Let's talk about money - The Finance Thread

[FallingEdge]

Aight, I got a question for the SRK masses...

In May, I will be graduating from college and moving out on my own. I will either be starting work at the end of May/early June. What I am curious about is creating a budget for my own and what would be the best way to go about that. I've just been assuming how much I would spend per month with regards to food, rent, utilities, etc and just kinda been going off of that.

Also, how much is too much for paying for rent? The stuff I've seen online is anywhere from 25-30% for your gross salary. Does this seem about right? The reason why I am asking is that I will be moving in an apartment that will run about 830 a month. After utilities and internet/cable, I figure that it will be around 1k. If going by the 25-30% rule, I will be fine but I was curious about what the SRKers thought about this and any info would be appreciated.

Thanks!

[Biggzy]

FUCK the IRS

[Chozen1]

Aight, I got a question for the SRK masses...

In May, I will be graduating from college and moving out on my own. I will either be starting work at the end of May/early June. What I am curious about is creating a budget for my own and what would be the best way to go about that. I've just been assuming how much I would spend per month with regards to food, rent, utilities, etc and just kinda been going off of that.

Also, how much is too much for paying for rent? The stuff I've seen online is anywhere from 25-30% for your gross salary. Does this seem about right? The reason why I am asking is that I will be moving in an apartment that will run about 830 a month. After utilities and internet/cable, I figure that it will be around 1k. If going by the 25-30% rule, I will be fine but I was curious about what the SRKers thought about this and any info would be appreciated.

Thanks!

1)rookie out of college so im guessing 22 (I'm factoring 18 HS grad +4 college)

2) it's going to vary as everyone is different. creating a budget depends on how you utilize your money properly & how its put to use effectively. Just because you by some half assed cheapo food thats really good (IE campbells chunky soup, good & inexpensive however it quickly adds up on your market receipt) doesn't necessitate the need to buy proper items to live off of.

3) always be on time & never flake on your bills. period unles of course usps is not your friend & decide to send your bills late especially if you own credit cards. credit or no credit regardless of your situation, you need to be up to date and if you haven't established any credit whatsoever, once you get a stable job, keep the 3 of your most recent pay stubs, go to your bank (hopefully a credit union) show them you're responsible & that you have no debts & they'll start you off. Eventually once you're used to your routine, being on time with the aforementioned & so forth, you should go ahead and sign up for another credit card (like a best buy or circuit city card or what have you) & use it wisely, only on things you can afford while on the other hand, with your primary use it to go out with chicks, some food nick nack shit etc that you know you can pay off without a hitch & stick with it.

4) break it down as follows: rookie finally starting a life of responsibility a)moving in + deposit = 80% b)food = 5% c) furniture 2% d)bills = 10% e)extraneous = 2% (optional) bitches = 1%

5) that's a more realistic outlook as when you first live on your own. if your living with roomates, you're not responsible period. i dont give a shit who says you are when living with roommates but trust me, when you live on your own, then you'll realize the truth otherwise good luck sharing the shower, toilet bowl possible food being eaten when you least expect it & other things I can list but too tired to write as I'm just giving you advice from a real perspective.

Lastly, welcome to the real world. Again I can write a lot more but, you should be able to figure it out for yourself sooner or later. however, dont be surprised if you
get overwhelmed when you're free for the first few weeks because reality is going to set your ass straight. be optimistic & dont stress out & you should ok rookie :looney:

[akumatrunigga]

FUCK the IRS

looks like someone owes alot to the irs :lol:

[Biggzy]

looks like someone owes alot to the irs :lol:

I had to pay the IRS so much damn money this year its ridiculous. Just so old people/fat people can get FREE motorized carts. FUCK THAT!

[mastermind]

I'm about to cancel my miles card once I pay off this month's bill. I'm caught up, the annual fee is a killer, and while the extra benefit of a mile per $1 spent is there, I don't fly as much as I thought I would be.

...although it WAS nice having that $25k spending limit. Even though I never went past 1k. :rofl:

[Saisyu Kusanagi]

Income tax is not a law. When will americans stand up?

[Biggzy]

Income tax is not a law. When will americans stand up?

Oh god shut up. Yeah, good luck trying to beat the IRS on a technicality.

[AkumaTX]

Income tax is not a law. When will americans stand up?
but tax evasion is so shut the fuck up.

anyways, for those asking as to what stocks they should invest in, you are asking the wrong people. Go out and research and study the market. DO not be stupid and follow a stok because so and so said its on the rise. Research.

[f_man]

but tax evasion is so shut the fuck up.

anyways, for those asking as to what stocks they should invest in, you are asking the wrong people. Go out and research and study the market. DO not be stupid and follow a stok because so and so said its on the rise. Research.

everything you said is truth to the truthiest power.

i dare you not to pay your taxes....ill give you 5 dollars!

anyone on updown.com yet?

[Saisyu Kusanagi]

everything you said is truth to the truthiest power.

i dare you not to pay your taxes....ill give you 5 dollars!

anyone on updown.com yet?

The real dare is when you do it with me. Together we stand. We the people.....

[AcEtUrNeDjOkEr]

The real dare is when you do it with me. Together we stand. We the people.....

Man, take that shit somewhere else.

As for investing, I am not looking into doing ANYTHING for a couple of years until this economy gets stable again. So ATX is right, i'm sitting back and seeing whats going to be the new "hot" thing in the future. Right now, I am banking on alternative fuel companies (whomever makes the hybrid batteries). Going "green" seems to be the trend that everyone is pushing right now. (Don't think its going to end there either)

[FallingEdge]

info

haha. Thanks for the info.

I was calculating a budget to get a rough idea of what I would have to deal with and I'm pretty sure that I'm gonna be just fine. The way I figure it:

1k - rent/utilities/internet/cable
250 - food
150 - college loans
100 - phone
100 - gas
100 - car insurance

From here, the rest I have can go to to savings, entertainment, and whatever else that might come up.

[Unreallystic]

Its rare I post here since I'm not great with money...but I've been down FEs road for a while now. I don't know what your making, nor your vehicle outlook, so I'd toy around with it a bit. Also factor in I'm living in Washington DC area.

I'm accustom to rent costing 2 paychecks or less *granted I get paid weekly*. I pay exactly 32% of my income on living arangements currently. Fortunatly this also covers heating/elec/trash/water. Add on internet *no cable* - and my 'necessary' living is taken care of for less than 40% of my income. From there everything else is pretty stable. If my rent went up, it would hurt me greatly. I don't seem financially strong cause of my car...did tons of research on teh car and not enough on financiing it. Add bad credit and I'm stuck with a c-note of 633 a month for a 26k car. So I'm a bit off. If you need a car and can 'cover it' with 15% of your income or less your in good standing.

Small pieces of advice...
Up dat gas...alot
Up dat food.

Unless you can walk to work, the 4 bux a gallon is going to eat ANY car up. My commute to work is small - about 40 minutes one way - and at current prices I'll eat 100 bux a week while getting about 21+ mpg. If your riding public transit to work, factor that in, between parking and rising cost for the bus, shit adds up too.

The cost of 'healthy' food is going to continue to creep up. Whiel gas has immediatly raised the price of 'fresh' stuff like milk and meats, - gas aint coming down so neither are their prices. On top of that anything corn related is going to explode in cost...thanx to gas lol.

So ALWAYS over estimate the cost of gas and of food. ITs paints a more realistic picture. If there is a significant other involved, do the math expecting to eat out at least 3 times a week *this does not mean your going to or if you do that they are expesnive*.
- :bluu:

[f_man]

fallingedge- is your employer doing any sort of 401k/IRA deal with you?

maximize that match if its available. i hear you can borrow from your 401k in times of emergency and even for education without being penalized.

in addition to saving up, save up 3-6 months worth of living expenses before you jump into any sort of crazy investments. keep in mind that unless youre a total retard, expect yourself to find higher pay at least 3 years from now. otherwise you might be at the wrong job.

[FallingEdge]

delicious info

Thanks for the advice. I guess this would be easier if I gave a little bit more of my background.

After taxes and insurance, I'll be pulling in just around 3k a month. Every place I have been lookin at, the cost of apartments are no less than $800. In reality, the $830 lease is a fucking steal considering the fact that I would get a washer and dryer in the apartment, covered parking (on a first come, first serve basis), light rail (monorail type of service) for entry into Denver. I've also seen smaller apartments that would cost more for a smaller area. It's been hit or miss really.

What really sucks is that even if I go 10-20 miles out, the cost of the apartments stay around the same. I would have to travel about 30ish miles out to start to find the lease dropping around 700ish (which was my initial goal). Even then, it's still not the greatest bang for the buck.

I really don't think gas will cost me more than $100 due to the fact that work is about 5-10 minutes away (depending on traffic) from my complex and the mall/Target/Safeway are no further than 10 minutes away. If I ever want to hit up Denver, I can just use the light rail.

Food is the real variable for me. I really have no idea how much this would cost and I guess I will just figure it out when I get there. But I will definitely keep what you say in mind.

Car is all good for now. Don't have any monthly payments but in August, I will be giving my current vehicle to my sis and getting a new one. Need to start saving up for that.

In addition to that, I need to start to get some furniture. I really plan on just getting a cheap couch for now as I already have a bed. Just kinda slowly furnace my apartment. What I have also seen is the local furniture stores offer a 'No interest for 1 year' type of thing which I might do. Get the stuff I need but just pay it off throughout the year instead of all at once.

No significant other, but you never know :rofl:

Again, thanks for the advice and I will gladly take any more info you have to share.

fallingedge- is your employer doing any sort of 401k/IRA deal with you?

maximize that match if its available. i hear you can borrow from your 401k in times of emergency and even for education without being penalized.

in addition to saving up, save up 3-6 months worth of living expenses before you jump into any sort of crazy investments. keep in mind that unless youre a total retard, expect yourself to find higher pay at least 3 years from now. otherwise you might be at the wrong job.

