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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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Do you have sound financial advice for us?
#7349663 - 08/29/07 07:47 PM (16 years, 5 months ago) |
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This thread is for giving us your sound financial advice. It shouldn't be some halfassed idea you had but something which you consider very solid, very good advice on financial matters that might be applicable to many of us.
It would be great if a couple simple posts here could help Shroomerites getting by better and advancing towards a better financial future.
-------------------- Omnicyclion.org higher knowledge starts here
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349665 - 08/29/07 07:51 PM (16 years, 5 months ago) |
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Dont ever borrow money for something that depreciates. The only thing that is worth borrowing against is something that appreciates (house, small business, education).
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: DieCommie]
#7349674 - 08/29/07 07:53 PM (16 years, 5 months ago) |
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Also, dont buy extended warranties. These are, nearly always, a complete rip off. If you can manage to save money yourself you can self-insure and warranty the device yourself. In the end you will have more money in your pocket.
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RipVanWinkle
The Benzodiazethang




Registered: 06/11/06
Posts: 4,700
Loc: Near Memphrica, TN
Last seen: 2 years, 2 months
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Re: Do you have sound financial advice for us? [Re: DieCommie]
#7349687 - 08/29/07 07:57 PM (16 years, 5 months ago) |
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Quote:
DieCommie said: Also, dont buy extended warranties. These are, nearly always, a complete rip off. If you can manage to save money yourself you can self-insure and warranty the device yourself. In the end you will have more money in your pocket.
I spent $1,400 on a PC once from Alienware, and I didn't buy the extended warranty. Literally 3 days after the warranty expired, my motherboard fried somehow. Alienware refused to even talk to me on the phone without paying $40, and after I did that they still "couldn't" help me without me paying shipping to send in my massive computer back to them to have the motherboard replaced for around $250. They also refused to send me the part so I could do it myself. I ended up paying $95 having it repaired at a local computer shop, but still, if only I had paid $30 extra for the extended warranty, I wouldn't have had to deal with any of that. So I beg to differ with this one...
-------------------- Those who danced were thought to be quite insane by those who could not hear the music.
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Asante
Mage


Registered: 02/06/02
Posts: 86,794
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349692 - 08/29/07 07:59 PM (16 years, 5 months ago) |
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-- Organize your bills etc into neat folders Go office on your financial administration and create order in the chaos. Make sure you can find whatever whenever you need it, see where the money goes and what you can do about it.
-- Debt: get out and stay out! Try to avoid going in debt at all cost. Watch out for loans. If you can't afford it now because budget is tight, budget will even be tighter with those monthly payments. Don't trap yourself. If you're in debt, try to get out of it as fast as you can. Easier said than done but some people choose to camnp in a state of debt when they could with some extra effort break free of it.
-- The best possible investment The best possible investment is your own house. If you can fix it, choose a house that needs some work but which is in a reasonable neighborhood, preferably one where value can increase. Your very own house = k3y. If you have not too much to spend but a couple of truly great friends, consider all chipping in and buying/financing a house together. Theres so much rent you won't have to pay, and the place is yours.
-------------------- Omnicyclion.org higher knowledge starts here
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Brainiac
Rogue Scientist



Registered: 04/29/06
Posts: 13,259
Loc: 與您的女朋
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349700 - 08/29/07 08:02 PM (16 years, 5 months ago) |
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--------------------
Fair is Fair
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meatcakeman
the search for bodhisattva



Registered: 07/03/07
Posts: 8,380
Loc: el sol
Last seen: 10 years, 9 months
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349704 - 08/29/07 08:03 PM (16 years, 5 months ago) |
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Quote:
Wiccan_Seeker said:
-- The best possible investment The best possible investment is your own house. If you can fix it, choose a house that needs some work but which is in a reasonable neighborhood, preferably one where value can increase. Your very own house = k3y. If you have not too much to spend but a couple of truly great friends, consider all chipping in and buying/financing a house together. Theres so much rent you won't have to pay, and the place is yours.
i agree my parents' house when they first bought it was at a value of roughly $300,000, but now it's worth around $900,000 due to a lot of factors, including a new freeway that was built nearby and the addition of a new room.
-------------------- 大开眼界
 
