You pay your bills on time. You’re not in debt, and you have a great credit history. Yet, no matter what you do, you still find yourself stopping just below the mythical 800+ credit score threshold. What are you supposed to do? How do you push your credit score past the last hurdle? We’ll discuss solutions for boosting a great credit score into a fantastic score, plus answer YOUR questions about credit card reward programs, where to keep your cash when you’re waiting to buy a house, 401k questions and more on today’s letter segment.
And in our headlines segment, are you seeking out new financial knowledge on your own, or are you waiting for new information to find you instead? We’ll talk with Emily Shallal, senior director of product innovation at Ally Bank, about Ally’s recent study on financial literacy. Plus, in our second headline, brokers have until the end of June 2020 to implement new regulations. The new rules could put a bigger strain on smaller brokers, who lack the same amount of resources as larger companies.
After some of Doug’s musical trivia, we’ll take a break from out letters to answer a Haven Life Line segment Gregg, who has opened a new brokerage account with Fidelity. The company has offered him a checking account., but when Greg initiatives an ACH on Day 1 it takes another 4 days before he gets access to the cash. How can they do this?
Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
Show Notes:
Thanks to LinkedIn for supporting Stacking Benjamins. Go to LinkedIn.com/sb and get a $50 credit toward your first job post.
<3:00> Headlines
- Brokers face heavy lift to implement Reg BI by next year (InvestmentNews)
- A BIG thanks to Emily Shallal for taking the time to talk with us today. You can find more on Ally and the study at their site: Ally.com
- Looking for their courses? Click here: Ally Wallet Wise
<18:13> Letters
Matthew has a good credit score, but he wants to know how to crack the 800 barrier. What can he do?
Hey Joe and OG, I’m 26 and have no debt, but am stuck with a credit score of 773. How do I crack 800+?I’ve never missed a credit card payment, I have no outstanding debt/loans, and have a very low credit utilization rate. Help!! In all seriousness, I know my score is good, but I’m always willing to learn a thing or two.
Wait, is this the Stacking Benjamin’s show? Scratch that part about learning something, I’ve heard there is some real knowledge at LenPenzo.com and the Afford Anything podcast with Paula Pant… i’ll try my luck there. 😉
Tyler has been steadily paying off his debt and has been contributing to his 401k. What are some good recommendations for credit cards and rewards (used responsibly of course).
Hey Joe, been listening to the show about a year now. I’m working on paying off debt and me and my wife are both putting 10% into our 401ks. I wanted to know what your recommendations are on Credit cards and rewards.
Unlike some other Tennessee podcast financial show you don’t have issues using cards if they’re used responsibly, but which kind of reward would you recommend? (Cash back, miles, etc…)
Phillip has $10,000 saved up that he wants to invest into a house in a few years. What’s the best thing to do with the cash in the meantime? Secondly, what’s our take on REIT’s?
Hi guys, I am new to listening and enjoy hearing your take on finances and can actually stand to listen to you guys talk. I am 19, married, going to school, and I hope to graduate in two years with my wife and have less than $5,000 in student loans thanks to uncle sam.
I have no other debt and save about 15% of my income every month. I have two questions, First, I have about $10,000 saved up aside from my emergency fund. I am not sure what I should do with that and currently have them in short-term bonds with the new Stash app.
I know there is a better way to invest with it but my risk tolerance is somewhat low because I want to invest in a house in a few years.
Second, I wanted to get your opinions on REIT’s because as a young investor I would be okay leaving a small portion of my funds in a REIT to earn that passive income.
Thanks again, and again, really enjoy the podcast.
Leo was hit with an underpayment penalty last year. He’s heard about withholding more $1 more than your taxes, but where does that dollar come from?
Due to lower income tax bracket and higher income in 2018, we were hit with a underpayment penalty for not withholding more than 100% of 2017 taxes (lower tax bracket) and 90% of 2018 tax bracket (higher income from rental).
I’ve heard you guys talk about the best thing to do is to withhold $1 more than your taxes. Where does this $1 come from? How do I withhold more taxes? What is form 2210?
I promise I won’t learn from you guys but your answers are still quite entertaining.
Jordan has been thinking about switching to a traditional 401k as their salary has progressively increased over time. What are some things to consider before switching over?
I am 26 years old. I have been contributing to a Roth 401k for the past four years, and I was thinking about moving to a traditional 401k as my salary has progressively increased over time.
Is there a good rule to follow on when to switch over to traditional and is there anything I should consider before switching over?
I understand the pre-tax and post-tax implications, and it may be just a personal preference or belief in whether or not I will pay more taxes in the future than I do now.
Any advice would be helpful! Love the show.
<38:21> Doug’s Trivia
- Which popular insurance company owes their jingle, still used today, to Barry Manilow, from back in the 1960s?
<29:30> Haven Life Line
- Greg’s opened a new brokerage account with Fidelity. They offered him a checking account, but when he initiates a ACH on Day 1 it takes 4 days before he gets access to the cash. How is Fidelity able to do this?
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