My company offers a 401k and will match at a max of 6% after the first year. Dunno if this is a good idea or not, but I plan to not use the 401k for the first few months just to help me out. I really don't see me hurting myself because they aren't matching what I am investing so I can just save that money and put it to use when I really need it. Don't know if I can borrow from it without a penalty but I will definitely check that out.

As for the raise, I honestly expect a 4-5% increase after my first year. Gotta get that guap :rofl:

Thanks for the advice.

[mastermind]

I think there needs to be a transitional kid-to-grown up thread.

[SF_PHOCUS]

I have a question... why is it when u try and cash a check at a bank and theres no money in the acc why must you deposit it first....? i had opened an account for my jury duty check and various other deposits.. but they said i could cash the check and get the money

[Night]

Income tax is not a law. When will americans stand up?

It doesn't matter what technicalities there are in whether or not income tax is a law.

Whenever you get your paycheck, you will always see the tax withholdings on it, so you're still paying taxes whether you like it or not. Pretty much no one with a normal job has it to where there are absolutely no withholdings either. Filing income income taxes on April 15th is just a calculation whether or not you withheld too much or too little.

If you choose to be a rebel and "stand up" against the IRS, you may end up fucking yourself anyway, because if it turns out when you normally file, and the filing reveals that you are OWED money and don't file, you won't get the see that money. While that money is an interest free loan that the government kept from you througohut the year anyway, I'm sure most people would like to have that money back.

[f_man]

^ thats the way i saw it also- an interest free loan for the government. my mom used to be a cpa and told me its just easier for the govt to owe you than for them to ask for it after april 15.

so that got me wondering- you CAN adjust your witholdings right so that you (hopefully) zero out for the year? this way the opportunity cost of that money is reaped by you instead of the govt.

[white ninja]

My company offers a 401k and will match at a max of 6% after the first year. Dunno if this is a good idea or not, but I plan to not use the 401k for the first few months just to help me out. I really don't see me hurting myself because they aren't matching what I am investing so I can just save that money and put it to use when I really need it. Don't know if I can borrow from it without a penalty but I will definitely check that out.

You should contribute to your 401k even if it is in small amounts and not yet maximizing the match that your company gives you. You really should be maximizing the match as soon as you start and really 6% you will not really miss. You have to think that this is part of your salary because after all if you do not contribute to your 401k you are missing out on money that your company is giving you for nothing. If you don't contribute you're just throwing away that free money.

You should definitely look up what you can borrow from your 401k for. For example, I could borrow off this one time to buy my first house and who in the hell would not want to do that. Borrowing from yourself will be much cheaper than borrowing from the bank.

Despite people saying oh no you're only 22 you don't need to think about retirement it is ABSOLUTELY false. The magic of retirement investing is the compounding effect. The sooner you contribute the faster compounding will occur and you can sit back and watch your retirement accounts grow and grow.

edit: f_man yes you can indeed estimate what your withholdings should be; however, there are penalties for screwing it up as you might imagine. I pretty much always owe the gov't because like you said I want the money instead of handing out interest free loans to the gov't.

This is from the IRS website
If you did not pay enough tax, either through withholding or by making estimated tax payments, you will have underpaid your estimated tax and may have to pay a penalty.

You may understand this chapter better if you can refer to copies of your latest federal income tax returns.

No penalty. Generally, you will not have to pay a penalty for 2007 if any of the following situations apply.

The total of your withholding and estimated tax payments was at least as much as your 2006 tax (or 110% of your 2006 tax if your AGI was more than $150,000, $75,000 if your 2007 filing status is married filing separately), and you paid all required estimated tax payments on time.

The tax balance due on your return is no more than 10% of your total 2007 tax, and you paid all required estimated tax payments on time.

Your total 2007 tax (defined on page 49) minus your withholding is less than $1,000.

You did not have a tax liability for 2006.

You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000.

Hope this all helps and sorry for the longish post.

[Silentness!]

fuck me in the ass (not literally)

My retirement funds are on a rollercoaster ride right now. Goes up and down... currently the rollercoaster came off the tracks and through a hole into the depths of hell!

The chances you take of playing the stock investment game...

[Night]

^ thats the way i saw it also- an interest free loan for the government. my mom used to be a cpa and told me its just easier for the govt to owe you than for them to ask for it after april 15.

so that got me wondering- you CAN adjust your witholdings right so that you (hopefully) zero out for the year? this way the opportunity cost of that money is reaped by you instead of the govt.

I guess in theory if you find out a way to fill out the W4 form or some other kinds of things, you could potentially have zero withholdings throughout the year and you have better potential to maximize your earnings because you held on to all of it throughout the year, but a person who elects this had better take very good care of CASH FLOW and make sure that by April 15th, there's a lot of highly liquid money in the back because it's going to be a huge check to write.

It would be nice to have all the extra money to potentially invest or something, but if a person invests too much to the point where, perhaps the market takes a dive, the investment is at a loss, or the money is locked up in something where the money cannot be accessed immediately, they could be fucked on tax day. Obviously a person living paycheck to paycheck should never elect to do this.

And to put another damper on things, whatever capital gains you make on the investments you make with the extra money you withheld from the government... dun dun dun... will STILL GET TAXED ANYWAY :mad: It all really evens out in the end...

[akumatrunigga]

but tax evasion is so shut the fuck up.

anyways, for those asking as to what stocks they should invest in, you are asking the wrong people. Go out and research and study the market. DO not be stupid and follow a stok because so and so said its on the rise. Research.
True but at the same time no matter how much research one does they still need some form of a direction and understand from people of experience. Besides how many times a person is going to do a post like this anyway I think there needs to be a transitional kid-to-grown up thread.
i agree :lol:

[rsigley]

If you choose to be a rebel and "stand up" against the IRS, you may end up fucking yourself anyway, because if it turns out when you normally file, and the filing reveals that you are OWED money and don't file, you won't get the see that money. While that money is an interest free loan that the government kept from you througohut the year anyway, I'm sure most people would like to have that money back.

not true, you will get the money back if you're audited and the gov't owes you money

[mastermind]

I think there needs to be a transitional kid-to-grown up thread.

i agree :lol:

I need a snazzy title before I make it. How about:

Kid-life cancel into Grown-Up Super: The Transition Thread :rofl:

[Unreallystic]

I need a bag of money for small business investment. Early estimates point me to about a two million dollar bag. I'll take 5 though since the gov't will stab 2 mill off that.

Dammit wh o wants to rob a bank with me =P
- :bluu:

[f_man]

not true, you will get the money back if you're audited and the gov't owes you money

:bluu:wtf

i wasnt audited and i got some money back. in fact, for the past 5 years i got money back and ive never been audited. are you some sort of ron paul supporter? i saw those guys protesting earlier and half of them were teenage boys. they all probably dont have jobs, so go figure why theyre misunderstood.

[rsigley]

:bluu:wtf

i wasnt audited and i got some money back. in fact, for the past 5 years i got money back and ive never been audited. are you some sort of ron paul supporter? i saw those guys protesting earlier and half of them were teenage boys. they all probably dont have jobs, so go figure why theyre misunderstood.

huh? he was saying if you don't file your taxes and the gov't owes you money you won't see it

but i said if you don't file your taxes and you get audited and it turns out the gov't owes you money they will give it to you

[mastermind]

Stumbled upon this website:

http://www.mint.com

A consolidated site where you can look at almost all your bank accounts, CC accounts, investment sites in a one-stop shop. The site is in beta, so the way some transactions are labeled might scare you into thinking you're getting hit with fradulent charges, but if your money matches, then it's nothing to worry about...you just gotta relabel them. Their site doesn't save any of your information other than your email address and your zip. Really cool!

[white ninja]

huh? he was saying if you don't file your taxes and the gov't owes you money you won't see it

but i said if you don't file your taxes and you get audited and it turns out the gov't owes you money they will give it to you


I find this hard to believe, but maybe you are speaking from personal experience? I would think they would have no incentive to send out a check to a last known address where you may no longer live.

[rsigley]

I find this hard to believe, but maybe you are speaking from personal experience? I would think they would have no incentive to send out a check to a last known address where you may no longer live.

huh? if you get audited you have to fill out papers and answer questions to the IRS so they're not going to be sending a check to a random address

there's no penalty either and no not personally experience i just know how to read and use google

[white ninja]

Arent you a gem...


I missed the have to get audited part in your reply. Relax... I just dont want people getting the message that it's a great idea not to file taxes like some of the people around here seem to be promoting.

[BEWD]

^Don't let it bother you, it's sigley. I'd rather just ignore his little cute remarks and continue the actual good tips/convos/strats in this thread anyway. Anyone try out that site mastermind posted? Could be a neat little resource for some of us.

[mastermind]

Well, I hate Quicken. The fact that you have to log in to your accounts to update your books in the thing kinda deterred me. Mint is cool because you can pretty much create a hub for all your accounts there and none of it sits on your computer. No more bloated software. None of your bank login information is on the Mint website. It's a read-only service and it connects securely to your banks the same way you would; it has to jump through the same security hoops as you do.

It even gives suggestions for savings plans, and you can budget from the site too based on the information in your accounts. I'll play with it some more and give a better review once I get used to it.

I do like the fact that I can have all my accounts in one place. Even my 401(k) site is on there. I can see my full set of assets. Pretty slick.

[Night]

not true, you will get the money back if you're audited and the gov't owes you money

If that's the case, the whatever convenience or weird satisfaction someone feels they get by not filing ends up being all for naught because an audit is just as much if not more of a pain the ass than filing.

If it turns out from that audit that they owe you money, it still means that the goverment still held onto that interest free loan from you even longer, when a sane person who say, files in January or February gets the money back as soon as possible as opposed to the government still keeping that interest free loan all the way until they do decide to audit you and the time it takes to process cutting the check after that audit.

[white ninja]

Anyways....back on track with this thread. Who didn't love the big +256 DJIA today?! *air high five*

Seriously though, people need to contribute to your 401k and/or IRA. Especially during volatile times in the market right now. Remember that when the market goes down your performance in your portfolio might not be so hot, but your purchasing power increases SIGNIFICANTLY. You don't have much control over your 401k money due to limited selection of funds, but you sure can up your contributions while the market is down and buy some major shares.

