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FCKGW posted:I got a Costco AmEx that has a 0% APR for 6 months. Can I do a balance transfer from another card and still have the 0% APR on it? There's a 3% balance transfer fee and a 15.6% balance transfer APR but I don't know if that overrides the intro APR or not. Those cards are usually 0% APR for purchases only. You'll have to read the fine print to find out if it applies to balance transfers or not.
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Nov 10, 2012 18:53
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moana posted:I cannot ever recommend buying a house when you are that young, and this is coming from someone who bought a house young. Trust me, $9k is peanuts compared to the risk and illiquidity of your house, and if the market takes another giant poo poo you'll be stuck there or stuck with a loss, neither of which is great for a young person. Don't do it, don't do it, don't do it. Done and done. Eggplant Wizard posted:Definitely. What you want is someone who is fee-only and has a fiduciary duty ONLY to the client. That means that if the adviser works for an investment group like Schwab, for example, don't use them. People who work for investment companies are going to have an interest in getting you to sign up for their funds, which means they won't give you the best advice for your situation necessarily, but rather for their own commission/sales figures. You can look for a fee-only planner here. Thank you for the link, I will be getting in contact with someone off of here soon. baquerd posted:Why not just keep on doing what got you that much money in that timespan? If it was a one-time thing, why don't you let us know to satisfy curiosity. If it is something that can be repeated, why are you looking at internships? In my original post, I said there is probably no additional income arriving. That's as much as I would like to say.
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Nov 10, 2012 19:54
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This is what I would do do: You should forget about ever having that $340K. You should put it away into a long-term investment fund and forget about it, as far as you're concerned, it never existed. Keep about $5,000 in an emergency cash fund, which you don't gently caress with. Then, you should live your life as if you were making just 9 bucks and hour--your apartment, your budgeting, your spending, everything. In 10 years you look at it again. Presuming a 6% return, you are now sitting on $600,000. At this time your career should be stable, your life should be stable, and you can look at your options again. Is homeownership important? What kind of career are you in--do you need it for retirement? Maybe you're making so much money you just want to retire 15 years early. Sit on it for 10 years and then decide.
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Nov 10, 2012 23:22
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PRADA SLUT posted:Then, you should live your life as if you were making just 9 bucks and hour--your apartment, your budgeting, your spending, everything. Edit: Really, why would you advocate pissing away your twenties by pretending to be poor? You're never going to be this young again, and you're never going to have as many opportunities to make some amazing memories. Save/invest most of it, but spend a not insignificant portion of it on some sort of vacation(s), hobby(ies), whatever, that you won't be able to do later in life. jtsold fucked around with this message at 00:18 on Nov 11, 2012 |
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Nov 11, 2012 00:14
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JimTheSarcastic posted:Why should s/he be a miser? Unfortunately, this is a partial view of mine right now. I generally use the money to travel which amounts to $3-6k a year (going to Thailand, Malaysia, China, Vietnam and Cambodia this winter) and I figure that while I'm so young and not in a full-time position I should take advantage of the lack of responsibilities I have. Most other purchases though are based on a $9/hr job - I don't own a rolex, I don't care about fancy things, I shop at Walmart, etc. I'll probably throw the majority of this money - but not all - into a long term investment plan.
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Nov 11, 2012 02:31
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Xenoborg posted:Outcome is a word, its just not the opposite of income, use expense or expenditure instead. Okay, this was the problem and I feel deeply embarrassed now.
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Nov 11, 2012 07:49
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Because if you've been given enough money to have complete and total financial security for your entire life, you don't piss it away on poo poo that doesn't support your current level of income. If you want to blow some of it, come up with a specific dollar amount, and put the rest long-term. This is what happens to lottery winners when suddenly they declare bankruptcy a year later. A few grand here, a few grand there, and suddenly the money they thought that would never run out is gone.
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Nov 11, 2012 07:57
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Catsoup posted:Unfortunately, this is a partial view of mine right now. I generally use the money to travel which amounts to $3-6k a year (going to Thailand, Malaysia, China, Vietnam and Cambodia this winter) and I figure that while I'm so young and not in a full-time position I should take advantage of the lack of responsibilities I have. Most other purchases though are based on a $9/hr job - I don't own a rolex, I don't care about fancy things, I shop at Walmart, etc. I'll probably throw the majority of this money - but not all - into a long term investment plan. Nothing unfortunate about it. This sounds like a really smart approach. Experiences are a great way to spend some of your money, especially when you are young; stuff, not so much.
