Neville's Financial Blog

12 Comments:

At 2:57 AM,  Alvin Narsey said...

great Blog! keep up the good work
i love your use of pictures and figures, thats how i want my blog to feel like!

 

At 8:20 AM,  Jose Anes said...

I like the model of a "spending account". My spending account is one of my credit cards, which I pay in full every month religiosly.

I have been considering moving into a cash account for my spending account. But then again, a debit card (or cash) don't offer the same protections (albeit small) that a credit card provides.

Still trying to decide on the best way.

 

At 9:42 AM,  Anonymous said...

I admire your discretion when it comes to spending. Having all that money laying around and only spending such a small percentage is a rare skill amongst your peer group.

 

At 9:45 AM,  Cap said...

for some people, having a credit card as your spending account may not be a great idea. it seems that it isnt an issue for you, but you never know.

i think that its great that Nev works ahead of time to cover his expected expenses. I certainly dont do that. it's more of a... "oh crap I've spent it all, time to work extra hard to cover it!"

 

At 10:52 AM,  Anonymous said...

One of the best pieces of advice that I've picked up from Nev is the value of segregating money out into lots of accounts, each with its own purpose.

Though since I can't seem to avoid the fees that BofA is legendary for handing out (sorry, I don't have $750 to leave around in every account as a minimum balance), I can't really follow through with that plan.

I do question what effectively amounts to a total avoidance of credit cards on his part. I pay my balace off every month, and would certainly think Nev is smart enough to do so as well -- so why doesn't he leverage the free loan that credit card companies are willing to hand out?

 

At 4:49 PM,  Quant Trader said...

750 minimum balance? It seems like with BofA if you set up your paycheck to be direct-deposited, most of their fees dissappear. You might try that out if it is an option for you. I agree about the credit card. I make as many of my purchases with my BofA airline miles credit card as I can. I typically get 2 or 3 round-trip flights a year. They are great for taking small vacations.

 

At 6:33 PM,  Neville said...

Bank of America waves fees if you setup automatic deposit on an account.

Every WEEK this much money is automatically withdrawn from my general account:

Investment: $60
Permanent: $40
Bills: $10
Spending: $10

-Nev

 

At 12:20 PM,  Anonymous said...

So my paycheck is automatically deposited into a MyAccess Checking account -- so the fees are waived on that. But what about all the separate accounts you have? Do they waive it on those too? Do the xfers from your general account satisfy the "direct deposit" requirement on the other accounts? What type are they, anyway? Thanks.

 

At 12:45 PM,  Neville said...

Anon,

For my smaller accounts, I simply go to my local BOA and ask for an automatic transfer. I prefer weekly transfers, but you can do it monthly also.

Automatically transfering $10 a month (maybe less) will help you avoid fees on most of the accounts!

I have either regular checking accounts or regular savings account for my money. When my permanent savings account gets too large, I transfer it to my IRA.

-Nev

 

At 1:04 AM,  Rick said...

Nice blog - keep writing!

http://SuperReturns.blogspot.com/

 

At 7:05 PM,  KSD said...

You're a rather good lookin kid ;)

 

At 4:00 PM,  Jose Anes said...

Bank of America?
Use credit unions.
Most credit unions around my area charge no fees. You can open an account with $10, no fees whatsoever.

However, if you choose BoA, keep making me successfull. I do invest in that company (Stocks).

Money and Investing

 

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