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Old 02-20-2021, 11:45 AM   #9976
thechickencow
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Itís 100% a mental thing. I like knowing I have quick access if Iím going to do something stupid.
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Old 02-20-2021, 01:26 PM   #9977
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Quote:
Originally Posted by thechickencow View Post
Itís 100% a mental thing. I like knowing I have quick access if Iím going to do something stupid.
I mean how stupid of an action are we talking about?

- If you go buy a new car you can get a loan the same day.
- If you want to buy a used car...same story.

- If you want to buy a house....that's not really something you'd likely want to do "quick" or with the cash you are talking about (you said you are flush, but not like millions in cash flush).

- If you want a new TV or the latest gizmo for your house up to $10-20k you can do that on a card.


Why the mental need to get your funds like right now? Are you JG Wentworth?
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Old 02-20-2021, 02:55 PM   #9978
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He wants to walk into the place of business with a briefcase of cash.

Finance manager at the Suby dealer told me someone did that once to tune of $65k (for two cars).
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Old 02-20-2021, 03:27 PM   #9979
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Coincidentally I also had a similar mentality but in reverse when I started to get more serious about my spending/saving habits. Many years ago I was at a dead end job and was in a bad living situation. I was also spending more than I should have at the time (for both housing expenses + stupid frivolous spending). There were a few times where I had to transfer money from my savings to my checking account because I didn't have enough to pay my bills.

I decided to open a HYSA as one of the first steps of getting my finances in order. I opened it with Ally but chose not to open a checking account with them, and instead kept my checking account with BofA. Even though I have 1 day ACH transfers between the two which isn't all that long (it started as 3 days though), just having my checking and savings at different institutions helped me cut down on my spending. When I had both my checking + savings at BofA, transfers between the two reflected instantly so I felt like it wasn't a huge deal to dip into my savings in a pinch.

I know it sounds silly but it worked for me, so I can get how the same would apply in reverse in regards to having the money right away, not having to wait for transfers, etc. It's definitely a more mental thing as opposed to anything logistical.
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Old 02-20-2021, 04:47 PM   #9980
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Quote:
Originally Posted by NutBucket View Post
He wants to walk into the place of business with a briefcase of cash.

Finance manager at the Suby dealer told me someone did that once to tune of $65k (for two cars).
My friend bought his 94 NSX in cash. Stacks of $10k lined up on the desk. He had the money in his 'trade in' glovebox, that sat there while we played squash before heading to the dealership to buy the car.


Hong Kong $$.

They preferred a certified check.
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Old 02-20-2021, 05:54 PM   #9981
thechickencow
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I know itís not logical.
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Old 02-20-2021, 07:48 PM   #9982
the_saintusa
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The hassle is for the dealership to deposit the $$$.

Deposits over $10k in Canada require paperwork to state that the funds are not from illicit sources.
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Old 02-20-2021, 08:06 PM   #9983
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Quote:
Originally Posted by the_saintusa View Post
The hassle is for the dealership to deposit the $$$.

Deposits over $10k in Canada require paperwork to state that the funds are not from illicit sources.
It sounds like fun but really the only reason to walk in with cash is for the shock factor. *Bam* there are 6 small stacks of 100's now please give me my F-150.
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Old 02-20-2021, 08:34 PM   #9984
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Quote:
Originally Posted by the_saintusa View Post
The hassle is for the dealership to deposit the $$$.

Deposits over $10k in Canada require paperwork to state that the funds are not from illicit sources.
At least it isn't bad for personal stuff...though maybe that has changed. About 5 years ago I deposited $14k and the bank just asked why. I sold a car. Done and done. Who doesn't buy a used Porsche in cash?
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Old 02-20-2021, 08:51 PM   #9985
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Depository institutions are required to record and report deposits of $10K or more to the government, but they're mainly looking for patterns that can indicate money laundering. If you only do it once in a blue moon i.e. when you sell a car or boat or something then they won't care, they'll just ask why so they can make a note of it and then let you get on with your day.

