Saturday, February 9, 2019

Case study: IRA CD 4010 from 2006 to 2019

Feb. 9, 2019


It is my personal finance study. I started the research starting from Nov. 2018. Tonight I spent more than two hours to sort all papers related to 4 CD accounts from New York community bank. I like to case study No. 1 account from 2006 to 2019.

Case study

First of all, I am still pushing myself to learn how to manage accounts. This is the first time I decided to spend time to sort out all CD statements, and then staple all statements for one account together.

I just could not believe that it is such great feeling. I have luxury time to review my own finance statement, and then look into the issues. How should I do in order to manage accounts and do it proper way.

My belief is that I have to build good finance habits first. In order to grow rich and build wealth, I have to learn and train myself to take business seriously.

Facts to review

I chose easy way to put No. 1 account with New Community bank CD. Since I experienced 2002, 2008 recession, I sold all stocks and IRA, and took the loss.

One thing is that I did not spend time from 2010 to 2018 November to study finance and investment at all.

What I like to do is to check in all statements in github, and then share in juliapersonalfinance. I was so glad to learn from my own experience. Even though I only made the interest from CD from 2006 to 2019.

Financial date quick review

It is hard for me to understand the account with balance and changing interest rate, from high 5.20 to low 1.095.

I like to play with those numbers and then try to figure out something basic things.

Account No: 4010

Year       Interest
2008       5.070
2009       4.163
2010       1.095
2011       1.489
2012       2.230
2013       2.230
2014       2.230
2015       2.230
2016       2.230

Year       Amount
2007       5,597.26
2008       5,730.42
2009       5815.10
2010       6052.43 <- add more than $3000 IRA this time ?
2011       10,549.99
2012       10830.00
2015       11324.19
2016       11579.55
2019       12,409

One statement a time

I saved some statements by looking up my paper work. I try to read those finance data and figure out how I should manage better if I have chance.

Date: 2008-01-25
Current interest rate: 5.070
Current APY: 5.20
Next renewal Date: 3/3/09

Date: 2009-08-03
Current interest rate: 4.163%
Next renewal date: 9/09/2010

Reinvestment date: 9/09/09
New maturity date: 3/09/10
New interest rate: 1.095
New apy: 1.10%

Actionable Items

I need to look up data from Form 5498 in order to get the balance for the account 4010.

It is hard for me to figure out the detail since I did not do annual checking for this account. It is hard for me to figure out the detail, but at least I made some interest and compound interest amount based on this account.

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