Hasta siempre, comandante.
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: RipVanWinkle]
#7349706 - 08/29/07 08:03 PM (16 years, 5 months ago) |
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Quote:
RipVanWinkle said:
Quote:
DieCommie said: Also, dont buy extended warranties. These are, nearly always, a complete rip off. If you can manage to save money yourself you can self-insure and warranty the device yourself. In the end you will have more money in your pocket.
I spent $1,400 on a PC once from Alienware, and I didn't buy the extended warranty. Literally 3 days after the warranty expired, my motherboard fried somehow. Alienware refused to even talk to me on the phone without paying $40, and after I did that they still "couldn't" help me without me paying shipping to send in my massive computer back to them to have the motherboard replaced for around $250. They also refused to send me the part so I could do it myself. I ended up paying $95 having it repaired at a local computer shop, but still, if only I had paid $30 extra for the extended warranty, I wouldn't have had to deal with any of that. So I beg to differ with this one...
Right... like the one person who survives a car wreak because they wernt wearing a seat belt. It's a statistical rarity which you shouldn't make plans based on.
Everybody is going to have a few cases in their life where an extended warranty would have helped. But if you dont every pay for extended warranties, and instead save that money, you can pay for your own repairs and still have money left over. Remember, they make a profit off of your extended warranty.
EDIT- The same situation happened to me with the playstation 2. It died one week after warranty expired. I was out $200. But because I never buy extended warranties I have saved well over $200. The net effect for me is more money in my pocket (even counting the $200 I had to spend on a new PS2)
Edited by Qubit (08/29/07 08:09 PM)
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ToTheSummit
peregrinus



Registered: 08/22/99
Posts: 9,126
Loc: Las Vegas
Last seen: 7 days, 21 hours
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349726 - 08/29/07 08:13 PM (16 years, 5 months ago) |
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Credit Cards are not the evil entity they are made out to be at times. But you have to learn how to use them properly, and this takes a little dicipline. The trick is to pay off the full amount every month when the bill arrives. Having and using a credit card on a regular basis is a good way for a young person to build a sound credit history. Not to mention the fact that you need one to do a lot of things (like car rentals or phone reservations for travel/hotels/etc). But you need to budget its use and plan on paying the bill in full each month. The mistake most people make in their 20's is to get into debt and keep digging the hole deeper. Its just so easy to pay a minimum payment, and this is not acceptable when using credit cards.
In short, good use of credit cards when young can help build a good credit history long before you have any other credit history. Bad use of credit cards when young can put you in a situation that will take the next decade or two to get out of.
-------------------- You invented the wheel....You push the motherfucker!!
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Veritas

