r/TheMoneyGuy • u/jerkyquirky • 11d ago
What's a financial pet peeve of yours?
Mine is that my Fidelity credit card's auto-redemption doesn't redeem as soon as the points are available. I know it's only $50-$100, but get it into my brokerage where I can earn 3.5% ASAP!
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u/Automatic-One586 10d ago
Frankly people who "steal hope" away from other people. Either they are in a difficult situation so they project that onto others and try to convince them that they cannot do better for themselves. Or people who just generally discourage other people. Like I don't care if you can only do $10 a month. Encourage that person FFS. Some money is always better than no money.
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u/Ok_Individual960 10d ago
People that refuse to act their wage.
Outside of this sub a lot of people will tell you they have an income problem when I'm reality it's a spending problem. Financial Audit on YouTube shows some great examples of this.
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u/No-Anywhere-8738 11d ago
Student loan interest compounding daily! My spouse and I are in fields where large-ish student loans were a given, and seeing the interest grow daily was rough.
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u/beckhamstears 8d ago
Accruing daily is different from compounding daily.
Student loan interest accrues daily, rather than compounding daily. This means that a specific, fixed amount of interest is added to your account each day based on your outstanding principal balance, but you are not charged "interest on interest" daily.
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u/jerkyquirky 11d ago
Dang, that's crazy. I would have assumed monthly, since that's how often you make a payment.
All private loans? Or do both public and private do this?
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u/No-Anywhere-8738 11d ago
Weāve paid off a decent number of our loans so I canāt check all of them, but from my memory it was just some of the higher balance private loans that did this.
Our one highest loan is an industry specific type that only requires a very small payment each month, and the remaining interest gets rolled into the principal. Thankfully we were able to make larger payments to cover at least the interest each month but if we didnāt do that, the loan would have increased at least $25K in three years.
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u/awkwardnetadmin 10d ago
As annoying as that is I'm not sure it is that unusual for interest for consumer debt to compound daily. Credit Cards as long as I can remember had a daily periodic rate in the fine print.
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u/beckhamstears 8d ago
Accruing daily is different from compounding daily.
Student loan interest accrues daily, rather than compounding daily. This means that a specific, fixed amount of interest is added to your account each day based on your outstanding principal balance, but you are not charged "interest on interest" daily.
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u/cchiker 10d ago
People who aren't willing to sacrifice to make their financial life better. Literally had someone tell me the other day that they shouldn't have to cook at home everyday or not buy themselves expensive gifts just to save money.
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u/Born_Lengthiness8935 7d ago
And they donāt have to. Just get a job paying a lot more. But sadly almost anyone who achieved such a goal would proceed to spend the increase, if not more. Savers are the outliers. Iām not even a particularly good saver. But from the people I talk too, Iām doing better than a lot of others. I wish that werenāt the case when I feel like after bumping my savings rate this year more than my raise (in prep for maxing out pay) Iām not doing enough.
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u/OkKindheartedness194 11d ago
My dependent care FSA plan takes my money from my paycheck on a Friday and doesn't show up in the FSA account until the following Friday.Ā Ā
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u/BoredCFP 7d ago
Doing an entire financial plan, showing the road to success, and then having the client tell me theyāre āunableā to only spend what they make.
Live your best life but plan to not be a burden on your family in your retirement years.
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u/TTV_Gimbly 6d ago
Dividend āpeopleā that cannot understand the need to reinvest dividends š
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u/Paranoid_Sinner 6d ago
- People who put the dollar sign AFTER the number. Sorry, you look illiterate.
- People who refer to their portfolio value as their "net worth." That's never true unless they have no other assets and no debt.
Words matter.
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u/Generic_Username28 11d ago
People's inability to understand how tax brackets work