Comments on: “But I earn $300/year from switching banks!” http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Tue, 16 Mar 2010 12:09:40 -0700 http://wordpress.org/?v=abc hourly 1 By: Robin Majumdar http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-75712 Robin Majumdar Wed, 01 Oct 2008 03:38:40 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-75712 Ironically, while many commenters here mention unsubscribing, this is my first visit to Ramit"s blog from a link on another site... watched the 2 minute CNBC video clip and read this post. Subscribed - at least for a few months :) Ironically, while many commenters here mention unsubscribing, this is my first visit to Ramit”s blog from a link on another site… watched the 2 minute CNBC video clip and read this post.

Subscribed – at least for a few months :)

]]> By: Credit card perks you didn’t know about (part 2) @ ZDima.net http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-74425 Credit card perks you didn’t know about (part 2) @ ZDima.net Sat, 20 Sep 2008 13:09:35 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-74425 [...] roadside assistance or purchase protection or extended warranty, you save more than you would with stupid 0%-balance-transfer/bank-transfer games. no comments yet.Gallery of Thunderstorm Wallpaper [Wallpaper] »« Episode 61- IWF [...] [...] roadside assistance or purchase protection or extended warranty, you save more than you would with stupid 0%-balance-transfer/bank-transfer games. no comments yet.Gallery of Thunderstorm Wallpaper [Wallpaper] »« Episode 61- IWF [...]

]]> By: Ryan McLean http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-66388 Ryan McLean Wed, 16 Jul 2008 12:16:09 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-66388 I love your savyness in this post. I also write a financial blog at www.smarterwealth.net and I love the way you have responded to this reader. Time is so valuable, and to be earning less than $1/day making all this effort it could definately be spent better by starting a side business or something. I definately would Thankyou for your advice I love your savyness in this post. I also write a financial blog at http://www.smarterwealth.net and I love the way you have responded to this reader.
Time is so valuable, and to be earning less than $1/day making all this effort it could definately be spent better by starting a side business or something. I definately would
Thankyou for your advice

]]> By: anotherguy http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-66135 anotherguy Sun, 13 Jul 2008 17:13:32 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-66135 hmmm...$300 is nothing when you have $40K? I have close to $500K saved up and even a $1 means a lot to me. Technically, for Warren Buffet with assets more than $60 Billion, $2 million should mean nothing. He should have donated that money himself and avoid that lunch those investment guys from Hong Kong bid on ebay. His time is certainly worth more than that. Especially last year when the auction only closed for few hundred thousand. hmmm…$300 is nothing when you have $40K?

I have close to $500K saved up and even a $1 means a lot to me.
Technically, for Warren Buffet with assets more than $60 Billion, $2 million should mean nothing. He should have donated that money himself and avoid that lunch those investment guys from Hong Kong bid on ebay. His time is certainly worth more than that. Especially last year when the auction only closed for few hundred thousand.

]]> By: Carlin http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-66070 Carlin Sat, 12 Jul 2008 05:56:17 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-66070 $0.82 a day makes it sound like he's wasting an entire day for $0.82 cents. The invested cash is earning $0.82 more a day passively with much less active time on his part to move the money. I can't say how long it takes, but if it's every 4 to 6 months, and let's guess he's got a few banks bookmarked to check the rates since he's done this before so say it takes an hour to switch (generous, since opening an ING account takes like 10 minutes). That's 3 hours a year. That's $100 an HOUR. $0.82 a day makes it sound like he’s wasting an entire day for $0.82 cents. The invested cash is earning $0.82 more a day passively with much less active time on his part to move the money. I can’t say how long it takes, but if it’s every 4 to 6 months, and let’s guess he’s got a few banks bookmarked to check the rates since he’s done this before so say it takes an hour to switch (generous, since opening an ING account takes like 10 minutes). That’s 3 hours a year. That’s $100 an HOUR.

