You wont be able to sit back and collect unless you’re already loaded and even then its nothing to write home about.
I kinda figured that, thought would be worth asking anyways. Our government truly sucks in that area.
Reading this thread trying to learn what you guys are doing and how
I opened a savings at my local credit union because they have a 5% interest rate. As long as you have 200 bucks in there you will collect interest. But honestly most banks don’t have high percentages. If you could find a bank that had daily compounding interest, then you would have a better time making more deposits since you build interest daily.
No bank is really paying interest right now, and there have been talks and recently implemented in the eurozone of negative interest rates. THey pay you to borrow, and penalize you for saving. Doing some math my i could make more money off of 30 day CDs FOR A YEAR than doing a one year CD. Then again the difference was $15 LOLZ. Banks aren’t what they used to be.
So once Negative Interest rates happen its time to just not use a bank?
It means spend what you have or else the banks will start “eating” your money. If that happens we’re more than likey fucked beyond repair. The way the money system is you have to use a bank. More than likely your check is direct deposited, even loaded on a debit card no? too late to go cash.
Welp we boned. Lets blow all our cash on hookers and blow once the time comes. I buy first round.
I don’t really want to invest in stocks. I’m thinking more like investing in real estate or land. Something tangible that will bring me steady income. Don’t want to still be working in my 40’s I hope t be retired by that time. But I’m 24 now with 40k in student loans, and a grand or 2 from other debts, and still trying to find work in my field of study with about 500-600 dollars to my name right now. So that plan isn’t looking to good. 
Rental properties can be a cruel mistress. What most people don’t tell you before you get into that business is that turning a property into a rental property devalues it and most of the people who make a ton of money with real estate properties are either doing business rental properties, had the cash on hand to buy a foreclosure or built a section 8 housing complex and became a slumlord. I still think rental properties are a better investment than stocks, but they really require you to have the right connections to be successful.
If I were you I would get out of student loan debt before I considered taking on any additional debt. Student loans are toxic debt and that should be your number 1 priority IMO.
OK guess i’ll pay that off as soon as I can. Just need to find a job in my field.
Listen to @J-ride . I did just that the moment I graduated college. Focused on getting rid of my 40k loan and saved afterwards. Clearing that loan also boost your credit score.
Yea man, banks are giving out piss-poor interest nowadays. I still think its somewhat better than hiding your money under neat your mattress.
Damn banks be charging maintenance fees and shit unless you have a minimum of 2K in checking. y money isn’t at that lv yet. But I might just have to bite the bullet because the fee sounds like a small price to pay as appose to dealing with the bullshit that comes with trying to cash paper checks and receiving them via mail and not being able to buy shit that’s only available on-line. But yeah I’ll get on my student loans now. How long it took you to pay off yours? And on what budget if you don’t mind me asking?
Question does anyone know of any good training or certification you can get for about 1000? Tryna find ways to invest in myself
@BB_Hoody : I didn’t do shit for 3 years or so once I graduated–>employed. I stayed with my parents after graduation and paid triple the minimum amount the banks were asking for payment. So yea 3 years it took me to clear my debt instead of the 10-year the bank expected
. I can imagine it royally fucked their profit forecast from me
. I also paid the parent loan since I was so ashamed of getting my parents to borrow money on my behalf. I moved out once I saved 6-months worth of emergency savings.
That feeling when you write that final loan check…
Good luck man.
Thanks for the advice man. Gotta admit this student loan debt got me worried. But Ima follow your gameplan. Stay with my folks and put my money towards loans. OK, that means I’d be staying with my pops till I’m 27. Not sure If he’d be cool with that. Maybe find a roommate. Hopefully I could room with my lil bro if he plans on coming down to Georgia.
Interest on student loans are also tax deductible.
So what I can put that towards my Tax return or something?
A +
There’s form you gotta fill out. Basically, you’re taxed less. I don’t recall but the details of which form to fill out is in the the 1098 form they give you at the end of each fiscal year.