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Eggplant Wizard posted:I'm doing fine Seems like you're on top of things, but here are my random opinions: 1. When I was making that salary, I was putting at least $50 per month into a Roth IRA. You are up $17k compared to me when I was in your position, so get to work on that. :) 2. I like credit unions and in fact I just closed my last account at a non-member-owned bank a few weeks ago. Find one that is a member of NCUA and has products you want - online access, credit card rewards, whatever. Credit scores are a magic mystery that people worry about too much, but common wisdom suggests you should keep your oldest card open until the new ones are established. The bank account shouldn't make a difference. I don't use smartypig because the deposit and withdrawal conditions are too weird and onerous to be worth it for me. ING et al. are probably the best options for liquid cash. 3. American Funds... I hear those are good but have a high front end load? Go read a couple of the books recommended in the retirement thread if you're at all curious. Reasonable asset allocation is probably not beyond you, and only you know your own best interest.
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Feb 3, 2010 18:50
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Angora posted:I'm curious if someone in my situation should start/continue to invest in the stock market, or if what I'm doing is a poor decision. It really depends on when you plan to sue if the money. If you want to use it when you get out of grad school, which is presumably under 5 years, the market isn't really an appropriate place for it. Having all your money in one company isn't particularly wise either. Any reason why you plan on selecting companies as opposed to just using an index fund or even a managed fund?
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Feb 3, 2010 21:29
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slap me silly posted:Seems like you're on top of things, but here are my random opinions: Thanks for all this. I will look into the retirement thread. If I kept a card, it was going to be the Amex one, which is less than a year old. I take it I should keep the Visa instead (max. 5 years old, but definitely up there). I don't know what a high front end load is  My mother made the account for me when I was a kid. It seems to be doing all right and I never hear from them except at tax time. I guess I'd prefer to be doing responsible citizen investing with my money if possible, but that has to wait till I have a little more to throw around. Any other ideas on what I should beware of when talking to a credit union? I have one in mind that is NCUA certified and federally insured and all that.
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Feb 4, 2010 19:05
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Eggplant Wizard posted:I don't know what a high front end load is
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Feb 4, 2010 19:16
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Eggplant Wizard posted:I don't know what a high front end load is You should be taking advantage of tax-sheltered retirement accounts like the Roth IRA, and then 401k/403b once you start some sort of regular employment. It might be reasonable to move up to $10k into a Roth IRA right now - $5k is the annual limit as long as you made that much income, and you can still contribute for 2009. Dunno what you mean by responsible citizen investing, but here is some reading on the "socially responsible" mutual funds: http://forums.somethingawful.com/showthread.php?threadid=3248015 Front-end load is an upfront fee that you pay to invest in some funds, and few funds perform well enough over time to justify charging it. Maybe you'll find out that American is an exception. That account could be anything from money market to high risk stocks. You should find out the allocation (and therefore the risk/reward profile). If you're going to leave those decisions in someone else's hands going forward, at least make sure you trust them to look after your interests over their own - I think that is a rare feature in a fund company.
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Feb 4, 2010 19:49
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I have plenty of money in savings (money market and a roth ira I contribute to every paycheck) and I have sufficient income but I'm looking to upgrade from my money market account with USAA to something that actually earns interest. I think I got $.05 interest last month on $3000+ so I'd like to find something thats going to work a little harder. This only recently started happening, and I think it would earn more in a regular savings account. I would like to keep my assets liquid as I'm preparing to transition to a new career (leaving the military) in the next 10 months.
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Feb 6, 2010 21:57
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Money market funds suck lately. The online savings accounts (ING, HSBC, etc) are 1.2%-1.5% right now, which is probably the best you can get and keep it liquid.
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Feb 6, 2010 22:11
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second best sponge posted:This only recently started happening, and I think it would earn more in a regular savings account. It would. If you don't mind something that doesn't work quite like a savings account, Smarty Pig is still at 2%. Most other savings accounts are 1.5% or below. I use American Express High Yield Savings and that gives me 1.5% interest for the time being. Interest rates just kind of suck right now so it's just going to equal about $4 a month in interest if you get one of the top rates.
