Posts by ironsurfer10

Ronald Allen said:Honestly, if God would just give us bigger paychecks and maybe a little more common sense when we pull out our wallets, life would be easier.
So, look, I’ve got this Diners Club card that’s switching over to revolving credit in about a month. Since I’m basically using it just to cover groceries—and given what I actually bring home—here’s how the math shakes out: over three months, I’d hit my credit limit. But, I’d at least $167 make a payment every single month. In those three months, I'll have three paychecks plus some extra bits coming in, and the balance on the card will top out at $67. Once you factor in that revolving interest rate (around 4%, minimum $33), the debt won't actually exceed the limit itself. If I stick to the plan and live strictly off the card without going over the limit while still paying my regular bills, I’ll still have a decent chunk of cash left in my checking account. That way, for three months, all the household bills are paid on time from my salary—which is the most important part to me!!!—and there's still money left over. After those three months are up, I clear the whole revolving balance with Diners Club, and I’m left with slightly less than one full paycheck in my account. Don't come at me here; I'm speaking from actual experience regarding my own spending habits. Believe me, I'm using this card for essentials, not for blowing money on junk or luxury items.

Honestly, using that card for groceries is a pretty bad move—especially if you've got a revolving credit line attached to it.
That math doesn't really apply to my situation. I have quite a bit tied up in installment plans right now, so I won't be clearing those debts anytime soon. I probably won't be in a position to settle everything until the end of the year, at most.😲

Ronald Allen said:Honestly, what do you guys think? Is there any chance JPMorgan Chase pulls off the highest returns again this year? I know they say you can't judge a book by its cover, but a whole year is a long time, and those early results from January might not mean a damn thing in the long run... 🤷

There’s really no way to be certain. It all comes down to how risky their investments were last year. From what I understand, about 50% of the portfolio has to stay in bonds, and those have dropped by about 2.5%. Then you have 20% in stocks, which are also down around 14%. So, it really depends on their specific allocation. You can check the SEC website or similar financial news outlets; they usually have the investment structure listed somewhere.

Ronald Allen said:Honestly, what do you guys think? Is there any chance JPMorgan Chase pulls off the highest returns again this year? I know they say you can't judge a book by its cover, but a whole year is a long time, and those early results from January might not mean a damn thing in the long run... 🤷

I get at least 50 calls like that a day. Part of it is just pure ignorance on their part, and part of it is because some of our customer service reps aren't properly trained to explain things clearly.

Ronald Allen said:What kind of fees are we even looking at for an OMF, if there even are any...? 🤷
I mean, I know mutual funds have their fees, but for an OMF... 🤷
Anyway, first thing you should probably do—assuming you’ve actually started contributing through work—is check your total returns so far. Once you have that, it’s easy enough to figure out if it makes more sense to go with a fund that has lower fees versus one where you're putting in more contributions but paying higher fees too...

The entry fee is charged every month alongside your employer's contribution, and for the retirement fund, it's 0.6% monthly. Other funds carry a fee of 0.8% per month. If your contributions are small, it’s a negligible amount—it's not a big deal if you're looking at something like $1667 $100 gross salary $0.00. However, if you have a very high salary, like some of our members here, it makes more sense to pick a fund with lower fees.

🙏
I really have to hand it to you for digging up all this info!😍

Either way, I really want to hear his side of the story and see how he breaks down the numbers 😍🙂

Here’s the latest update on those "returns" through January 31, 2008

Vanguard: -3.08
BlackRock: -3.73
Bank of America: -4.18
JPMorgan Chase: -4.06

mirex: -3.64

Ronald Allen said:You're spot on. Seriously, I'm just counting down the days until next month so I can switch my Diners Club over to a revolving line... if my math is right, I should be out of this hole in maybe three months...

What kind of math are you using there? 🤔

Come on, walk me through it! 🙂

I’m already on a revolving plan, but by my own estimation, I’ll still be struggling to stay afloat for at least another year...😵🙂

🙂

not getting any foreign exchange here 😉

darkmaker94 said:Honestly, I’d probably just pick one up for... $2000 And if we stretch it to a year, that would put the monthly payment at... $167I don't like it when things get dragged out.

