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The Official Coli Money Growth Thread
- Thread starter MillionMills
- Start date
I will start with the biggest things
anyone that has a mortgage should try to set their payments to "advanced bi-weekly"
this gives you an extra payment every year that goes directly on the principal...doesn't sound like much but over the life of an average mortgage can easily take off 6 mos to a year over your total ammortization
also, most banks allow you to up your actual payments by at least 10% or more.
but even if you only added $50 more per biweekly payment($100month) you would be knocking off YEARS!! from your ammortication. Which takes off 1000's of interest.
BEFORE paying off any other loans or car notes ensure that all your credit cards are paid off. and if possible call your credit card company and have your total lowered. I've had cards before just send me notice that they are gonna raise the balance. and my last card was(no lie) up to 21,000!! wtf do I need 21k on a credit card for?
I had multiple cards at one point one with the 21K and another that had a 9k limit. I completely cancelled the 21K and called the other one to have it lowered to 5K....
NO need to have high limit credit cards. If you need access to cash like that go open up a line of credit at a much lower interest rate.
Those that are looking to invest.....
I would really only suggest getting in to investing if you have your other finances in order.
If you have a mortgage
no high limits on credit cards
car note is manageable(or non existant)
do this...for at least 6-10 months.
take $100 and put it in to a savings account every month.
if you realize that you can live without that $100 and don't have to go get that money back..then you are good to start.
Take that $600(or whatever you saved) and go open up a mutual fund. continue putting $100 in to that every month.
watch your money grow.
chabvongaBlackus
Banned
Become a minimalist.....less worry and you conserve mental energy
....mind you I have one pair of boots(Timberland Earthkeepers), one pair of Levis' Jeans, one pair of chinos and 12 shirts....every morning I don't have to worry what I'm going to wear/eat because it's the same stuff everyday.....you end up having a lot of energy to fulfill your time with worthwhile things, e.g learn a skill, not work minimum wage....and generally become a better person since you won't need validation
from other people because of what you wear...if you get a few good things/high quality no matter the event you will always fit in.....my attire if I hit class i'm looking fresh, a developers meetup same thing, club same thing but I'm jus wearing the same thing 
....mind you I have one pair of boots(Timberland Earthkeepers), one pair of Levis' Jeans, one pair of chinos and 12 shirts....every morning I don't have to worry what I'm going to wear/eat because it's the same stuff everyday.....you end up having a lot of energy to fulfill your time with worthwhile things, e.g learn a skill, not work minimum wage....and generally become a better person since you won't need validation from other people because of what you wear...if you get a few good things/high quality no matter the event you will always fit in.....my attire if I hit class i'm looking fresh, a developers meetup same thing, club same thing but I'm jus wearing the same thing
Other things to actually help you save money(most have been said) but things I have done to save money
small things like taking a lunch to work instead of buying
buy food in bulk(Costco ftw)
avoid drinking in bars and restaurants and staying at home or friends etc.
buying a car and thinking of it as a tool not as something to floss
As for buying a car. Don't get fooled in to thinking that buying a car used will always save you money. I've gone both ways(buying new and buying used)
in all honesty...I'd probably never again finance a used car. If I couldn't pay it out right I'm just gonna buy new.
I paid 1% on financing my car from the dealer. 1%!! my last car was 0%. with a full 5 year warranty
Financing a car through a car lot could be anything from like 6-7% up to 29% plus you probably don't get the same warranty or any warranty.
in 2 years when your 3-4 year old car is now 5-6 years old and you need to get something repaired you gonna be in trouble. Not to mention the regular wear and tear stuff like tires and brakes that you didn't even wear out you have to replace.
small things like taking a lunch to work instead of buying
buy food in bulk(Costco ftw)
avoid drinking in bars and restaurants and staying at home or friends etc.
buying a car and thinking of it as a tool not as something to floss
As for buying a car. Don't get fooled in to thinking that buying a car used will always save you money. I've gone both ways(buying new and buying used)
in all honesty...I'd probably never again finance a used car. If I couldn't pay it out right I'm just gonna buy new.
I paid 1% on financing my car from the dealer. 1%!! my last car was 0%. with a full 5 year warranty
Financing a car through a car lot could be anything from like 6-7% up to 29% plus you probably don't get the same warranty or any warranty.
in 2 years when your 3-4 year old car is now 5-6 years old and you need to get something repaired you gonna be in trouble. Not to mention the regular wear and tear stuff like tires and brakes that you didn't even wear out you have to replace.
awkwardblackgirl
Shakara
I don't have to worry 'cause guys pay 75% of my bills.
VFib
All Star
It's January 28th. Is everyone closer to their financial goals?
Black Bolt
Superstar
For the purpose of this thread buying used >>>> buying new everytime. Let someone else eat the depreciation. If you're worried abou the repairs, look to get an extended warranty.
Ultimately leasing is the best option if you know how they work and can find a good deal, gives you the best of both worlds (dealer bears the depreciation & upkeep costs) & in addition greater cashflow. Don't use them however if you're not sure of its merits.
HookersandIceCream
#TeamOrange
Black Bolt
Superstar
This, in a roundabout way, is the best advice in the thread. We live a consumer driven society that practically demands you give away all your money as soon as you get it. Ask yourself before you before you make a purchase, no matter how little or large, if you truly need it? Not want, or like, but need. That is not to say you have to be frugal or miserly either because that would be a boring existence. At the same time, there's a happy medium in there which most people should aspire to.Become a minimalist.....less worry and you conserve mental energy
its is NOT always beneficial to buy used.
