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I Am Second
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So how did everyone do in reaching there financial goals for 2020? I hit all of mine I believe. Meant my savings goals.
I wanted to have more income coming in but it could be worse I guess. 2021 I want to get a roth ira and increase my income. Get out debt finally and have 6 month emergency fund :).
 

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I Am Second
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I'm only getting 1% returns on Yotta. Is there anyway to get 2% on my money with it still being liquid?
 

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Barbells and kittens
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I'm only getting 1% returns on Yotta. Is there anyway to get 2% on my money with it still being liquid?
Have looked around local banks at their checking account options? My bank has one with 1.5% on up to $25,000 if you make ten transactions a month on your debit card plus one bill on auto pay from your account. There's another local bank with the same requirements except it's 2.01% on up to $10,000 in your account. The requirements are on a monthly basis and if you don't make the ten transactions plus one auto pay you just get the regular checking account interest rate for that month.
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I Am Second
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Have looked around local banks at their checking account options? My bank has one with 1.5% on up to $25,000 if you make ten transactions a month on your debit card plus one bill on auto pay from your account. There's another local bank with the same requirements except it's 2.01% on up to $10,000 in your account. The requirements are on a monthly basis and if you don't make the ten transactions plus one auto pay you just get the regular checking account interest rate for that month.
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Was getting 1.5% at local credit union at 5k max but now I think it dropped tp 1%.
 

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Seems like I might have a €1700 tax rebate/refund :)... I overpaid tax last year : /
 

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I'm only getting 1% returns on Yotta. Is there anyway to get 2% on my money with it still being liquid?
Never heard of Yotta before. I checked out the website looks like you can win prizes. Ever won any and how much?

1 percent dosent seem much better then bank of america who I use.
 

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I Am Second
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Never heard of Yotta before. I checked out the website looks like you can win prizes. Ever won any and how much?

1 percent dosent seem much better then bank of america who I use.
You "win" money every week its all about how much though.
 

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I Am Second
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Just hoping I break even with taxes.
 

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Just hoping I break even with taxes.
Man, I would kill to break even. I'm technically self-employed, which means I usually owe money to the government after my taxes are done. Everybody talking about what they're going to do with their tax refund, and I'm just crunching the numbers hoping the amount I owe isn't too steep this year.
 

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Barbells and kittens
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I'd love to break even too. I've owed every year for years now and have a feeling this will be the worst one yet.
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I Am Second
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Man, I would kill to break even. I'm technically self-employed, which means I usually owe money to the government after my taxes are done. Everybody talking about what they're going to do with their tax refund, and I'm just crunching the numbers hoping the amount I owe isn't too steep this year.
I'd love to break even too. I've owed every year for years now and have a feeling this will be the worst one yet.
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Do 401k/IRA(s) or HSA(s) help yall? There are many deductions out there. I got 2500 deduction from my student loan interest alone.
 

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Barbells and kittens
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Do 401k/IRA(s) or HSA(s) help yall? There are many deductions out there. I got 2500 deduction from my student loan interest alone.
I wasn't eligible for my company's 401k plan until the start of this year. Don't have an IRA yet and no HSA. No student loans either. Should be able to deduct my mortgage interest at least. Not sure what else yet.

I went up a tax bracket in 2020 for the first time and not sure what that's going to end up looking like come tax time. I guess paying my income tax could be a good use for the stimulus check. Regardless I'm going to a professional this year. Have used Turbo Tax in the past.
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I Am Second
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I wasn't eligible for my company's 401k plan until the start of this year. Don't have an IRA yet and no HSA. No student loans either. Should be able to deduct my mortgage interest at least. Not sure what else yet.

I went up a tax bracket in 2020 for the first time and not sure what that's going to end up looking like come tax time. I guess paying my income tax could be a good use for the stimulus check. Regardless I'm going to a professional this year. Have used Turbo Tax in the past.
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Well hope it isn't too much :).
 

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Counted small change I'd been saving for a few years & I had €215.
 

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I wasn't eligible for my company's 401k plan until the start of this year. Don't have an IRA yet and no HSA. No student loans either. Should be able to deduct my mortgage interest at least. Not sure what else yet.
No you will probably take standard deduction so mortgage interest will do nothing for you.

$401k and HSA can help a lot.

Your first 40,000 you only get that taxed at like 12% past that you get it taxed at 22% to 24%. That's a lot, lets say you made 75,000 for the year; 35,000 of that would be taxed at 22% which is $7,700 you would pay in taxes. Now lets say you put the full amount in your 401K which is $19,500 and the full amount in HSA $3,500 total of $23,000. If you kept that money and put it in your checking account you would have to pay $5,060 in taxes at 22%. Putting it into those accounts you can keep the entire $5,060 amount and invest it.
 

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Barbells and kittens
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No you will probably take standard deduction so mortgage interest will do nothing for you.

$401k and HSA can help a lot.

Your first 40,000 you only get that taxed at like 12% past that you get it taxed at 22% to 24%. That's a lot, lets say you made 75,000 for the year; 35,000 of that would be taxed at 22% which is $7,700 you would pay in taxes. Now lets say you put the full amount in your 401K which is $19,500 and the full amount in HSA $3,500 total of $23,000. If you kept that money and put it in your checking account you would have to pay $5,060 in taxes at 22%. Putting it into those accounts you can keep the entire $5,060 amount and invest it.
Appreciate the breakdown. Pretty new to finance still. I didn't start my new job till around spring last year, so won't be so much over this time. Really need to get this stuff figured out.

Another question if you don't mind. So say in 2021 I'm looking at around $65-70k and my wife will be around $30k. Filing joint is the way to go since under $80k is taxed at 12%, so that allows more of my income to fit into that than filing solo, right? Then we can each contribute to our individual 401K's to max out our company matching policies and try to minimize or eliminate completely the taxable income that's in the 22% tax bracket?

Again I very much appreciate the insight. If your username is from the old computer game I had a Tandy computer back in the late 80's and early 90's and played Zork where you just typed commands on DOS.
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Ya you can just double the numbers filing jointly. I also forgot to mention the standard deduction in my example. Single it is $12,400 jointly it is 24,800. So your example of $100,000 jointly as soon as you put in standard deduction Bam! your taxable income is $75,200 so you are only going to be taxed at 12% not having invested anything.

The name of the game is trying to not get taxed at 22% because F**K that S**T. I am jealous of married couples. It is so much easier to achieve that and keep your money.


Ya Return to Zork was the first computer game I played on my dads Dell 486. It blew me away and used it as my Aol name. I still just use it for accounts and stuff.
 

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JH1983 said:
My bank has one with 1.5% on up to $25,000 if you make ten transactions a month on your debit card plus one bill on auto pay from your account. There's another local bank with the same requirements except it's 2.01% on up to $10,000 in your account. The requirements are on a monthly basis and if you don't make the ten transactions plus one auto pay you just get the regular checking account interest rate for that month.
My credit union has a similar deal, but 2.01% interest on the first $15,000 in my checking account, minimum 12 transactions on their VISA debit card.

Since I buy very little, particularly during COVID, it's becoming a bit of a pain to contrive 12 transactions though. I've been getting a gallon of gas at a time this month.
 

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I Am Second
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At least someone won a Tesla, hopefully I can get some decent wins soon.
 

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So one month complete into the new year. Everyone still on track for their financial goals for the new year?
 
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