What kind of interest rate does God give you?IRONCHEF wrote:
How bout good ole "sweat of your brow" work ethic? Gambling/stocks/commodities/house flipping and other effortless greed (aka: evolved capitalism) is probably one of the biggest problems with this country. Not all bad, but definitely not all good. I think I was meant to be a farmer or something.
My financial security has come from paying an honest tithe.
I can't give advice on investment ideas, but I can tell you what not to do.
That's all I can think of right now.
Good Luck.
- Don't mess up your credit score. AA credit rating pays about 10% in interest, while an E rating pays about 25%. On a big loan, this is a lot of money. http://www.prosper.com/lend/performance.aspx
- Do not overpay when buying a house. It is too big of a purchase to get screwed on. If anything, buy a cheaper house as a first house and pay off the mortage ahead of time to save interest.
- Don't live too far away from where you work and from all the other places you need to go.
- Don't use credit cards, and if you have to don't pay late, and if you have to pay late, argue the late fee. (They sometimes let the first time go.)
- Don't buy a boat.
- Don't buy anything expensive that you can't sell later for a small fraction.
- Don't invest everything in one area.
- Don't pass up any free money. For example, if your employer offers tuition reimbursement, or if you get sick, goto to Canada, etc.
- Don't ever depend on bonus checks or overtime to cover expenses.
- Don't lose receipts for stuff that may break and is still covered by warrenties. (Especially Stupid Korean Cameras!)
- Don't get suckered by people saying that they know the best way to make money. If they did, why would they tell you?
- Don't get suckered in by Banks offering CDs. (certificate of deposit) Inflation from 2007 to 2008 was 4.28%, while most CD's are about 2.00-3.25%, so unless my math is wrong, you are losing money to inflation. People might say that this is better than a savings account, but CD's tie up your money and you can't access it if you need it. So, if you are going to tie up your money, get a interest rate that beats inflation. (Also, CD rates depend on how much money you put in.) Sources: http://www.dollartimes.com/calculators/inflation.htm https://www.wellsfargo.com/savings_cds/cds
- If you do have stocks, don't sell them if they start going down. If it seems likely they can recover, start buying more instead of selling. After all, they are cheap now.
That's all I can think of right now.
Good Luck.
3 jobs.
usmarine2 wrote:
NO CREDIT CARDS!!!!!!!!!!!!!!!!!!!!!
Credit cards are fine. Just don't give it to your woman.NateWiese wrote:
usmarine2 wrote:
NO CREDIT CARDS!!!!!!!!!!!!!!!!!!!!!
credit cards have a place, avoiding them all together will only bite you in the ass later. Major financing requires a credit score, lower interest rates require a good credit score.
to use credit cards to your advantage you need to seriously screen offers. there should never be interest for at least the first year, and then a FIXED rate no greater than 10-12%(in case of a shit hits the fan situation). Not that it matters, since you should never be carrying a balance. and there must never be any type of annual fee.
Use it like a debit card.
You get at least two advantages; an ever inproving credit score based on responsible use and the length of time the account has been open, and better financial security. any card issuer worth it's salt will cover all loses due to theft, if they don't, you shouldn't be doing business. some cards also offer reward programs. usually a waste of time, but can be a bonus with enough responsible use.
if you always pay your balance in full you will never pay the issuer a dime.
This requires responsibility and self-control but it's the only way if you want into the system.
to use credit cards to your advantage you need to seriously screen offers. there should never be interest for at least the first year, and then a FIXED rate no greater than 10-12%(in case of a shit hits the fan situation). Not that it matters, since you should never be carrying a balance. and there must never be any type of annual fee.
Use it like a debit card.
You get at least two advantages; an ever inproving credit score based on responsible use and the length of time the account has been open, and better financial security. any card issuer worth it's salt will cover all loses due to theft, if they don't, you shouldn't be doing business. some cards also offer reward programs. usually a waste of time, but can be a bonus with enough responsible use.
if you always pay your balance in full you will never pay the issuer a dime.
This requires responsibility and self-control but it's the only way if you want into the system.
Crime is one of the easiest ways to make money tbh.ghettoperson wrote:
Making an honest living is for pussies.
Last year at this time I had more money than I knew what to do with, but it gets very dangerous with time.
What were you doing?Sgt.Gene wrote:
Crime is one of the easiest ways to make money tbh.ghettoperson wrote:
Making an honest living is for pussies.
Last year at this time I had more money than I knew what to do with, but it gets very dangerous with time.
lol wutSgt.Gene wrote:
Crime is one of the easiest ways to make money tbh.ghettoperson wrote:
Making an honest living is for pussies.
Last year at this time I had more money than I knew what to do with, but it gets very dangerous with time.
i smell bullshit!
atm I run a few e-commerce stores ... about to go big with another set that should be in ~$200 a day (unfortunately there's tax to take off that...)
I'd like to know how many of the people on here dispensing vague financial advice have actually acted on what they're suggesting. Some of these guys know what they're talking about, but some don't, and you don't want to take financial advice from teenagers. N00bs love to rave about stocks, and yes, it is possible to make serious money on them, but the reality is for every one person who comes out ahead, there are 10 more Warren-Buffet-wannabes who are way behind.