You guys worried about depreciation but willing to pay high interest rates like that ain't the same thing?
I'm saying alot of these car companies are offering 0% interest loans.
ain't NO BANK or company giving 0% interest loans on used cars.
More like 7-8% ( sometimes way more)
so over 4 years you gonna pay all that interest on a used older car, that will have the warranty run out, have more wear and tear on the car, and ulitmately you not knowing how that car has been treated before.
You can go BUY an extra warranty but there is that extra money you are throwing at this older used car.
you guys need to stop listening to this old "let someone else eat that depreication" advice shyt.
That was good advice when these companies were charging 7-8% interest but at 0%?? fukk that is just good business
Brand new car
Full warranty
KNowing exactly how it was treated
and basically paying the same price?
and lets not even get in to leasing. Leasing NEVER saves money. Leasing is about convenience not about saving money.
and what part of that is stupid?I get they why of what your saying but that's some fukking stupid advice
Black Bolt
Superstar
1) I didn't once mention taking out finance in my post. The assumption is that you'd be buying cash in hand or at 0% if available. Buying a depreciating asset financed at 7% is clearly a bad idea. That should go without saying.
2) Leasing absolutely can save you money, for you to purport buying new and yet disparage leasing is hilarious. Not insult meant but you clearly aren't knowledgeable on the topic. A good lease deal will always beat buying new. Admittedly 60%/70% of lease deals out there aren't favourable to consumers but if you know how to utilise them they are 100% the best choice. Buying new is always the worst choice financially, this isn't debatable.
1) if you read my original post I said UNLESS you are buying it out right (with cash) then its not really worth it.
if you have to finance then what I said makes sense.....and its you agree with that so thats cool. I think we are jsut saying the same thing. Maybe you skipped over the outright part....its all good.
2)Leases are LOADED with hidden costs, penalties and buy out options. Sometimes you end up paying almost the same monthly than you would financing a car. Sure it would only be for 2 years or so. But even when you reup for another car at the end you have nothng to show for it. OR you pay that large buy out at the end.(or finance it with interest)
Not to mention mileage limits, unable to customize anything on the car, and if you want to end the term early the penalties can be very high.
Leasing CAN save money. But its mostly for business and for those that can write off alot of the expenses. For a regular person leases (most of the time) just aren't worth it.
At least with buying you end up with an asset in the end.
JetFueledThoughts
Superstar
I'm off to an ok savings start this year. I opened up an Ally account and I dump 100-200 of my spare cash every time I get a paycheck
Like several people here already said Ally is highly recommended. Their interest rates are unmatched, and even tho they don't have brick and mortar bank locations, I believe they take care of your ATM fees if you have to physically withdraw, and also depositing money from your main account to ally is easy, the transfer does take several days to process though. I'd highly recommend using Ally for a second account or savings account, while still having a main account with Chase, Wells Fargo, BoA, etc.
I'm also trying to finally pay off all my credit card debt. I racked up a couple grand my first year out of college, as I unexpectedly lost my job 6 months into post-grad life. That credit card helped me keep lights on and live for a good 3-4 months, but I also got right up around the limit and had trouble paying it down
So now I have about 2k and change in debt remaining. It would be dope if I could end 2016 with 0 debt 
Someone feel free to disagree but I personally think it's a good idea to take out an additional card with 0% APR the first year, then transfer some of your existing credit card debt over to that 0 interest card. What that'll do is make a portion of your debt interest free. Stay disciplined and pay down the card with interest on it, and know that you need to finish off that new card in 1 years time. I've found it to be relatively helpful, and your credit score improves if you add to your credit line, as long as that top number continues to get paid down
I dunno man I'm just pooping typing out some stuff I've been doing the last few months. Nothing revolutionary but it's a decent start, and maybe it'll provide somebody with an idea.
Like several people here already said Ally is highly recommended. Their interest rates are unmatched, and even tho they don't have brick and mortar bank locations, I believe they take care of your ATM fees if you have to physically withdraw, and also depositing money from your main account to ally is easy, the transfer does take several days to process though. I'd highly recommend using Ally for a second account or savings account, while still having a main account with Chase, Wells Fargo, BoA, etc.
I'm also trying to finally pay off all my credit card debt. I racked up a couple grand my first year out of college, as I unexpectedly lost my job 6 months into post-grad life. That credit card helped me keep lights on and live for a good 3-4 months, but I also got right up around the limit and had trouble paying it down
So now I have about 2k and change in debt remaining. It would be dope if I could end 2016 with 0 debt Someone feel free to disagree but I personally think it's a good idea to take out an additional card with 0% APR the first year, then transfer some of your existing credit card debt over to that 0 interest card. What that'll do is make a portion of your debt interest free. Stay disciplined and pay down the card with interest on it, and know that you need to finish off that new card in 1 years time. I've found it to be relatively helpful, and your credit score improves if you add to your credit line, as long as that top number continues to get paid down
I dunno man I'm just pooping typing out some stuff I've been doing the last few months. Nothing revolutionary but it's a decent start, and maybe it'll provide somebody with an idea.