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Feb 6, 2010 22:17
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On a related note to interest rates (and a double post - Sorry!), does anyone have any experience with Alliant Credit Union? (http://www.alliantcreditunion.org/) It's got a pretty good savings rate going on (2% APY), decent high interest checking (1.75% APY but with the only requirement being one electronic deposit per month vs. the usual 10-12 Debit Card Transactions) and some okay CD rates for the short term (12-18 month CD at 2%). Donating $10 to an Orphan foundation or being a PTA member can get you access if you don't live in Chicago so it's something I've been considering but would love to hear anyone's experience with it. Edit: They also seem to make your Experian Credit Report available to you free of charge. KarmaCandy fucked around with this message at 19:59 on Feb 7, 2010 |
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Feb 7, 2010 19:55
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So I guess this is a good thread to ask this question in--The rates for apartments in my complex have plummeted since my girlfriend and I moved in (We pay $750/mo, nowadays the same apartment is roughly $575/mo). We signed a 2 year lease (I'd lived here a year already and loved the place, so we wanted the biggest discount possible). Are rental rates usually locked in from the signing of the lease, or is it something where I could negotiate, especially considering how much lower the price for my apartment is nowadays?
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Feb 13, 2010 19:01
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waffle posted:So I guess this is a good thread to ask this question in--The rates for apartments in my complex have plummeted since my girlfriend and I moved in (We pay $750/mo, nowadays the same apartment is roughly $575/mo). How much does it cost to break the lease? If you wouldn't save money by breaking the lease, you don't have much leverage.
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Feb 13, 2010 20:10
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Buying a used vehicle. My credit is good but not great, and I'm being offered 9% to finance. However, I have sufficient funds to pay for the car in full (with no effect on my quality of life). Should I finance, and then pay the vehicle off at a later date to raise my credit rating? If so, how long should I make payments on the car before paying it off?
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Feb 26, 2010 21:49
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There are better ways to raise your credit without having to pay interest. What is making your credit score lower right now? Is it the length of your credit history, a high utilization/credit ratio, what?
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Feb 26, 2010 22:03
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Over time, I've had a few bills I've stupidly/lazily missed. Everything is paid up now, but the damage is done. I have no other outstanding debt (since 2007) or lines of credit (since 2005) to speak of, so that's not helping either. Please clue me in -- what are better ways to raise my credit?
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Feb 26, 2010 22:12
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oval office AND PASTE posted:Over time, I've had a few bills I've stupidly/lazily missed. Everything is paid up now, but the damage is done. Secured credit card, convert to unsecured when they let you, and a fair amount of time using it properly (paying in full on time every month, keeping the statement amounts <50% of your credit limit).
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Feb 26, 2010 22:58
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Yah, don't pay 9% on a car loan in hopes it will "raise your credit".
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Feb 26, 2010 22:59
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Engineer Lenk posted:Secured credit card, convert to unsecured when they let you, and a fair amount of time using it properly (paying in full on time every month, keeping the statement amounts <50% of your credit limit).
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Feb 26, 2010 23:05
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Thanks guys, I'll look into this and just pay cash for the car.
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Feb 27, 2010 00:29
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I'm trying to achieve financial independence, so i've been looking up books on investing, learning briefly about fundamental and technical analysis, i feel that at the very least i should be able to interpret financial statements, cash flow statements and things like that, so my question is, anyone has a book recommendation for me?
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Feb 28, 2010 15:27
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dlink posted:I'm trying to achieve financial independence, so i've been looking up books on investing, learning briefly about fundamental and technical analysis, i feel that at the very least i should be able to interpret financial statements, cash flow statements and things like that, so my question is, anyone has a book recommendation for me? Yes, there's a whole thread on the subject that has a giant list of books to read. http://forums.somethingawful.com/showthread.php?threadid=3259986
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Mar 1, 2010 15:35
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Looking for some general thoughts on my financial situation and help with choosing a new credit card. - 24 years old, have 15k in a Bank of America Savings account and 1k in a BOA checking account. I also have a $500 limit credit card through a local credit union I opened when I started college. I sporadically use this card and pay in full and never have been late. - Through work I have a deferred compensation plan set up with The Hartford where I deposit $50 a week. - Make roughly 55-65k a year depending on overtime - No student loans, no car payment, no debt - Main expenses are $700 monthly rent and $80 cell phone bill - Through work I have a deferred compensation plan set up with The Hartford where I deposit $50 a week. I am looking to open a new credit card but don't really know where to begin. I have done some research and the Chase Freedom card and Capital One look decent, although I don't really understand everything. Also this summer I plan on buying a 2006-2008 Jeep so I'll be taking on a car payment.