]]> By: YatMIT http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-66027 YatMIT Fri, 11 Jul 2008 00:14:09 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-66027 Hey Ramit, I saw you 2 years go when you came to MIT. (I graduated in 2006.) Weird that I'm revisiting your site now, but thanks for coming. Your advice has helped me immeasurably! Anyways, here's my take on this. I currently have 2 sets of banking/checking accounts, and plan to open one or two more. I pay all my bills online and manage via MS Money to keep track of expense w/ credit cards (I never carry a balance) so it's very easy for me to manage multiple accounts. I have: Bank of America Why: Great ATM network, but rock BOTTOM interest rates (last I checked, the savings pay less than 50bps). This was my first account (back when it was Fleet in Boston), so I direct deposit here and pay all my bills here. Btw, I have a strong distaste for BofA. Citi: Why: They offered a great rate, and still have a semi-competitive one with their Ultimate Money Savings account (as long as you pay two bills a month, which I do.) Nonethless, no fees for these accounts anyways. HSBC: (may open soon) Why: Stronger Int'l Network for when I'm travelling abroad. Online Bank (Maybe Emigrant, or ING, may open soon) Why: Though it may lack the ATM convenient, it pays a high interest rate. My plan. Keep some money in each account (enough so I can comfortable take out a few hundred if I need it.). Check interest rates periodically. Write one check to move money into the account with the highest rate. I will essentially have all my money in one account, and just move it periodically. Now I've done a lot of typing, which people automatically assume means it requires a lot of work. For me it doesn't. And since my monthly interest payments I receive are in the hundreds of dollars rather than tens, writing one check and having the money sit there earing a higher rate seems pretty easy and worth the 10 minutes to me. Just my 2 cents. Hey Ramit, I saw you 2 years go when you came to MIT. (I graduated in 2006.) Weird that I’m revisiting your site now, but thanks for coming. Your advice has helped me immeasurably! Anyways, here’s my take on this.

I currently have 2 sets of banking/checking accounts, and plan to open one or two more. I pay all my bills online and manage via MS Money to keep track of expense w/ credit cards (I never carry a balance) so it’s very easy for me to manage multiple accounts.

I have:
Bank of America
Why: Great ATM network, but rock BOTTOM interest rates (last I checked, the savings pay less than 50bps). This was my first account (back when it was Fleet in Boston), so I direct deposit here and pay all my bills here. Btw, I have a strong distaste for BofA.

Citi:
Why: They offered a great rate, and still have a semi-competitive one with their Ultimate Money Savings account (as long as you pay two bills a month, which I do.) Nonethless, no fees for these accounts anyways.

HSBC: (may open soon)
Why: Stronger Int’l Network for when I’m travelling abroad.

Online Bank (Maybe Emigrant, or ING, may open soon)
Why: Though it may lack the ATM convenient, it pays a high interest rate.

My plan. Keep some money in each account (enough so I can comfortable take out a few hundred if I need it.). Check interest rates periodically. Write one check to move money into the account with the highest rate. I will essentially have all my money in one account, and just move it periodically.

Now I’ve done a lot of typing, which people automatically assume means it requires a lot of work. For me it doesn’t. And since my monthly interest payments I receive are in the hundreds of dollars rather than tens, writing one check and having the money sit there earing a higher rate seems pretty easy and worth the 10 minutes to me. Just my 2 cents.

]]> By: ehcomunicacion http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-65998 ehcomunicacion Thu, 10 Jul 2008 09:24:40 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-65998 $300/year is nothing $300/year is nothing

]]> By: Alex http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-65956 Alex Wed, 09 Jul 2008 03:58:53 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-65956 Ohhh... shut up allaya!! Ohhh… shut up allaya!!

]]> By: NM http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-65899 NM Tue, 08 Jul 2008 03:13:00 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-65899 Ramit, I still love you and appreciate the time you take to share your knowledge. :) Would have loved to hear suggestions as to what to do with that 40k. Did you mean diversify within his 401k? i wasn't sure. thanks! NM Ramit, I still love you and appreciate the time you take to share your knowledge. :)

Would have loved to hear suggestions as to what to do with that 40k. Did you mean diversify within his 401k? i wasn’t sure.

thanks!
NM

]]> By: David http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks/comment-page-1/#comment-65887 David Mon, 07 Jul 2008 22:58:37 +0000 http://www.iwillteachyoutoberich.com/blog/but-i-earn-300year-from-switching-banks#comment-65887 Wow, I'm officially deleting your site off my bookmarks jerk. Wow, I’m officially deleting your site off my bookmarks jerk.

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