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HoarfrostHubb
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10 minutes ago, DavisStraight said:

So what do you get by doing this, I know its a simple way to take care of bills and just pay one fat payment a month, I've been intrigued by it but never looked into it.

Cash back, enough to pay our internet bill monthly.  Basically pay everything with CC, get enough cash back to go out to dinner one night or cover a small bill.

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7 minutes ago, DavisStraight said:

So what do you get by doing this, I know its a simple way to take care of bills and just pay one fat payment a month, I've been intrigued by it but never looked into it.

Well, obviously its convenient, like you said. I have many of them on auto withdrawl. Its also a good way to maintain a high credit score...I have just about optimal credit and I would like to keep it that way. It also allows you to accrue cash rewards and obtain preferred status. If I contest anything, they usually side in my favor.....if not I threaten to close the account. Finally, I also have a travel card, which allows me to accrue points towards reduced fare and such. This came in handy for the trip to Uganda....immense points. My wife is living off of that card over there until she comes home in Feb.

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23 minutes ago, SouthCoastMA said:

I do that with my Amazon Prime card. It's worth it but only if you pay it off monthly. Rewards are 5% back. 

Yes, I do this with Amazon Prime, too...I hardly touch it, but my the wife has a constant stream line of activity. I also have fam use it from time to time in order to get faster delivery, and they just pay me.

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5 minutes ago, powderfreak said:

Cash back, enough to pay our internet bill monthly.  Basically pay everything with CC, get enough cash back to go out to dinner one night or cover a small bill.

One of the guys I know does that does it has thousands of airline miles, he has property in Florida that he goes back and forth to 5-6 times and year and I think he said it cost him $29, not sure of that's a tax or what but he has enough accumulated for years.

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9 minutes ago, 40/70 Benchmark said:

Well, obviously its convenient, like you said. I have many of them on auto withdrawl. Its also a good way to maintain a high credit score...I have just about optimal credit and I would like to keep it that way. It also allows you to accrue cash rewards and obtain preferred status. If I contest anything, they usually side in my favor.....if not I threaten to close the account. Finally, I also have a travel card, which allows me to accrue points towards reduced fare and such. This came in handy for the trip to Uganda....immense points. My wife is living off of that card over there until she comes home in Feb.

I have to look more into this, seems convenient in addition to getting benefits.

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Just now, DavisStraight said:

I have to look more into this, seems convenient in addition to getting benefits.

Yeah as long as you pay it off… if not, it removes the benefits because of your interest accrued ha.

But if you pay off everything each month, they give you free money and benefits.  Even if it’s just $500-$1000 annually, it’s still money you are getting back just for paying all your expenses with their card.

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4 hours ago, tunafish said:

In layman's terms, what is "large exposure"?

Well, I suppose that is an ambiguous term that could vary from person to person. I'm just saying that if you're concentrated in U.S. equities and crypto, it might not be a bad idea to count your blessings, take the win you've been handed and raise some cash. Especially if you're a few years out from retirement. Nobody can peg exactly when a bubble will end, but valuations are extremely extended by historical measures, the market's propped up on nothing but weaponized option trading, stretched margin lending, and extreme retail engagement. History has shown many times that that is a toxic cocktail. Throw in inflationary pressures, very evident contagion in the Chinese real estate market, and the end of the biggest fiscal sugar high in history--I'm just saying that the future appears fraught with risk. I think the next decade will be a lesson for those who believe that one should always buy the dip, and that stocks always go up.

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1 hour ago, 40/70 Benchmark said:

Well, obviously its convenient, like you said. I have many of them on auto withdrawl. Its also a good way to maintain a high credit score...I have just about optimal credit and I would like to keep it that way. It also allows you to accrue cash rewards and obtain preferred status. If I contest anything, they usually side in my favor.....if not I threaten to close the account. Finally, I also have a travel card, which allows me to accrue points towards reduced fare and such. This came in handy for the trip to Uganda....immense points. My wife is living off of that card over there until she comes home in Feb.

I don't like the auto withdrawal.  I like paying bills electronically but I like to do it myself.  I don't want anyone having the ability to go into my account.

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47 minutes ago, mreaves said:

I don't like the auto withdrawal.  I like paying bills electronically but I like to do it myself.  I don't want anyone having the ability to go into my account.

I'm just too lazy to go through the motions, but I get that. I will not put debit on auto...just credit bc it's easy enough to dispute. Debit is another ballgame.