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Nov 11, 2012 07:58
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slap me silly posted:Nothing unfortunate about it. This sounds like a really smart approach. Experiences are a great way to spend some of your money, especially when you are young; stuff, not so much.
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Nov 11, 2012 16:33
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slap me silly posted:Nothing unfortunate about it. This sounds like a really smart approach. Experiences are a great way to spend some of your money, especially when you are young; stuff, not so much. Figure out how much it's going to take you to retire when you want, at the spending you want, and how much you need to save for short and long term goals and emergencies. Save that much out of each pay check. Then spend 100% of the rest on hookers and blow. Congrats you're a paragon of financial responsibility.
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Nov 11, 2012 18:19
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Eggplant Wizard posted:My opinion? Split it up. Keep 6 months' expenses (emergency fund) somewhere nice and liquid like savings. Possibly you should keep more than that because you have more potential for medical issues, I gather, than us non-cyborg Americans. Then fund a Roth for the year. Next, chuck some into either your car loan or a .95% savings of some kind (if it's less that .9% then you should just pay off your car IMO). Then, if you want to minimize risk, put the rest into a savings account and enjoy that sub-inflation-rate-level-interest. You can also take an additional $5000 and fund your Roth for 2013 on January 1st. I did this for my 2012 contribution, and am currently saving up for my 2013. Since I'm changing careers soon, this does lead me to the question of what happens if I don't have $5000 in taxable income for 2013? Since you can withdraw without penalties since its already been taxed I'm guessing that I could just withdraw it, but would have to pay tax on whatever income that $5000 made since it wasn't an eligible contribution?
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Nov 12, 2012 04:04
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Does anyone have any good resources for excel spreadsheet templates to track balance histories as well as project balances based on compounding interest in a savings account? Our savings accounts are held by an online bank that have a nifty 'goal tracker' app into which you basically can plug how much you're aiming to save, the date you want to meet this target by, and what the current interest rate you're earning at the moment, and how often you want to contribute (every week/fortnight/month or whatever). It then tells you how much you need to put away every week/fortnight/month in order to get there working with the current interest rate. It also spits out a graph showing your end target as well as where you're sitting currently and what your track record has been so you can compare how well you stick to the plan. It does this by you linking a current bank account and it retrieves your balance history for you, but I don't mind having to type in balances myself into excel over time--I do this for myself anyway when planning out fortnightly budget/savings targets. It's good in that you can edit the interest rate at any time and you can hit update and it tells you if you're behind or in front of the targets and updates how much you need to put away based on how much you've got/what the rates are. I want one that I can keep on my harddrive rather than having to log into the website to use/see constantly. I'm not well-versed in Excel, else I'd have a go at writing one myself - I figure this has been done before by someone better qualified than me though. For reference, this is the bank in question: https://www.ubank.com.au/ubank/web/money-tools/savings-goals
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Nov 12, 2012 10:06
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Hey finance thread! I need some advice. I just received a chunk of money from an insurance settlement totaling about $65,000. This is great because my student loans totaling $35,000 make me feel faint every time I look at the statement. I've been paying the interest on them, but in December (unless I applied for a deferment or something), I would need to start making payments of about $450/month. I am currently unemployed, but staying with family so at least my expenses are low. I own my car and have no other debt. So it seems like I should just pay off my student loans immediately, right? A friend told me I shouldn't just yet, since Obama has another term and some people think (or hope or pray) he would somehow do some kind of student debt forgiveness magic, making paying down my loans early a waste. I think it would be more likely he would pass something saying you could escape student debt through bankruptcy (if he does anything about it at all), which wouldn't affect my decision to pay them down early. Is there any other reason(s) I wouldn't want to just pay that crap off? Another option I had considered would be paying cash for a place and renting it out for income, but I know home ownership/landlording has its headaches. To my advantage, my dad owns a maintenance/repair company and lives in my city, so fixing things would be easy and affordable. What would you do goons? Thanks in advance!
