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I only started parking my money at Vanguard/Fidelity in my mid 20’s. The familiarity penalty was very real: I felt like I could trust Chase since national brand
by pm90 2y ago
I only started parking my money at Vanguard/Fidelity in my mid 20’s. The familiarity penalty was very real: I felt like I could trust Chase since national brand, brick and mortar stable. I wish I had moved sooner.
- dkasper 2y agoYou can buy treasuries and money market funds with Chase self directed accounts.
- vasco 2y agoWhy, to pay higher fees for the same thing?
- JoshTriplett 2y agoTo make transfers faster and more convenient.
- vasco 2y agoI forgot bank transfers in the USA still use fax machines. Where I am this is roughly instant.
- ryandrake 2y agoDoes Chase charge a fee to buy US treasuries? I know Fidelity and Schwab do not. I wouldn't be willing to pay a cent in fees to buy a T-bill.
- yas_hmaheshwari 2y agoMid 20s is not bad -- I did that in my mid 30s :-\ ( "The best time to plant a tree was 20 years back. The second best time is now" is the quote that I repeat to not fall into that regret trap )
- jcims 2y agoMid 30s is not bad -- I did that in my mid 40s :-\ It's eye opening, it feels like I got lied to growing up. Both of my kids have money market accounts now. Great quote btw, I'm reminded of it regularly.
- serpix 2y agoAlso had the same experience and distinctly remember schools teaching about saving using only bank accounts as the examples.
- jcims 2y agoI think there would be great value in a federal program to allow minors to have restricted access to a brokerage account so that schools can educate them and set them up on the spot. Just that little bit of friction up front is blocking so much potential. Right now it requires a custodial account managed by a parent/guardian and that's just not going to happen for a lot of kids.