Registered: 04/15/05
Posts: 11,089
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349742 - 08/29/07 08:18 PM (16 years, 5 months ago) |
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1. Live within your means. This means not only limiting your expenses, but also planning your income to meet your requirements. If you are taking in a Spaghettios income, don't go out to eat.
2. Save 20% of your pay as soon as you get it. Do not wait until after you've paid all the bills & spent $ on all your various wants. If it helps, print out a monthly bill for 20% of your gross pay, and write a check to your savings account for that amount. Get a savings account with a decent interest rate so that you are encouraged to continue saving.
3. Don't count on Social Security. The system will likely be bankrupt before anyone reading this is old enough to claim benefits. Start an IRA today, and put some portion of your 20% savings into it each month.
4. If you are likely to stay in your area for 5 or more years, buy a home. Renting is a financial loss each month. If you can manage to get financing, buy a home & pay as much as you can afford each month. If you can manage it, make bi-monthly payments to save interest.
5. Take a few hours to envision the financial phases you will experience during your lifespan. If you want to have kids, plan that into your financial scheme. If you want to retire at 40, plan that in. Consider the experience you really want to create, and the practical details that will make it happen.
6. Get the most "bang" for your bucks. Think about the quality of experience you create with your spending. Are you maximizing your returns? If you are continually spending your $ on low-return items (gadgets, impulse buys, lattes, etc...) you will not get as much for your money. What pleases you? What makes you feel joyful? Spend your money on THAT, and you'll experience true wealth.
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: Veritas]
#7349761 - 08/29/07 08:22 PM (16 years, 5 months ago) |
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Quote:
4. If you are likely to stay in your area for 5 or more years, buy a home. Renting is a financial loss each month. If you can manage to get financing, buy a home & pay as much as you can afford each month. If you can manage it, make bi-monthly payments to save interest.
5 years? I am interested in this as when I will be in a state for 6-7 years soon, and am wondering if its in my best interest to buy or rent for that amount of time.
Obviously considering closing costs etc, I dont want to buy for just a year or two. You think less then 5 years rent, more then 5 years buy?
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Veritas

Registered: 04/15/05
Posts: 11,089
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Re: Do you have sound financial advice for us? [Re: DieCommie]
#7349775 - 08/29/07 08:26 PM (16 years, 5 months ago) |
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Some of this determination depends on the real estate market in your area, but I have it on good authority that less than 5 years = rent & more than 5 years = buy. 
You need to figure out what sort of interest rate you will be able to get, and what the appreciation is likely to be on your property. If you will pay interest-only during the 6-7 years you are an owner, and the appreciation is negligible, then go with renting. If you will accumulate equity AND see some appreciation in value during that period, go with buying.
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RipVanWinkle
The Benzodiazethang




Registered: 06/11/06
Posts: 4,700
Loc: Near Memphrica, TN
Last seen: 2 years, 2 months
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Re: Do you have sound financial advice for us? [Re: DieCommie]
#7349819 - 08/29/07 08:41 PM (16 years, 5 months ago) |
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Yeah I never really looked at it like that before... Now that you mention it though it does make more sense not to buy it.
-------------------- Those who danced were thought to be quite insane by those who could not hear the music.
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: RipVanWinkle]
#7349906 - 08/29/07 09:07 PM (16 years, 5 months ago) |
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Quote:
RipVanWinkle said: Yeah I never really looked at it like that before... Now that you mention it though it does make more sense not to buy it.
Glad to hear it The only caveat is you need to be able to save your money so you can afford the repair when your PS2/Computer (etc.) breaks.
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bukkake


Registered: 05/28/05
Posts: 2,764
Loc: Classified
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Re: Do you have sound financial advice for us? [Re: ToTheSummit]
#7349915 - 08/29/07 09:11 PM (16 years, 5 months ago) |
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Quote:
ToTheSummit said: In short, good use of credit cards when young can help build a good credit history long before you have any other credit history. Bad use of credit cards when young can put you in a situation that will take the next decade or two to get out of.
I go to college and it was a bitch to get any kind of credit card to establish credit. It didn't make any sense to be declined, because how is one supposed to build credit with no credit?
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Maverick
Lover of Earwigs!




Registered: 12/18/05
Posts: 13,437
Loc: Valleys of Willamette
Last seen: 11 hours, 58 minutes
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Re: Do you have sound financial advice for us? [Re: bukkake]
#7349925 - 08/29/07 09:16 PM (16 years, 5 months ago) |
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I've still got $800 to pay off on my creditcard. It makes me want to cry, considering I'm paying my parents $250 a month for the new transmission in my car, and I'm trying to save up to roadtrip up from Reno to the PNW to find somewhere new to live. (I refuse to move out in Reno for fear of being stuck here forever).
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.
Edited by DRTMaverick (08/29/07 09:17 PM)
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Brainiac
Rogue Scientist



