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Invisibleroby000
me
Trans-male

Registered: 02/28/05
Posts: 9,189
Re: Do you have sound financial advice for us? [Re: Maverick]
    #7349968 - 08/29/07 09:32 PM (16 years, 5 months ago)

Quote:

DRTMaverick said:

This hurts, I'm paying like $50 a month, and it's like $18 towards the damn interest.
I just realized where my depression comes from.




the minimum credit card payments are deigned to make the interest rates very lucritive for the credit card companies. you always want to in the least double these payments.


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InvisibleDieCommie


Registered: 12/11/03
Posts: 29,258
Re: Do you have sound financial advice for us? [Re: roby000]
    #7349976 - 08/29/07 09:36 PM (16 years, 5 months ago)

Quote:

INSURANCE is key. car home and personal items because shit happens


I buy only the lowest legal limit for car insurance. If you can save money, and self insure, you will come out ahead.

Yes, this means when I got in an accident I had to buy another car with my own money, but it still cost less then if I had paid for full coverage insurance all those year.

Remember, insurance companies make a profit. If you can afford to self insure, you keep that profit. There is no reason an average person cant save a few thousand dollars to self insure a used car (unless your addicted to drugs or shopping lol )


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InvisibleDieCommie


Registered: 12/11/03
Posts: 29,258
Re: Do you have sound financial advice for us? [Re: Silversoul]
    #7349979 - 08/29/07 09:38 PM (16 years, 5 months ago)

Quote:

Silversoul said:
Don't make major financial/business agreements with your close friends. I learned this the hard way, and now it's gonna take a while for my credit score to recover.


Surley your not saying that if he wanst a friend your credit score would be fine? I guess I fail to see what friendship has to do with it.. (unless the friendships clouded your judgment)


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InvisibleSilversoul
Rhizome
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Registered: 01/01/05
Posts: 23,576
Loc: The Barricades
Re: Do you have sound financial advice for us? [Re: DieCommie]
    #7349986 - 08/29/07 09:39 PM (16 years, 5 months ago)

It's not so much my credit score that's the problem as much as our friendship. What I'm trying to say is never mix financial and personal interests.


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Invisiblemushbaby
woodswalker
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Folding@home Statistics
Registered: 09/30/06
Posts: 2,645
Loc: in my own lil world
Re: Do you have sound financial advice for us? [Re: Silversoul]
    #7350128 - 08/29/07 10:35 PM (16 years, 5 months ago)

Always read the small print on a contract. Alot of times I start by reading the small print. That's where you find out what you are really agreeing to.

If possible become a member of a credit union. Most loans with them have a lower interest rate than banks.


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OfflineSmackshadow
It's Time for Wild Speculation


Registered: 09/27/05
Posts: 575
Last seen: 18 days, 22 hours
Re: Do you have sound financial advice for us? [Re: Silversoul]
    #7350150 - 08/29/07 10:44 PM (16 years, 5 months ago)

1) Don't make decisions based on the monthly payment, Ever!
2) The three ways to minimize the cost of loans are to get a lower interest rate, pay it off faster, and negotiate lower closing costs,
3) Stay away from adjustable interest rate loans and sub-prime rate loans as if they were the plague
4) If you are unmarried or with out a family to support do not bother with life insurance.
5) Financing companies generally make bad loans. A consumer loan from a bank or credit union is a better choice.
6) Save 5% + of you after tax earnings in an interest earning savings account at the end of each year invest in equity / bonds with a risk level suitable to you.
7) Never ever use check cashing loans, car title loans, pawn shop loans, or any other usury.
8) The U.S. dollar is getting worse, so consider investing in non-U.S. dollar companies.
9) Free financing generally is not free. As soon as you go over the 6, 12, 18 months interest is applied from day one.
10) always read the fine print, all of it.


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The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all.
     
