Chase YouInvest

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
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6d1v7x3
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Joined: Tue Oct 08, 2019 4:28 pm

Chase YouInvest

Post by 6d1v7x3 » Thu Nov 07, 2019 5:22 am

Does anyone know what the best product to buy
in YouInvest would be? I have $75,000 that I need to invest in the best way for the next 90 days and then I will remove the money from this account. Can anyone tell me what to do specifically? Also, I live in California and am in a low tax bracket. I'm a complete newbie at this stuff. Thanks!
Last edited by 6d1v7x3 on Thu Nov 07, 2019 9:17 am, edited 1 time in total.

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indexfundfan
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Re: Chase YouInvest

Post by indexfundfan » Thu Nov 07, 2019 5:48 am

Buy one of the Vanguard money market funds, like VUSXX, VMFXX or VMMXX, etc.
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fuddbogle
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Re: Chase YouInvest

Post by fuddbogle » Thu Nov 07, 2019 6:20 am

indexfundfan wrote:
Thu Nov 07, 2019 5:48 am
Buy one of the Vanguard money market funds, like VUSXX, VMFXX or VMMXX, etc.
I would agree with this.

Topic Author
6d1v7x3
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Re: Chase YouInvest

Post by 6d1v7x3 » Thu Nov 07, 2019 6:48 am

Thank you for the reply. Which one of the three do you think is best? Also, I feel I should mention I'm in California in case there's some sort of tax difference.
indexfundfan wrote:
Thu Nov 07, 2019 5:48 am
Buy one of the Vanguard money market funds, like VUSXX, VMFXX or VMMXX, etc.

BuddyJet
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Re: Chase YouInvest

Post by BuddyJet » Thu Nov 07, 2019 8:52 am

From your question, i assume you are going for the sapphire bonus.

Along with the MM option mentioned, you can transfer in $75k of securities that you intend to hold for the long term. When the 90 days is up, transfer them out in kind rather than liquidating and moving cash. This avoids gain/loss on sale and allows a long term decision.

If you know you will need the $75k as cash in about 90 days, like for taxes, forget this and go MM.

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6d1v7x3
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Re: Chase YouInvest

Post by 6d1v7x3 » Thu Nov 07, 2019 9:16 am

Thanks for the replies so far but could anyone help me determine which of the three money market funds I should choose? I live in California and am in a low tax bracket.

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indexfundfan
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Re: Chase YouInvest

Post by indexfundfan » Thu Nov 07, 2019 9:25 am

6d1v7x3 wrote:
Thu Nov 07, 2019 9:16 am
Thanks for the replies so far but could anyone help me determine which of the three money market funds I should choose? I live in California and am in a low tax bracket.
In your situation, I would suggest VUSXX. Dividends exempted from state taxes.
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HomeStretch
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Re: Chase YouInvest

Post by HomeStretch » Thu Nov 07, 2019 9:26 am

You can look up the 7-day SEC yield for the money market funds (MMF) on Vanguard’s website. Depending on your federal and state marginal tax rates, one of the funds that is fully tax-exempt (like VCTXX CA Muni MMF) or partially tax-exempt (like VUSXX Treasury MMF or VMFXX Federal MMF) might have a better tax-equivalent yield (TEY) than VMMXX (Prime MMF) for you.

If you are not familiar with how to calculate TEY, Kevin M has a great thread about it found here:
viewtopic.php?t=248539

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6d1v7x3
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Re: Chase YouInvest

Post by 6d1v7x3 » Thu Nov 07, 2019 10:06 am

Thanks for suggesting VUSXX. I've never done anything like this before and I'm on the page where I'm buying and it's asking if the dividends and capital gains should be 'reinvest' or 'pay in cash'. Which should I choose?
indexfundfan wrote:
Thu Nov 07, 2019 9:25 am
6d1v7x3 wrote:
Thu Nov 07, 2019 9:16 am
Thanks for the replies so far but could anyone help me determine which of the three money market funds I should choose? I live in California and am in a low tax bracket.
In your situation, I would suggest VUSXX. Dividends exempted from state taxes.

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indexfundfan
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Re: Chase YouInvest

Post by indexfundfan » Thu Nov 07, 2019 10:08 am

6d1v7x3 wrote:
Thu Nov 07, 2019 10:06 am
Thanks for suggesting VUSXX. I've never done anything like this before and I'm on the page where I'm buying and it's asking if the dividends and capital gains should be 'reinvest' or 'pay in cash'. Which should I choose?
indexfundfan wrote:
Thu Nov 07, 2019 9:25 am
6d1v7x3 wrote:
Thu Nov 07, 2019 9:16 am
Thanks for the replies so far but could anyone help me determine which of the three money market funds I should choose? I live in California and am in a low tax bracket.
In your situation, I would suggest VUSXX. Dividends exempted from state taxes.
I guess you should pick "reinvest" unless you want to withdraw the dividends every month.
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HomeStretch
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Re: Chase YouInvest

Post by HomeStretch » Thu Nov 07, 2019 10:09 am

Either reinvest or not is fine. If you reinvest, you buy more VUSXX. If you don’t, the incomes goes into the settlement MMF VMFXX.

02nz
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Re: Chase YouInvest

Post by 02nz » Thu Nov 07, 2019 10:13 am

6d1v7x3 wrote:
Thu Nov 07, 2019 5:22 am
I have $75,000 that I need to invest in the best way for the next 90 days and then I will remove the money from this account.
Better read the fine print. You qualify for the promo by holding the funds for 90 days but there is (IIRC from when I read the fine print of a similar prior offer) a longer period, maybe 6 mos, during which if you transfer the funds out Chase will claw back the bonus.

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indexfundfan
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Re: Chase YouInvest

Post by indexfundfan » Thu Nov 07, 2019 1:45 pm

02nz wrote:
Thu Nov 07, 2019 10:13 am
6d1v7x3 wrote:
Thu Nov 07, 2019 5:22 am
I have $75,000 that I need to invest in the best way for the next 90 days and then I will remove the money from this account.
Better read the fine print. You qualify for the promo by holding the funds for 90 days but there is (IIRC from when I read the fine print of a similar prior offer) a longer period, maybe 6 mos, during which if you transfer the funds out Chase will claw back the bonus.
I agree. Better to choose "reinvest" if you are depositing $75k exactly.
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krafty81
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Re: Chase YouInvest

Post by krafty81 » Thu Nov 07, 2019 2:46 pm

FWIW my local Chase branch has been totally inept. Over three weeks and Youinvest account still not set up/money not tx in from Schwab. Seemed pretty straightforward. Keep an eye on those guys.

Dead Man Walking
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Re: Chase YouInvest

Post by Dead Man Walking » Thu Nov 07, 2019 4:20 pm

krafty81 wrote:
Thu Nov 07, 2019 2:46 pm
FWIW my local Chase branch has been totally inept. Over three weeks and Youinvest account still not set up/money not tx in from Schwab. Seemed pretty straightforward. Keep an eye on those guys.
YouInvest accounts are self directed online accounts. Accounts handled by representatives at Chase branches are completely different. When I asked questions about YouInvest accounts at my local branch, my representative actually dialed the YouInvest telephone number and handed the phone to me. The YouInvest account representative to whom I spoke on the bank’s phone was able to answer my questions. I suspect that you will have to establish your YouInvest account online. I don’t know what the procedure is for transferring money from Schwab.

DMW

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