Finance

Category Archives for Finance.

My First Month of Diligent Saving & Net Worth Is up $20,000 – December 2019 Freedom Update

November was the first month I got down and dirty with my new financial goals. Having them in mind gave the month shape and purpose – I felt for the first time in a while that I was working toward something urgent and real and palpable that I could measure.

If naming things is empowering, creating a plan is getting superpowers. I watched as each dollar flowed into and out of my accounts.

Slow and steady wins the race, but I have an out-of-control, flaming emergency! I have GOT to pay off my credit cards by April 2020 before the 0% APR rate expires. And I’ve got over $14,000 left to go.

Last month, a combination of strong market and aggressive payments boosted my overall net worth to $115,806 – a full $20,000+ increase.

And while it’s nowhere near the $500,000 goal I want to hit, it’s an awesome start. And to that end, this is my first Freedom update (Freedom is what I call money). I hope I look back on these posts and marvel at my progress. One day…

December 2019 Freedom Update

Getting started on my FIRE in a big way – getting rid of credit card debt is my #1 prerogative right now

I know “never say never” buuuut… I will NEVER have credit card debit ever again as long as I live. In the future, I’ll dip into my healthy savings account. Because this hurdle really freaking sucks.

December 2019 Freedom update

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It’s Official: SoFi Money Will Reimburse All ATM Fees Worldwide, Even Visa 1% Forex Charges

sofi money review

Welp, that’s it. Now that all SoFi Money ATM fees are gone, SoFi Money is officially the best checking account available today. It’s great right out of the gate, requires no futzing or maintenance, and now, they’ll even reimburse Visa’s 1% forex fee internationally – so you get free withdrawals with absolutely zero fees worldwide.

They’ve tried hard to overcome any hurdle to be the best checking account around. You get:

  • Free, unlimited, and INSTANT ATM withdrawals worldwide. Even if Visa charges you a forex fee, they’ll reimburse that too
  • 1.6% APY on any balance you carry
  • Zero fees, no minimums
  • Easy to use app and website
  • $25 bonus when you open an account and fund it with at least $100 – bonus appears in a day or two and it takes 2 to 3 minutes to set up

I’m proud of their efforts. And I’m switching to make this my full-time checking account after my next pay cycle.

sofi money atm fees

Well how ’bout that?

Yes, I’ve had a Chase checking account for over a decade. And I’ll keep it because it’s free, and for the incredibly rare times I need to do something in a branch. But for everyday banking, bill payments, and my financial clearing house, I’m going all-in with SoFi Money. #officiallyconverted

SoFi Money ATM fees – nothing to see here!

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Need a Checking Account With NO Fees, Minimums, or ATM Charges EVER? Try These.

sofi money review

It’s been over 4 years since I first professed my love for the Fidelity Cash Management account – one of the best no fee checking accounts. And about the same amount of time since I wrote about the Aspiration Summit account.

But that was before SoFi Money came on the scene. That account has no fees – but also free unlimited ATM withdrawals worldwide AND 1.6% APY on any balance you carry. It’s now the one I recommend most if you’re looking to dump your brick-and-mortar bank (and you probably should).

best no fee checking accounts

There’s a new sheriff in town, and it’s SoFI Money

All are fantastic checking account options because there are no fees, no minimum balances, and no direct deposit requirements. Essentially they’re free to open and keep forever, even if you never use them. Even better, these accounts reimburse ATM fees from ANY ATM in the world. And there are no hard credit pulls to open.

There are a couple of key differences. But, bottom line, you should have at least one of these accounts!

Best no fee checking accounts

1. SoFi Money

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My Audacious Plan to Increase My Net Worth to $500,000 in 5 Years – November 2019 Freedom Update

I’ve been wanting to talk about personal money stuff for the longest time. After all, my tagline has always been “Investing. Positivity. Oh, and travel.

Fear held me back because I didn’t want to sound like I didn’t know what I was talking about. I was afraid of impostor syndrome. And revealing financial details can introduce shame because you’re officially throwing out your yard stick for everyone to see.

But you know what? I started this blog over six years ago before I knew what I was doing with miles and points and learned as I went along. I got a lot of stuff wrong, things changed, and I grew. I was scared then too. But also:

  • YOLO
  • Eff it
  • Jump in both feet first
  • Learn as you go
  • Start somewhere
  • Do it ugly
  • Nothing is ever lost by creating

The biggest point of contention was that – I’m 35 now – a strapping young buck to be sure, but when I see other financial bloggers retiring at 30 and I still have student loans and credit card debt I’m like… feeling so behind.