Actually even if you do it every day they won't do anything, because it won't be the bank employees themselves taking any action upon it. They'll still let you go on about your day, although you might find some federal agents outside your door at some point
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Old 02-20-2021, 09:12 PM   #9986
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Quote:
Originally Posted by NutBucket View Post
At least it isn't bad for personal stuff...though maybe that has changed. About 5 years ago I deposited $14k and the bank just asked why. I sold a car. Done and done. Who doesn't buy a used Porsche in cash?
Every time I have deposited $10k+ I have had to just sign a page.

I prefer not to walk around with a pile of cash in my pocket. Except in Vegas.
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Old 02-20-2021, 09:15 PM   #9987
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Quote:
Originally Posted by the_saintusa View Post
The hassle is for the dealership to deposit the $$$.

Deposits over $10k in Canada require paperwork to state that the funds are not from illicit sources.
Patriot Act has similar paperwork, you have to sign paperwork that you aren't paying wit money from illicit business.

Way back in the day, when I worked at a car dealer, one of the sister stores in a higher crime area sold a lot of cars with $9,999 downpayments.
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Old 02-20-2021, 11:03 PM   #9988
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Quote:
Originally Posted by YungBoba View Post
Depository institutions are required to record and report deposits of $10K or more to the government, but they're mainly looking for patterns that can indicate money laundering. If you only do it once in a blue moon i.e. when you sell a car or boat or something then they won't care, they'll just ask why so they can make a note of it and then let you get on with your day.

Actually even if you do it every day they won't do anything, because it won't be the bank employees themselves taking any action upon it. They'll still let you go on about your day, although you might find some federal agents outside your door at some point
How do those work with online accounts say from a HYSA at Ally to a normal brick and mortar checking account?
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Old 02-20-2021, 11:09 PM   #9989
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I thought it was $10k cash. Cheques are traceable so no issues there.
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Old 02-21-2021, 08:24 AM   #9990
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Quote:
Originally Posted by thechickencow View Post
Itís 100% a mental thing. I like knowing I have quick access if Iím going to do something stupid.
Quote:
Originally Posted by thechickencow View Post
I know itís not logical.
It took me far too long to get over that hump too. And that's why I asked.

Once I finally got my brain past that, it still took me 2 years to get my wife (who is a very logical person) to come around and move our savings to an online bank with a high yield savings account.

Short of one of us getting kidnapped and having 2 hours to pay the ransom, I convinced her there were no practical scenarios where having to wait 24-48 hrs for the cash to move to our checking account would be an issue. We have enough in checking already to cover even large item purchases (except Shik's new mountain love shack ;-o).
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Old 02-21-2021, 08:40 AM   #9991
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Don't know if other credit unions are doing this, but DCU checking has an opt-in option for overnight lending. They pay a variable rate to do this. It's been 0.5% since it started which has me moving money back from HYSAs to my checking. Having all the cash in one account makes me feel like a high roller.
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Old 02-21-2021, 08:52 AM   #9992
thechickencow
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Kidnappings could happen. Itís true!
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Old 02-21-2021, 07:23 PM   #9993
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Quote:
Originally Posted by Jack View Post
Don't know if other credit unions are doing this, but DCU checking has an opt-in option for overnight lending. They pay a variable rate to do this. It's been 0.5% since it started which has me moving money back from HYSAs to my checking. Having all the cash in one account makes me feel like a high roller.
On up to $100k, too. I thought it was $20k when I signed up.

:notbadobama:

https://www.dcu.org/bank/checking/free-checking.html
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Old 02-21-2021, 07:31 PM   #9994
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Iíd do that DCU but I already feel like Iíve got money all over the place.

