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Archive for August, 2015

Best Banking Deal Ever!

August 28th, 2015 at 03:58 pm

I think the very best deal out there for banks in at First Internet Bank (www.firstib.com).

First IB is a full service bank that provides checking, savings, car loans, mortgages, IRAs, CDs, etc. But they only have a single branch, their primary business is on the web. That keeps their costs way down. Some of the cool stuff:

1. 0.55% interest on checking
2. 0.80% interest on money market savings
3. $10 per month rebates on ATM charges at any ATM
4. Some of the highest rates in the country on CDs
5. Free Financeworks software (Essentially Quicken)
6. Postage paid envelopes for deposits

Altogether that should save you a good $200 a year versus some of the majors like Wells Fargo.

But I think maybe one of the best things is that since they actually do run a physical branch, you are not dealing with some call center based in India when you have a question. You talk to one of the bankers at their branch in Indiana. They answer the phone quickly and they know their stuff.

The downside? Cash deposits can be a bit of a pain, as with any web based bank.

Considering the combination of high rates, full service banking and free services, I think it's the best banking deal out there, maybe the best ever.

Knowing Yourself

August 27th, 2015 at 02:42 pm

The first step in assessing your investments is not the investments themselves. You need to first assess yourself. What do I mean?

You walk into a store and there are two packages are lightbulbs. One package is $3.00 with a $3.00 rebate. The other package costs $1.50. Which one is cheaper? Seems like a trick question doesn't it? The $3.00 one right? That is true *only if you will actually send it in*. If you will not truly go to the trouble of mailing in the rebate, you just wasted $1.50.

So which package of lightbulbs costs less is not about what's marked on the package, it's about you knowing yourself. If you know you won't mail in the rebate, pay the $1.50 and be done with it.

My point is this. If you buy a stock and then you're checking on the price every hour, you probably need a less volatile investment. If you're paying for investment advice you don't need, then drop it. If you ignore your investments then make emotional decisions about what to do, then get help with them. Assessing yourself is the first, and most important step in success in your investment outcomes.