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INTJ Mastermind posted:Another major risk with a single earner household is that if something were to happen to the breadwinner, ie illness, disability, death, or simply being laid off, the whole family is deeply and royally hosed.
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Jun 8, 2013 01:58
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Yea. We are a single-earner household and it is definitely stressful in that regard. I am really lucky in that I work for a small law firm packed full of families (all the partners are either parents of small kids or grandparents of small kids) who are very tolerant/understanding. If you are going to do it, make sure that you have a good emergency fund/cushion in case something happens. Another thing to be aware of is that your budget in the first couple years of your kids life is kind of a moving target. I mean, maybe you run the numbers now and you have everything covered - but by the time that kid is two they will be eating like a champ and growing like a weed, and you need to be trying to plan that into your grocery budget and planning to replace clothes/toys regularly. Obviously you can do this on the cheap - it's easy to get stuff used until around 2T (the size up from 24 months), which is basically when kids first start wearing clothes down at the same pace they grow out of them. If you don't have it yet, this would also be a good time to sort out life insurance. It's comforting to know that if something does happen to me, my wife won't be stuck with a small child, trying to get back to work as all the bills/rent comes due on her. She'll have plenty of time to work out what to do and keep a roof over their heads. 
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Jun 8, 2013 02:01
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nelson posted:That's what life insurance is for. Even assuming adequate coverage, which most do not have, life insurance does not cover illness and disability or simply getting laid off and prolonged unemployment.
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Jun 8, 2013 02:19
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nelson posted:Sacrificing luxuries and saving taxes. True, we would save on income taxes but not that much more. It would also mean an increase in benefits from the government (gst checks, better investment opportunities). It would definitely mean less travel but this is offset by our use of travel visa card for points (RBC Avion, very good card for Canadians. We pay off the balance promptly don't worry!) We have considered not having some luxuries but we're pretty innovative and I like older used vehicles anyway. Engineer Lenk posted:Impact on SAHM professional career. Dik Hz posted:The biggest cost of being a SAHM is the lost career advancement. If there's any way she can keep in touch with her career while still being a SAHM mom, you can get the best of both worlds. Absolutely, I agree with you and the other posters on your points with the long term impact on her career. Fortunately, she is currently with a large corporation and is, from what I understand, 3 levels down from the CEO, and has made a significant impression. We would be surprised if they didn't take her back on in the same role or better down the road; however, that's not her goal in life. She did plan on going back to school to either pursue a degree for teaching or business (entrepreneur). So there are ample # of opportunities for her if she does decide to return to the workforce anytime either back to what she was doing or elsewhere. INTJ Mastermind posted:Another major risk with a single earner household is that if something were to happen to the breadwinner, ie illness, disability, death, or simply being laid off, the whole family is deeply and royally hosed. For death, we already have life insurance and investments that can be paid out; however, it does definitely mean we have to increase our insurance policy payout on myself and add in the other options (disability, critical illness). Emergency funds from our investments and savings will shelter us in time of unemployment. If push comes to shove, then we have credit to tap into. Ashcans posted:Budget is a moving target because kids add unpredictability to budget This is definitely something I've considered. We will be able to afford it currently, but once her student loan (and car financing) is paid off (at this rate, I expect it to be gone in just a little over 2 years), it will free up significant amount of money. This is also not taking into consideration with my career opportunities for significant income increases down the road as I work my way through subsequent tickets and certifications.
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Jun 8, 2013 18:14
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Here's a newbie question. I'm in the relatively good position of having a bump in my income and having recently (finally) gotten on the budgeting train. Things feel a lot better and under control now, but there are two major issues: at the moment I'm both heavily in debt (including a lot of high-interest credit card debt) and without an emergency fund. For at least the next few months, I can put significant amounts of money towards building an emergency fund and pounding away at that debt. However, I'm having trouble deciding how to weigh the advantages of paying down debt as fast as possible vs. the risk that comes with not having an emergency fund with at least a month or two of income in it. Is there a general rule as to how I should approach this? As a default, I was thinking of splitting any otherwise unused dollars 50/50 towards these two areas.
