5 Personal Finance Hacks To Help You Invest | Phil Town

Can you please make a video on investing in socially and environmentally responsible companies? This is something that is really important to me especially global waste management

“It’s so good, I can’t believe the Federal government hasn’t shut them off yet.” (@4:09)
Twenty year anniversary for the Roth IRA (1999-2018). They started out at $2K limit, now you can go up to $6K. Total and absolute no-brainer decision unless you are at the top income tax bracket.

No bad debt ever and pay yourself first.

Now go play awesome sir

Just finished paying off my car before getting out of the military last week. I’m going to school full time now and while I was in the service I accumulated 25,000 to invest. Going to keep learning from this channel

Thanks awesome info need to pay off my credit cards, can get any loans until then

I got one on using credit cards. I use the credit card for everything I possibly can. Most banks offer credit cards with a cashback option. 2% Cashback even for paying rent! Each year can get back over a thousand dollars. More money to invest!

Hey Phil, your videos have taught me so much about financial literacy and it's importance. Thanks a lot. Question: is it possible to pay home mortgage with zero interest credit card? What are the pros and cons?

Hi Phil. I am in Canada, so this will not help a lot of your listeners, but borrowed the entire amount of my mortgage privately on a short term loan, just as the mortgage was coming up for renewal. I then paid off the mortgage from the bank, and put on a home equity line of credit. I then used the line of credit to pay off the short term loan. Because it is a home equity loan, the rate is better than the mortgage rate that I had, so keeping the same payment schedule means more money going to the principle. And if all hell breaks loose, I only need to make the monthly interest payment.

I've managed to pay off my credit card every month for many years. I don't think I've ever paid less than the full amount every month on the last couple cards I've had. So no interest paid!

Phil, loved your seminar- still working on my goal! My hack is about health insurance. Most people are NOT aware that there is an ACA exemption called healthshare accounts? I went from $1200/month with $13500 deductible down to $400/month with $1000 annual share! Search it on google- I researched and chose Liberty Healthshare- READ about it- I couldn't be happier!!!! Thank God!

I struggled with budgeting for years, but have had a lot of success paying myself first. I set up my online bill pay to get money out of my account and get my savings stashed away on the same day my paycheck cashes. Whatever is left is mine to live on for two weeks. More than anything else, that mindset has let me save more and take control of my finances.

I have more than one credit card account with 0% interest. When I get close to the time the interest rate is going to go up, I just move it over to the other 0% interest account (they offer me new offers all the time because I have a really good credit score and pay all of my bills on time). Of course, its important to be paying these down, which I am. I have paid down from $20000 to under $10000 even though I have had extensive medical bills during this time.

Credit carma got me back on track. Was a credit score in the 500's and now with effort it's touching the 800's. I also use Mint by intuit to pay bills on time and direct deposit from my employer to save 30% of my check automatically so I never see it or think about it. Thanks Phil for all your help and free support along the way

Can you do a video on how to help single Moms? I was mostly an at home Mom. Now I am a divorced single mom who takes care of my Dad. I don't have a job so can't contribute to a Roth IRA according to what I was told. I live off family support from my ex and my dad helps when he can. I would love it if you could make any suggestions to help those of us who don't get the benefits of a Roth.

Check, check & check. This is great advice and I'm grateful I was advised to do these things years ago. Car loans? We considered paying them off but our interest rate is under 3%. I won't buy another car with a loan, but what do you advise about the existing notes with low rates and several more years on them?

Great tip about Roth IRAs! I've shared this with my tax clients in the past and they have been amazed and grateful that no one ever told them about this before. You can start a Roth with any amount and start the clock ticking. You will not pay any early withdrawal penalty (even if you are under 59-1/2) as long as the account has been open for at least five years.

Paid off all of my credit card debt & Opened my Roth IRA with TD Ameritrade

Holy smokes!!!!

Really like your suggestions, I didn't know about the details on balance transfer till you told about it. Thanks a ton!

Invest through a TFSA (Tax Free Savings Account) (I'm Canadian) The only tax I pay is a 15% withholding tax because I am not American, and the 9.99 trading fee per transaction-"buy/sell" ) from my bank, but other than that I have no other fees and no other taxes… Also the withholding tax is only on the dividend (which is monthly, so I get superior compounding) not on the value of the holdings or any of the capital appreciation… Because I have very minimal front loaded fees and taxes and absolutely no mid or back loaded fees or taxes, I will save myself close to $500,000.00+ in taxes and fees over the next 30 years…

Alway awesome tips, thank you, Phil

What's your idea on investing (stocks) in rivaling companies? Such as BABA and JD. Even if they are rivals, they both have great futures ahead of them so does it even matter if they're rivals and invest in them both anyways? Or is it unwise to do so? -First year investor

What's your opinion on systematic investment plan in mutual funds for long term?

I don't understand the bi-weekly payments. What is the advantage of this?

Nice!