Recurring bills: Let's take a look

March 26, 2019 // by Jesse Crypto Backer // , , // No comments

Any of these look familiar? Of course they do! Do you have Netflix, Hulu, or even cable? Having these services can add up to hundreds of dollars every month. This is especially true for the cable or satellite bill. 

Paying for cable or satellite is paying to watch ads, that they're getting paid to show you. The future really is streaming, but you don't need all of them.

TIP: YouTube Premium comes with Google Play Music at no extra cost. Also, Spotify comes with Hulu and Showtime subscriptions. 

We need to take a close look at our bank statement. Add up all the services you pay for and REALLY consider what ones you can do without.

Now, let's invest that extra money every month! Our main goal here is to make our money work for us, instead of working hard for a little money. That starts with saving it.

Don't let the government have an interest free loan

March 24, 2019 // by Jesse Crypto Backer // , , // No comments

Very simple concept: Don't give the government an interest free loan. Instead let your savings or investments grow faster. The government uses that tax refund you get every year, interest free, until it's time to pay you back. Put it to work for you instead!

My thought here is to get that money sooner and get it saved or invested. This includes putting this money into your IRA or 401K. A refund of just $1200 is an extra $100 a month in your paycheck. If you get that invested right away, it could end making you more money overall.

It may take a little time to do, but adjusting your W-4 correctly is important. You also don't want to pay in at the end of tax season. Our goal here is get $0 back. 

Use the link below to use a withholding calculator provided by the IRS.

Please read and follow the instructions provided. In the future I will be making a walk-through video and instructional post on how to use it.

$50 made by doing only one easy thing..

March 17, 2019 // by Jesse Crypto Backer // , , // No comments

Hello, today is a short post regarding my Acorns account. I just wanted to update on progress it's made roughly over the last two weeks. It's not a get rich quick type of thing, but it is putting my money to work. Remember my portfolio is set to Aggressive

Acorns has been a different story since I wasn't as active on the platform and in the stock market in general. It's take a lot of time and research to stay relevant in the market. I have option contracts out in April for AMD for calls at $30 and $31. Hopefully AMD will continue it's uptrend with the upcoming Zen 2 processors!

Remember to visit the Services I use page for invite links to these apps!

Part 2: Does it spark joy? Before you buy...

March 12, 2019 // by Jesse Crypto Backer // , , , // No comments

I cannot stress enough how important it is to put at least $100 away every paycheck. As a minimalist I pay my utility and cell phone bills one check and rent the next check. As you can see, I get paid every two weeks. Sometimes that means I get three paychecks in a month.

I hide it from myself. Just like my tax refund, I instantly put it into Acorns.

If you're terrible at saving money, like I am, you need to actively hide money from yourself. Sounds silly right? But if you see that extra money, you'll think it's OK to eat out "just one more time."

So, to recap:

1. Get paycheck from work.
2. Pay bills and buy necessities.
3. Fill gas tank back up.
4. Put remaining balance or $100 into unseen account.

Hopefully your next big purchase will be an asset. Having to finance a little or nothing at all will save you the most money in the end. Here's an snippet from Acorns:

Part 1: Does it spark joy? Before you buy..

March 09, 2019 // by Jesse Crypto Backer // , , // 1 comment

"How you spend your money is just as important to your financial success as your decision to save or get out of debt."

I think the first step in starting to actively manage your finances is sitting down and writing a budget. Learning good spending habits cannot be done by "winging it." Let's start by looking at your monthly bills, then a transaction statement from a prior month. An easy way to do this is by downloading Mint and connecting your accounts. You need to add together all the categories you find. If you're anything similar to me, food will be your biggest expense.

We need to set a cash limit every month, or better yet, every week. When you do eat out, another possibility to save is by drinking only water. That $5 Starbucks every morning is $25-30 every week, or $100-120 every month and $1200-$1400 every year!

This is self-discipline. It probably won't feel good at first. But I think that having saved up enough to make big or emergency purchases will feel good when you don't have to borrow or finance money!

So, to recap so far -

1. Find your current budget.

2. Modify your current budget.

3. Live on that budget.

Cryptocurrency Mining - Why I still do it

March 07, 2019 // by Jesse Crypto Backer // , // No comments

This is a video I made last year of my computer mining a cryptocurrency called Electroneum. I was very excited to break this barrier. I kept modifying my code and parameters until I reached peak numbers. 

I like to think it's how I got started in stock market trading. I was trading cryptocurrencies for another and selling, turning my small amounts into USD. Of course this all too soon crashed after everyone tried to "get rich quick."

