deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6491|Connecticut
I cant preach enough about this. Get your finances in order!!! You may not realize that the good time you are having, saving no money in your early 20's can come back to haunt you. You should be starting your careers now so when you go for a job ensure they offer 401k and match what you put in at least up to %10, that is huge. Also, check out some IRA's, Roth IRA's and other small investment opportunuties. I am no financial guru, I am hoping some of our other members are and can provide good financial insight. If you would like to own your own home by the time you are thirty it will take more than %5 of the home's cost as a down payment. It will take great credit, minimal debt, job security (I had 4 years at the same employer), a good savings account, and a lot of other stuff as well. Perhaps we can share some investment strategies here.
Malloy must go
pers0nah
Waste Kid
+271|6580|MANCHESTERRR
Thanks for the advice, me being 14, it could prove valuable in the future, ill remember it!
stryyker
bad touch
+1,682|6718|California

I own 20% of Microsoft...















...But that's a lie.

What little money I have left from various expenses has been distributed to various stock options. I hope that will help me out if I ever need it.
scottomus0
Teh forum ghey!
+172|6635|Wigan. Manchester. England.
Ive got it good. Im 16 going on 17, just started a new job at dabs(see sig) as an Account Manager Executive. I make £14,500 basic a year, plus commission, incentives. then after 6-9 months it goes up to £18k a year. Ive decided to put away atleast £500 a month which will go towards a house and a morgage. So say in about 10 years time i should have around £70k plus

So hopefully im set for the future!
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6491|Connecticut
I dont know a whole lot about stocks to be honest. The few I have are pretty conservatively placed. I have been, however, over the last 6 years investing in my 401k (%15 of my salary and my company matches it). I started a moderate mutual fund 2 years ago and it is doing well, I wont get rich off it but it is nice to see your money work for you, even if it is a little bit. That is the key, dont let it sit and make interest only. You can do much better than interest maturity.
Malloy must go
stryyker
bad touch
+1,682|6718|California

And if the 401k doesnt work out, I hear the cocaine market is good this year
sergeriver
Cowboy from Hell
+1,928|6756|Argentina
My advice for the youths is, stay at school, go to college, and of course get good grades.  But don't forget to party, coz when you don't expect it, you are married and party is over.  Fight for your right to paaaaarty!!!!!!
HURLEY
Ima Crunchatize you.
+170|6681|The Lou
http://www.primericabusinessopportunity.com/

My mom works for them and she has set me up a Roth IRA and i put $250 a month

If you're above the age of 18 and looking for some extra income and a financial education PM me and ill give you my moms number and she will set you up with a primerica office in your area

Last edited by HURLEY (2007-03-07 15:47:49)

CameronPoe
Member
+2,925|6553
SSIA FTW! You can't beat an interest rate of 25%. Mines matures in 12 days time after 5 years of saving......w00t.
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6491|Connecticut

sergeriver wrote:

My advice for the youths is, stay at school, go to college, and of course get good grades.  But don't forget to party, coz when you don't expect it, you are married and party is over.  Fight for your right to paaaaarty!!!!!!
You got a point, dont miss out on your youth. But at the same time keep yourself focused on your goals, your 5 year plan. I have friends who were constantly out partying and gave me shit when I couldnt go because I had to beat work in the morning. Now, 3 live in apartments, one lives in a shitty condo, and they wonder why I have the house and why we always are drinking on my boat, and not the one they probably wont own until they are 45 years old.
Malloy must go
sergeriver
Cowboy from Hell
+1,928|6756|Argentina

deeznutz1245 wrote:

sergeriver wrote:

My advice for the youths is, stay at school, go to college, and of course get good grades.  But don't forget to party, coz when you don't expect it, you are married and party is over.  Fight for your right to paaaaarty!!!!!!
You got a point, dont miss out on your youth. But at the same time keep yourself focused on your goals, your 5 year plan. I have friends who were constantly out partying and gave me shit when I couldnt go because I had to beat work in the morning. Now, 3 live in apartments, one lives in a shitty condo, and they wonder why I have the house and why we always are drinking on my boat, and not the one they probably wont own until they are 45 years old.
Of course, you should make sure you get good grades, but partying at your early 20s is once in your lifetime.  So, do both things, do achieve all your goals, but party dude.
Doctor Strangelove
Real Battlefield Veterinarian.
+1,758|6466
I am 15 and save over 90% of the very little I earn, being a part time library clerk isn't the best way to get a Porsche, but I don't intend on doing that all my life. Also I plan on taking AP MacroEconomics in Senior Year of highschool so I will be well prepared for the finacnical world. So yeah good advice.
ATG
Banned
+5,233|6527|Global Command
I bought a house last August.

wtf, I made 60k in this amount of time in equity. Goodbye credit cards and motorcycle payment, hello refy.


Good advice deez  +1
CoronadoSEAL
pics or it didn't happen
+207|6516|USA
i bought google at 270. 
edit: as far as stocks go...i find/found that high upper-management ownership is the most deciding factor when deciding on buying.

Last edited by CoronadoSEAL (2007-03-07 16:40:51)

TeamOrange
Don't be that guy
+84|6309

stryyker wrote:

And if the 401k doesnt work out, I hear the cocaine market is good this year
wrong heroin is on the upswing, so i suggest you hop on that
Doctor Strangelove
Real Battlefield Veterinarian.
+1,758|6466

teamorange wrote:

stryyker wrote:

And if the 401k doesnt work out, I hear the cocaine market is good this year
wrong heroin is on the upswing, so i suggest you hop on that
Heroin and Meth are getting alot more popular. I would go with Meth, as you don't need to smuggle opium into the US, you can just buy some drano and baking soda and I am sure there are recipies on the internet.
Superslim
BF2s Frat Brother
+211|6690|Calgary

deeznutz1245 wrote:

I cant preach enough about this. Get your finances in order!!! You may not realize that the good time you are having, saving no money in your early 20's can come back to haunt you. You should be starting your careers now so when you go for a job ensure they offer 401k and match what you put in at least up to %10, that is huge. Also, check out some IRA's, Roth IRA's and other small investment opportunuties. I am no financial guru, I am hoping some of our other members are and can provide good financial insight. If you would like to own your own home by the time you are thirty it will take more than %5 of the home's cost as a down payment. It will take great credit, minimal debt, job security (I had 4 years at the same employer), a good savings account, and a lot of other stuff as well. Perhaps we can share some investment strategies here.
And remember,  file and PAY your taxes.....................After I eat I will tell you why this is SO important.
T1g3r217
Perpetual
+124|6420|My room

pers0nah wrote:

Thanks for the advice, me being 14, it could prove valuable in the future, ill remember it!
Same, except change 14 to 15.
SteikeTa
Member
+153|6746|Norway/Norwegen/ Norge/Noruega
Well, I bought an apartment 2 years ago now. When I was 23. Got a crappy job, but they still gave me a loan. Just 80% of the entire cost of the apartment. Got the other 20 from the county.
First time loaners get that here. Fantastic!
RedTwizzler
I do it for the lulz.
+124|6535|Chicago
I'm 15, and I have apx. 4000 dollars in the bank, as well as 1500 in money I could throw away if I felt like it. It's true that it is beneficial to figure out how to get your shit in order. You'll be much happier, and you'll be able to eat every day.
chittydog
less busy
+586|6833|Kubra, Damn it!

Watch what you're doing with 401(k)s. Most people blindly throw their money in there without looking at what they're doing. You don't want to ever put more into your 401(k) than your company matches. If your company matchs up to 6% (pretty standard), then don't put any more than 6% in there. Anything you want to save beyond that amount needs to be in another type of investment. You should diversify as much as possible. This is true inside of your 401(k) as well. DO NOT put everything in your company's stock, I don't care how well it's doing. Most companies match 401(k) contributions with their own stock, so you'll already have a large portion of your money in that. Beyond that, you should allocate your money across several different types of funds. I'm not going to tell you which ones because there too many different factors to consider. For a quick reference guide, think of it this way: the younger you are, the more risk you should take.