Remember.... we're in this for the long run so we can spend our later years traveling around and shit.

[akumatrunigga]

Remember.... we're in this for the long run so we can spend our later years traveling around and shit.

Exactly and great post once again

[Night]

Anyways....back on track with this thread. Who didn't love the big +256 DJIA today?! *air high five*

Seriously though, people need to contribute to your 401k and/or IRA. Especially during volatile times in the market right now. Remember that when the market goes down your performance in your portfolio might not be so hot, but your purchasing power increases SIGNIFICANTLY. You don't have much control over your 401k money due to limited selection of funds, but you sure can up your contributions while the market is down and buy some major shares.

Remember.... we're in this for the long run so we can spend our later years traveling around and shit.

The best way to think of it, is when you finally retire, and hopefully all the money collected up in your 401k is a healthy amount, despite whatever money you get from retirement package, your 401k is what can also constitute what can be a (or THE) major part of your retirement income as well, so there's no need to even really take it all out and put it in the bank, even when you retire and even help take care of your kids who are likely planning on buying a house or something at that time.

If say, the 401k built up to $500-750k by the time you retire, and the market is still good, and over the year you have a 15% return on investment... that's $75-112.5k of income, and you didn't even work, and since you're retired, you can dip into that anytime you want.

[mastermind]

UPDATE REGARDING MINT.COM

After doing some research on Lifehacker, people are kinda scared to trust in a hub for all their financial information. A lot of critics/cynics aren't buying the promise of security on the website and apparently wouldn't even trust their own bank's website let alone a third party.

Here's Lifehacker's comment roundup
http://lifehacker.com/software/screenshot-tour/is-mint-ready-for-your-money-312083.php

Me personally, I figure we're taking a risk already by having a Paypal account link up to our bank accounts. What's another site? Anyway, I'm gonna discontinue accessing my more important accounts through Mint. I should've known better than to jump in headfirst, but I've already fallen victim to the gift/curse of online banking, so the convenience was so much bait to handle, I guess. Lesson learned.

EDIT: ah fuck it. No sense in having a separate site handle my play money account when it's the only account on there. I cancelled my mint account. :rofl:

[Yamizaki]

My financial situation is as follows:

28, in the Army

Car fully owned (2002 Monte Carlo)
$9500 in SDP accruing 10% (deployed)
$30000 in an online bank accruing no-risk 3%
$11000 in seperate checking account (kept it cuz' changing direct deposit stuff in the Army is as much an invitation to a screwing as bending over in a jail)
$2000 in an online mutual fund which has fluctuated but stayed the same.
No IRA or TSP

How would you suggest I improve? Or how would you rate my financial standing? Any advice is welcome, as it is this thread has already been far more informative to me than many "official" sites.

(Any on here who would lampoon my asking SRK for advice will at some point soon in their lives be kicked or otherwise struck square in the junk. SRK has helped me out before...)

[AcEtUrNeDjOkEr]

My financial situation is as follows:

28, in the Army

Car fully owned (2002 Monte Carlo)
$9500 in SDP accruing 10% (deployed)
$30000 in an online bank accruing no-risk 3%
$11000 in seperate checking account (kept it cuz' changing direct deposit stuff in the Army is as much an invitation to a screwing as bending over in a jail)
$2000 in an online mutual fund which has fluctuated but stayed the same.
No IRA or TSP

How would you suggest I improve? Or how would you rate my financial standing? Any advice is welcome, as it is this thread has already been far more informative to me than many "official" sites.

(Any on here who would lampoon my asking SRK for advice will at some point soon in their lives be kicked or otherwise struck square in the junk. SRK has helped me out before...)

Honestly, I wouldn't do any moves until the economy is better, cause you will probably get the same rate, just a different location (*Hats off to you for saving as well*)

As for pulling funds out of 401k, I would only suggest that if you in a REAL money bind, as in, you can't make payments for a while (if need be, you can pull from your CC's if its like a month or two). The 401k *or the Ferrari fund as I call it* should be out of sight, out of mind until your old and grey.

[terracotta]

man.. the way things are with me right now, i find it ironic i was involved in this thread.

[CarreauOverkill]

I've got a little over 6k € (10k USD or so) in the bank. The number increases by around 1k € each month (after all expenses). No debts, no car that might break down, no addictions or expensive hobbies.

Where should I put that money I have now? Bank seems like a waste.

I plan on traveling next year, but it's a while and I can get the travel money from putting a few hundred aside each month.

[akumatrunigga]

man.. the way things are with me right now, i find it ironic i was involved in this thread.

well the thread became informative and golden thanks to White Ninja, ace, mastermind, myself, night, and especially f_man for putting the smack down on dumb ass questions. What happened to you anyway regarding posting in this thread?

[rsigley]

Arent you a gem...


I missed the have to get audited part in your reply. Relax... I just dont want people getting the message that it's a great idea not to file taxes like some of the people around here seem to be promoting.

why reply if you don't even read it fully then

you're spreading wrong information and using scare tactics into making people pay their taxes if they don't want to

do you work for the government and was planted here to do this? BAN THIS GUY

[lamewadd]

::puffs pipe::

Barack Obama is sheer phail for his views on the Capital Gains tax.

[white ninja]

why reply if you don't even read it fully then

you're spreading wrong information and using scare tactics into making people pay their taxes if they don't want to

do you work for the government and was planted here to do this? BAN THIS GUY

Really you're calling to ban me? That's just silly. Also, we had this conversation on IRC and you pay your taxes quarterly. So why would you be convincing people not to bother paying their taxes when you do yourself? This is really a moot point and I'd rather taxes not be the main discussion of this whole damn thread.

I'm not using scare tactics either, just saying that people should just go ahead and file. In most cases the government owes you money anyways due to withholding so why would you wait until you get audited?? Getting audited stinks and it's time consuming and a waste of time. Spend the half hour and just do your taxes so you don't have to deal with the IRS people who get their rocks off about this stuff.

Anyways, I've been thinking about buying AMBAC(ticker: ABK) over this past week. The financials are absolute garbage, but it came back from its low of around 3.08 this week despite announcing more losses. The company had earnings per share of NEGATIVE 31 dollars, but I'm almost convinced something like this company is too big to fail(even though I hate when people say that). I just hope nobody here owned it was $95 a share or you'd be hurting.

[f_man]

so i did some research and i found out that you can actually prop up your credit score by having something (anything) purchased in installments.

even buying something like a tv or guitar or computer and paying for it ontime everytime gives you a decent boost. originally, i had the mentality that buying these sorts of things simply hurts your credit. but it all makes sense, an increased risk increases your potential range on your score.
-------------------

yamizaki youve got it made at the moment in terms of financial saving. where you wanna take that depends on how much risk you can tolerate. ace makes a good point in terms of picking now as a time to start fiddling with investments. with that much money saved id actually go and consult with some sort of professional financial planner. hell you may pay 200 dollars for that session, but 10 years from now they may have given you direction to earn that 200 back and then some.
------------------------

keep your shittyass politics<-->finances out of this thread. you already made yourself look like a moron in this one:

http://forums.shoryuken.com/showthread.php?t=154647

no need to spread it over here.

[RedTide]

A question for you yanks regarding the 401k. I assume from the thread it's for retirement purposes (Canadians have something called an RRSP). Do you guys get a dollar limit per year or is there some formula that derives the amount?

[Night]

The maximum a person in the US can contribute to their 401k is I think $15,000 per year, lowering their taxable income for that year for that amount. It's always contributed during the course of the year, depending on how you set it up, like contributing x% of your paycheck to it each pay period.

[AcEtUrNeDjOkEr]

Not getting into it here, but at this point fuck debt. I've done a good job thus far cutting it down, I'll continue to do so at my current rate, but currnetly my savings are pitful and you have no clue how far behind I feel in everything. Like seriously. I don't own shit from an equity stand point, I don't own anything from an entertainment stand point, I don't have anything tech related thats up to date outside of my 360. No Wii, no PS3, No HD television, no laptop, nothing. In short I need to spoil myself a little bit. I'm not complaining or anything - justsaying I need to do me for once.


I can't believe you said that shit for real man. The reason why your in debt is because of your spending habits (not just you, but people in general); So you dont have a HD TV or a new computer, what do you think will happen when you spend money on that instead of paying off your debts? You will have something new for sure, but you also will be paying more for the old shit you bought a couple of years go.

Your not the only one who is in the same boat, I am paying of debt more and more each month. I have an older computer than you, hell, my laptop is 4 years old. I have an HD TV, but thats is being paid off with NO INTEREST. Paying off a honeymoon/wedding, IRS, random spending which I have no idea what I spend that money on.

[Koop]

george bush paid off my best buy credit card... bought my new phone an two tanks of gas....


oh b... if u ever need discounts on stuff (accessories...etc.) at verizon... use my phone number an get my job discount playa... same wit u will if you have verizon...

[AcEtUrNeDjOkEr]

george bush paid off my best buy credit card... bought my new phone an two tanks of gas....


oh b... if u ever need discounts on stuff (accessories...etc.) at verizon... use my phone number an get my job discount playa... same wit u will if you have verizon...

No doubt, I need a holder for this brick that is in my pocket. :rock:

Bush gave me 600 bucks to spend on the economy, American Express was sure happy he did that. When your putting almost a G (as in a GRAND) a MONTH towards your credit cards, 600 IMO isn't shit. I can't wait until I get my debts gone...I dont know what the hell I am going to do with money in my account. :tup:

[Unreallystic]

I can't believe you said that shit for real man. The reason why your in debt is because of your spending habits (not just you, but people in general); So you dont have a HD TV or a new computer, what do you think will happen when you spend money on that instead of paying off your debts? You will have something new for sure, but you also will be paying more for the old shit you bought a couple of years go.