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Mar 1, 2010 16:09
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Bgwin posted:Looking for some general thoughts on my financial situation and help with choosing a new credit card. Look into PenFed. They have a very good cash rewards card (not their new travel rewards AmEx, just the normal Visa rewards. Also, with as much money as you make, and as little living expenses as you have (and with your savings), I'd really discourage you from taking a car loan. Save up and pay in cash. Grumpwagon fucked around with this message at 02:51 on Mar 2, 2010 |
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Mar 1, 2010 20:00
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Yeah, the PenFed card is pretty good. You're pretty lucky not to be on the loan treadmill; consider staying off it by buying a cheaper jeep.
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Mar 1, 2010 20:10
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Help me get off the loan treadmill.  I have a substantial debt going on right now. (~$12k @ 20% APR) I'm using the "save in the margins" technique and have cut my gym membership, a couple cheap gaming site memberships that were adding up, and a bunch of other crapola that I can jettison from my life, hopefully saving me around $120 per month. As well as more DIY projects. (Although I can get obsessive...I just built a towel rack for $15. $3 for the pipes and cables, the rest on paint and hooks.) My main debt is a 12 year old credit card I've had with Wells Fargo for ages. I scrimp and save, get depressed, blow money, do it again. My idea was not only to cut back spending, but do a balance transfer and do my banking business at a credit union. Would they deny me because of my debt? Is this a good solution? If I can get a 12-15% APR interest rate, it may help me make some gains.
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Mar 2, 2010 02:09
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Kobalt posted:I have a substantial debt going on right now. (~$12k @ 20% APR) indeed!You need to get that interest rate down as soon as possible. It's currently costing you nearly $200/month just to tread water and your balance would double in less than four years at the current rate. Try and find a low-interest credit card on to which you can balance transfer the 12k. Here's a Canadian card that my bank offers: https://www.tdcanadatrust.com/tdvisa/emerald.jsp It offers you a low variable rate that would save you a substantial amount of money without any special gimmicks. Think carefully about balance transfers that start with a 0% rate and will reset to a high rate, like 19%. You won't be any better off if you can't pay most of it off afterwards. Also, be very wary of balance transfers in general. Sometimes the contract has stipulations like "if there's a balance left after the 0% period expires, you will be charged retroactive interest on the entire balance transferred." You might want to look into getting an unsecured line of credit or a regular loan and use that to pay off the card. You'd probably be looking at 8% to 12% interest, which wouldn't be ideal, but it's better that 20% compounding. Another issue is the feast/famine cycle you're going through. While it always makes sense to cut out stuff that you can't afford or isn't worth it (gaming sites?), make sure you aren't unsustainably denying yourself and setting yourself up for a destructive binge. Just like for weight loss, slowly adjusting your lifestyle works way better than crash-dieting. Good luck!
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Mar 2, 2010 09:12
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I've got a quick credit card-related question. I'm a student, graduating in May, starting a job in July for $75k/yr. Right now, I have the following debt balances:
No expenses other than me spending too much on restaurants and poo poo, $720/month income from my on-campus job, savings from my summer internship all but exhausted, practically no savings or cash otherwise. Paying about $100/month on each card. Credit score is 730. My question is this: should I bother applying for a 0% APR card to balance transfer this debt, especially the Chase debt, to? Or is it not worth it? As soon as I get my first paycheck I'll be able to pay off my credit cards, so I'm not too worried about carrying the balance for another 4 or 5 months. My biggest problem is that I'm still spending like I was this summer when I made 4 times what I do now, so that's why I have the balances.
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Mar 2, 2010 19:53
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I'd say you should focus on not doubling those balances before July. Are there any balance transfers that don't cost 3% or so these days? If not, it's probably not worth it.
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Mar 2, 2010 19:58
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Kobalt posted:My main debt is a 12 year old credit card I've had with Wells Fargo for ages. I scrimp and save, get depressed, blow money, do it again. It sounds like some therapy could really help you a lot more than just a plan based on financial numbers.
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Mar 2, 2010 20:58
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illamint posted:My question is this: should I bother applying for a 0% APR card to balance transfer this debt, especially the Chase debt, to? You pay $22.50 on the Chase debt per month and $10.67 per month on the Schwab card. 5 months of interest is $165.85. Assuming you pay the cards off pretty quickly, lets round it off to $200. If you can find a 0% balance transfer deal, assuming a 3% fee (pretty standard), you'd pay ~$91 for the balance transfer. You'd save around $100 for doing a transfer. $100 isn't nothing, obviously, but I'd concentrate on reigning in your spending first. If you want to do the balance transfer, make sure to consider any annual fees, and make sure it's a decent card. No sense getting an inquiry and a new account (and lowering your average age of accounts) unless it's a good card you'll use afterwards. What I'm trying to say here is, considering everything, I don't think it's worth it for you to open a new card, unless you get lucky and stumble on to a great card with a 0% offer, which doesn't happen nearly as often as it used to.
