Finance Actions I took this month
- went through some old notes and put in metrics to look
for index funds
for swings
for dividends
I still have not taken a good look at which funds exactly for IRA : 50% in index funds , then maybe other funds, bonds and short terms, after looking at expense ratios.
60% Fidelity 500 (large cap)
20% Fideltiy US Bond Index (bonds)
15% Fidelity Small Cap Index (small)
5% Fideltiy International Index
- Browsed through fidelity
put in some goals on how much you want to make in how many years and how much you have to start with and assign a fid account to it, and then it shows comparison of my asset mix, concentration with what was recommended
looked at retirement planning calculator roughly - things to think about - age, tax, age for ssn, investment mix, if your life is going to be above or below average and it tells you how much it thinks you need and how much you will fall short by and what your score is - mine was near red for some reason.
the fidelity guy said if the market performed below average I'd be having a tough time during retirement, but if performed on average my indicators look good.
Had a call with Andrew and learnt some details on 401k
Looked at mint and ynab for budgeting - ynab is paid , but apparently it's proactive/hands-on and tells us about the future, whereas mint is about the present and is more hands off. Because I'm lazy and did not want to spend 80 bucks on ynab, I deleted ynab and decided to give mint a try - ads are not a problem for me.
In mint
- first, I connect my accounts,
- then I go to the expense page and categorize every trxn for that month under a category,
- the problem here is I'm not sure how to categorize trxns from me to AJ where we settle each other. I guess since we're both combining our budgeting, we should just cancel all transfers between each other from the tracking software. whatever is left would show 50/50 him and me. the downside is we can't really tally between the two of us which trxns r from him and that still has to be tracked on splitwise.
- then I set goals and assign accounts to the goals. The goals are messy-looking currently and way higher than we afford.
(I've set 401k, down payment for house, my education, Zaaya education, AJ contribution to his family, a trip for us, trip for AJ parents, trip for Dad, 8 months rainy day savings, an emergency account. )
- then there's a budget section where I can set limits for each category I looked at in the expense section.
- there's trends but it's messy if we don't do the expense section right. we need some basic coding we need to default to , to keep the pie chart simple.
Maybe it can be :
Rent and Utils / Insurance / Subscriptions
Goals / Investment accounts linked to goals
Grocery / Food
Fees
Travel
Parents transfers
Zaaya
Rainy Day
Emergency
Education
Charity
Shopping
- we also need a certain day - maybe first weekend of every month to do expenses as well as monitoring.
Signed up for some courses
Some on quarterly updates
women focused retirement planning
women focused general planning
confident investing
- Explained swing to AJ, a bit
- Updated splitwise
Linked our accounts to mint , showed AJ how he could use this easily to do accounting.
Took Jaewoo's advice on 401K
Moved my old 401Ks to IRAs
Mint sent us a weekly summary and it was very insightful. We disconnected Spotify and some random Barnes and nobles account Rathan did not know he was subscribing for.
put in some tqqq and qqq.
- Added beneficiary in my fidelity
- Did one month of mint categorizing.
- Andrew told us that we could have just a retirement account instead of 529 for flexibility. Jully advised to use aa brokerage with flexibility over 529.
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