Your not the only one who is in the same boat, I am paying of debt more and more each month. I have an older computer than you, hell, my laptop is 4 years old. I have an HD TV, but thats is being paid off with NO INTEREST. Paying off a honeymoon/wedding, IRS, random spending which I have no idea what I spend that money on.

Your right and your wrong. And like I said in the other thread I'm not getting into it. ITs the same fight I have at home, where my dad sides with me and mom is the other way. You can be straight line *mom* where its the only thing that matters and drive yourself batty trying to accomplish it, or you can take care of it in a decent time frame and enjoy life a little bit on the way. I could scrap up every penny I make and finish off the last of my debt within two years *not including any money from tax returns or other sources, and not including any money made from raises/cost of living differences*, or I could do it the way I'm doing it now and finish maybe up to a year later. Does that save me money? Yes it does - I'd save roughly a G killing myself trying to pay it off immediatly *actually not even that much, more like 600-700 in savings*. But I would hate life the whole time. Hell the way things are timed in about two years and some change the car and the last of my debt come off the books at the same time - and you know my carnote is ridiculous. I'm not sitting here buying things left and right - it may seem I do but I don't. Hell the last month I ahvne't bought a SINGLE thing at best buy - not even soda. The stuff for my car even? HEll the 4 channel amp I bought was only 52 bux...I wasn't even paying employee price for it.

So I disagree with the hardline stance of throwing everything towards debt. For some people's situation its the thign to do, I don't disagree with that, but I'm not in that situation. I don't have multiple cards, I don't have loans outside of my car. I have nothing I'm even really trying to buy, I've just been entranced for a very long time with the idea of a motorcycle/second vehicle. Will I do it - prolly not. I talk more than I buy. But no...hardline stances don't work when you single, 26, and trying to get some measure of fun out of a live you feel is devoid of it.
- :bluu:

[DaliPicard]

My money situation is so fucked up right now --- I have no idea anymore. I think I'll take off the suit/dress clothes after the day job and become a slave laborer at night .. to get out of the hole.

[AcEtUrNeDjOkEr]

Your right and your wrong. And like I said in the other thread I'm not getting into it. ITs the same fight I have at home, where my dad sides with me and mom is the other way. You can be straight line *mom* where its the only thing that matters and drive yourself batty trying to accomplish it, or you can take care of it in a decent time frame and enjoy life a little bit on the way. I could scrap up every penny I make and finish off the last of my debt within two years *not including any money from tax returns or other sources, and not including any money made from raises/cost of living differences*, or I could do it the way I'm doing it now and finish maybe up to a year later. Does that save me money? Yes it does - I'd save roughly a G killing myself trying to pay it off immediatly *actually not even that much, more like 600-700 in savings*. But I would hate life the whole time.

That 600-700 bucks is your PS3; or a 32-42' HDTV though; and you would have it a year before you thought. Now, I am not saying I put every penny towards my CC's (These fresh Stacie Adams on my feet are ates to that) but its not like I am going "batty" trying to pay shit off either. If I wanted to, I could dead more than a G to my CC's; but i'm not. I could fall back on my car payments, but I won't (i'm months ahead, paying straight principle now).

I see it like this, AMEX is some high interest rate, that has ~600 bucks on it (one month); I transfer my Wachovia CC to AMEX and get ~4% interest from ~9%. Take the money I have been dumping into Wach and Amex and dead that all.

Now, I still have car, school and mortgage to worry about, but like I said, its a steady ship. Hell, the 600 bucks the dude who hit my car is going to pay me is going to credit cards. The 200 bucks fuel reimbursement that I am getting from work is going to CC'd (150 of it at least).

[lamewadd]

george bush paid off my best buy credit card... bought my new phone an two tanks of gas....


oh b... if u ever need discounts on stuff (accessories...etc.) at verizon... use my phone number an get my job discount playa... same wit u will if you have verizon...

It wasn't George Bush. It was Congress trying to put themselves in a position to say "well, we tried!" if the economy goes into a recession. Free cash is good, though. Any dollar not going to the gubmint is a good dollar.

:rock:

[Night]

My money situation is so fucked up right now --- I have no idea anymore. I think I'll take off the suit/dress clothes after the day job and become a slave laborer at night .. to get out of the hole.

Yeah... the trick is to never get in the hole in the first place. Easier said than done though for lots of people because of things like car and mortgage payments, and student loans, which is understandable and most people should be able to try to manage those. But for things that end up getting people in credit card debt, from buying jewels, rims, sound systems, and general high priced bling bling stuff... that's what people need to avoid.

[Koop]

reuppin this thread ASAP

[Ouroborus]

few questions about my situation:

i'm currently a college student and i get by OK with my financial means. My family aint rich so I qualify for financial aid and also live at home.

I have at least $1K saved up but I really want to put it in a high yield savings account like those from ING. I was wondering if I do chose to have a high yielding savings account, would they cut me off from financial aid or at least reduce the amount significantly?

[n8archer_XI]

I'm 16 and a half and my parents are in a nasty divorce. Right now I'm totally stuck at my mom's house where she doesn't have a room for me, makes 25K a year, and her favorite phrases are "I don't have the money" and "How much does it cost?". My alternative, where I've been living the past 6 months, is my Dad's house: he makes near 100K a year, gives me allowance (unlike her), and actually buys things when they're needed, instead of complaining about it and pretending to be 100% broke 100% of the time, which is untrue more often than not. She gets child support for me and I don't even live there, and yet she expects me to buy my own school supplies and help pay for my textbooks; and stick around and live with her after the summer, just because she's bitter about the divorce and deems my father "evil." Bull...

But, I did recently get a job at Target, and I'm making more than I ever have, and I'm about to open up a debit card (outside a bank account, 'cause a checking account sounds like a hassle) that has some ridiculous reward points options and ATM access, which makes it perfect for me. So am I a foolish teen with greedy ambitions, or a prudent money manager?

[CD_Vision]

So am I a foolish teen with greedy ambitions, or a prudent money manager?

So far all I read is the foolish teen. A Money manager's job is to grow money, not dream of ways to spend it all. However, stick with us here. We might teach you something.

[Koop]

few questions about my situation:

i'm currently a college student and i get by OK with my financial means. My family aint rich so I qualify for financial aid and also live at home.

I have at least $1K saved up but I really want to put it in a high yield savings account like those from ING. I was wondering if I do chose to have a high yielding savings account, would they cut me off from financial aid or at least reduce the amount significantly?

a g... not to my knowledge. I (correct me please) thought it had to be 5,000 or more before anything is "adjusted". But I will let someone who knows fully answer that...

[jettmanas]

Made $7000 last year. I remember a year I made four times that.:wonder:

Almost no income the past six months (living off savings), despite much job searching & some interviews. It's been a lot of indie work for rent (& recently some groceries)- unique situation.

No car, and I have few possessions, but am content.

[Dhalsimowns]

I just graduated with a Bus Admin degree, focus in finance.

Anyone in the consultant/advisor business that could give me a leg up or advice?
I was going start as a consultant for ameriprise last year, but I don't know anybody in Corona and I don't want to live there. Maybe something in nor-cal or closer to la/sd

[DV8 Productions]

But, I did recently get a job at Target, and I'm making more than I ever have, and I'm about to open up a debit card (outside a bank account, 'cause a checking account sounds like a hassle) that has some ridiculous reward points options and ATM access, which makes it perfect for me. So am I a foolish teen with greedy ambitions, or a prudent money manager?

Uhh, did you typo and mean credit card? Because a debit card is a link to a checking account. Maybe you're talking about a secured credit card where you preload the money? Something sounds fishy though because its usually the credit cards that give reward points and if you have ATM access that might mean they'll consider that a 'cash advance' where the interest rate is ridiculously high.

At your age I'd recommend getting a checking account (despite the hassle) and just using a debit card. Once you can live within your means then you could open a credit card and pay it off every month. Trust me, credit is easy to spend. But this is all my $.02

[AcEtUrNeDjOkEr]

I just graduated with a Bus Admin degree, focus in finance.

Anyone in the consultant/advisor business that could give me a leg up or advice?
I was going start as a consultant for ameriprise last year, but I don't know anybody in Corona and I don't want to live there. Maybe something in nor-cal or closer to la/sd

My wife is getting into consulting as her main business, I can tell you first hand that you need more than a degree to get some credit out there. Shoot for your CPA. That will get you more clout. (I know its a bitch, but its doable)

[n8archer_XI]

Uhh, did you typo and mean credit card? Because a debit card is a link to a checking account. Maybe you're talking about a secured credit card where you preload the money? Something sounds fishy though because its usually the credit cards that give reward points and if you have ATM access that might mean they'll consider that a 'cash advance' where the interest rate is ridiculously high.It's this (http://www.upsidecard.com//), and it is a debit card I believe...

[Koop]

Get a bank account man, not hard. Just look for the best one that suites you an your needs. Plus you will feel safer IMO. Have your check direct deposited an that can eliminate any fees they may talk about... also it can eliminate standin in lines to cash a check etc. dont get fooled by rewards...etc.

[n8archer_XI]

The card that's linked in my post has direct-deposit, I like the rewards because they're almost all places I shop, and I can't find any cards like it that even have reward options...

[AcEtUrNeDjOkEr]

The card that's linked in my post has direct-deposit, I like the rewards because they're almost all places I shop, and I can't find any cards like it that even have reward options...

Wachovia has rewards. They also have student accounts. Koop is right though, never chase a card for rewards. The ONLY one IMO that is really good is American Express. I have two round trip tickets anywhere with them, cause I spent an assload during vacation.

[n8archer_XI]

Does Amex have debit cards? And I might try to find a Wachovia near me...but it seems like you guys are trying to tell me avoiding a checking is an altogether bad idea. It seems single-minded to say I'm a fool for wanting to keep things simple and stick with a debit-esque card that has some sweet (http://www.upsidemall.com/Splash.aspx) rewards. Is that so wrong? I so dislike how much control the card gives to my dad, but I guess that's what comes with being a minor.

But you are the finance experts...

[Yamizaki]

I had a bit of an epiphany a couple of months back. It just occured to me how easy trading single stocks are.

