I love learning random things. If I had to describe my intelligence I would use the phrase “an inch deep and a mile wide,” meaning I know a little bit, about a lot of stuff. I’m obviously not the smartest PF blogger out there, but as long as I know enough, hopefully I can trick you people in to coming back (and maybe even subscribing too).
I thought I’d mix things up a bit today and post up a handful of random “Did you know facts” that relate to personal finance (along with some that don’t). Most of you probably already know these things, but hopefully at least one of these facts will be new to you…
Did you know… That you can withdraw your contributions to your Roth IRA at any point, tax/penalty free. If you want to take out any gains, you can also do so tax/penalty free if the money is used for education or your first home (some limitations apply).
Did you know… As of 2010 it costs the U.S. Mint 1.79 cents to make a penny. Time to get rid of the penny?
Did you know… I have a fear of falling asleep in public.
Did you know… That if you take out a 401K loan and are fired or laid-off you HAVE to pay the loan back really quick (usually in less than 60 days), otherwise you will suffer some major tax and penalty issues. Think twice before borrowing that money for a new kitchen.
Did you know… The stock market has always given the best return on investment over a long time horizon.
Did you know… I’m still not convinced dinosaurs ever existed. Conspiracy theory?
Did you know… Every time you use your debit or credit card, the merchant has to pay a fee (usually 1% to 3%) to Visa, MasterCard, etc. If you donate on your credit card that means the charity is in effect getting 3% less than what you intended to give (this adds up over time).
Did you know… That the national personal savings rate hovers between 0 and 5 percent each year. That’s pathetic.
Did you know… If you make minimum payments on a $5,000 credit card bill (at 19% interest) it will take you over 30 years to pay the card off, and cost you more than $14,000 in interest.
Did you know… I use to have a pet iguana I named Ziggy after a character in my favorite show, Quantum Leap.
Did you know… If you make over $20,000/year you are in the top 12% of income earners in the world. Perspective?
Did you know… That on top of your down payment you need to be prepared to pay up to another 3% of the home’s value on closing costs. If you put 20% down on a $300,000 and have to pay closing costs, you need $69,000 in the bank.
Did you know… That I played in a flag football tournament this weekend and our team-name was “The Frolicking Flamingos.” And in case you are wondering, we won!
Alright, that’s where I’ll end my “Did you know facts” but hopefully you will add a few more to the list. What are some of your favorite “financial facts”? Was there anything on the list you didn’t know about?