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Nov 12, 2012 18:41
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What's the interest rate on the loans and who are they from?
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Nov 12, 2012 18:46
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Xenoborg posted:What's the interest rate on the loans and who are they from? They are all Great Lakes Subsidized $5,500.00 5.35% Unsubsidiz $7,198.98 6.55% Subsidized $2,142.88 5.75% Unsubsidiz $2,303.61 6.55% Subsidized $5,500.00 3.15% Subsidized $5,500.00 4.25% Unsubsidiz $7,198.98 6.55%
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Nov 12, 2012 18:55
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I would just pay all of those off immediately and live the debt-free life. It's not like you're hurting for money or anything, you'll still have 30k left over to do whatever you want with.
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Nov 12, 2012 19:06
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I don't think Obama will magic away your loans next year. From what I remember, it's basically a plan that caps payments at 10% of income, limit's interest to 3.4%, and forgives loans after 20 years of payments. Just pay it off.
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Nov 12, 2012 19:24
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Jello Bunny posted:my student loans totaling $35,000 make me feel faint every time I look at the statement. Pay them off and sleep like a baby.
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Nov 12, 2012 19:27
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One more vote to just pay them off. I knuckled down and paid off my ~25k of student loans in 2 years and it feels great to just plain not have to think about it anymore. Since you can afford to wipe them all out in one go, you should. They're a big albatross around your neck and there's no real good argument for not paying them off IMO.
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Nov 12, 2012 19:28
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Okay, thanks guys, I will get those wiped out!
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Nov 12, 2012 19:56
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I am 24, am paying off my credit card debt asap(about 800$ total now), and have 15k student loan debt. I have a leased car(I know, but the happiness the car gives me after driving a really lovely one for 6 years..is invaluable). My plan was to pay off the credit cards immediately, then really start working away at the student loan. Anything I did wrong besides leasing a car(it is a 200$ a month payment).
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Nov 12, 2012 22:07
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Paying off debt is a good idea, yes. Don't forget to build an emergency fund if you don't have one.
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Nov 12, 2012 22:42
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Kinda worried about the markets for some reason, (I feel like we're nearing the end of a belt tightening bubble) also I want to use my savings to buy a home outright and I'm not too worried about retirement. I'm going to leave my wife's 401k in a target retirement fund but I would like my Roths to be somewhere safer. Any suggestions for a low-risk vanguard fund that won't fluctuate wildly even if a 2008 like event were to happen? VBIRX Looks like it went through 2008 without any problems. I'm going to start investing more of my income in stocks soon but right now I'm inundated with pessimism. edit: Sorry if this should have went in another thread. Sephiroth_IRA fucked around with this message at 17:52 on Nov 13, 2012 |
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Nov 13, 2012 17:41
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If you're managing a portfolio of long term investments, you shouldn't be thinking about year-to-year performance of specific funds. You should only be planning the overall allocation of your dollars to types of assets. Pop over to the long term investment thread (read the thread title on your way in!) and check out the books recommended.
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Nov 13, 2012 18:02
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Alright I've decided to ask for some advice on how to intelligently use saved money to make a little more money. A little after I was born my grandparents bought about ~3k euros worth of shares in this fund. I'm unsure if "fund" is the proper term for it, it's basically shares of a common thing that trades in shares and whatnot. I hope you understand what I mean in an English counterpart. Long story short, during the timespan of about 20 years, my share in the fund has grown to 4k. It was a little more before the most recent crash, but even if it was more and taking inflation into account, I don't think this profit is too good, and I'm looking into my options on how to be more intelligent about the funds. I was thinking about now using whatever money I have to buy more shares of this fund now that they're pretty low, and waiting for the markets and the fund to recover, and then selling it all and placing the money into a normal account to wait for the market to crash again, and then using all that to buy more, hoping to get a bigger piece of the fund "pie" every time. I am under no illusion that this would be a "GET RICH QUICK AND EASY!!!!!" plan, nor did I ever intend it to. I just want my money to do something and not sit away and rot because of inflation, and make decent profit while at it. I can also tolerate risk somewhat, so I thought this would be an ok idea, buying low and selling high and all that. But I recognize I'm not an expert on these things and thought the BFC newbie thread would be a really good place to ask. So BFC, am I completely off tracks and possibly being retarded with my money? Reading the "Investing" part of the OP has given me some positive encouragement on this but I'd really prefer asking on top of it just to be sure. PS. I live in Finland so all these IRAs, RRSPs, TFSAs do not ring any bells to me and oh god why do you have so horrible abbreviations for this stuff? Regardless, I do not think those are options here. PPS. The money I'm talking about is 100% extra money I will not need in the near or even mid-future. If it all goes down the drain in a spectacular fuckup I'll be really angry about it but it won't gently caress me over. Hooray for our glorious socialist state.