1.) Use online brokers like sharebuilder or ameritrade. They may either charge a flat monthly fee or charge you Per Trade (buy OR sell)
2.) Google or otherwise find the "stock ticker" for whatever company your interested in.
3.) Look at that stock ticker on yahoo finance, it's free and it gives you all the graphs n' shit.
4.) Go to online broker and invest (e.g bet on past performance or buy at a low spike to net returns).

Beware you can lose money, I've taken about $250 worth of losses and $120 of trade comissions BUT... I've sold one stock for $1,100 more than I got it and another for $100 more than purchase. Roughly $930 in profit from a few point-and-clicks. That's more than any CD, fund or interest will give you. Keep in mind I managed to do this even while deployed (sporadic access). If you have good, reliable, internet you can invest (bet) well. It's very easily possible to buy $1,000 (about 20-40 shares typically) of something, wait for it's price to go up a dollar, sell, make about $50-60after comission, wash-rinse-repeat.

I know full well this is by no means a long term investment strategy and in order to reach that point you have to be at a point where you have at least $3-5,000 which you generally don't use and isn't rainy day money, and you have to be able to withstand the sting of losing like $1-300. My savings are sitting at roughly $62,000 right now and I'm looking to get a 2009 Jeep Patriot (the 2.0 liter with the 23/29 C/H mileage).

I wanted to share my knowledge with SRK and hope it yields profitable returns for others.

[akumatrunigga]

few questions about my situation:

i'm currently a college student and i get by OK with my financial means. My family aint rich so I qualify for financial aid and also live at home.

I have at least $1K saved up but I really want to put it in a high yield savings account like those from ING. I was wondering if I do chose to have a high yielding savings account, would they cut me off from financial aid or at least reduce the amount significantly?
No. 100? no 5000? I dont think so. How much are you making a year? Made $7000 last year. I remember a year I made four times that.:wonder:

Almost no income the past six months (living off savings), despite much job searching & some interviews. It's been a lot of indie work for rent (& recently some groceries)- unique situation.

No car, and I have few possessions, but am content.
Uh what was the point of this post? Is this part 1 to your question?
It's this (http://www.upsidecard.com//), and it is a debit card I believe...

NO those cards are meant for drug dealers :lol:

[Pablo_the_Mex]

Is there a top tier investment book out there? Some reading no investor should be with out?

[akumatrunigga]

Is there a top tier investment book out there? Some reading no investor should be with out?

all of them because they all claim their books is the one :lol:

[Pablo_the_Mex]

all of them because they all claim their books is the one :lol:

I figured, I am sure there is an Investment for Dummies book. Those are usually basic, but not sure if there were any others out there worth a look.

[Night]

Is there a top tier investment book out there? Some reading no investor should be with out?

I'd say if I were to pick just one, it would be Rich Dad Poor Dad. Not exactly a book on investing "tips" or anything, but talks about an overview about the decision making on how to use assets to make money.

Most opinions on investing stocks and stuff come from all angles, where one analyst say it's a bad time to invest, another says it's a good time to invest, another says to hold, etc. when the fact is, there is money to be made in ANY market as long as one makes the right decisions, but of course, that's easier said than done.

[CD_Vision]

What I did was I took the opinion of the world's best investor, that'd be Warren Buffett. He says that "The Intelligent Investor" by Benjamin Graham is the best investment book ever written. I read it, I liked it, and I learned a lot, and now am making money in stocks. I'm going to have to recommend it.

[n8archer_XI]

OK, so a prepaid debit card is a bad idea (and I notice it has some outrageous fees!), so I'll open up a checking account at a bank in my area (the debit card included has rewards too, so I'm good). BUT:

What does it mean to choose "credit" when paying with a debit card; what difference does it make if they pay via PIN or signature? I work at Target and people do it all the time, but I don't understand why? I thought the whole point was that it comes out of your account and not from a credit card company who expects to be paid back with interest; does saying "credit" change that? When I use my debit card in the future, will it matter whether I choose credit or debit when shopping somewhere?

[DV8 Productions]

OK, so a prepaid debit card is a bad idea (and I notice it has some outrageous fees!), so I'll open up a checking account at a bank in my area (the debit card included has rewards too, so I'm good). BUT:

What does it mean to choose "credit" when paying with a debit card; what difference does it make if they pay via PIN or signature? I work at Target and people do it all the time, but I don't understand why? I thought the whole point was that it comes out of your account and not from a credit card company who expects to be paid back with interest; does saying "credit" change that? When I use my debit card in the future, will it matter whether I choose credit or debit when shopping somewhere?

Just so you know that isn't a debit card you were looking at. Its a secured credit card. Basically instead of them giving you a line of credit, say $500. You give them $500 and you can spend it. Its good to control your spending habit but I would still strongly recommend a checking account + debit card.

There are small differences between using a signature and PIN when making a purchase. One of them is that if you do debit, the money is taken out of your account immediately. With credit it has to go through some hoops before the money is taken out. Couple be as short at 1 business day or as long as 3 business days. The other difference that for the store owners if the person pays by 'debit' card (e.g. using a PIN) the shop owner has to pay a higher fee to than a regular credit card transaction. That's why you see the smaller shops not having a debit card option.

Good luck in your choices and if you make some mistakes along the way, we all do, you just gotta learn from them

[n8archer_XI]

Should the fact that the debit card that comes with a certain checking account is a Mastercard (I prefer Visa, but not for any significant reasons) worry me? I've abandoned the "secure credit card" idea (thanks to your advice!) and I'll just open up a checking account and rarely (if ever) write checks!

And though the debit card has rewards, they're only for non-PIN purchases which is why I asked about signature purchases...

[MrBlank]

What I did was I took the opinion of the world's best investor, that'd be Warren Buffett. He says that "The Intelligent Investor" by Benjamin Graham is the best investment book ever written. I read it, I liked it, and I learned a lot, and now am making money in stocks. I'm going to have to recommend it.

lol you sound like an infomercial...

but im seriously going to pick up the book.

[DV8 Productions]

Should the fact that the debit card that comes with a certain checking account is a Mastercard (I prefer Visa, but not for any significant reasons) worry me? I've abandoned the "secure credit card" idea (thanks to your advice!) and I'll just open up a checking account and rarely (if ever) write checks!

And though the debit card has rewards, they're only for non-PIN purchases which is why I asked about signature purchases...

I don't think I've ever written a check from my checking account. I did pick up two money orders today though (free of charge, one of the benefits of wamu).

The Mastercard, Visa, Discover, Amex used to be a big deal because you'd have to choose one of the other but nowadays it'd be hard to find a company that didn't accept Visa or Mastercard. I don't think Discover and Amex are as popular although you can only use the Amex credit card at Costco. If you have a Visa Debit card you can still use it though.

Good luck with the checking account and just remember to check your balance every now and then and be responsible with it.

[Night]

I seriously never use my debit card. The only time I use the debit card is at the ATM since I have to use that card to make deposits and withdraws, where the latter is even more rare since I hardly carry cash.

As long as spending is monitored and the credit card and checking account is properly maintained, there's no real use to use the debit card as the credit card has more lil perks such as accumulating points/miles/etc. Most credit card companies have it set up where you can have an automatic monthly payment (of course, be SURE to always pay off the balance on the monthly statement, hence, watch your spending) where you go on the website, punch in your checking account info (routing number and acct number) and they'll automatically receive the payment from your account on the date you specify (preferably the due date of course) and there's never a need to write a check, or even use your online banking to make the online payment since the credit card website takes care of it for you. As long as your paying off the balance each month, the added bonus you get from a credit card over a debit card is the points and building up good credit history.

And of course, a cheap way to get "free" points is when you go out to eat with a bunch of people, and you use the credit card to pay, they give you their cash... it's both extra points from the food they got and it's pretty much a free trip to the ATM. Of course, make sure you know you're good for it though, as long as you have good management over your personal finances.

[n8archer_XI]

The checking account I plan to open sounds (https://www.53.com/wps/portal/pv?New_WCM_Context=/wps/wcm/connect/FifthThirdSite/Personal/Checking+Accounts/Fifth+Third+Student+Checking/) good enough, with the overdraft protection and reward points on the debit card, but I'm still wary simply because I'm new to all this

[AcEtUrNeDjOkEr]

The checking account I plan to open sounds (https://www.53.com/wps/portal/pv?New_WCM_Context=/wps/wcm/connect/FifthThirdSite/Personal/Checking+Accounts/Fifth+Third+Student+Checking/) good enough, with the overdraft protection and reward points on the debit card, but I'm still wary simply because I'm new to all this

Never heard of 53. Are they nation wide?

[f_man]

Never heard of 53. Are they nation wide?

fifth third is big...but not like top4 big. they are not nationwide.


yamizaki. what stock did you sell for $1100 more? obviously you dont own it anymore so it wouldnt hurt to share.

[Warpticon]

Fifth Third is entirely too big to nave not chosen a name that makes sense by now. I bet they all go to Ruth's Chris for lunch everyday.

[n8archer_XI]

Never heard of 53. Are they nation wide?No, but not limited (http://en.wikipedia.org/wiki/Fifth_Third_Bank) to my city as far as I know...

[iwst99]

I had a credit card I had was really fucking me up. Due to unforeseen circumstances I ended up getting to the limit and had been paying the minimum, which is all I could afford, and getting nowhere quickly. My partner and I want to move out (we live at his house, which he owns with his ex, but the ex is currently renting an apartment with his BF...ehhh anyways) to a smaller place but we want to get some bills and stuff settled and in good standing first. Prices out here (Long Beach) are fucking expensive for small places, although we have enough for 20% down payment on $300,000 condo, although his credit is good, mine's not as great due to the situations I've been through lately. We talked yesterday and he decided to give me enough cash to pay for my f-ed up credit card with high ass interests. So as of today I paid off my $7,000+ credit card, and will now pay him a little less of what I was paying for it a month, plus I get a raise in a few months, and my bonus for the year should be about $3,000, which should be able to almost cover the the 7 grand, except there will be no fucked up interest and monthly payments going no where.

