Abouttbaarr Expertise I answer only public questions so all can benefit .
I do NOT endorse any of the website ads that will bring you to my answers.
I have started a blog called ..AS Tbaarr Sees It.. tThats the only site where I might benefit from any ads,see below for the address.
I dont care about ratings as i am not here to make you buy a service from me... If you want my opinion just ask me...
I was a askme.com expert who was consistantly in the top ten....
I have found my screename,on google,being used without my permission to promote
scottrade and other garbage... Ask me here first before you
try any service that is claiming my screename or using it as a link....
PLEASE let me know at my webpage or blog....
http://www.geocities.com/tbaarr/night_vision.html.. ..
http://www.tbaarr.blogspot.com/
....So i can go after them
Thank you
MY BROKER OF CHOICE IS CHARLES SCHWAB
Experience I retired in 1996 at the old age of 39 by using city based utilities and leap call options. on stocks like ibm and wal mart because you can control these stocks for 2 years for ten cents on the dollar.
As of 1998 I got married and went to work driving Big Rig in 2004 so I could provide my 2 daughters,who are 4 and 8 as of 2007, with QUALITY AFFORDABLE health insurance. THIS job still allows me to trade but will cause you a slightly longer wait for any answer.. I apologize for This but my families welfare comes first..
I am a investor only so i am not here to force anything on you and choose this site because it was free
The subjects listed below cover the main reasons i feel justified to call myself an expert
the stocks I trade and why
my options strategy
my use of credit cards
how to achieve multiple card accounts
some ways to get your first credit card,that i know work
how to make approx 120 a year by simply paying your bills with a credit card
any questions outside of these topics
i will attempt to answer or just say sorry i cant help you
i am coming to US, i don't know any thing about credit cared,
But i want to know how many credit cards are good to have and if i use my that credit card to pay for my all monthly expenses, and then at the end of the month when i get the credit card bill then i pay all at once from the money i received from salary, which is in my bank account.
I would like to have one bank account one credit card, once retirement account and and once brokage account for stock trading.
I am 20 years old.
Please help.
Regards,
MK"
ANSWER: the purpose of the reoccuring bills paid with a credit card is that these bills have to be paid with cash anyway. THIS DOES NOT MEAN GO OUT AND FINANCE A PARTY FOR YOUR FRIENDS.
I would try to get 4 cards ,visa master discover are all good cards..bank of america and discover are your best. there are 2 discover cards. One is through sears and the other is thru wal mart.
chase manhatten bank has a good mastercard that pays 3% cashback on gasoline purchases and 1% on all other purchases
As for a broker all I can say is I have used charles schwab for 20 years and not been disappointed. Thats your decision to make.
hope this helps.
I assume you are going to college so apply for college program cards.
---------- FOLLOW-UP ----------
QUESTION: Hi
thanks for your reply.
Yes i want to start my college, i also don't have and credit history, can you please tell me the names of the cards which will i get.
It vert confusing for me to know about financial planning there as we have no such facility here in Pakistan.
Can you also tell me that what does Credit Line mean.
(to be under credit line,)
I want to plan for me retirement, all but i don't know how to start all these.
regards,
M
ANSWER: like i said
a discover card from wal mart
a discover card from sears
a visa from bank of america ,, cashback rewards type
a mastercard from chase manhatten bank ,, cashback rewards. gasoline rewards type also
a credit line is the amount of the money they will loan you or allow you to use
if the creditline is 500 dollars
then thats the max you can spend
if you spend more
they will charge you a fee for not managing your finances by letting your charges exceed your limit
---------- FOLLOW-UP ----------
QUESTION: Thank you so much for your help.
Now i got how credit cards are working and how to manage them.
I have some more questions , and those are,
(1)
As you said about some cards, it means that i should apply for these cards and them use them where they benefits me more.
Can i use these cards to pay my phone, electricity, gas and related bills and then pay my credit card bill at end.
(2)
How can i be safe from credit theft, should i apply for credit monitoring system, and where should i apply for this.
(3)
what is your opinion about www.mint.com, is it a good idea to manage all my financial accounts, investments, retirement accounts, loans and credit cards from there.
(4)
What type of bank account should i have and is it must to have a bank account, if yes then in which bank and what kind of account.
(5)
Should i open a retirement account in a bank or in brokerage firm like (ETRADE, TDAMERITRADE, ETC), What type of account, (IRA, Roth IRA.)
Please answer every question by number.
I shall be very thankful for your help, as i am coming to US for the 1st time, so it takes me time to understand its financial system.
Thanks,
M
Answer 1. yes in america you can pay most bills with a credit card and py that bill in full each month.
2. I have my bills sent to a federal Post Office box not to my home it costs me 100 a year but it eliminates the problem.
2a you just watch your bill each month. I go over all my charges.. If any look suspect I challenge them immediately. the credit card company will do the rest. now a days most cards have 0 liability on theft. verify this with the cards you get.
No I dont use a monitoring system. I dont want to give them the access as they can be hacked too.
3 I have no opinion about mint. I manage my own stuff.ITS CALLED BEING RESPONSIBLE.. If they screw up you are screwed ..If you are diligent you will never screw up.
4.Get a savings and a checking at the bank you have a credit card with. not having both hurts your credit score. My checking account is a totally free account with free internet bill pay and no monthly fee nor minimum balance required. the bad part is I lose 1% a year in interest. Big loss thats about 2 bucks a year as my money stays in my brokerage account till needed. Then it direct deposits in 1 day to my checking account. Also consider having one with your broker. Finally never be worried about having multiple accounts at different banks. there was a time when 6 banks offered gifts and perks to open an account. So I hit all 6 with 200 each. got the gifts got the promo money for being with them 6 months to a year. then if they did not meet my satifaction I jut closed the accounts. I just did that again recently with 2 banks. I live in a smaller town now.
5.You only can open an ira if you have earned income or stock market income to defer tax from.
ut you can open a roth ira where you have taken money you already payed tax on and deposit it so that the gains are tax free. but the withdrawal penalties are stiff.
So a roth at your age is questionable. First finish college and pay off your loans.
5. I dont care for TD or etrade as I know who they Used to be and how they shafted their clients. LIKE Merril Lynch did in the 90's and then changed their name to ING. I also LIKE to talk to a live human. Not a bloody computer. I like hard paper proof of trades and paper proof of actions taken. Thats why I use Charles Schwab.
Yes I pay a little more for this BUT IF I GET Audited,which I have been several times. MY paper proof removes all doubt as to my legitimate actions,.
I have never gave up any extra money after an audit. but I have received apologies from the IRS.
hope this helps
finally the credit cards I would avoid like the plague are any citibank card all capital one cards all american express cards and all wells fargo cards
