Saving(s)
- Started
- Last post
- 18 Responses
- ohhhhhsnap
How do you do it?
Do you generally put away 10% of your income (or more)... and where/do you invest?
I have an IRA that I pulled out 1/2 of with hopes to build it back up again, and try my best to put away 10% of all income these days.
- section_0140
5% a year is invested in the stock market (The other 5% is wasted on dumb shit). I've been using a firm, but I think I'm going to start managing it myself, because the last two years their suggestions have barely returned shit.
I've stuck to mutual funds and bonds so far, but they can piss off with their inflated fees. Thinking of moving it all over to Scott Trade or something similar.
- ohhhhhsnap0
Yeah I figured you meant the firm can piss off LOL
I recently got a credit card through my bank (Credit Union), payed & got rid of all plastics other than my debit cards. Payed $1K to borrow against my own money on a card to build up my credit (went to shit after loan default). The interest rate is 0.9%, such a sweet deal.
One of the smartest investments made this year.
Nervous about gambling my $ on stocks. Would rather put that dough into my retirement.
- That's why I've done mutual funds (or ETF's). It's already diversified.section_014
- ukit20
Saving is tough. Which is why I focus on building side business that I can run with as little effort as possible and earn passive income.
If all else fails, I'll retire to Southeast Asia or somewhere else cheap when I hit 60 :)
- interesting thought. Are you SE Asian by chance?ohhhhhsnap
- agreed ukit2 your side biz plan is exactly how it should be doneohhhhhsnap
- I'm half Asian...my dad's family from HK.ukit2
- fyoucher10
I'm not an expert in this shit but here's what USAA (who I use for almost everything) has recommended/created for me:
SEP IRA in which it automatically contributes to two mutual funds every month (one moderate and one high risk). Then, if possible, I max out my SEP IRA come tax time, or add as much as I can in.
Have tiered CD's for Emergency Fund (a way to take out loot if necessary but where it's not stocked away until I retire. Rates suck right now but still better than a regular old savings account)
Have a separate Brokerage account for my daughter (saving for car, wedding, that type of shit).
Have a separate business savings account where every biz check, a third goes to for taxes.
529 Plan which automatically deducts for my daughters college tuition every month.
Have a separate Personal Savings account, where I add 10% of monthly income towards it (The Shit-hits-the-fan Emergency Fund, Vacations, misc shit).
Separate business checking account (biz-related expenses, deposit client checks) and personal checking account (whores, weed, crack cocaine, shit like that). Mainly just have enough for three months worth of bills at a time in Checking. If I have more in there, I send it to CD's or my daughter's savings.
- Didn't know about ER Funds...!!! Will look into it. Super informative, taking note, txohhhhhsnap
- monospaced0
Figure out an actual spending budget and then predetermine what "should" be saved. Then work towards that goal, and actively put intended savings into a savings account everytime the paycheck is posted. When possible, invest in a good stock or mutual fund, and max out any firm-matched contributions to retirement and 401k accounts.
- sarahfailin0
Cook food at home.
Don't pay for sex.
Move in with your parents.
- sureshot0
I cannot even save. I'm poor as fuck. True story.
- imagineallthepeople0
.
"Do you generally put away 10% of your income (or more)"as much as I can, at least 75%
"... and where/do you invest?"
buying securities via online-broker, low-cost, low-risk, long term products, broad mix of stock/bond ETFs. all proceeds get re-invested
- scarabin0
i transfer around half to savings whenever i get paid. i'll tap that occasionally for travel.
don't really invest. not sure how
- < I second thatMaaku
- if you want to invest, simply open a brokerage account (schwab, etc), and buy something you understandmonospaced
- sarahfailin0
To give a better answer:
Keep some money in your checking/savings account that you have access to immediately. Put a cap on how much this money should be. 2-3 times rent/mortgage is good for me as a single guy.Keep other money in an investment account at a bank like Fidelity, etc. This money you can get to fairly quickly for things like trips, emergencies, etc, but should still be making 5-8% interest.
Finally, put the rest of your money into a long-term savings account, like an IRA, a ROTH IRA, a 401(k) or another longterm investment account.
With these three accounts, you got your short-term, your short-long term, and your long-long term needs covered. The younger you are, the better it is to put money away for the long haul, cause you'll see it multiply mo and mo.
- Frosty_spl0
I just dumped a ton of money into Tesla stock at 255 a share. Then it fell to 207. FUCK. Now it's back up a bit. Fuck the stock market, haha! I should have bought it when it was 45 bucks like I wanted to.
I wanted to put all my money into it when it was $140 a share like I wanted and I would have make $30k in a month. But I was scared.
I got a 401k from my first big agency job back in 2006. Forgot about it till I left that agency last year. Looked at the balance and was surprised I had $50k in it. They matched 6%.
- I'm dumb BTW.Frosty_spl
- 20% loss isn't much, just hang on, Tesla is gonna be juuuust finemonospaced
- pinkfloyd0
I have no monies
- GeorgesIV0
used to have some, now I have none,
but I'm happy so it's ok, I guess
- omahadesigns0
1. Get a job.
2. Don't buy crap you don't need.
3. Don't do drugs.
4. Cook sometimes.= instant savings.
5. Live with GF
= even easier to save money and have her cook!
6. Maybe don't have kids.
- marijuana makes for a cheap night at home though...sarahfailin
- ok_not_ok0
- the milliseconds give these guys advantage in bulk, but the effect on everyday guys is basically negligible.monospaced
- http://dvdmedia.ign.…
pump n dumpmoldero
- cbass990
• do the max on 401k at your job
• open up a roth ira and throw anything you can into it..$100 a paycheck
• auto transfer $25/week into savings account
• ANY/ALL freelance money, separate savings account
• quit smoking