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Nov 13, 2012 21:45
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slap me silly posted:If you're managing a portfolio of long term investments, you shouldn't be thinking about year-to-year performance of specific funds. You should only be planning the overall allocation of your dollars to types of assets. Pop over to the long term investment thread (read the thread title on your way in!) and check out the books recommended. This is simply not true for everyone, frankly. There's a variety of legitimate ways to value stocks and/or the market, and if those indicators are flashing certain ways he's 100% justified in following his strategy and changing his behaviour accordingly. Buy-and-hold-until-the-cows-come-home is certainly not the only legitimate investing strategy out there.
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Nov 13, 2012 22:54
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Sure. I figured he (like myself) wouldn't know a legitimate bond market indicator from a hair on his rear end, but that could be a completely unjustified assumption. On the other hand, this is the newbie thread and his post was full of emotional talk and devoid of valuations. Long term investment thread suggests some robust alternatives to moving money around in response to feelings.
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Nov 14, 2012 00:58
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I currently have £1000-ish pounds to put away, and I'm looking to start saving/investing. For more detail, I'm currently in work, but minimum wage. I'm 22, and looking to start a real future fund for future security, but nothing specific in mind. I earn £196 weekly. Of that, about £60 is essential spending (transport, keep, phone), about £15 on food, and leisure comes to about £40 average. For debts, I don't have the exact amount on me at the moment, but about £3300 in Student Loans. I've recently paid off an £800 debt. Future plans for the money would be to put myself onto an AAT course, and to build a decent computer, but these are both short term. What I would like is to start a fund to really start saving for the future, and a smaller fund for me to do some short term investing once I've properly researched/gleaned advice from the other threads and such. I don't mind getting my money tied up somewhere else where I can't acccess it, as I'm going to make a smaller fund for emergency that I can grab from and plan to keep a few hundred in my current account. I would love to move out soon but it keeps looking less and less likely to happen unless I can get a houseshare with some friends, and even that feels a bit risky. What I was thinking about was finding a decent ISA and putting roughly £50-70 a week into it through a Direct Debit for longer term, and £10 per week for instant access. I only have basic finance knowledge though, so if there are any better ideas I would love to hear them. Looking through the thread, I don't have as much to work with as other people, but I figure even if I start low, it's better than not starting at all. EDIT: Also I don't have any credit cards, so I assume I have no credit score. Fingerless Gloves fucked around with this message at 12:32 on Nov 14, 2012 |
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Nov 14, 2012 12:29
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Fingerless Gloves posted:Looking through the thread, I don't have as much to work with as other people, but I figure even if I start low, it's better than not starting at all. This is how I started, and I was quite surprised after a few years how the money was starting to accumulate. I don't know anything about UK savings vehicles, but from what I see the ISA is a lot like the US Roth IRA, so would be great for what you want. The trick is deciding between cash/stocks/funds and finding good ones, and I have no idea how to navigate that in the UK but hopefully someone else will. The long term investment thread should be helpful for general decisions about how to allocate. Good plan to keep some emergency savings in cash also. What's the interest rate on the student loans? That would affect how you apportion money to loan repayment vs. ISA.
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Nov 14, 2012 17:13
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This seems like the best place to ask this: Did that thread about a goon's personal finance problems (and wife who was a fellow goon) get deleted? I'm assuming she found out and was none too pleased about the dirty laundry airing?
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Nov 14, 2012 17:27
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dreesemonkey posted:This seems like the best place to ask this: Did that thread about a goon's personal finance problems (and wife who was a fellow goon) get deleted? It did get deleted. Some creeps found Taco Box wife's facebook and sent rapey death threats. This is why we can't have nice things. The better threat would have been to kidnap some portion of the 12 cats.