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Jun 9, 2013 01:36
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My personal opinion on that is that it depends on 1) the interest rates on your card and 2) if you're in debt due to compulsive spending / if you plan to never use credit cards again and 3) how many expenses you have that would not be able to be covered with a credit card (i.e. rent). If your interest rates are incredibly high, if you feel like you'll still be okay using credit cards in the future and don't need to go cold turkey and anything you would need an emergency fund for can be covered by a credit card if the worst happens, I would probably advise someone to go with a very minimal cash cushion (maybe one or two paychecks) just to avoid issues with bill payment timing. Paying down your debt in the long term is going to do more for you than having cash on hand to pay for things that are unexpected if they come up. When you're already in debt and have few liquid assets anyway, the risk associated with a lack of cash to pay for things is much smaller. If you have expenses that need cash payments like rent, though, I would definitely build up a reserve of a couple of months for those expenses. That's just my own philosophy on it, however. Building up a 3 month reserve is probably not going to set back your repayment schedule to any significant degree either if you are budgeting well.
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Jun 9, 2013 01:54
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OrangeKing posted:Here's a newbie question. I'm in the relatively good position of having a bump in my income and having recently (finally) gotten on the budgeting train. Things feel a lot better and under control now, but there are two major issues: at the moment I'm both heavily in debt (including a lot of high-interest credit card debt) and without an emergency fund. Post in budget thread with specifics and they will sort your poo poo out.
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Jun 9, 2013 14:33
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Sophia posted:My personal opinion on that is that it depends on 1) the interest rates on your card and 2) if you're in debt due to compulsive spending / if you plan to never use credit cards again and 3) how many expenses you have that would not be able to be covered with a credit card (i.e. rent). If your interest rates are incredibly high, if you feel like you'll still be okay using credit cards in the future and don't need to go cold turkey and anything you would need an emergency fund for can be covered by a credit card if the worst happens, I would probably advise someone to go with a very minimal cash cushion (maybe one or two paychecks) just to avoid issues with bill payment timing. Paying down your debt in the long term is going to do more for you than having cash on hand to pay for things that are unexpected if they come up. When you're already in debt and have few liquid assets anyway, the risk associated with a lack of cash to pay for things is much smaller. I do have rent to pay every month, but other than that, there's not really much in the way of "cash" expenses. Over the last couple of years, I've been very good at avoiding putting anything on my credit cards if I could avoid it, so having them around doesn't scare me, but I very much want to pay them down (particularly one that, as you said, has a very high interest rate). With that in mind, I'll prioritize debt repayment over the emergency fund then, without completely ignoring the latter. Eggplant Wizard posted:Post in budget thread with specifics and they will sort your poo poo out. This is good advice, but I'm just not comfortable sharing the specifics of my financial life here. A few months ago, when I didn't feel like I had control over the situation, I would have done this. If in a few months I feel like I'm not really improving my situation or my long-term prospects haven't improved as much as I thought, then I will do it. For now, I have a complete budget in YNAB, have cut spending, and I'm paying down debt aggressively for the first time in many years, so I feel okay on my own.
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Jun 9, 2013 17:30
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I am 27 years old with no debt and I have $10k in cash savings as an emergency fund. Right now I have 2 goals: 1. I have a decent job (45k/year,) but there are no retirement benefits. I would like to start putting away $2-500 / month towards long term retirement savings, but i'm not sure where to put it. I also get around $4k in annual bonuses that I can use for this fund. 2. I have never had a credit card and I want to start building credit. Should I use a card to make big purchases that I pay off immediately, or use it for daily expenses that I will pay off each month (or carry a small balance?) Right now my monthly budget: Income: $2518 Rent: -$500 Phone: -$110 Daily allowance: ~$20 Which leaves me a goal of $1000/month in savings, which may fluctuate based on big purchases (travel, etc.)
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Jun 9, 2013 18:55
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Ethanfr0me posted:I am 27 years old with no debt and I have $10k in cash savings as an emergency fund. Right now I have 2 goals: 1) If that $10k is enough to cover 6 months, then you can begin investing! My recommendation is to put money into a Roth IRA initially, up to the maximum per year of about $5500, into a Target Retirement fund to start, while you look into more information about investing. Ask for more advice in the retirement savings thread! 2) Both work out well, although you need to be careful about managing your budget, and always paying off everything as soon as possible. If you are not a type of person who likes to spend a lot of money, a good rewards card works wonders here, since you can pay the balance off every month.
