Don't forget about your finances

[HMM]

I believe in diversification. I don’t have a lot of PM’s but I have gotten into peer to peer lending through ground floor as of late. I’m heavy in my company’s 401k but I want to make sure I have a few other options that would get me by in retirement or if we hit a huge recession. 401 ”G” (sell some of my gun collection if needed), rentals, collectibles, peer to peer lending, etc…. I’d eventually like to get into being a private money lender to some local flippers as a side hustle.

I did go to a coin show this past month for the first time, it’s a whole subculture and I was amazed. Mainly at being the youngest guy in the room and I’m mid 40s…lol Lots of older people but I was fascinated in just watching people. I was there for adding a 1oz gold coin since we have a family trip coming up. I started taking a 1oz coin with me when I travel overseas and needed another for the wife. I put it in a AirTag necklace thing and carry it on me just in case, figure if I need to get out of something crazy it might be a bargaining chip.

[ndmiller]

One of the most important items of late with rates finally going above 0% is checking rates on bank accounts. I earned about $0 for the last decade or so and as soon as rates started to rise called my bank and they were sticking to 0.1% or whatever stupid rate they had. Moved all my money to a 2% account with an online bank (subsidiary of physical bank) and I think today that same account is over 5%. Made more interest in the last year it's paying for a car for my daughters to share (14YO learning to drive, 18YO going to take it to school next year). I tell everyone I know everytime I see them "have you moved your money into a 4+% account yet?" Some are lazy and not so smart, but others have done what I've done. Which bank doesn't really matter but 5% is the new standard rate with a google search showing 5.25ish for 5-7 banks.

For the people who like visuals 5% on $10,000 is $500 a year. .1% my rate from the last decade was $10 a year. AND both savings and checking accounts compound daily so it's a bit higher.

AND For those of you in the MONEY, $250K per account is the FDIC insurance, so $1.0M needs to be split into 5 accounts so it's safe and can earn interest for a while before another split happens. Obviously that $$$ would be invested not in a savings account, but 5% a year isn't shabby either.