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Nov 14, 2012 17:30
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slap me silly posted:This is how I started, and I was quite surprised after a few years how the money was starting to accumulate. I don't know anything about UK savings vehicles, but from what I see the ISA is a lot like the US Roth IRA, so would be great for what you want. The trick is deciding between cash/stocks/funds and finding good ones, and I have no idea how to navigate that in the UK but hopefully someone else will. The long term investment thread should be helpful for general decisions about how to allocate. 1.5% at moment, and for the last 3 years. That's £150 added to it, gently caress. Even if I did start repaying it right away it wouldn't have really dented that amount though. I'll access the account when I'm home and see if I can set up a DD for that, start funnelling a little bit towards it. Most ISAs I've seen have been for about 1.5% or 2% at most, I think it was Post office that offered that. Hopefully there's someone who knows of some super-secret 4% offer somewhere that I can get into. I've had a look at the long term investment thread, but at the end. It made me a bit nervous seeing people talking about percentages of investments, but I hope I'll begin to understand and hopefully profit from it eventually.
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Nov 14, 2012 17:33
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canyoneer posted:It did get deleted. Some creeps found Taco Box wife's facebook and sent rapey death threats. This is why we can't have nice things. Not knowing WTF happened was driving me crazy.
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Nov 14, 2012 17:44
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Xguard86 posted:Not knowing WTF happened was driving me crazy. Kinda sad that I missed this topic now. Yeah my earlier post was full of emotion, should have been posted in another topic and kept to "Where's a low risk safe place to keep my money". Sephiroth_IRA fucked around with this message at 17:55 on Nov 14, 2012 |
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Nov 14, 2012 17:47
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1.5% interest rate on the loan, interest is accruing and you aren't making payments yet? That's a low interest rate, though - I'd probably prioritize paying enough on the loan each month that the balance is shrinking instead of growing. But after that, put the rest of the available investment money in an ISA in some combination of low-fee stock and bond index/tracker funds. The return wouldn't be guaranteed but it would be better in the long term than the cash options that are offering 1-2%.
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Nov 14, 2012 17:49
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canyoneer posted:It did get deleted. Some creeps found Taco Box wife's facebook and sent rapey death threats. This is why we can't have nice things. WTF is wrong with people? I hope the short time that the thread was open helped a little bit at least 
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Nov 14, 2012 18:48
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Orange_Lazarus posted:Kinda sad that I missed this topic now. Yeah, it was a promising thread. Re: financial advice and investing for dummies, the other thread is a great start. The diversification principle in investing says that spreading out a portfolio to instruments with different types of risk will reduce the overall risk of the portfolio. The same principle, I believe, can be analogized to investment advice and learning about money stuff. You'll do better by finding information from many, many different sources. After reading a lot, you'll have the foundation to discern advice that is either objectively bad, or just bad for you. Once you learn the fundamentals, then you can join the internet strangers arguing about asset splits or trading accounts or whatever.
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Nov 14, 2012 18:55
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canyoneer posted:It did get deleted. Some creeps found Taco Box wife's facebook and sent rapey death threats. This is why we can't have nice things. You know, I notice that this sub-forum isn't private, and considering that most of the time it seems like people genuinely want to help with financial problems but that it can require posting quite a bit of personal information it seems like it should be made private. Ban the people that do the creepy facebook death threats or rape messages if we can identify them, that shouldn't be tolerated in my opinion.
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Nov 14, 2012 20:14
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asmallrabbit posted:You know, I notice that this sub-forum isn't private, and considering that most of the time it seems like people genuinely want to help with financial problems but that it can require posting quite a bit of personal information it seems like it should be made private. Ban the people that do the creepy facebook death threats or rape messages if we can identify them, that shouldn't be tolerated in my opinion. I was surprised it took so long. He said she was part of the goon group of whatever craft thing that was on like the second page.
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Nov 14, 2012 20:15
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canyoneer posted:It did get deleted. Some creeps found Taco Box wife's facebook and sent rapey death threats. This is why we can't have nice things. Is there a way to remove it from my bookmarked threads? I can't get rid of the bookmark or anything.
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