r/povertyfinance • u/k1ranell • 1d ago

Saved my first $5k at 26 pls clap šŸ„¹ Success/Cheers

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I also have some $820 in acorns and <$1500 in a rollover IRA I have yet to move to a ROTH but putting it off for tax/wuss reasons. However, I have $772 in CC debt. But a win is a win, I can pay it off with time šŸ˜

Gonna try to save $10k next year

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u/solerex 1d ago

careful with wealthfront. Not an actual bank and your money is not covered while in transit between banks.

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u/VanillaBearMD3 1d ago

They are partnered with green dot bank.

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u/solerex 21h ago

I used wealthfront. There was an issue where while funds are being transferred they are not held by an insured bank and people lost their savings. I moved from fintech to established banks for exactly that scenario.

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u/xjxjz 19h ago

What bank did u switch to? Iā€™m scared a bit as well with Wealthfront lol

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u/RedditExecutiveAdmin 1d ago

$8M FDIC coverage