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Jun 9, 2013 19:14
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OrangeKing posted:I do have rent to pay every month, but other than that, there's not really much in the way of "cash" expenses. Over the last couple of years, I've been very good at avoiding putting anything on my credit cards if I could avoid it, so having them around doesn't scare me, but I very much want to pay them down (particularly one that, as you said, has a very high interest rate). With that in mind, I'll prioritize debt repayment over the emergency fund then, without completely ignoring the latter. That's fair. I just mean ballpark numbers with interest rates so people can  their way to help you figure out the most efficient way to pay it down.
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Jun 9, 2013 21:48
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Alright, I kind of feel silly for asking this, but it's gonna eat at me forever until I do. I live in Orlando, I'm 25, and I still live at home with my mom. I'm going to community college (again, and planning to transfer to UCF when I'm done.) I'm working a crap mechanic job that even without my school commitments can only give me 3 days a week and they send us home early whenever business is slow, which is depressingly often; because of this my nominal $9.15/hour only nets me a paycheck of around $270 per 2 weeks (my 2 highest are both 301 going all the way back to March.) So calculates out to roughly $8.5k per year. No debt, got 1 credit card that I keep mostly paid off (I'm floating a small balance during the introductory period when needed, I'll be tighter when the interest kicks in.) Is there any way at all, in any universe, that I could think about moving out on my own?
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Jun 10, 2013 04:28
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Fucknag posted:a paycheck of around $270 per 2 weeks Are you willing to rent a room in a crackhouse?
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Jun 10, 2013 05:20
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Fucknag posted:Is there any way at all, in any universe, that I could think about moving out on my own? That's where I went to school. When you transfer you could live on campus and just have student loans/grants pay for everything. That's what I did and now have a ton of debt. 
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Jun 10, 2013 05:25
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Fucknag posted:
The short answer is: No. Not with just that job/those hours. The longer answer is: Find out! Play house a bit. Pretend you found an apartment to share with a friend. Your rent is ... $400. Figure in your other expenses (cell, Internet, car insurance, gas, emergency savings, food, etc.) Live, "paying" those bills into a savings account for a few months. I think it's obvious you can't afford it now, but by paying those bills, to yourself, you'll not only get a good sense of what it's like to have that overhead, but you'll also be building up a nice emergency fund. (Note: emergency fund. Not living-off of/moving out fund.) If you do this, as you find yourself paying the bills and meeting your responsibilities easier, then you can think about moving out. ProPlan: throw yourself an occasional curveball. Birthday gifts, car insurance hike, cracked windshield, roommate late on rent, cap and gown purchase.. Etc. could you cover it and still eat?
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Jun 10, 2013 12:41
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Fucknag posted:I'm working a crap mechanic job that even without my school commitments can only give me 3 days a week and they send us home early whenever business is slow, which is depressingly often; because of this my nominal $9.15/hour only nets me a paycheck of around $270 per 2 weeks (my 2 highest are both 301 going all the way back to March.) So calculates out to roughly $8.5k per year. Get another job. I did this almost exact same gig while I was in college and it was terrible. I got a job at an inbound call center making $10 (this was a decade ago) and even got benefits after 90 days. Since it was a 24/7 call center I was able to get a shift that worked around my school schedule, and picked up hours when I could. I ended up clearing nearly $35k that year due to the massive overtime I earned over the summer.
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Jun 10, 2013 13:18
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ffffffffff
salisbury shake fucked around with this message at 16:18 on Oct 22, 2013 |
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Jun 13, 2013 03:34
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If you're doing contract work/have your own company, start putting away a large part into a retirement account of whatever various flavor you can find.
