How to allocate savings into buckets

amother

↑ OP ↓

Thu, Dec 19 2024, 7:17 pm

momlia wrote:

Anyone have a referral code or welcome promo they can share for opening a new Ally account?

I thought it’s free?

amother

↑ Starflower

Thu, Dec 19 2024, 8:42 pm

amother OP wrote:

I thought it’s free?

It is.

They sometimes have a promotion where if you refer someone (and they use your link) both get a referral “bonus” (for lack of better term)

Upon seeing that post I checked my emails and found one that’s active now Very Happy

GoldFlowers

Thu, Dec 19 2024, 9:14 pm

amother Starflower wrote:

OP here. If you send me your link, I’ll use it if I sign up…

You all definitely deserve the bonus!

amother

Kiwi

Thu, Dec 19 2024, 9:18 pm

So curious how these all work? I am as clueless as clueless can be.
We just have regular checking and savings accounts that grow by a few cents a year and still get taxed on those few cents.

amother

Indigo

Thu, Dec 19 2024, 10:09 pm

Also clueless here about investments etc ! can someone recommend a financial advisor in Brooklyn that they used and were happy with ?

amother

Offwhite

Thu, Dec 19 2024, 10:15 pm

amother Indigo wrote:

Also clueless here about investments etc ! can someone recommend a financial advisor in Brooklyn that they used and were happy with ?

Same! I know Schwab, Fidelity and robinhood are great investment apps, but I don’t know what type of investments or accounts to make.

amother

↑ OP

Thu, Dec 19 2024, 11:28 pm

amother Offwhite wrote:

Same! I know Schwab, Fidelity and robinhood are great investment apps, but I don’t know what type of investments or accounts to make.

You could walk into your bank and ask them to help you set up an investment account to help you get started. It might not be the best option out there, but it’s the easiest.

amother

Turquoise

Fri, Dec 20 2024, 12:09 am

I use Ally too, it's really convenient and cool
I have buckets
Emergency
Vehicle
Summer
Yuntif
Clothes

I had one for baby gear/baby's birth when that was applicable
It's nice you can set a target date and goal and it shows you how you're doing with it

If anyone needs a referral link I can share mine too, I'll edit to non anonymous

amother

Broom

Fri, Dec 20 2024, 4:32 am

Those asking how to invest:
listen to Kosher Money Podcast
Read Gelt Guide online
Check out Living Smarter Jewish website and check out Naftali Horowitz's investing videos

The relatively short amount of time you spend learning the basics of investing will be VERY worthwhile in the long run.

Please take this advice!
I am in my low 20's and since I came across investing guidance, I've opened a 401k account and two investment accounts with whatever savings I chose to put away for the future (My savings have generated well over 7% returns so far, with 7% being the goal). One of those accounts are for future simchos, the other is undecided...

amother

Ginger

Fri, Dec 20 2024, 7:40 am

amother OP wrote:

You could walk into your bank and ask them to help you set up an investment account to help you get started. It might not be the best option out there, but it’s the easiest.

I do not recommend that u go through your bank! I did and was a mistake. Find a private advisor/broker who will care about your account

amother

Jean

Fri, Dec 20 2024, 8:19 am

That shop around and make sure they’re not taking a huge percentage. We invest on our own mostly in crypto and yes, I feel very strongly. That’s the best place to put your money. The dollar is not really doing too well. I’d like to invest on my own like an E*TRADE because then nobody takes a percentage and I have access easily and I can make changes, as I see fit, the crypto was a special wallet. It is much more complicated to do it that way, and not through a bank.

bestme

Fri, Dec 20 2024, 8:26 am

If anyone wants an Ally Bank referral code they could ask me. I have referral code.
Also if you just want to start out a little investing, it's best to do it yourself. If you use a financial planner, they take a percentage of money and over time it could be that they are talking a lot of money. I recommend for investing to start listening to podcast and YouTube such as "The Money Guy Show" . I recommend investing in Vanguard and charlesschwab and fidelity.