smartypig

One thing that has suprised me so far in my journey to financial freedom is the laborious process for signing up for certain types of accounts to manage and improve my finances.

Since I started this blog, I have been reading and learning a lot, but actually opening accounts has been a bit of a nightmare. Noneless, I’ve had success and ease with a few of them:

Awesome & Easy Financial Accounts I have Opened So Far

SmartyPig Savings Accounts – I am so impressed and in love with this simple banking model.

1. The process to open the account was so easy and all online.
2. I have many simple savings account goals set up
3. I have small but recurring transfers being sent to my specific savings goals
4. I earn 2% interest
5. Not to mention if I should choose to buy a gift card with one of the savings goals (ie wedding season!), I get a bonus cash back.

529 College Invest Account with Vanguard

1. I opened this account entirely online and funded it through ACH from my daughter’s expired CD.
2. I diversified the options of investment allocations
3. I’m planning to monitor it on a monthly basis.
4. I have recurring transfers set up, which will increase slightly automatically annually. Done and done.

Key Bank Business Account

1. This was the best website I could find in my local area for information on the full features of a free business account, rates, fees, online tools, etc
2. The online sign up process was simple
3. I didn’t like having to wait 7-10 days for the follow up paper work
4. Other than that I am happy with this account so far.
5. Added bonus is they are going to give me a few hundred bucks promotional money

What I’ve Learned About IRAs & 401K Rollovers

IRAs are not very easy to open online. Also there are tax implications with converting to a Roth from a Traditional, rollover processes, etc. I have more to learn here before I’m done.

I’ve opened a TradeKing account and tried to figure out how to transfer my Traditional IRA over and then convert it to a Roth IRA. There was a $50 charge to do that and they said I had to re-apply all over again. So, I am in uncomfortable territory here and its making me go slower.

Additionally, I considered rolling over at least a portion of my former employer 401K to Lending Club. I really want to get started with LendingClub as well as some very well researched stock trading. LendingClub has something in its documentation with its partner company for IRA’s, Entrust CAMA, about a $150 annual fee that I’m not too happy about. So, I need to read over the documents for IRAs and fees with a lot more attention to detail before making a decision.

But I’m still a novice, scared investor. The 529 is easy because its fund based, but I of course will pay management fees. I’d like to not have to, but I don’t want to be a super active day trader either.

So, all in all, investing and investment accounts are scaring me, but I don’t really want to go pay an advisor, so I’m going to have to overcome this fear and figure it out sooner than later!

How do you overcome your lack of knowledge with investing in uncharted territory?

photo by: ndevil

{ 1 comment }