Registered: 04/29/06
Posts: 13,259
Loc: 與您的女朋
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Re: Do you have sound financial advice for us? [Re: Maverick]
#7349938 - 08/29/07 09:21 PM (16 years, 5 months ago) |
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Has anyone look at the link it posted?
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Fair is Fair
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DieCommie


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: Brainiac]
#7349945 - 08/29/07 09:23 PM (16 years, 5 months ago) |
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Quote:
Brainiac said: Has anyone look at the link it posted?
No, but I listened to him on the radio for years. 
Dave Ramsey is good too.
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roby000
me


Registered: 02/28/05
Posts: 9,189
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Re: Do you have sound financial advice for us? *DELETED* [Re: bukkake]
#7349955 - 08/29/07 09:29 PM (16 years, 5 months ago) |
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Post deleted by roby000
Reason for deletion: s
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Silversoul
Rhizome


Registered: 01/01/05
Posts: 23,576
Loc: The Barricades
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Re: Do you have sound financial advice for us? [Re: Asante]
#7349965 - 08/29/07 09:32 PM (16 years, 5 months ago) |
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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(not to mention our friendship) to recover.
--------------------
Edited by Silversoul (08/29/07 09:37 PM)
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roby000
me


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


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


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


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




Registered: 09/30/06
Posts: 2,645
Loc: in my own lil world
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Re: Do you have sound financial advice for us? [Re: Silversoul]
#7350128 - 08/29/07 10:35 PM (16 years, 5 months ago) |
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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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Smackshadow
It's Time for Wild Speculation


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


Registered: 12/11/03
Posts: 29,258
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Re: Do you have sound financial advice for us? [Re: Smackshadow]
#7350197 - 08/29/07 10:59 PM (16 years, 5 months ago) |
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Quote:
1) Don't make decisions based on the monthly payment, Ever!
Very good advice
Your other points are all very good too.
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Konnrade
↑↑↓↓<--><-->BA




Registered: 09/13/05
Posts: 13,833
Loc: LA Suburbs
Last seen: 8 months, 25 days
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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) |
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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.
--------------------
I find your lack of faith disturbing
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VoidOfsPg
Stranger


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



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


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


Registered: 08/15/18
Posts: 102
Last seen: 8 days, 19 hours
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Re: Do you have sound financial advice for us? [Re: Asante]
#27723566 - 04/06/22 05:50 PM (1 year, 9 months ago) |
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Don't continue paying into social security
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Maverick
Lover of Earwigs!




Registered: 12/18/05
Posts: 13,437
Loc: Valleys of Willamette
Last seen: 11 hours, 58 minutes
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oof bumpin' the 14 year old thread eh :P
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Rotnpins
🤮 Rotten-Pins 🍄



Registered: 01/11/22
Posts: 4,738
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Re: Do you have sound financial advice for us? [Re: Asante] 1
#27739699 - 04/18/22 04:59 AM (1 year, 9 months ago) |
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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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Asante
Mage


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



Registered: 01/11/22
Posts: 4,738
Loc: in (front of) the hood
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Re: Do you have sound financial advice for us? [Re: Asante] 1
#27740381 - 04/18/22 03:06 PM (1 year, 9 months ago) |
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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 already been accumulating PAXG in crypto portfolio
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Grungeman17



Registered: 05/06/09
Posts: 1,436
Loc: usa
Last seen: 14 hours, 43 minutes
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Re: Do you have sound financial advice for us? [Re: Rotnpins] 1
#27741540 - 04/19/22 07:47 AM (1 year, 9 months ago) |
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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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Rotnpins
🤮 Rotten-Pins 🍄



Registered: 01/11/22
Posts: 4,738
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Re: Do you have sound financial advice for us? [Re: Grungeman17]
#27741681 - 04/19/22 09:30 AM (1 year, 9 months ago) |
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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.
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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