Truth is, after you hear about something, it's already to late to cash in. Mining crypto for one month did in fact pay my bills during December 2017, but became a lost cause soon after.

Do you still hold any cryptocurrencies? What coin?

Do you believe crytpocurrencies hold any value in society? I think they are here to stay. People are just afraid of change and in 1000's of years this is the first time we'll could change how we buy things.

We are already looking at numbers on a screen to tell us what we're worth. The only difference is we can go to a bank or ATM and get "cash" if we choose to do so. Fiat currencies actually hold no real value, and are pretty much worth what we're told it's worth. Just watch any video about how money is made, and how the banks do it.

Top 5 Highest APY Banks

March 05, 2019 // by Jesse Crypto Backer // , // No comments

1. CIT Bank – 2.45% APY

CIT isn’t as big as those mentioned below, they’re currently offering a very healthy APY. Online only base banking, no monthly maintenance fees and interest compounds daily. Deposits are FDIC insured, that means up to $250,000 will be covered. With over $50 billion of assets, CIT makes primarily make loans to middle market companies and small businesses.

Two requirements are in place to get this high rate: Make a monthly deposit of $100 and maintain a daily balance of $25,000 or more. This amount can be a lot for some people that are just starting their savings.

2. Synchrony Bank – 2.25% APY

There is no minimum balance requirement and no monthly fee. In addition to the great rate, you can get an ATM debit card. Most internet-only banks require you to transfer funds electronically, which can take a few days. If you ever need quick access to your funds, the ATM card makes access easy. You might not recognize the Synchrony brand in the banking space, but it is a large, well-capitalized business. This bank is used by PayPal for their credit cards.

Unfortunately, the digital experience is not the best and there is no app. I have personally used the customer and it met all my expectations.

3. Goldman Sachs Bank USA – 2.25% APY

There is no minimum balance and there are no transaction fees. You can deposit funds via electronic transfer, wire transfer, or deposit by check. Goldman has been investing heavily in Marcus, its online consumer bank. The savings account has consistently been paying one of the highest rates in the market and it expected to expand. The maximum deposit is $1,000,000 and deposits are FDIC insured up to the $250,000 limit.

You can only get access to your funds via electronic transfer or wire transfers, no debit ATM cards. 

4. Ally Bank – 2.20% APY * my pick! 

While Ally may have not have had the First "high APY" savings accounts, I like to think they got the ball rolling for others to follow. Ally is a bank without branches that has consistently been paying high interest rates on savings accounts since it's beginning. No minimum balance, free checking accounts (which are also eligible for 1% cashback bonuses), checks and debit cards. Transfer funds via their easy to use apps.

Actually, the only downside I can find is they don't have the highest APY rate.

5. Barclays Bank – 2.20% APY

The online savings account has a 2.20% APY with no minimum balance to open and no monthly fees. Your deposits are FDIC insured, up to $250,000. Website has a great look and easy navigation. Your money will be with one of the world’s largest and oldest universal banks.

Barclays is a large, old British bank, based in London. I didn't see an app for smart devices.

There are more banks with different rate available, so keep shopping! Leave a comment sharing your favorite bank! 

Acorns one day returns on $5,000!

March 04, 2019 // by Jesse Crypto Backer // , , // No comments

I said I was going to be totally transparent with my investments. So here's an update.

Account: Acorns - Investment
Portfolio selected: Aggressive
Amount invested: $5,128.95

One day returns on Friday were fantastic! I only wish I had more funds to deposit.. But, for now I paused automatic round ups and recurring has been off. Whatever amount left is my spending account on payday will be deposited into my Robinhood account for investing. They will then alternate every other pay day after.

I, myself, need to stick to my budget I have setup in Mint. Extra money can make you feel like you need to reward yourself and with bigger expenses.

We need to fight the urge to self reward!

What are some ways you like to save money? I like to use Ibotta when I have to get groceries and supplies.

Please leave a comment and subscribe to my blog for more ideas!

Getting back to Robinhood and stock trading.

March 01, 2019 // by Jesse Crypto Backer // , // No comments

I don't know if I've said this, but, I'm going to be and stay very transparent through blogging.

Here is my small portfolio on Robinhood. Today I sold 4 shares of MJ to buy some AMD back and a $31 call option for AMD. I have good reason to believe AMD will take some market share from Intel this year with their great new products.

Please remember to subscribe to follow more!

After only one day of Acorns getting my $5k deposit, it has had a pretty strong gain today. Although percent wise this isn't much, I'm happy with the one day results. I will post Friday updates from now on. So, please follow and subscribe to this blog for more!

Let's get to investing! Let's start saving! Let's make our money work for us!!