The richest person on the forum.
- Thread starter SKMMAN
- Start date
No prob man.
All I ask is the chance to prove that money can't make me happy. (Spike Milligan)
I like that.
It's funny thinking about that.
When dh and I were first married, we didn't have much at all.
Now, he has a really good job, and we are doing well. However, things are a lot more complicated. On the one hand, we can have nice things, drive nice cars, save for our kids' college, plan for retirement, so on.....but on the other hand, his job is demanding and requires quite a bit of overtime, and there are many more bills to pay (with kids and all that).
So, I think it washes out. With no money, life was simpler, but tough. Now, it's nicer but complicated.
Yep to the young guns of this board....
It' pretty basic....
Save your money make a nice "emergency egg" saving account.
drive a old car or a "off lease" car, never buy a New one.
start investing your money, IE mutual funds, go to broker website, such as share builder and have $50 taken out of your bank account a month and have then but a mutual fund for you, being young, get an aggressive one. Let it build up, going up 10-20% a year is VERY good, especially while you are young.
When you land a job that has a 401K enroll in it and invest minimum of the company match, my company matches 6.66% I would invest min. 7% (currrently 15%) if you leave, roll it over to the next place or a Roth IRA....let it build.
DO NOT, and I repeat DO NOT fall into the credit card trap, use 1 credit card and make sure you pay it off either monthly or ecery coupe of months, do not make any late payments ever, always on time, you will see a interest rate of 9-12% if you are late on 1 payment...It can and most likely will shoot up to 24-25%....which is just robbery to me, read the fine print.
The key is living within your bracket and investing, Buying property is always a wise investment, buy as young as possible, get away from renting.
I am 37 and have over 500K in my 401K, I have been doing the max since I was 18, I have roughly 30 years left, so look at that I been investing for 19 years and have that $$ already, going to add another 30 years onto it.....it will just keep going up unless a MAJor and I mean MAJOR melt down in the markets.
I also have Educational IRA's for my children, $300 invested, 8 years later worth over 1K...$700 i did not add, just interest.....gold mine for us
Live cheap now, and live large later in life....you will never regret it. To many americans, spend, spend spend.....save a little and INVEST wisely.
Rule of thumb, there is no QUICK money, going up 10-20% a year is FANTASTIC.....That is why the turtle won the race in the end.
(off soap box)
It' pretty basic....
Save your money make a nice "emergency egg" saving account.
drive a old car or a "off lease" car, never buy a New one.
start investing your money, IE mutual funds, go to broker website, such as share builder and have $50 taken out of your bank account a month and have then but a mutual fund for you, being young, get an aggressive one. Let it build up, going up 10-20% a year is VERY good, especially while you are young.
When you land a job that has a 401K enroll in it and invest minimum of the company match, my company matches 6.66% I would invest min. 7% (currrently 15%) if you leave, roll it over to the next place or a Roth IRA....let it build.
DO NOT, and I repeat DO NOT fall into the credit card trap, use 1 credit card and make sure you pay it off either monthly or ecery coupe of months, do not make any late payments ever, always on time, you will see a interest rate of 9-12% if you are late on 1 payment...It can and most likely will shoot up to 24-25%....which is just robbery to me, read the fine print.
The key is living within your bracket and investing, Buying property is always a wise investment, buy as young as possible, get away from renting.
I am 37 and have over 500K in my 401K, I have been doing the max since I was 18, I have roughly 30 years left, so look at that I been investing for 19 years and have that $$ already, going to add another 30 years onto it.....it will just keep going up unless a MAJor and I mean MAJOR melt down in the markets.
I also have Educational IRA's for my children, $300 invested, 8 years later worth over 1K...$700 i did not add, just interest.....gold mine for us
Live cheap now, and live large later in life....you will never regret it. To many americans, spend, spend spend.....save a little and INVEST wisely.
Rule of thumb, there is no QUICK money, going up 10-20% a year is FANTASTIC.....That is why the turtle won the race in the end.
(off soap box)
Agree 100%! This is the only financial regret i really have right now. I'm 24 and thought I HAD to have a new car. I pay $420 a month for a car that gets turned back in a couple of years. Plus, I'll probably have to PAY them to take the damn thing off my hands, since i might be over my miles! Leasing a car is probably one of the worst financial moves you can make.
Next car = used car
Gaman, noticed it says 'off soap box' at the bottom. What's soap box? lol. Well when I've left Uni I'm planning on going straight into a company, buy shares in it and work my way up. Hopefully end up earning a few mill. Retire
I know a few people who have done this. They finished up their MBA and went to very stressful and competitive 15hour+ work day jobs (two on wall street, 1 at the worldbank and 1 working for bank of japan). Everyone of them said that they were going to make their money and get out, and none of them did. They make a lot of money, but they spent so long defining themselves by their job that they just cant do anything else; not to mention few normal businesses like to employ investment bankers who have worked in the very highpowered companies as the industry turns them into dicks. Not one of them is in decent shape or has kept a marriage for more than 5 years. They have completely forgotten how to have fun and Im pretty sure two of them (obsese) will die young and never get to enjoy the retirement they are working for.
Find a job you like to do, not one that gives the biggest paycheck (though if you can find one that gives you a big paycheck and you enjoy you got your cake and are eatting it too!). Mind your money but dont let the aquisition of it define you as a person. Dont forget how to have fun. Anyway why would you want to save all your fun having for when you need Viagra to screw and have to worry about breaking a hip when you run around?
I know a few people who have done this. They finished up their MBA and went to very stressful and competitive 15hour+ work day jobs (two on wall street, 1 at the worldbank and 1 working for bank of japan). Everyone of them said that they were going to make their money and get out, and none of them did. They make a lot of money, but they spent so long defining themselves by their job that they just cant do anything else; not to mention few normal businesses like to employ investment bankers who have worked in the very highpowered companies as the industry turns them into dicks. Not one of them is in decent shape or has kept a marriage for more than 5 years. They have completely forgotten how to have fun and Im pretty sure two of them (obsese) will die young and never get to enjoy the retirement they are working for.
Find a job you like to do, not one that gives the biggest paycheck (though if you can find one that gives you a big paycheck and you enjoy you got your cake and are eatting it too!). Mind your money but dont let the aquisition of it define you as a person. Dont forget how to have fun. Anyway why would you want to save all your fun having for when you need Viagra to screw and have to worry about breaking a hip when you run around?
Ha, you haven't heard my other plans.
One is: Start a huge surf and sports centre in downtown adelaide AUS. That place needs some spicing up.
Other is Lawyer. Maybe go and get an American Law degree first. Californian Environmental lawyer or something.
Oh and then there are a few more complex things.
Hehehe
Man when I was a kid all I wanted to be was a bike racer or a martial arts instructor. But more power to you with all that ambitition
I am a Financial Economics and Business Admin double major student now, was a soldier. I do research assistance for the Economics and Pulic Policy departments here at UMaine and, for real money, I work for the tech help desk at the ISP for all of the schools and libraries in my state. With all of that combined, I do have long hours but the people I work with are cool and I still have time for my Martial arts and biking and hanging out with friends. After college I plan on some Peace Corps action then maybe MBA time or work for a development bank. If I had to work in a field with a lot of backstabbing I would just end up punching someone in the face when they played me foul.