~H. L. Mencken~


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InvisibleDieCommie


Registered: 12/11/03
Posts: 29,258
Re: Do you have sound financial advice for us? [Re: Smackshadow]
    #7350197 - 08/29/07 10:59 PM (16 years, 5 months ago)

Quote:

1) Don't make decisions based on the monthly payment, Ever!


Very good advice:thumbup: 

Your other points are all very good too.


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OfflineKonnrade
↑↑↓↓<--><-->BA
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Registered: 09/13/05
Posts: 13,833
Loc: LA Suburbs
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Re: Do you have sound financial advice for us? [Re: Asante]
    #7350229 - 08/29/07 11:06 PM (16 years, 5 months ago)

Slaves are not a good investment.

Sure, free labor sounds great at first, but before you know it some punk ass nigga named Toby is giving you shit on a regular basis and you've got to waste your time dealing with his ass. And then boom... out of nowhere this tall scraggly-lookin' motherfucker in a stovepipe hat up and decides that you don't even own those slaves in the first place.

Shit's enough to really ruin your day.


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I find your lack of faith disturbing


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InvisibleVoidOfsPg
Stranger
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Registered: 05/09/05
Posts: 4,899
Loc: San Antonio, TX
Re: Do you have sound financial advice for us? [Re: Konnrade]
    #7350261 - 08/29/07 11:19 PM (16 years, 5 months ago)

How would one go about setting up an IRA? I'm 21 and I'm interested in starting to save now.

Are there any advantages of an IRA over a 401k since it's not employer sponsored?


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InvisibleantiPock
fighting entropy
Male User Gallery


Registered: 07/09/07
Posts: 2,509
Loc: Sol 3
Re: Do you have sound financial advice for us? [Re: VoidOfsPg]
    #7350473 - 08/30/07 12:36 AM (16 years, 5 months ago)

Invest in a well balanced spread of mutal funds. If you like holding common stock, let that be a miniority percentage of your holdings, if you dont want much risk. Some large cap, some mid or small; some domestic, some international. A well balanced portfolio will cover down sectors with naturally "opposite" forces (currency exchange e.g.)

Tax shelter as much as you can afford without sacrificing requisite liquidity. (i.e., don't take a penalty for early withdrawal becuase you sheltered too much with age restrictions.)

Reevaluate, and rebalance distributions periodically. Anything that runs away percentage wise is likley to underperform in the near future.


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OfflineSmackshadow
It's Time for Wild Speculation


Registered: 09/27/05
Posts: 575
Last seen: 18 days, 22 hours
Re: Do you have sound financial advice for us? [Re: antiPock]
    #7353845 - 08/30/07 09:34 PM (16 years, 4 months ago)

Go with a Roth IRA. The difference is when you pay the taxes on it. In a Roth you pay taxes upfront and then don't pay any when you retire. This is beneficial because with luck your investment will grow over the next 39 years, so you will pay less in taxes.

If you work for a company that offers a 401k and they match funds max out that first, free money is free money.


--------------------
The trouble with fighting for human freedom is that one spends most of one's time defending scoundrels. For it is against scoundrels that oppressive laws are first aimed, and oppression must be stopped at the beginning if it is to be stopped at all.
     
~H. L. Mencken~


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Offlineprimordialkraken
daddy


Registered: 08/15/18
Posts: 102
Last seen: 8 days, 19 hours
Re: Do you have sound financial advice for us? [Re: Asante]
    #27723566 - 04/06/22 05:50 PM (1 year, 9 months ago)

Don't continue paying into social security


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OfflineMaverick
Lover of Earwigs!
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Registered: 12/18/05
Posts: 13,437
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Re: Do you have sound financial advice for us? [Re: primordialkraken]
    #27724745 - 04/07/22 04:13 PM (1 year, 9 months ago)

oof bumpin' the 14 year old thread eh :P


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OfflineRotnpins
🤮 Rotten-Pins 🍄
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Registered: 01/11/22
Posts: 4,738
Loc: in (front of) the hood
Last seen: 1 year, 1 month
Re: Do you have sound financial advice for us? [Re: Asante] * 1
    #27739699 - 04/18/22 04:59 AM (1 year, 9 months ago)

Start saving NOW. Even if you can only save a small amount at first, do it. That $25 a week may seem pointless right now, but if you don't do it, you could be looking back on today in a few years thinking about all the money you could have saved up... Think of a snowball. It may start out small, but after a while it starts gaining size and momentum.