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My MiL still does this thing where she saves every single CC receipt and twice a month sits down with the laptop, logs into the bank website, and compares every single receipt to the bank ledger. I asked her if she has ever found any discrepancies in like 35 years of this shit and the answer was no. It's not clear how she would even recover her 37 cents from that gas station where she bought a soda and they rang it up wrong. 

She was really shocked to learn that no one under the age of 50 does this (as far as I know). I would be shocked if anyone younger than 30 had ever even contemplated doing this. Most young people today run their finances from Apple Wallet with autopay enabled.

 

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1 hour ago, PhineasC said:

My MiL still does this thing where she saves every single CC receipt and twice a month sits down with the laptop, logs into the bank website, and compares every single receipt to the bank ledger. I asked her if she has ever found any discrepancies in like 35 years of this shit and the answer was no. It's not clear how she would even recover her 37 cents from that gas station where she bought a soda and they rang it up wrong. 

She was really shocked to learn that no one under the age of 50 does this (as far as I know). I would be shocked if anyone younger than 30 had ever even contemplated doing this. Most young people today run their finances from Apple Wallet with autopay enabled.

 

No one does this any more because of debit cards. In the past when you balanced your checkbook people were paying for everything in cash, and then you kept track of the checks you sent out each month for bills, minus your cash withdrawals. People weren’t tracking every cup of coffee they paid cash for.

I haven’t written a check in four months, all my debits and credits are electronic/ACH transactions. Plus there are temporary holds, reposts for restaurant transactions, etc. Just doesn’t make sense anymore to spend that amount of time on it, especially when I can view it all from my banks website.

 

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3 hours ago, PhineasC said:

My MiL still does this thing where she saves every single CC receipt and twice a month sits down with the laptop, logs into the bank website, and compares every single receipt to the bank ledger. I asked her if she has ever found any discrepancies in like 35 years of this shit and the answer was no. It's not clear how she would even recover her 37 cents from that gas station where she bought a soda and they rang it up wrong. 

She was really shocked to learn that no one under the age of 50 does this (as far as I know). I would be shocked if anyone younger than 30 had ever even contemplated doing this. Most young people today run their finances from Apple Wallet with autopay enabled.

 

My dad did that....maybe a year or so before he passed we found a box with a bunch of credit card receipts from the 80s. One was from a hotel that he bragged about never having been charged for lol

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2 hours ago, bristolri_wx said:

No one does this any more because of debit cards. In the past when you balanced your checkbook people were paying for everything in cash, and then you kept track of the checks you sent out each month for bills, minus your cash withdrawals. People weren’t tracking every cup of coffee they paid cash for.

I haven’t written a check in four months, all my debits and credits are electronic/ACH transactions. Plus there are temporary holds, reposts for restaurant transactions, etc. Just doesn’t make sense anymore to spend that amount of time on it, especially when I can view it all from my banks website.

 

I probaby write like 1-2 checks annually.

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17 minutes ago, 40/70 Benchmark said:

My dad did that....maybe a year or so before he passed we found a box with a bunch of credit card receipts from the 80s. One was from a hotel that he bragged about never having been charged for lol

Yep, we had that here. My wife made her throw a lot of it away when she moved to a much smaller place a few years back. It was actually a painful process getting her to agree to part with that old garbage. Obviously a lot of effort went into sorting and storing it. She had boxes and boxes of receipts and general "paperwork" (such as tons of old tax forms going back decades) all neatly organized. We tried to tell her we don't think she will need the warranty card for the dishwasher from two houses ago, and we don't expect the IRS to audit her over her W2 from 1992 at this point. LOL

I'm not sure if there is a medical term for a hoarder who is super organized and mostly only hoards boring paperwork.

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14 minutes ago, PhineasC said:

Yep, we had that here. My wife made her throw a lot of it away when she moved to a much smaller place a few years back. It was actually a painful process getting her to agree to part with that old garbage. Obviously a lot of effort went into sorting and storing it. She had boxes and boxes of receipts and general "paperwork" (such as tons of old tax forms going back decades) all neatly organized. We tried to tell her we don't think she will need the warranty card for the dishwasher from two houses ago, and we don't expect the IRS to audit her over her W2 from 1992 at this point. LOL

I'm not sure if there is a medical term for a hoarder who is super organized and mostly only hoards boring paperwork.

Same thing with my mom....she just moved in with my sister...we found taxes from the 80s and some Bradlees bags haha

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15 minutes ago, 40/70 Benchmark said:

Same thing with my mom....she just moved in with my sister...we found taxes from the 80s and some Bradlees bags haha

One of my aunts had boxes full of dividend checks, they were only a few dollars each but she thought they were statements and not checks and never cashed them. Not sure how much it ended up but it was gone.

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