]> By: stlplace » Blog Archive » Personal Finance experts http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11114 stlplace » Blog Archive » Personal Finance experts Mon, 11 Jun 2007 19:04:55 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-11114 [...] example may be Mr. Sun, the blogger of thesunsfinancialdiary. The thing we could learn is not his saving and investing system (which I do admire),  but his disicipline of saving and investing over the [...] [...] example may be Mr. Sun, the blogger of thesunsfinancialdiary. The thing we could learn is not his saving and investing system (which I do admire),  but his disicipline of saving and investing over the [...]

]]> By: » End The Week On A High Note, Read A Weekly Roundup on Blueprint for Financial Prosperity http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10862 » End The Week On A High Note, Read A Weekly Roundup on Blueprint for Financial Prosperity Fri, 08 Jun 2007 15:42:17 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10862 [...] Lazy Man writes about creating alternative streams of income while Sun shares his personal saving and investing system. [...] [...] Lazy Man writes about creating alternative streams of income while Sun shares his personal saving and investing system. [...]

]]> By: Sun http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10656 Sun Tue, 05 Jun 2007 21:28:08 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10656 Zeron: I don't know others, but I don't use any paid service for picking stocks/mutual funds. There are lots of places I can find all the information I need, but why pay somebody else to do it for me? Besides, when you use somebody, the information could be biased. For mutual funds, I use Morningstar to select funds. Usually, I already have something in my mind and only use it as a tool to find more details. I don't use any tools to select stocks as well. Goldfish: Though so far my system works quite well for me, it's kind of complex with so many accounts. I am trying to cut down the number of accounts I have, but it's not easy, Actually, I am really moving to the opposite direction as I opened two new accounts recently :( CS: I like to make it simple, but I feel one account may not give the best deal for my money. For example, for savings account, I have used ING for several years when their rate was much better than others. But now they are like a percentage point lower than others. That could be a big difference if you have a large amount of deposit. John: I am not familiar with Wells Fargo, but BoA requires a total of $25,000 non-investing assets (such as assets in checking, savings, money market, and CDs) with them to get the free trading and their interests rates are terribly low. To me, that's not worth it. At least Wells Fargo counts your investment assets for that $25,000 requirement. So it's better than BoA. Zeron: I don’t know others, but I don’t use any paid service for picking stocks/mutual funds. There are lots of places I can find all the information I need, but why pay somebody else to do it for me? Besides, when you use somebody, the information could be biased. For mutual funds, I use Morningstar to select funds. Usually, I already have something in my mind and only use it as a tool to find more details. I don’t use any tools to select stocks as well.

Goldfish: Though so far my system works quite well for me, it’s kind of complex with so many accounts. I am trying to cut down the number of accounts I have, but it’s not easy, Actually, I am really moving to the opposite direction as I opened two new accounts recently :(

CS: I like to make it simple, but I feel one account may not give the best deal for my money. For example, for savings account, I have used ING for several years when their rate was much better than others. But now they are like a percentage point lower than others. That could be a big difference if you have a large amount of deposit.

John: I am not familiar with Wells Fargo, but BoA requires a total of $25,000 non-investing assets (such as assets in checking, savings, money market, and CDs) with them to get the free trading and their interests rates are terribly low. To me, that’s not worth it. At least Wells Fargo counts your investment assets for that $25,000 requirement. So it’s better than BoA.

]]> By: John http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10641 John Tue, 05 Jun 2007 17:54:34 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10641 I am also trying to simply the number of accounts. Wells Fargo offers 100 free trades as long as you have a total of $25,000 with them (this includes the valuations of all your stocks and options). I am planning to move my tradeking account and also my IRA all within this Wells Fargo. I need to do some more research but it looks a pretty good option to me. I believe Bank of America also has a similar scheme. I am also trying to simply the number of accounts. Wells Fargo offers 100 free trades as long as you have a total of $25,000 with them (this includes the valuations of all your stocks and options). I am planning to move my tradeking account and also my IRA all within this Wells Fargo. I need to do some more research but it looks a pretty good option to me. I believe Bank of America also has a similar scheme.

]]> By: cs http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10587 cs Mon, 04 Jun 2007 23:39:29 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10587 I have many accounts that I have difficulty to manage them. My goals is one checking account, one savings account, and one brokerage account. I have many accounts that I have difficulty to manage them.

My goals is one checking account, one savings account, and one brokerage account.

]]> By: zeron http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10568 zeron Mon, 04 Jun 2007 20:02:19 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10568 i maintained two checking accounts. BOA is the primary one where my income and expenses are credited and debited. the other checking is where my brokerage account is being linked. i just don't want(or don't feel safe) to link my primary checking account or any of my savings account to any of my brokerage accounts i maintained two checking accounts. BOA is the primary one where my income and expenses are credited and debited. the other checking is where my brokerage account is being linked. i just don’t want(or don’t feel safe) to link my primary checking account or any of my savings account to any of my brokerage accounts

]]> By: dong http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10563 dong Mon, 04 Jun 2007 19:22:02 +0000 http://www.thesunsfinancialdiary.com/personal-finance/my-personal-saving-and-investing-system/#comment-10563 I have a similar system except I keep two checking accounts since my primary account did not have a local presence. The only the area that it actually bothers me to have multiple accounts is on the brokerage side. I realize I like seeing my investments in one place. Cash is cash, and putting it together is not big deal. Investments however are much more a pain in the ass. I have a similar system except I keep two checking accounts since my primary account did not have a local presence. The only the area that it actually bothers me to have multiple accounts is on the brokerage side. I realize I like seeing my investments in one place. Cash is cash, and putting it together is not big deal. Investments however are much more a pain in the ass.

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