Once you get in the habit of putting money away, it becomes easier, and once you have a decent amount you can find ways to "make your money work for you"..


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InvisibleAsante
Mage
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Registered: 02/06/02
Posts: 86,794
Re: Do you have sound financial advice for us? [Re: Rotnpins]
    #27740234 - 04/18/22 01:39 PM (1 year, 9 months ago)

Quote:

Rotnpins said:
Start saving NOW. Even if you can only save a small amount at first, do it. That $25 a week may seem pointless right now, but if you don't





If SAVING is your thing, with a little effort you can save on the gold standard through use of PAXG which in effect means that on average your savings correct 8%/Y for inflation, which means an average "interest" of 0.67% per month. Thats worth that little bit of effort, because if you can save only little, every cent counts.


--------------------
Omnicyclion.org
higher knowledge starts here


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OfflineRotnpins
🤮 Rotten-Pins 🍄
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Registered: 01/11/22
Posts: 4,738
Loc: in (front of) the hood
Last seen: 1 year, 1 month
Re: Do you have sound financial advice for us? [Re: Asante] * 1
    #27740381 - 04/18/22 03:06 PM (1 year, 9 months ago)

Quote:

Asante said:
Quote:

Rotnpins said:
Start saving NOW. Even if you can only save a small amount at first, do it. That $25 a week may seem pointless right now, but if you don't





If SAVING is your thing, with a little effort you can save on the gold standard through use of PAXG which in effect means that on average your savings correct 8%/Y for inflation, which means an average "interest" of 0.67% per month. Thats worth that little bit of effort, because if you can save only little, every cent counts.




Yupp :thumbup: already been accumulating PAXG in crypto portfolio


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OfflineGrungeman17
Male


Registered: 05/06/09
Posts: 1,436
Loc: usa
Last seen: 14 hours, 44 minutes
Re: Do you have sound financial advice for us? [Re: Rotnpins] * 1
    #27741540 - 04/19/22 07:47 AM (1 year, 9 months ago)

If you ever end up on a decent some of windfall cash, buy a property outright with cash immediately before even going to the Walmart. You can mix saving and speculative assests...
Sports cards...Us nerds will always want them. I really used to think it was a dumb, stupid, kids fad, I was corrected by my friends successful venture and I decided to jump on the band wagon as well. Got roughly 10k chillen in highend sealed wax. And pulled some monsters. Dont roll your eyes at other peoples ventures. People out here doing it. Join in... Garage sales have enough revenue to keep someone alive. The more  stupid and wacky something sounds in todays is likely the next successful thing. Uber and doordash pay pretty decent in some cities and you gotta know how to work the app and decline dumb orders.


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OfflineRotnpins
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Posts: 4,738
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Last seen: 1 year, 1 month
Re: Do you have sound financial advice for us? [Re: Grungeman17]
    #27741681 - 04/19/22 09:30 AM (1 year, 9 months ago)

Quote:

Grungeman17 said:
If you ever end up on a decent some of windfall cash, buy a property outright with cash immediately before even going to the Walmart.




:whathesaid: for sure, best decision I ever made was to buy my house in cash... now I'm paying about the same for my annual property taxes as I would be for half a months rent at my old apartment.. the apartment  was half the size of the house, but the house is way more affordable.

I know most people aren't in a position to just buy a house in cash, but like Grungeman17 said, if you come into a windfall or are able to save up enough, it's one of the best ways to invest in yourself.

Even if you can't buy it outright,  a mortgage  is way better than paying $1500-2000 rent and just watching the money go down the toilet every month.


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