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“I’m lazy but generally task oriented so having a hoop to jump through means eventially I’ll make the effort.” Thomas Lynch
Face up to it! We are all lazy once in a while. It’s not a crime. Find out about my money adventure combating a bout of laziness, and what it cost me.
MAIN TOPIC: Procrastination Does Not Pay
I have been procrastinating a very important activity for a while. You would think that a personal finance professional would be on top of all of her own financial activities. True confessions, I sometimes let our family finances slip into the background. Okay, I said it!
To propel action, I stuck this personal finance task on my to do list every day, for about two month and finally, I actually completed it!
We have a relatively large percent of cash in our portfolio due to some upcoming financial events. With interest rates so low, I avoided maximizing our return. That avoidance cost over $1,000/year for a year or two. And that is a lot of money!!
PRACTICAL APPLICATION: Pay Attention
While reviewing our finances on Quicken, I realized that there is a real difference between 0.02% and 1.35% on significant sums of money. And that difference over time adds up!
Step one: Went on line to Bankrate.com to see the highest rate I could get on cash, while keeping it liquid.
Step two: Opened an on-line account at an internet bank I never heard up. I admit, I was a bit nervous using this FDIC insured unknown bank. I read some on-line reviews, including one at Consumerism Commentary LINK and it seemed OK.
Step three: After opening the account, still a bit nervous, I read more bank reviews. Turns out several people had difficulty WITHDRAWING their money. And there were more than a few complaints at the BBB.
Step four: I NEVER FUNDED (TRANSFERRED THE MONEY IN TO THE BANK) THE ACCOUNT.
Back to step one! Now, I realize that in the scope of things, this is not a terrible problem, but it is a part of maintaining financial responsibility. Obsessive that I am, I returned to Bankrate.com to consider another more popular internet banks. I checked out the reviews IN ADVANCE of opening the account this time. Same story, some folks had difficulty taking their money out! What to do?
Step five: Called the 800 number of my existing bank and asked what type of rates they could offer on my cash. Of course the rate was not the high 1.35% J of the internet banks’ but the customer service representative said they had a promotional 1.1%. In order to avoid opening a “new” account at my bank, I must visit the branch and they would apply the promo rate to my existing account.
Step six: Not so easy. This promo rate was NOT AVAILABLE FOR EXISTING FUNDS, just new funds…….
What do you think I did? Stay tuned, the next post will tell you how this story turned out. In the meantime, take a look at what I’ve been reading on line this week.
Fun Reads from Across the Blogosphere:
YesIamCheap: How to Save Money on Pets (Must view for pet owners)
Kitchen Sink: Whatever Can be on Your Mind? (Business through the eyes of Mad Men)
KNS Financial: How I Feel About Money Today (Can you relate to this?)
The Millionaire Nurse: The 5 Whys and Why You Should Read This (Clever concept)
Money Reasons: My 90% Dip in the Value of One of My Stocks (This happens to every investor)
Ultimate Money Blog: How to Make Money Blogging (Who doesn’t want to know this?)
Squirrelers: Don’t be a Turkey; Career Lessons from the Allen Iverson Saga (Smart list for excelling in LIFE.)
Beating Broke: Even a Little Movement is Better than None (Words to live by)
Out of Debt Again: Six Tips for Decorating on a Budget (Read this if you have a home or apartment)
BarbaraFriedbergPersonalFinance across the Blogoshere
Budgeting in the Fun Stuff: What is a Stock and Why Should I Care
Yakezie-Premier Personal Finance Network: BarbaraFriedbergPersonalFinance Member Post
Everypesocounts: My logo is posted here! You gotta visit this site, not only is the information useful, but the layout is terrific.
20 Minute Guide to Investing & 10 Steps to Take Before Investing are mentioned at:
The Millionaire Nurse Blog
Invest it Wisely (Book review)
Yakezie Member post- BarbaraFriedbergPersonalFinance is mentioned at:
What can the Average Joe/Jane Expect When the Dollar Fluctuates is mentioned at:
- Maximizing Money