Thanks again for the info.😉

Look, man, your monthly payment might be higher, but have you thought about the interest? My laptop ended up costing me roughly $2667 all in, but the initial sticker price was actually closer to seven thousand dollars...

darkmaker94 said:Yeah, you nailed it. I was actually talking about the monthly payments. 😉
Thanks for the heads-up. Looks like I can go ahead and drop some bigger bucks now. 😁 I could probably use a new laptop, too. 😁

Oh man... I bought my last laptop on a three-year payment plan, but the warranty only lasted one year. 😉 If it had died on me, I would have been in a real bind before I even finished paying it off...😉

Actually, that’s not quite right. If someone leaves the workforce outside of the federal system after they've met all the requirements for retirement under our laws, they are entitled to receive their payouts from the second tier of the pension system.

And if someone passes away before reaching retirement age, those funds are passed down to their children through survivor benefits. If there aren't any children, the money goes to their legal next of kin.

Nicholas Murphy70 said:Not trying to start a whole new thread here... just wondering if there's any way to pull out money from a mandatory pension fund before retirement hits? Say someone worked for maybe two years, then hit a gap where they aren't working for the next four or five. Is there a path to access those funds the employer was contributing while they were on the job? Just using that as an example to get a baseline answer. If anyone knows, maybe walk me through it—I might have other scenarios later. Thanks.

No. There isn't any legal framework that would allow those funds to be paid out early.
Good grief... if you only knew how many people ask me this every single day! 😍

Exactly. I mean, wasn't that basically the whole point—asking if there's a financing option available?😕
I honestly thought the person was just trying to see if they could pay in installments...🤷

feralgardener63 said:There is absolutely no way, man, because if your limit is 5000 then the total sum of everything you spend simply cannot exceed that number, otherwise you'll just get a little slip of paper telling you insufficient funds I've tried it myself and seen it happen firsthand. It won't even process online either. It really would be nice if it actually worked like that, wouldn't it?🙂

That isn't actually the case. My limit is $1333, and I bought a laptop for $2667 using an installment plan, and everything went through perfectly fine.

I actually own those glasses myself—they have this distinct greenish tint to them. I ended up paying about $100 for them.

Ronald Allen said:Around here, you’ve got credit advisors, personal bankers, wire transfer folks, and tellers. The credit guys don't see any connection between the IMF or FEMA and loans—not even remotely. Meanwhile, the tellers get this "assignment" throughout the year to try and "sell" IMF or FEMA products to a specific number of people just because the bank offers them. But it's not like it's a requirement for anything! 👋

And yeah, I guess you could call the tellers the "grunts" since they end up doing all the heavy lifting and the worst jobs...

Aha... well, in that case, I might have to disagree with you there. From what I've gathered through some pretty reliable sources, those loan officers actually *do* push OMF on people quite a bit.

Mark Sullivan62 said:I’m really not that bad-looking 😛

I didn't mean a cardboard box, that's not what I meant 😉
little blueberry 😁

Mark Sullivan62 said:So you’re actually gonna try and throw a red card at me for going off-topic, huh? 😁

Honestly, I'd rather 🙈

Mark Sullivan62 said:If I recall correctly, I was just citing the returns on those voluntary funds..........

And hey, Edgar, isn't this thread supposed to be about MANDATORY pension funds? Seriously, man...🙂

Mark Sullivan62 said:If I recall correctly, I was just citing the returns on those voluntary funds..........

No, I wasn't talking to you... I meant the guy whose username starts with an L... I can't quite remember his exact handle...😵

Ronald Allen said:Do you seriously think people aren't worried about their retirement savings until someone asks if they want to switch to a specific investment firm? 🤷
And for the last time, I'm telling you this from direct experience: not one single loan officer at my branch has EVER mentioned an investment fund or the Democratic Party in relation to a loan. And don't forget, there are tons of tellers and clerks at banks who just handle loan payments and stuff—they don't deal with loans or terms at all. That’s what the actual loan officers are for. According to your logic, those guys would be out of a job... ☕

You’re absolutely right about that. Honestly, it feels like some people are just completely out of the loop on this.

Ronald Allen said:Do you seriously think people aren't worried about their retirement savings until someone asks if they want to switch to a specific investment firm? 🤷
And for the last time, I'm telling you this from direct experience: not one single loan officer at my branch has EVER mentioned an investment fund or the Democratic Party in relation to a loan. And don't forget, there are tons of tellers and clerks at banks who just handle loan payments and stuff—they don't deal with loans or terms at all. That’s what the actual loan officers are for. According to your logic, those guys would be out of a job... ☕

Wait, I’m a little lost here. Who exactly are you trying to defend? The loan officers? And shouldn't they be called credit analysts or something? Besides, you're acting like bank tellers are some kind of speed demons. Could you walk me through your logic a bit more clearly?😵🍿