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Mar 2, 2010 21:29
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DuckConference posted:It sounds like some therapy could really help you a lot more than just a plan based on financial numbers. Spending is therapy. 
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Mar 3, 2010 01:35
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Kobalt posted:Spending is therapy. Much like cutting, it's not really a healthy coping mechanism.
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Mar 3, 2010 04:43
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Kobalt posted:Spending is therapy. When I was kicked out of my parents house, I did this. I bought all the game systems and poo poo my family could never afford when I was a kid.
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Mar 3, 2010 15:34
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Would it be worth it to get a low-interest credit card (4%, 25$ annual fees) in order to transfer a balance of 1600$ from an 11%, 25$ annual fee card?
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Mar 5, 2010 19:13
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I doubt it. But you'll have to do the math, accounting for the balance transfer fee and the amount of time it's going to take you to pay it off. Play with the calculator "Is a lower rate worth the annual fee?" on this site: http://www.fool.com/calcs/calculators.htm By my calculations, assuming a 3% transfer fee and paying $100/mo, the 4% card saves you all of $45 over the 18 months it takes to pay it off. PS: you should pay it off faster than that.
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Mar 5, 2010 19:21
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Hurricane Jesus posted:Would it be worth it to get a low-interest credit card (4%, 25$ annual fees) in order to transfer a balance of 1600$ from an 11%, 25$ annual fee card? I've mentioned this before in these threads, but be careful to read the fine print of the balance transfer. Some cards have stipulations like "we'll charge you retroactive interest on the whole balance if you fail to pay it off when the grace period expires" or something like that. Of course, you should always read credit card contracts closely anyway. I don't think there's a really good reason not to switch cards, though. Ultimately, you don't want to pay an annual fee unless the card offers some sort of amazing rewards program (usually you need to be spending a huge amount of cash to make it worth it). If you don't have much attachment to your current card, you could balance transfer and ditch the old card. There's not a whole lot of incentive to do so, either way. You would probably take a small hit to your credit score for opening a new card and possibly when closing your old one. If you're planning to get a big loan soon (or mortgage), it might be better to just pay the old card off and accept the small interest difference as a learned lesson, then close the card after you get the loan and pay off the card.
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Mar 6, 2010 09:37
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Don't pay a balance transfer fee. I did that twice and then I got smart and actually looked around... there are cards out there with 0% interest for 6-12 months and $0 balance transfer fee. The last one I got was through US Bank.
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Mar 6, 2010 16:37
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It's actually a variable interest card (TD Emerald Visa, in Canada) at prime + 1.9% being the lowest possible rate -- prime is 2.26% right now so it comes to 4.15%. It has no balance transfer fee and no "introductory offer" or any of that, just a 25$ annual fee, a 4.15% interest rate and "TD Visa Checks" that you can use for anything, including for paying off part or all of the balance on another card.
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Mar 7, 2010 02:18
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Hurricane Jesus posted:It's actually a variable interest card (TD Emerald Visa, in Canada) at prime + 1.9% being the lowest possible rate -- prime is 2.26% right now so it comes to 4.15%. It has no balance transfer fee and no "introductory offer" or any of that, just a 25$ annual fee, a 4.15% interest rate and "TD Visa Checks" that you can use for anything, including for paying off part or all of the balance on another card. Visa cheques count as cash advances and almost always have a higher associated interest rate. Also, you don't get any rewards or cash back for using them.
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Mar 7, 2010 05:43
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How much does everyone think is 'enough' in savings to move out of home? I'm currently studying at university while living with my family, and have a part time job at a supermarket.
froglet fucked around with this message at 16:50 on Mar 23, 2010 |
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Mar 7, 2010 09:23
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You have nowhere near enough. Rent alone costs more than AUD$120 a week here in Brisbane, worse if you're in Sydney or Melbourne. You then have to pay for your own food, etc. Why not stay at home for now and spend the time building up skills and trying to work towards landing a proper job with your degree? If you then get a fulltime job starting when you leave uni, you can save up in a couple of months enough to move out and start renting. It makes no sense to do a degree if you're going to work in a supermarket in order to move out.
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Mar 7, 2010 09:54
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