With all the recent news about Wells Fargo opening fraudulent accounts in customer’s names that did not even request it, I figured that this would be a timely post. Over 5000 employees were accused in this case, and several whistle blowers have said they were fired when trying to report the practice. It’s important to choose the bank that is right for your situation, one that will make you money – not take your money. It seems there was a systematic failure at Wells Fargo to prevent these issues from happening, and we want to prevent this from happening to ourselves. I’m going to be sharing some advice on how to choose the bank that is right for you while trying to avoid that same situation.
In July and August I made huge increases towards my net worth, but I did have a feeling that it couldn’t last forever. The month of September has proven that, as I’ve been hit with a double dose of market trends and increased spending. I can’t control the market, so I’ll have to ride that out for the time being. Expenses were high from moving out, so I’m hoping to reign the spending in the coming months. I know that this is a marathon and not a sprint. I’ll keep contributing as much to my savings as possible, without worrying about the things beyond my control.
For the majority of people, unofficial Summer is now coming to a close. I’m hoping that the warm weather can hold on well into September, but you can tell that everyone is now back to school. Traffic is now back to its normal congestion and everything is a little more crowded. I’ve also got big news with the fact that I’m finally moving out! Right now I’m still kind of going back and forth between two places because of work, but hoping to fully figure out that situation as soon as possible. I’d love to give more details but I won’t do that for anonymity reasons for now. Once everything is resolved and set up, I’ll be sure to share all the details with all of you.
When I started my career after graduating college, I had heard of the terms 401k, IRA, Roth IRA, pension, etc but had no idea how they worked or what exactly all those acronyms stood for. With this post I’m hoping to explain and clear up any confusion around one type of account: the 401k. The 401k is named for the subsection of the Internal Revenue Code that it was written in, very creative right? A 401k is a retirement savings plan that is offered by employers to their employees. While an IRA (individual retirement account) is set up by the person, this is an account that will have to be opened through your employer. Around 80% of all full-time workers in the United States have access to a 401k plan, so it’s important to understand how to use this account to save money towards your retirement.
It feels like Summer just started a little while ago, but we are already halfway through August now. With it being my favorite season, I’m not too thrilled with how fast time seems be moving! The heat has been brutal here on the East Coast though so I am looking for a break from that. It seems that the Summer heat has also translated into a bull market with the S&P 500 making some big gains compared to the beginning of the month. There was the Brexit vote at the end of June, which may have put a damper on July earnings but the market has since come roaring back. My portfolio is still fairly tiny to truly be affected by the market but it will be interesting to track my IRA the rest of the year now that I’ve finished making contributions.