After you reach the limit of what your company matches in your 401(k), you need to look at an IRA. If you qualify for it, go for a Roth. If you don't qualify for a Roth, you should be happy because that means you make TOO much money for one. Go for a traditional IRA instead.

After the IRA, try looking into investing with your life insurance payment. A VUL (variable universal life) policy will cover you like any other insurance policy, but allows you to withdraw that money eventually. Be careful with these though, because once you get into them, you really have to stay with it or you can lose money.

If you STILL have more money to invest, you're one lucky bastard! I would recommend mutual funds after a VUL. Do some research and find a lot of different funds that you like. I personally like index funds and ETFs, you know they're going to do well and don't need to monitor them as much. Again, diversify as much as you can and take as much risk as your age allows.

If you have kids, you may want to look into a 529 plan for their education. These can vary quite a bit from each other, so make sure you look at a few and find what's right for you. Sometimes you can get these through your state, with special incentives to go to a state school.

The last thing I would recommend to anyone is to go with stocks. Much like gambling, most people lose their ass this way. Even bonds are a better way to go, unless you have lots of disposible income.

Enjoy and invest wisely!!!
simmy.uk
Member
+117|6436
Saving money is good. Spending money is bad.

There I have said it.
pedigreeuk
I'm English, not British!
+113|6769|Rotherham, England

scottomus0 wrote:

Ive got it good. Im 16 going on 17, just started a new job at dabs(see sig) as an Account Manager Executive. I make £14,500 basic a year, plus commission, incentives. then after 6-9 months it goes up to £18k a year. Ive decided to put away atleast £500 a month which will go towards a house and a morgage. So say in about 10 years time i should have around £70k plus

So hopefully im set for the future!
DISCOUNT???? i'm about to order 15 pc's and a server, you get commision on it??? N no this isn't a wind up I really am, I'm in charge of IT upgrades @ my work
deeznutz1245
Connecticut: our chimps are stealin yo' faces.
+483|6491|Connecticut

sergeriver wrote:

deeznutz1245 wrote:

sergeriver wrote:

My advice for the youths is, stay at school, go to college, and of course get good grades.  But don't forget to party, coz when you don't expect it, you are married and party is over.  Fight for your right to paaaaarty!!!!!!
You got a point, dont miss out on your youth. But at the same time keep yourself focused on your goals, your 5 year plan. I have friends who were constantly out partying and gave me shit when I couldnt go because I had to beat work in the morning. Now, 3 live in apartments, one lives in a shitty condo, and they wonder why I have the house and why we always are drinking on my boat, and not the one they probably wont own until they are 45 years old.
Of course, you should make sure you get good grades, but partying at your early 20s is once in your lifetime.  So, do both things, do achieve all your goals, but party dude.
Right on.
Malloy must go
wah1188
You orrible caaaaaaan't
+321|6458|UK

deeznutz1245 wrote:

I cant preach enough about this. Get your finances in order!!! You may not realize that the good time you are having, saving no money in your early 20's can come back to haunt you. You should be starting your careers now so when you go for a job ensure they offer 401k and match what you put in at least up to %10, that is huge. Also, check out some IRA's, Roth IRA's and other small investment opportunuties. I am no financial guru, I am hoping some of our other members are and can provide good financial insight. If you would like to own your own home by the time you are thirty it will take more than %5 of the home's cost as a down payment. It will take great credit, minimal debt, job security (I had 4 years at the same employer), a good savings account, and a lot of other stuff as well. Perhaps we can share some investment strategies here.
I have 200 quid in my bank account is that ok?

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