This is what I've done that seems to be working out pretty well:
- Contribute to your company's 401(k) up to the percent they match. That company match is free money. My company matches 100% of my contribution up to 6% of my salary, so I contribute 6%.
- Open a Roth IRA. If you're lucky enough to make too much to qualify for a Roth, open a traditional IRA.
- Be very cautious with credit cards. In the TEN YEARS it took me to pay off my credit card debt, I ended paying 3X what my original charges were.
- Open a Variable Universal Life Insurance policy. If you have a family, you need life insurance. A VUL combines insurance with a sort of a savings account. It's not really intended for retirement, but great for stashing money away for a decade or two.
- Buy a house if you can afford it. There are a LOT of expenses that go along with a house, so if it's going to be tough to make those payments, stick with your rent. That being said, a mortgage is the best debt you can have. It's not going to make you rich, but if you have to pay interest on something, at least it's tax deductible.
There's a lot of other stuff you can do that can make a difference as well.
- Skip the CDs unless you need that money to be liquid. Annuities, bond and mutual funds are all better bets.
-Forget your checking account. Get a credit card with a rewards program and a money market account. Pay for things with your card, but keep very close track of what you do and pay it off at the end of each month.
- Try to be content with driving the same car for a while. A car is not an investment, it's a depreciating asset. My biggest financial downfall is that my wife and I both change cars every three to four years.
Remember to have some fun too. Life's not worth living if all you do is save for later.
This is what I've done that seems to be working out pretty well:
- Contribute to your company's 401(k) up to the percent they match. That company match is free money. My company matches 100% of my contribution up to 6% of my salary, so I contribute 6%.
- Open a Roth IRA. If you're lucky enough to make too much to qualify for a Roth, open a traditional IRA.
- Be very cautious with credit cards. In the TEN YEARS it took me to pay off my credit card debt, I ended paying 3X what my original charges were.
- Open a Variable Universal Life Insurance policy. If you have a family, you need life insurance. A VUL combines insurance with a sort of a savings account. It's not really intended for retirement, but great for stashing money away for a decade or two.
- Buy a house if you can afford it. There are a LOT of expenses that go along with a house, so if it's going to be tough to make those payments, stick with your rent. That being said, a mortgage is the best debt you can have. It's not going to make you rich, but if you have to pay interest on something, at least it's tax deductible.
There's a lot of other stuff you can do that can make a difference as well.
- Skip the CDs unless you need that money to be liquid. Annuities, bond and mutual funds are all better bets.
-Forget your checking account. Get a credit card with a rewards program and a money market account. Pay for things with your card, but keep very close track of what you do and pay it off at the end of each month.
- Try to be content with driving the same car for a while. A car is not an investment, it's a depreciating asset. My biggest financial downfall is that my wife and I both change cars every three to four years.
Remember to have some fun too. Life's not worth living if all you do is save for later.
Get an good education and hopefully a great job.
Save more spend less.
Get involved in property as soon as its financially feasible.
Do you really require that state of the art TV? Apply that logic to any material item.
Avoid credit cards like the plague or switch you balance around to 0% offers constantly.
If you have a good credit score try stoozing (if you guys have that over thar)
DONT SIGN THAT PRE NUP! / MAKE THAT BITCH SIGN THAT PRE NUP!!
Save more spend less.
Get involved in property as soon as its financially feasible.
Do you really require that state of the art TV? Apply that logic to any material item.
Avoid credit cards like the plague or switch you balance around to 0% offers constantly.
If you have a good credit score try stoozing (if you guys have that over thar)
DONT SIGN THAT PRE NUP! / MAKE THAT BITCH SIGN THAT PRE NUP!!
Blackbelts are just whitebelts who have never quit.
A lot of stuff.Sgt.Gene wrote:
Crime is one of the easiest ways to make money tbh.ghettoperson wrote:
Making an honest living is for pussies.
Last year at this time I had more money than I knew what to do with, but it gets very dangerous with time.
I got involved helping a local dealer. He wasnt very big at the time but I was still pullin about 500 a week delivering. Also, I used to help this guy sell stolen audio equipment. He used to buy stolen subs, amps, speakers, head units, GPS systems, laptops ect. I used to pick up the stuff from a guy in St. Augustine and take it back to Daytona Beach and drop it off to him and he would give me a cut. Usually like 200 dollars.
I quit working for the dealer, because he was getting pretty big, and kept giving me less money around july. The audio guy got arrested in september for receiving and selling stolen stuff.
quit while your ahead kid.
Blackbelts are just whitebelts who have never quit.
Invest in gold, oil, and military contractors.
I bought shares of indymac
true story. down 3 cents a share since I did.
true story. down 3 cents a share since I did.
Last edited by God Save the Queen (2008-07-23 17:32:54)
I quit a while ago. Theres too much stress involved doing stuff like that.m3thod wrote:
quit while your ahead kid.