I'm finally finishing getting all my student loans consolidated and since I'm still young I'll have a while to pay them off. I've also been selling some stuff on craig's list and getting side jobs from there, and should be able to pay off my last two cards (one with $500, and a best buy for about $1100) off in a few months. All I will have left is my car and insurance and student loans. It feels good to move things a long and get in good standings. I'm soon to be 22, and I don't want my future to be messed up financially.

[BEWD]

^And I thought I was junked up with 2,000 debt(spread across three cards). o_o

I'm just getting started and understanding the thing with the school loans, which is why I'm trying to constantly apply for scholarships even during the school year, as I could use that to pay off debt too right?

[iwst99]

^And I thought I was junked up with 2,000 debt(spread across three cards). o_o

I'm just getting started and understanding the thing with the school loans, which is why I'm trying to constantly apply for scholarships even during the school year, as I could use that to pay off debt too right?

I had about $18,000 in scholarships and grants a year, and that still wasn't nearly enough to pay for stupid DeVry. I did take as many classes as possible to graduate quickly though, so I managed to get a 4 year degree in 2 and a half years (they are year round, no summer breaks). If your scholarship goes over what you would need for school, they usually send you the excess as living expenses.

I seriously couldn't sleep some nights wondering how things were going to work out. Neither my partner or I really spoke about or finances, but it was about time we did, and it was for the best. :-)

When one of my cousins, who's really smart and got his education paid for with all scholarships (I'm the first person in my family with a degree), said he was going to be moving away, he had no car, actually, his family has never owned one. So by then I had just graduated and obtained the job I have now, so I decided to give him my car and I would get another one. That was over a year and a half ago, AND HE HASN'T learned how to drive it yet...WTF???? I could have saved all those monthly payments and been better off without this stupid car, but he had promised to learn how to drive right away. I am probably going to ask him today if he's going to learn or not, so I can sell the car instead and use that money to pay the rest of my bills.

[akumatrunigga]

sell the car?.
Yes you should sell the car

[FatalFuryD]

akumatrunigga I noticed that you got a license. I'm a 25 year old and I earn about 27k a year and I'm thinkin about getting a property. I only have 10k saved up. Which price range should I be looking at?

[akumatrunigga]

akumatrunigga I noticed that you got a license. I'm a 25 year old and I earn about 27k a year and I'm thinkin about getting a property. I only have 10k saved up. Which price range should I be looking at?

how much do you want to spend a month?


NINJA EDIT

Matter of fact what are you paying a month in rent?

Dont forget that what you are paying monthly towards a house includes: mortgage, taxes and insurance.

[iwst99]

I closed the account on that $7,000 credit card that's finally paid off. It has an annual fee, and really high interest. As much as I want better credit, I have other cards (which I plan on not using anytime soon) and the car I'm paying for. I'm just happy to not have that card on my back any longer. I also got some side jobs doing computer fixing on the weekendfs. $40/hr non reportable income FTW. Made few hundred bucks in 2 days. :D That's all going towards bills.

[mylthazz]

I closed the account on that $7,000 credit card that's finally paid off. It has an annual fee, and really high interest. As much as I want better credit, I have other cards (which I plan on not using anytime soon) and the car I'm paying for. I'm just happy to not have that card on my back any longer. I also got some side jobs doing computer fixing on the weekendfs. $40/hr non reportable income FTW. Made few hundred bucks in 2 days. :D That's all going towards bills.

its actually reportable income, unless you want to chance going to jail over paying ~$12/hr in taxes

[iwst99]

its actually reportable income, unless you want to chance going to jail over paying ~$12/hr in taxes

I realize all income is reportable unless you make it otherwise. It's all people I've befriend, so hopefully they won't go around telling the IRS.

[terracotta]

ironic that the guy who started this thread is broke thanks to a 10K car (accident) debt :sad:

[n8archer_XI]

Ironic in a "don't listen to anything you read in this thread" kinda way?

..and is Visa Extras (https://www.visaextras.com) legit and do many banks support the program on their debit cards?

[AcEtUrNeDjOkEr]

Ironic in a "don't listen to anything you read in this thread" kinda way?

..and is Visa Extras (https://www.visaextras.com) legit and do many banks support the program on their debit cards?

Yes its legit, and yes you get points from most of your purchases. I have about 100k points, but I dont have the card anymore. Still dont know what to buy...LOL

[n8archer_XI]

I've seen they support Chase and National Bank (or rather vice-versa), but I get the feeling my local banks (Integra, Old National, Fifth Third, First Federal) don't support the program. Chase and National Bank's closest branches are about two hours away from me, and I'm not finding many other big-time banks here in Evansville, IN (Wells Fargo, United Fidelity, Regions, Citizens). What to do? I want a bank that's not too small-time, but that has branch(es) here in the city!

[coffeerox]

Is the visa extras thing even worth it? I have something like it for WaMu and they give you cash back buying stuff with your debit card although all my stuff is setup with Chase. Also for you guys knowledgeable with stocks, would it be a good idea to wait until companies like Time Warner dip, buy as much stock as I can get before a huge movie hits and then sell it once the movie starts to go down?

I checked around the time Dark Knight hit and saw a spike (from 14-16.10 on release day) so I was thinking if I could do that for all movie companies (and maybe game companies too) and try to make a profit out of it.

[n8archer_XI]

Would banking (checking account) at a bank that doesn't actually have any local branches within 30 minutes of me be such a bad idea? I'm thinking Chase or National Bank...

[coffeerox]

Would banking (checking account) at a bank that doesn't actually have any local branches within 30 minutes of me be such a bad idea? I'm thinking Chase or National Bank...

at any of those big banks it's okay b/c they have free transfer options once you setup an ext account. I have one in indiana but outgoing stuff is not free.

[n8archer_XI]

What do you mean by "outgoing stuff"? And so you're telling me I can open a checking account at, say, Chase, then transfer it to a local bank, keeping all the Chase perks? All I need the account for is a check card (with Chase's rewards), direct deposit, and a couple withdrawals a month. Will that probably be OK?

[coffeerox]

What do you mean by "outgoing stuff"? And so you're telling me I can open a checking account at, say, Chase, then transfer it to a local bank, keeping all the Chase perks? All I need the account for is a check card (with Chase's rewards), direct deposit, and a couple withdrawals a month. Will that probably be OK?

Are you familiar with paypal? It's like that. You add an external account, verify the deposits and from then on, you can pull money from that account, or transfer money to that account. It takes 3 business days to do and with banks like Chase, I know for a fact that it's a free service.

With the account I have in Indiana, it's made solely for me to get paid but it's a small time bank. I get charged 5.00 to move the money to an external account. With big banks like Chase you don't have to worry about stuff like that.

[n8archer_XI]

I wouldn't want to wait 3 days just to withdrawal money, or did you mean 3 days just to create the external account? If just to make the ext. account, then I'm all in and I'm calling in to create a High School Checking account tomorrow!

[Grits'N'Gravy]

Gold recently fell to about 800 but will soon be on the upswing once gas rises again. (It likely will once heating oil becomes a factor)

People horde and sell it like crazy at these times. The rough times for some are great times for others. (pawn shop/independent jewelers) A shitty economy tends to make the broke sell their valuables to people who know what its worth.

I get about 10-20 people a week asking me who buys loose gold/broken chains and all of that. Why do you think that "Fast cash for gold" commercial has been popping up more recently? :rofl::rofl::rofl:

[CD_Vision]

Gold recently fell to about 800 but will soon be on the upswing once gas rises again.

Since you brought that up, I'd like to mention here; don't buy gold as an investment. It's a good hedge against inflation, in other words compared to just holding cash with no interest you may do better, but otherwise there is no benefit.

Warren Buffett once said "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."

[CD_Vision]

I got a job as a money manager! Well, sorta. I'll be working for my wife managing the assets of our home based business. She frelances programming projects, and 20% of the income will be my responsibility to invest. I'm looking forward to making it so that we earn more on investments than she does working jobs. :D

[coffeerox]

I wouldn't want to wait 3 days just to withdrawal money, or did you mean 3 days just to create the external account? If just to make the ext. account, then I'm all in and I'm calling in to create a High School Checking account tomorrow!

Okay I think you're missing what I'm talking about so I'll show you.
http://img242.imageshack.us/my.php?image=chaseacctcoffeeib4.jpg

So this is my MAIN ACCOUNT. The account where I can actually go to Chase and deposit/withdraw money. In your case, this is your LOCAL account. Look at 7/25/2008, those two deposits for example are what you need to confirm to verify both accounts belong to you.

Look at the entry 7/30/2008, that actually is the transfer from First Indiana (not local) to my account (Chase, which is local) Since there isn't a Chase bank around you and you need to fund the account somehow, account transfers are how you would do it and theres a fee associated with doing it as you can see on my page. It doesn't take 3 days to withdraw money, withdrawing money is instant at ATM's or wherever you want to go. It does take 3 days to transfer money from bank to bank.

[n8archer_XI]

So for me its the other way around. Which should I open first, the Chase account or the local account? And can I just use direct deposit to get my paycheck sent directly to my Chase account? I just want the easiest way to get a Chase account and a Chase check card without a hassle in order to withdrawal money from local ATM's (I don't really mind a small fee).

[AcEtUrNeDjOkEr]

The Visa Extra isn't all that good IMO. You need some insane number of points (1 point = $1) to get some good stuff. If you eat out, they do have some nice $5-$50 gift cards though. I think you need some 200k points for an ipod touch....to put that in perspective.