I think at minimum I should shift things to betterment that are just sitting idle until I decide more about what to do.
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Old 03-10-2021, 11:24 AM   #9995
shiplemw
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Couple of questions:
- I've been using FXAIX as my default low expense S&P following fund through Fidelity. I had previously been doing lump sums maybe 2-3x per year but I'm trying to diligently get a certain amount at the start of each month to try to average my buy in.
Q1 - Is it ideal to have several index funds (one for S&P, one for DJI, one for Nasdaq)?
Q2 - Or mostly go into one index fund tracking only the S&P or the DJI for instance?
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Old 03-10-2021, 12:40 PM   #9996
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Quote:
Originally Posted by shiplemw View Post
Couple of questions:
- I've been using FXAIX as my default low expense S&P following fund through Fidelity. I had previously been doing lump sums maybe 2-3x per year but I'm trying to diligently get a certain amount at the start of each month to try to average my buy in.
Q1 - Is it ideal to have several index funds (one for S&P, one for DJI, one for Nasdaq)?
Q2 - Or mostly go into one index fund tracking only the S&P or the DJI for instance?
It doesn't matter.

Go to yahoo finance and plot the curves for FXAIX, FZROX, SPI, VTI, SCHB. They're all going to follow each other very closely. All the "total" funds are largely the same as S&P. I have a bunch of these, for various reasons. Back a couple years ago, TDA sold VTI with no commission. Schwab seems logical to just buy SCHB. Fidelity's zero funds put me into FZROX. My 401k has only an S&P as a good, low ER fund. To me, they're all the same and I would have no problem making any one of these be my only equity fund.
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Old 03-10-2021, 01:29 PM   #9997
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How's everyone feeling on equities these days? I have some cash I'd like to invest, but the markets are so crazy high it feels like a bad idea to buy into the equities ETFs. On the flip side, as long as everyone keeps pumping cash into them, they'll keep going up, so betting against them is an even worse idea. Been kind of paralyzed by that.
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Old 03-10-2021, 01:37 PM   #9998
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Quote:
Originally Posted by shiplemw View Post
Couple of questions:
- I've been using FXAIX as my default low expense S&P following fund through Fidelity. I had previously been doing lump sums maybe 2-3x per year but I'm trying to diligently get a certain amount at the start of each month to try to average my buy in.
Q1 - Is it ideal to have several index funds (one for S&P, one for DJI, one for Nasdaq)?
Q2 - Or mostly go into one index fund tracking only the S&P or the DJI for instance?
I would not have a fund to track the Dow Jones Index. It's way too small a group of companies to follow. Any one of them having problems can result in real shifts in the index. S&P or Nasdaq are indices that have enough stocks that any one having problems has less of an impact. There are other indices you can track - Russel 2000 or Wilshire 5000 - but those never really made sense to me unless you want the exposure to small companies.

You only really need one fund, but you may have limited options for a 401K where you have to take what is offered. With your taxable money, you could go through another provider. As Jack says, look at the ER. It should be 0.05% or less.

I have my money split across Vanguard and Fidelity for reasons of redundancy and have different index funds as a result. Why? 'Cause **** happens.
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Old 03-10-2021, 06:49 PM   #9999
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Quote:
Originally Posted by ShadowIMg View Post
How's everyone feeling on equities these days? I have some cash I'd like to invest, but the markets are so crazy high it feels like a bad idea to buy into the equities ETFs. On the flip side, as long as everyone keeps pumping cash into them, they'll keep going up, so betting against them is an even worse idea. Been kind of paralyzed by that.
On average, the market hits a new, all time high every 18 days. Put all the money in. In 18 days, the price you paid is going to look like a bargain.
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Old 03-16-2021, 12:33 PM   #10000
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For those in the mortgage market, my co-worker closed a month or three ago with a pretty smoking deal:

95% LTV doctor loan
30 year fixed, 0 pts
2.875%
Probably jumbo given our city's prices and the 95% LTV.

He said the initial offers were at 3.625% but he had them competing for it.
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