Early 30’s. Only been saving for half a year. No kids, no wife. I rent a cheap place and I do not own because real estate in my area is something you do not want to touch with a ten foot pole. I don’t have 120k only ~50k atm but I’m projected to have 120k in actual savings this time next year. No student debt, no CC debt. About 25k in stocks
I believe you when you tell me it’s hard to save when you have people living with you. My close relative was living with me in my rental home for about 4 months. Her being jobless and all I was supporting her with allowances, etc and I noticed that my savings seem to stagnate badly. I can imagine what would happen with a wife and 3 kids on top of that.
Good pointers and all. I myself was unlucky due to recessions, hard times, etc. So, now I gotta start back at square zero, as if I just graduated high school and I’m in my thirties…
Off topic. Wait, rcaido, did I just read that you have a child who is almost done with college?!?
well yeah, rcaido may have had kids in his late teens or early 20’s. Here’s a pro-tip, tell your kids not to bother with college unless they are getting into a professional career where you must attend (eg medical doctor, accountant, dentist, etc). I’d tell them that they can go for college if they choose but I wouldn’t support them financially.
jion: did you go to college/uni? How much debt do you have?
I’ve been fucking up financially (not losing, just not trying to grow my money beyond saving every income tax check and what I can out of my weekly paychecks)…haven’t been messing around with stocks, even though my dad keeps pointing out stocks that go through the roof after a few weeks, (like Checkers/Rally’s back in the late 90’s, and more recently Facebook after their sub-$20-per-share drop…now he says I should keep an eye on Paypal when the IPO releases next month), but closer to home, I’m going to see if my job has any kind of 401k-ish programs. I recall my boss saying something about the company having a savings program where they match you dollar-for-dollar. I wasn’t sure how long I’d last at this job, but now, some 7 years later (!!), I just remembered hearing this and, well, better late than never. God, I’ve been slipping. All I have is like $10,000 to my name with no debt, no girl, no kids…I could have had so much more by now. Fuck this. It’s time to Fight For The Future!
What credit union do you have that is offering 5%? I haven’t seen close to that rate from anyone else. I would definitely be interested in an account with them.
I would check and see not only if they have a match, but many companies will offer a 3%-5% match and will enroll you automatically at a rate lower than their maximum match, so if you aren’t paying attention you can lose money by expecting the company to take care of you. My employer is very good about retirement education and will remind you to increase your contribution amount after you get your yearly raise.
Nah, im not that old. We are almost done paying for her college. We put money into the 529 GET program, so when she is 18 she can go to UW or whatever other expensive ass school & not worry about school prices going up as it is already paid for the current price right now. We just got one more year & then we start w/ the other two kids.
For myself i think college is worthless, i would rather have $125,000 as an 18 year old & start investing with it then spend it on a 4 year college.
Most reporters who say college is a waste have gone to the Ivys. Chew on that for a while.
Not having a college degree is something only a well-off white person can do. Sorry, but if you’re a minority and don’t have one you’re not even going to be considered for those real nice jobs. Real life ain’t Mad Men. You’re not going to have a Roger Sterling come get you out of a fur factory and make you a millionaire. You were already disadvantaged by being born with skin other than white, do NOT make the mistake of ignoring a college degree.
I dunno why I waited but after two years I finally set my savings account to automatically deduct 10% out of every paycheck. I should have done this long ago instead of doing it manually because this will force money in savings. The raise and finding a cheaper apartment have made it pretty comfortable for me to take this road so yeah.
The thing is some things you go to school for you can do on your own. Like coding computers. So it really limits the job market. The degree looks nice but from what I understand most people dont look at that when hiring someone.
As Razor mentioned, I’m actually a white, ivy-leaguer planted here by stormfront.org to ensure none of you non-whites will have the privilege of attending post-secondary institutions. Our fear is that ethnic minorities will attend college and give us white men undue competition and take are jerbs slinging’ coffee at Starbucks or being a greeter at Walmart. /s
Getting your credit up is hard, because it takes such a long time. You fuck up on something and your score will drop pretty quickly. Unfortunately the system isn’t necessarily set up for us to truly have financial security.
What do you guys think about TSP’s? I’m looking to put money in a Roth IRA and a TSP just so I can get my feet wet with investing. Probably going to talk with a financial advisor next month, was thinking USAA, wondering if anybody has experience with them?
Well my Credit union is in Cincinnati, but I learned that a lot of them in various areas have pretty good rates. They only insure up to 200k in a savings or checking account. I would say look into a local credit union and see what the rates are for a savings account. My credit union requires that you keep at least 200 in the savings account to build interest. That isn’t a problem for me since I put at least 200 a month into the savings.