[DJ Ether]

its actually reportable income, unless you want to chance going to jail over paying ~$12/hr in taxes

:rolleyes: Yo, let the man make his money. Aint anyone going to report you for doing sidejob shit. I do sidejobs all the time. I fix cars on the side and run a good street pharmacy. If I found out some mofo open his fat mouth...they dont want me finding out, all I gotta say.:mad:

[BustaWolfe]

Question about 401k contributions as a tax shield. Would it be beneficial for me to put contribute more to my 401k as a way to lower my taxes or is it counter productive below a certain income level? Like say if my tax bracket was 28%, and i am putting away 10% right now, if i increase it to 20% it would lower my taxes that the gov't takes out but at the same time my savings are taking a hit, is the end result zero-sum? The way someone explained to me was that it's tax deferred my 401k, so if i can take the extra contribution and for example put it into a money market account ~ 3-4% interest, i'd be making money by compounding the interest on interest over the new few decades til retirement.

Main point is holding all things equal, would 10% contribution vs 20% contribution be the same outcome?

[f_man]

Question about 401k contributions as a tax shield. Would it be beneficial for me to put contribute more to my 401k as a way to lower my taxes or is it counter productive below a certain income level? Like say if my tax bracket was 28%, and i am putting away 10% right now, if i increase it to 20% it would lower my taxes that the gov't takes out but at the same time my savings are taking a hit, is the end result zero-sum? The way someone explained to me was that it's tax deferred my 401k, so if i can take the extra contribution and for example put it into a money market account ~ 3-4% interest, i'd be making money by compounding the interest on interest over the new few decades til retirement.

Main point is holding all things equal, would 10% contribution vs 20% contribution be the same outcome?

i think youre thinking of it the wrong way.

for each dollar you dont put in the 401k, 72 cents actually enters your wallet. so if you put those dollars into the 401k, your putting whole dollars. those dollars become subject to the rules of the 401k, ie penalty for early withdrawal, ability to use for education w/o penalty, subject to market loss in your thrift plan.

with all these rules in place and how the market hasnt been doing too well lately, is it worth it to save away those 28 pennies for you? it might be for some.






question for others w/ a thrift plan. since you started working, whats your current rate of return? i started working a little over a year ago. negative 9.8% for the win. (i know a thrift plan should only be looked at with a long term horizon in mind, but im just curious. there are worser people, who cringe at daily or weekly fluctuations.)

[Night]

Question about 401k contributions as a tax shield. Would it be beneficial for me to put contribute more to my 401k as a way to lower my taxes or is it counter productive below a certain income level? Like say if my tax bracket was 28%, and i am putting away 10% right now, if i increase it to 20% it would lower my taxes that the gov't takes out but at the same time my savings are taking a hit, is the end result zero-sum? The way someone explained to me was that it's tax deferred my 401k, so if i can take the extra contribution and for example put it into a money market account ~ 3-4% interest, i'd be making money by compounding the interest on interest over the new few decades til retirement.

Main point is holding all things equal, would 10% contribution vs 20% contribution be the same outcome?

Contributing more into the 401k would lower your taxable income so yes, the government taxes you less.

The long term, the extra 10% can end up having a better ROI if the market even on an index level outperforms a standard fluctuating money market account where your 401k overall is growing and benefitting from the market, depending of course where you allocate how your contributions are distributed.

[BustaWolfe]

What about this. I know nothing about taxes but can you finagle your withholdings to deduct zero or is it always going to deduct an amount?

Right now I have zero dependents so the maximum is taken out every paycheck, hence i get a refund back for overpayment of taxes.

If i were to Withhold all my taxes and pay back uncle sam at the end of the year, i'd make a bit of money from the interest rather than just let it sit with the IRS and let them issue me MY money back. Of course this results in an insane check i'm writing to the IRS come tax time. But with my HSBC online savings with an 3.5% interest rate, on an average of 20k balance, interest is roughly $59 dollars a month x 12~ $710 in interest x .20 (tax on interest) ~ $560 bucks that i'm pocketing. But then of course you don't start out with 20k and start earning interest, it builds up but the general gist of it is that i can squeeze out about 3% extra out of my taxes. So essentially if i'm paying 33% taxes - in real terms I'm paying 31%. Am i totally off or close to something?

[Night]

What about this. I know nothing about taxes but can you finagle your withholdings to deduct zero or is it always going to deduct an amount?

Right now I have zero dependents so the maximum is taken out every paycheck, hence i get a refund back for overpayment of taxes.

If i were to Withhold all my taxes and pay back uncle sam at the end of the year, i'd make a bit of money from the interest rather than just let it sit with the IRS and let them issue me MY money back. Of course this results in an insane check i'm writing to the IRS come tax time. But with my HSBC online savings with an 3.5% interest rate, on an average of 20k balance, interest is roughly $59 dollars a month x 12~ $710 in interest x .20 (tax on interest) ~ $560 bucks that i'm pocketing. But then of course you don't start out with 20k and start earning interest, it builds up but the general gist of it is that i can squeeze out about 3% extra out of my taxes. So essentially if i'm paying 33% taxes - in real terms I'm paying 31%. Am i totally off or close to something?


Going through all of that is risky because you may never know how the government may fuck you and you have no real guarantee of knowing how much you owe. You also have to make sure at the end of the year, you have enough accessable money so you can cut that big check. That becomes dangerous because you can't predict what'll happen throughout the year where an unforseen incident might happen where you have to spend a lot of money and you fuck yourself on the tax payment because you don't have enough at the end of the year.


And whatever gains you could "potentially" make by hoarding all the taxes that would've been taken at each paycheck... it ends up sort of being a wash because whatever interest and gains you make from that extra money... ALSO GETS TAXED ANYWAY! :looney: Not really worth the trouble imo.

[BustaWolfe]

Going through all of that is risky because you may never know how the government may fuck you and you have no real guarantee of knowing how much you owe. You also have to make sure at the end of the year, you have enough accessable money so you can cut that big check. That becomes dangerous because you can't predict what'll happen throughout the year where an unforseen incident might happen where you have to spend a lot of money and you fuck yourself on the tax payment because you don't have enough at the end of the year.


And whatever gains you could "potentially" make by hoarding all the taxes that would've been taken at each paycheck... it ends up sort of being a wash because whatever interest and gains you make from that extra money... ALSO GETS TAXED ANYWAY! :looney: Not really worth the trouble imo.

My calculations were wrong in that i overstated the 3% return on the interest. I took the 3% times Gross when it should be on the 33% of taxes. After running it through Excel, the net gain was about .5%

To put into perspective: .5% x 50,000 = 250 bucks. You'd have to make 50,000 to gain 250 bucks. Which isn't really worth the hassle for a whole year.

[terracotta]

just paid off the last installment of a 10k debt. didn't think it'd feel this good.

[mastermind]

http://www.blackcardsource.com/16-with-a-black-card-harrison-gevirtz/

Gah damn. CPA (cost-per-action) marketing. Sounds freakin' ridiculous.

[BustaWolfe]

Wow all the big companies are either failed or are falling quick.

Lehman @ .19 cents
AIG took at 40% hit
Analysts say Goldman and Morgan to take a 20% hit.

Buyers market or be very afraid?

Big Risks = Big Rewards but right now everything seems very volatile.

[crimzonflame]

Yeah I was stupid enough to buy Lehmans at 4.19. I thought they would be bailed out. Didnt really take that much of a hit though, thank God.

[AcEtUrNeDjOkEr]

At this rate, we will have one bank for the whole US! Geez...how did things get this bad??!?!?

[Koop]

At this rate, we will have one bank for the whole US! Geez...how did things get this bad??!?!?


:rofl: :rofl: :rofl: :rofl: We've been authorized to not disclose information on the situation due to the nature of how this went down.


Thank you


A.Carr
Compliance Analyst
Finra™

[BustaWolfe]

Just 2 years ago Wall street were boasting about record profits and bonuses. Everyone turned a blind eye to the impending Housing Bubble that probably bursted already but no one wanted to spoil the party. Fast forward to present day, the CEO's and the record bonuses have fattened their pockets already and now we the common people have to deal with this shit. That's what happens when companies get to play with OPM (Other People's Money), they can set aside all their inhibitions and take massive risks that they won't live to regret about. At the very worse they get let go and get a huge severance package for a terrible job well done.

Wamu's hovering around 2something, I'm very tempted to buy it.

[jason3202]

It has nothing to do with it being other peoples money.
I bet other peoples money all the time the same way I bet my own. +ev is +ev

[BustaWolfe]

Yes it does, you think the CEO's are all retarded and didn't see that bubble coming? They didn't get to where they are just purely from luck. They just wanted a piece of that pie while everyone else was digging in, what mattered a few years ago was making their financial reports look good at year end. They get their bonuses for 'record' profits and new businesses, and hopefully walk away before the whole thing blows up.

So taking OPM and putting into very risky ventures and still walk away with a huge bonus, who the hell wouldn't?

[fishjie]

At the very worse they get let go and get a huge severance package for a terrible job well done.


luckily, fannie and freddie's CEOs are NOT getting paid their exit package

good for the feds!

[CD_Vision]

So who's getting ready to buy now?

[AcEtUrNeDjOkEr]

So who's getting ready to buy now?

I'm actually scooping a couple of stocks now, hoping that things turn around. Right now, through google's profolio app on their site, I have lost about 2 grand (good thing its not my money)

[TheWanderer]

this thread fucking long so i aint gonna bother to check about the 401k. i got a question about it.

my job got 401k plan but i dont know if i should sign up for it since i know shit about it. can someone give me a rundown on it?

another question.. if i sign up for it at the job im at right now and later quit, what will happen to my 401k plan?

[akumatrunigga]

my job got 401k plan but i dont know if i should sign up for it since i know shit about it. can someone give me a rundown on it?

another question.. if i sign up for it at the job im at right now and later quit, what will happen to my 401k plan?

1. Yes you should sign up for it. It is basically a way for you to save money for yourself prior to your retirement. It is best to start early.
2. Your job will send you forms to either withdraw money out of it (less taxes) or once you go to your new job you just simply transfer it over.

[jason3202]

Maxing your 401k is so crucial.

[AL the great]

i started my roth ira this year. i'm putting in the maximum each year. i'm so proud of myself.