This is me 10 years ago in LA. I wish I’d done more to help him (he wasn’t thinking about FIRE) – but I can start helping future me right now

But by what measurement? I can’t – and shouldn’t – compare someone else’s end point to my in-process. Although I wonder… what the hell have I been doing for the last 15 years? 😵

In the spirit of starting somewhere and being where you are, I want to keep myself accounted for and confess my dirtiest financial deeds.

November 2019 Freedom update

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SoFi Money Review: Free ATMs, 1.6% APY, No Fees, & $25 Bonus – I’m Impressed

sofi money review

I took the bait – so there’s my Sofi Money review. Everyone’s abuzz about SoFi’s cash management account, SoFi Money, because you get:

  • Unlimited, free ATM use worldwide allowing you to use any ATM that accepts Visa for free AND they’ll reimburse any fees that Visa charges (!) – an amazing perk for travelers
  • 1.6% APY on your balance – comparable to many high-interest savings accounts
  • No fees, no minimums 
  • Sub-accounts to save for your goals, and joint accounts for your S.O.
  • Blazing fast sign-up – I had an account open in 2 to 3 minutes
  • $25 bonus when you open an account with $100+ – and it posts within a day or two

Plus, when you refer someone who uses your sign-up link, you get $100 – and can earn up to $10,000 per year (!!!). Get on the gravy train (and thank you for using my link to join)!

Because of these features, I’m considering making SoFi Money my everyday checking account, even though it’s online-only. For over a decade, I’ve banked with Chase and can’t remember the last time I visited a branch.

My Chase account and SoFi Money are both free to have (I have an old Chase account that’s no longer offered), so I’ll switch everything over to SoFi Money for a while and see how it goes. Nothing to lose and free ATMs + 1.6% APY + an easy-to-use site and app to gain.

sofi money review

SoFi is offering a $25 bonus for opening an account with $100+, and $100 on referrals – get the cash while you can!

While Fidelity, Schwab, and Aspiration all have no-fee accounts with free ATM withdrawals (I compared them here), none of them have an APY on the balance you carry or immediate ATM reimbursements (Fidelity refunds you within a few days, the others can take up to a month).

And while I’m wont to offer yet another bank account option, scoring $25 for a couple of minutes of work is nothing to turn down.

You can sign-up for a SoFi Money account here.

SoFi Money review – the ultimate free bank account, especially for travelers

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Is Citi Double Cash Now the Best Card for Plastiq Payments? (Mortgage/Rent, Auto, HOA)

citi double cash plastiq

Plastiq is an online service that allows you to pay nearly any bill using a credit card. And now for the “gotchas:”

  • There’s a 2.5% fee to send a bill payment
  • You can’t make loan payments (rent, car note, etc.) with a Visa or Amex card, but residential rent and HOA fees are OK
  • You CAN make loan payments with a Mastercard or Discover card
  • Capital One cards currently don’t work in their system right now
  • Most cards only earn 1 point or mile per $1 spent, which doesn’t make the fee worth it

That said, there are a lots of situations you’d want to use Plastiq despite the fee:

  • To complete minimum spending requirements in literally seconds and earn a sign-up bonus
  • When they run a promotion for free or discounted payments
  • When paying the fee gives you wiggle room for unexpected expenses
  • To reach a big spend bonus for a free hotel night/airline elite status credit, depending which card you have
  • If your card issuer is running a promotion for bonus miles/points/cash

And there are two cards with a 2X earning rate that work with Plastiq. The first is the Amex Blue Business Plus, which earns 2X Amex Membership Rewards points on all purchases, up to $50,000 spent per calendar year. That’s cool, but many peeps don’t qualify for small business cards, or don’t want to pay personal bills with a business card.

I value bank points at 2 cents each, so earning 2X points per $1 spent is a 4% return.

If you maximize your per-point value, it can easily offset Plastiq’s fee. Like when you get an international long-haul flight in a premium class. For that reason, I’ve been using my Amex Blue Business Plus on Plastiq a lot – but as noted above, I can’t pay my mortgage or car payment.

Enter the second option…

Citi Double Cash Plastiq payments

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Aspiration Checking Account: No Fees, Free ATMs Worldwide, & Caring for the Planet

aspiration checking account

I’ve had my Aspiration checking account since I first wrote about it waaaay back in 2015. When it launched, there was no app and funky web access. But they were committed to sustainable business practices, which I really liked. Since then, they’ve created an app and a beautiful website. And widely expanded their care for our wonderful planet.

Then and now, this is among the best checking accounts if you travel – and care about – the Earth. ✈️🌎

You can open an account with only $10. And there are no fees at all to have or use it – including for up to 5 ATM withdrawals per month anywhere in the world. If you pay any fees to withdraw your money, you’ll be reimbursed at the end of each cycle.