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Jun 13, 2013 03:39
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salisbury shake posted:Hello, BFC. I was reading over the goldmined Zaurg thread when it dawned on me: my mother is the same way with money as Zaurg's wife (she went through bankruptcy twice). I thought about it, I was never exposed to sustainable spending habits growing up. I'm 21 now and I treat money in a polar opposite way than my family did. I realize that may mean I have sustainable monetary practices, but not optimal. For instance, I know jack poo poo about investing or saving for retirement. What you have already done is actually quite impressive for retirement. Let me explain why. Suppose you want to retire at 65. If you take just that $80,000, no other income, and invest your money appropriately, at a 10% average historical gain in the stock market, you will have 5.3 million dollars of income before inflation to do whatever you want during retirement. Of course, 10% is a bit aggressive to expect per year, because you will likely want to tone down investments as you grow older. Also, the 5.3 million number needs to be adjusted for inflation and income taxes. But it's an appropriate number to quote to sort of give you perspective. Furthermore, you have no debt and are aiming for a useful degree. The majority of Americans at that age are screwed on debt, while it seems like you have a manageable lifestyle. So here is what a smart person would likely do, with minor differences. 1) Estimate the amount of money you spend in 6 months. This is the amount of money you should keep in a standard savings or checking account as an emergency fund. 2) Do an estimated budget. First, how much money do you add to savings per year? Do you expect this to stay steady? If so, a detailed budget is not strictly necessary, and you can do with having an estimate of the amount you spend per year. Detailed budgets are assuredly useful, but it may not be as a big of a deal, and your time may be better off concentrating on other things until your expenses increase. 3) Find out what your long term plans are, and where your eventual spend will be. For example, do you expect to buy a house at like age 35? Do you have to save up for more education? These will play into how much risk you take in your investments later. 4) Take the rest of the money and invest it. This is the most important part that should be really simple. Unfortunately, most of the world over-complicates this to the greatest degree. Do you expect to make income by trading stocks on an hourly basis, monitoring the stock market 24/7, doing tons of research into every company you can think of, and still having a high chance of losing out in the long term? If the answer is no, then short term investing is probably not for you. I'm going to give you a brief overview, but for this portion, you should really navigate to the Long Term Savings and Retirement thread for more details.
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Jun 13, 2013 04:14
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It's ridiculous to project 10% annual gain. 5-6% is a better number.
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Jun 13, 2013 15:44
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PRADA SLUT posted:It's ridiculous to project 10% annual gain. 5-6% is a better number. Depends on if you're talking real or nominal. Nominal gains of 10% aren't that ridiculous. 
Unormal fucked around with this message at 15:56 on Jun 13, 2013 |
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Jun 13, 2013 15:48
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When you're planning on retiring, it's completely asinine to presume a 10% annual return on your money. Some years you will get that, and even if that's the gain you receive over 40 years. You don't want to end up completely short of what you were planning your nest egg to be because you thought you would be hitting "the average" return of the entire S&P since 1926. Also, while index funds have their place, it's terrible advice to just "pick the fund with the lowest expense ratio" and call it a day. Lower expense funds lack professional management and diversification. Their expense ratio is low because nobody actively manages them. These might be fine if you're younger and have the mental fortitude to accept volatility (like in 2008 when the S&P when down 38%), but it's by far the be-all end-all if investment advice. I'm not saying you should eliminate index funds from your life, but for some reason people tend to look at them like the holy grail of investment advice just because they're cheap. You still need to diversify, even if you're in index funds as your sole source of equity. ntan1 posted:[*]The two most important words when doing long term investment are "diversification" and "expense ratios". Diversification means that you invest in the entire world economy as a whole, and not simply individual stocks that have a huge chance of falling by 10% the next day. "Expense Ratio" is the percent of money you must pay your bank/broker/investment advisor/mutual fund per year. You want this to be extremely low, less than .2%. Because, if this is 1%, you just lost more than half of the above retirement money paying a bank after 40 years. This is completely misguided and partially flat out wrong. Diversification doesn't mean "invest in the world economy as a whole". Diversification means having a blend of different securities (equity, debt, commodities, etc) which perform different from one another, giving you a defensive position when different financial climates arise. Even in securities you have different types of performers: cyclical, countercyclical, low beta high yield