[Dirt Mc Girt]

Maxing your 401k is so crucial.

depends

if your job matches a certain percent then go for it, but make sure your 401k is invested in something that is low risk like a money market account or CD instead of the company stock or the stock market in general or you'll run a huge risk of going broke

if your job doesn't match it, you'd be better off investing on your own

[mastermind]

So should I worry about the money in my EmigrantDirect online savings account with all the shit that's happening right now?

[mastermind]

^^ bump. Guess I shouldn't be worried in any way?

[AcEtUrNeDjOkEr]

^^ bump. Guess I shouldn't be worried in any way?

No, its FDIC insured. Unless you have over 100k in there :woot:

[akumatrunigga]

No, its FDIC insured. Unless you have over 250k in there :woot:

fixed according to the Handout (bailout) bill

[AcEtUrNeDjOkEr]

fixed according to the Handout (bailout) bill

:tup: How you been man? Haven't hit you up in awhile

[Koop]

fixed according to the Handout (bailout) bill

Which means longer for your money to be returned. FDIC rules state you will get your loot back but it could be 8+ months of waiting. Think Katrina check. Yeah. Ain't that a bitch.

[akumatrunigga]

:tup: How you been man? Haven't hit you up in awhile
trying to get my real estate thing bumping but things are moving too slow so a brotha has to get a gig
Which means longer for your money to be returned. FDIC rules state you will get your loot back but it could be 8+ months of waiting. Think Katrina check. Yeah. Ain't that a bitch.

Did you hear that the bailout is higher now? This is a sad day.

[f_man]

Which means longer for your money to be returned. FDIC rules state you will get your loot back but it could be 8+ months of waiting. Think Katrina check. Yeah. Ain't that a bitch.

you absolutely have to be shitting me. does the gov't pay interest on the wait?

is the wait a function of holdings or how badly the institution is screwed?? i havent heard anything about this. which somewhat makes sense, considering what the possible ramifications are... no one wants to be caught dead for causing a financial system collapse.

[Koop]

you absolutely have to be shitting me. does the gov't pay interest on the wait?

is the wait a function of holdings or how badly the institution is screwed?? i havent heard anything about this. which somewhat makes sense, considering what the possible ramifications are... no one wants to be caught dead for causing a financial system collapse.


1) No, not shitting you. Its my job to break this stuff down for the market.

2) Its a combination of both, lol, function and the insitution is screwed.


Hence the reason Im trying my best to give you guys a lot of information before or as it happens with the economy (cant tell you everything cause id lose my job). Its my job to actually break down a fuck up in the market (rules, regulations, buyouts, mergers, collapses...etc.)...along with breakdowns of IPO an secondary filings.... yeah.



Here is something I would like all of you to have fun with an get your mind hurting:

The Bailout total.... tell me-- (well i know)-- but tell me where did the final numbers for the bailout come from?? How did the total come about.

along with that

take this and then think on it

$700+ Billion with 14% interest


Kthxbye

[BustaWolfe]

According to many unknown sources the 700 billion was something along the lines of We want a big number.

Now as the secretary of the Treasury, isn't it easy to get the total # of toxic debts out there on the market easily rather than try to pay a premium to buy those toxic mbs's.

Chris cox is a moron for not lifting the marking to market rule during this time. What this basically does is assigns a market value based on demand out there on the market. Essentially no one wants to buy these MBS securities therefore banks have to mark them to the market value of junk status, basically worthless. There is a possibility that the 700 bil to buy all the toxic debts will turn a profit but no one really knows the real value of all the outstanding mbs's out there.

I saw on CNN, i think it was John Ramsey, explaining this and making sense of it all that I don't see why we're still going through with this 700billion bailout. Of all the toxic MBS's out there, there's only a +5% risk of default at the moment. His plan was to account for all the MBS's out there, and apply a 10% premium to cover the 5% default and then some. It'd be a lot cheaper than 700 billion.

[Shotokan Symphony]

Wasn't there $800 bill that was used for the same thing before the bill was proposed..

[CD_Vision]

The 2009 edition of "The 100 Best Stocks You Can Buy" is now available on Amazon, I got my copy yesterday. This is the sixth year in a row I've bought his book. John Slatter, the author is getting very good at finding value, and I am pleased as pie that my company made the list this year :D

Well, although I'm not convinced we're at a market bottom, it does look as if the banks are fighting any more price drops. Each "bad" day we've had recently, I'm watching good banks go down in price from 5-11% or so, then spring right back the next day. If you enjoy day trading you could make some quick cash there.

However, it looks like credit card companies are being priced to fail now. American Express and GE (They operate a lot of store credit cards) are both super cheap, and that's in spite of Buffett owning/adding money to. I'm buying both.

[Silentness!]

Holy fuck... the stock market is so fucked.

All the money I had into my stock account is disappearing. By the thousands... :wasted:

Fuck that shit... I'm not putting any more money in that shit for a while.

[AcEtUrNeDjOkEr]

I feel now is the time to buy though.....Ford stock is 2 bucks?!?! Shiiiiiiiiiiiiiiiiiit

[iwst99]

Damn, I never knew about piggybacking for credit scores. My partner and I were talking about adding me on his credit card so we could use it for grocery shopping and we'd be able to divide the cost evenly.

I guess if you are an authorized user on somebody's card then your credit score reaps the same benefits they have. He has almost an 800 score, and his card is in perfect standing and huge balance. I've read some stories where the credit score shot up really high and quickly. Going to get at that shit...could have better score by '09.

[CD_Vision]

I feel now is the time to buy though.....Ford stock is 2 bucks?!?! Shiiiiiiiiiiiiiiiiiit

You're sort of on the right track wanting to buy at a low price, but you want to buy the strong companies that are priced low, not just the cheap ones. Keep a close eye on what Warren Buffett is buying, that's a free path to winners. Or just buy a market index fund like SPY.

Holy fuck... the stock market is so fucked.

All the money I had into my stock account is disappearing. By the thousands... :wasted:

Fuck that shit... I'm not putting any more money in that shit for a while.

Ok so you're attempting to buy high and sell low then? Don't repeat the mistakes you made before. If the companies you bought stock in are still worth owning, then you should be trying to buy all you can.

Don't try to time the market bottom, because the stock market always bottoms before the economy does. Just like Buffett says-"If you wait for the robins you'll miss the spring."

[Magnifico]

Damn, I never knew about piggybacking for credit scores. My partner and I were talking about adding me on his credit card so we could use it for grocery shopping and we'd be able to divide the cost evenly.

I guess if you are an authorized user on somebody's card then your credit score reaps the same benefits they have. He has almost an 800 score, and his card is in perfect standing and huge balance. I've read some stories where the credit score shot up really high and quickly. Going to get at that shit...could have better score by '09.

Unfortunately this exploit was finally patched up earlier in '08. being a mere authorized user no longer affects your score, you have to be a signed co-borrower to reap the benefits

[AcEtUrNeDjOkEr]

I highly doubt Ford will go 100% under, even though now that is a strong possibilty. I am going to play the stock market soon, but I am going to wait until it really tanks. (I have a feeling it will be after Christmas cause of lack of holiday spending).

If you want to play with the stock market, try finance.google.com. You can make a fake portfolio and add companies with fake money. Its a good way to see what you would of lost if you bought a certain stock on a given day.

[CD_Vision]

I highly doubt Ford will go 100% under, even though now that is a strong possibilty. I am going to play the stock market soon, but I am going to wait until it really tanks. (I have a feeling it will be after Christmas cause of lack of holiday spending).

You're going to get burned by this line of thinking. The rest of the investors out there know that Christmas is going to suck, and they are pricing that bad news into today's prices already.

If nothing else, just make a regular purchase of SPY. Otherwise, start looking for really high quality companies that for one reason or another are unusually cheap right now. Suggestions I'd give are for American Express, GE, Coca-Cola, the Oshkosh truck company, and Kimco REIT.

[AcEtUrNeDjOkEr]

You're going to get burned by this line of thinking. The rest of the investors out there know that Christmas is going to suck, and they are pricing that bad news into today's prices already.

If nothing else, just make a regular purchase of SPY. Otherwise, start looking for really high quality companies that for one reason or another are unusually cheap right now. Suggestions I'd give are for American Express, GE, Coca-Cola, the Oshkosh truck company, and Kimco REIT.

Yea, as soon as I wrote my post, I went to CNN and saw the news...I knew my post was going to blow up in my face...LOL

I am going to use the next couple of months to find steady companies in each industry. Looking for a good energy and utility company now.

[CD_Vision]

Yea, as soon as I wrote my post, I went to CNN and saw the news...I knew my post was going to blow up in my face...LOL

I am going to use the next couple of months to find steady companies in each industry. Looking for a good energy and utility company now.

When I get home tonight I'll see if I can find you something. I know you can get a good yield on Kinder Morgan right now. I couldn't tell you if there will be growth to be had though.

I would like to strongly recommend that you read "The Intelligent Investor" by Benjamin Graham. It will help you make sense out of this mess.

[AcEtUrNeDjOkEr]

When I get home tonight I'll see if I can find you something. I know you can get a good yield on Kinder Morgan right now. I couldn't tell you if there will be growth to be had though.

I would like to strongly recommend that you read "The Intelligent Investor" by Benjamin Graham. It will help you make sense out of this mess.

Thanks, I will look for the book!:woot:

[Larva18]

For ppl that want to get into stock trading, I recommend zecco.com. Only $4.50 per trade. You get 10 free trades if account has minimum 2.5k. The market is getting hammered at the moment but if you have expendible money lying around, try it. Just make sure the money you use is money you can *REALLY LET GO*(very important!) should the stock you buy tank.

[Larva18]

I need advice regarding Roth-IRA:
My employer is currently putting 8% to my 401k and I'm adding in 15% myself for the past 2 years. I'm planning to reduce my contribution to 8% to match and planning to open a separate Roth-IRA in the side for the 7% I'll be gaining back starting next pay check. Good idea/bad idea? I think I can easily achive the cap for 2008's ROTH-IRA contribution of 4k if I do this(single,no kids afaik:rofl:).

[iwst99]

Unfortunately this exploit was finally patched up earlier in '08. being a me