They also offer cell phone insurance up to $600 when you pay your phone bill with the debit card, up to 1% APY when you direct deposit $1,000+ per month into Aspiration savings, and you’re FDIC-insured on balances up to $2M. Plus, none of their profits are spent on oil drilling, pipelines, or fossil fuel projects. Instead, they donate 10% of all earnings to charities.

Aspiration Checking Account

“Do well. Do good.” is Aspiration’s tagline. If you want a fee-free checking account (including 5 ATM fees reimbursed per month) with a conscience, this is for you

If you’ve been looking for an account to use when you travel abroad, this one is perfect. Plus, you get $25 free in your account when you sign-up for an account.

Aspiration checking account basics

Find & Save Every Bank Account Bonus With This New Site

bank account bonus

Wanted to share a new site my friend Phil made. We met at FinCon last year in Orlando, and kept in touch since. He told me about an idea for a website to track all the checking and savings account bonuses out there and I was like… that would be amazing.

And now it’s here.

If you like to earn extra money by opening new bank accounts, you must check out this site. Introducing EveryBankBonus.

You can find bonuses based on:

  • Your state
  • If direct deposit is required or not
  • Minimum balance required
  • Monthly fees
  • Ability to open online

It’s pretty great.

bank account bonus

Easily find every bank offer available to you, and filter based on many factors

Here’s more about how it works!

Find every bank account bonus

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5 Reasons You Should Get Acorns for Micro-Investing (Even If You Have Other Accounts)

acorns app

I’ve had the Acorns app as a complement to my usual Fidelity investment accounts since 2017. I use it to generate a little funny money – and most of it is completely free.

The website and app interface are easy to use and nice to look at. Over the past couple of years, I’ve grown to like what Acorns has to offer, and recommend it as a way to get started with investing. Even if you typically invest elsewhere, Acorns is still worth a download.

acorns app

I wasn’t sure if I’d keep the Acorns app long-term, but at this point I’ll likely keep it forever

If you sign-up with my link, you’ll get a free $5 added to your account.

Here’s what I like about my experience with Acorns so far.

Everyone should give the Acorns app a download

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Today Only (5/28): Get $10 When You Download the Pei App & Link a Card

pei $10

Hope you had a good holiday weekend! Wanted to share this one day only promotion for the best cashback app out there right out – Pei.

Get a free $10 in your account when you:

  • Download the app
  • Link a credit or debit card
  • Enter promotion code “2pur1z” to get 1,000 points worth $10

That’s it!

Of all the cashback and card-linked apps, Pei is by far the most rewarding and easiest to use. The normal bonus for getting the app is 200 points ($2), so this is an easy win.

Plus, you can get $2 in points for every Uber and Lyft ride you take.

pei app $10

On May 28, 2019, you can get $10 for downloading the Pei app instead of the usual $2

I’ve been impressed with how easily the cashback rolls in for my normal spending. And whereas other cashback apps have gone downhill, Pei is holding strong. Get in on the good stuff while you can, especially with this today-only increased bonus!

Have a great week! 🙂

Have You Checked Your Small Business Credit Score Lately? Get It for Free Here.

Nav is a service that’s primarily set up to match small businesses to financing options, loans, and credit cards. And as an added resource, they let you pull your small business credit report for free.

If you’ve ever opened a small business credit card, you probably have a business credit score. Through Nav, you can see your business risk grade from Experian, Equifax, and Dun & Bradstreet.

Experian and Equifax give you a grade of A through F, while Dun & Bradstreet use their own scoring model with a rank between 0 and 100.

But small business credit reporting is still the Wild West, because they match business names and addresses – and these aren’t always unique, so they do a lot of “near matching.” It’s a good idea to check the information that’s out there, particularly if you have a generic business name.

Plus, it’s free to check with Nav, so why not?

nav credit report

I still rent my spare room on Airbnb, and use the income I make to apply for small business credit cards. My Experian credit grade is a B 

Here’s more about your business credit score.

Nav credit report – pull it for free

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The 12 Best Card-Linked and Cashback Apps (10 Get You Completely Free Rewards)

Lord knows I love playing around with new apps on my phone, especially in the interest of free, passive cashback just for linking my cards one time.

And other apps can save you money too, but require more interaction. I’m happy to click a few buttons to earn a few free bucks.

There are a LOT of card-linked and cashback apps out there.  Here are the 6 best card-linked apps, and 6 best cashback apps.

Between the 12, you stand to gain $95+ right out the gate!

 

best cashback apps

These apps get you ongoing rewards for linking your cards. Set and forget!

Between them all, I’ve gotten back $100s in free rewards in the form of cash and gift cards.

12 Best Apps for Free Rewards

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