utilities, blue chips, speculative bio, etc. Also you can't talk about how important diversification is and then suggest throwing it all in an index fund. Index funds are not diversified investments. You shouldn't be in a taxable account if you plan on retiring with $5.3 million. That's $265,000 a year in income (projecting 20 years of draw), and you'll get hosed on income taxes. Putting it in a tax-free account is a far better option if you plan on that level of income at retirement. Even inflation-adjusted, you're looking at the equivalent of around $1.7 million. Again, I'm not saying it's wrong to go into index funds at that age, and I'd probably suggest the same thing for most people, but the reason for doing so should be more than "it's cheap lol". You would still adjust your portfolio annually to take into account your reduced level of acceptable risk as you age, or even switch to professional managed accounts. It's dumb as all hell to just sit in a single index fund for 40 years until you retire. PRADA SLUT fucked around with this message at 16:21 on Jun 13, 2013 |
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Jun 13, 2013 16:15
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I'd suggest simply visiting the Long Term Investment thread for advice on retirement and savings planning: http://forums.somethingawful.com/showthread.php?threadid=2892928
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Jun 13, 2013 16:30
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PRADA SLUT posted:Text
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Jun 13, 2013 21:29
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PRADA SLUT posted:When you're planning on retiring, it's completely asinine to presume a 10% annual return on your money. Some years you will get that, and even if that's the gain you receive over 40 years. You don't want to end up completely short of what you were planning your nest egg to be because you thought you would be hitting "the average" return of the entire S&P since 1926. You're wrong about international investments not being a component of diversification. Adding foreign equities reduces your beta(market risk) quite a bit. There's some correlation between all of the American securities you listed that doesn't exist overseas. Adding somewhere in the neighborhood of 10-20% in foreign equities will reduce your beta quite significantly and is highly recommended. I also don't understand what you mean about index funds/ETFs not being an example of diversification. You can get almost any type of fund imaginable these days. Anything from small cap, large cap, debt, foreign oil, industry, country etc. etc. Investing in these gives you a lot of diversification. Of course if you invest all your money into a U.S. small cap fund you're not fully diversified. But if you have a fix of 5 or 6 funds you can easily eliminate all your idiosyncratic risk and much of your systematic. Finally, they have retirement funds which are 100% designed to diversify your investments and adjust each year according to a risk profile. I.e. a 2045 target fund will be 90% in equities while a 2020 target fund may be 50-60% in equities with the rest in debt instruments. Sorry, I realize much of this should be in the long term investing thread, I just don't want people to fall for the bait and push all of their money into actively managed funds which have almost no chance of beating the market over a 20 year period. If you take all of your retirement funds and stick them into one of the target funds (make sure its a low expense ratio) and leave it there for the long term, you'll be ahead of 90% of the population. (USER WAS PUT ON PROBATION FOR THIS POST)
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Jun 13, 2013 23:28
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Hello all, I was wondering if anyone could give some advice for my current situation, which is somewhat odd right now. My wife and I are both grad students. We're both currently working low income summer jobs but it's enough to pay our relatively modest bills. We hadn't had any problems with paying our bills and have been comfortable enough to go out to dinner once a week, etc. When the summer ends, she'll start a new job earning ~50,000 per year and I'll go back to school for one more year. When I graduate, I expect to earn somewhere between 50,000 and 60,000, after May 2014. All together, the two of us have approx $80,000 in student debt together (20,000 from undergrad and 60,000 from grad). I'd love to have no student debt but, there it is. However, here's the thing. We just deposited a check for $65,700 from a settlement. That puts our total at around $70,000, with paychecks that cover the bills at present and a $50,000 salary starting in August. Here's the question: I don't think we really want to act on our student debt for another year - it remains to be seen what sort of job offers I get and whether I might be able to swing something like a student loan repayment program (federal government). We also don't know exactly where we'll live at that time, what sort of apartment, whether we buy a second car (we share one), etc. I see the options like this: 1- Leave the money in the bank at a .5% interest rate and just let it be until I get my job offer. 2- Put the excess that we don't presently need ($30,000 or so) into a 1 year CD to get a slightly higher interest rate, then take it back out after I get a job offer. 3- Put $30,000 or $40,000 into a Vanguard 500 Index Fund and take it out once we've figured out what's going on with salaries, etc. I realize that this would be riskier, but would also have the potential to give a much better interest rate than either of the other two. Does anyone have any advice?
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Jun 14, 2013 01:22
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internetstuff posted:Hello all, I was wondering if anyone could give some advice for my current situation, which is somewhat odd right now. Since it's under the FDIC limit, I'd just stick it in a savings account until you're good and ready to setup an emergency fund and asset allocation with some long term stability. Don't chase yield.
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Jun 14, 2013 01:25
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internetstuff posted:1- Leave the money in the bank at a .5% interest rate and just let it be until I get my job offer. Pay off all student loans currently accumulating interest. With the remainder of your money, put in in high yield savings - 0.75% at capital one 360 (formerly ing direct), and 0.88% at Ally bank. Do NOT put your money in the stock market. The market could go up 20% or take a major dive and leave you eating 7% student loan interest because you don't want to capitalize too many losses in a volatile investment. Finally, keep 3-6 months expenses aside in high yield savings - don't pay everything off at the expense of an emergency fund. Your emergency fund can be lower if you can count on family to cover for you.
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Jun 14, 2013 01:55
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baquerd posted:Pay off all student loans currently accumulating interest. With the remainder of your money, put in in high yield savings - 0.75% at capital one 360 (formerly ing direct), and 0.88% at Ally bank. Do NOT put your money in the stock market. The market could go up 20% or take a major dive and leave you eating 7% student loan interest because you don't want to capitalize too many losses in a volatile investment. Agree. Not paying off loans is fine if you are not in a volatile position at all. But, you're not sure about your job prospects yet, so it's not wise to make risky investments. Just make sure you have an emergency fund.
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Jun 14, 2013 03:23
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Why do banks close so early on the weekends, when having spendable cash is in it's highest demand. 
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Jun 15, 2013 19:52
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ATM? Fed is closed.
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Jun 15, 2013 20:06
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Imapanda posted:Why do banks close so early on the weekends, when having spendable cash is in it's highest demand. What country are you living in that you need to talk with a person to get spendable cash?
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Jun 15, 2013 21:17
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What country are you in that you need to spend cash?
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Jun 15, 2013 22:16
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The only things I ever need to go inside a bank to do are to get a cashier's check or get something notarized.
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Jun 16, 2013 00:01
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I go into my
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Jun 16, 2013 00:17
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Maybe he wants to deposit the "spendable cash"  Edit=I don't trust that 
Dead Pressed fucked around with this message at 05:32 on Jun 16, 2013 |
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Jun 16, 2013 01:14
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Dead Pressed posted:Maybe he wants to deposit the "spendable cash" What country are you in that you can't deposit cash in an ATM?
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Jun 16, 2013 03:07
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Forgive me if this has been asked already: Right now I have a Roth IRA with ING Direct. I rolled it over from a previous job when I decided to quit and attend school full time. I want to make sure what I'm doing right now is the correct thing because it doesn't seem like I'm making any money off of it, but I also don't want to be penalized by withdrawing it early/transferring it/etc. This is the part I'm pretty clueless about. Some quick facts: -I'm 29 -12k in the IRA making Annual Percentage Yield of 0.75% -About 6k in credit card debt that I'm slowly paying off -$300 in savings (college student) -About to take out my first real loan (4k for the school year, previously using GI Bill) I'm not worried about the credit card and loan debt since I'm currently budgeting to pay those off, but I do want to make sure I'm "making my money work for me". So should I let the IRA sit or can I do something better with it?
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Jun 16, 2013 05:47
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It sounds like the money in your IRA is just in a money market account, which works basically the same as a savings account at a bank. While its completely safe right now, you could be making a lot more in the long term by investing it. The best combination of simple, reliable, and profitable for you would probably be to stick all that money into a Vanguard Target Retirement Fund, one like 2050 +-10 years. Its a low cost fund that will give you a diversified mix without you having to do anything, and its kind of the go to around here. edit: Also the standard advice of keep paying off your debts and think about increasing your emergency savings. Xenoborg fucked around with this message at 06:50 on Jun 16, 2013 |
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Jun 16, 2013 06:47
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As Xenoborg said. Build up emergency savings account (6mo should be about right). After that, take the rest and invest it into something riskier. The 2050 fund is a perfect example. See the retirement thread op for more details  .
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Jun 16, 2013 10:17
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