The Official Coli Money Growth Thread

[Maschine_Man]

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.

I would consider cutting the money you are putting in to savings by half and taking that extra money and paying down your debts.

 

[Heafcliffe]

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.

I agree with the thought process as you make purchases and fukking delaying one's gratification! Yesterday, I saw a coat and perhaps for the last 2 months I've been searching for a work coat. In the process of getting a new job that will require a dressier attire versus my current casual look. Saw one for $300 so I waited and finally it went on sale for $140. Thought it was a come up, but the sale rep told me today it would 60% off the sale price. $56 is what it comes too. Patience was the key.

 

[Black Bolt]

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.

Agreed, which is why I said you it's only useful if you know how they work as most people aren't financially literate. There are however many good lease deals out there.

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.

​

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The asset at the end is a false economy, I'll give you simple illustration which might help. One of my best friends currently leases a £40k Merc at £350 a month. At the end of two years he'll be down £8,400. If he'd bought brand new he'd be down £15k on depreciation (using an annualised 20% rate), not to mention all the servicing cost which he doesn't have to worry about, he's better off by at least £6,600 + servicing + warranty + road tax etc Find a good deal and leasing trumps buying new.

I used to think like regarding leasing v new until he showed me the light, I did some research on it and realised I was wrong.

​

 

[Black Bolt]

I agree with the thought process as you make purchases and fukking delaying one's gratification! Yesterday, I saw a coat and perhaps for the last 2 months I've been searching for a work coat. In the process of getting a new job that will require a dressier attire versus my current casual look. Saw one for $300 so I waited and finally it went on sale for $140. Thought it was a come up, but the sale rep told me today it would 60% off the sale price. $56 is what it comes too. Patience was the key.

Breh, the feeling when that delayed gratification pays off is Props on that $244 saving

 

[MillionMills]

Car is paid off

 

[Maschine_Man]

Agreed, which is why I said you it's only useful if you know how they work as most people aren't financially literate. There are however many good lease deals out there.



The asset at the end is a false economy, I'll give you simple illustration which might help. One of my best friends currently leases a £40k Merc at £350 a month. At the end of two years he'll be down £8,400. If he'd bought brand new he'd be down £15k on depreciation, not to mention all the servicing cost which he doesn't have to worry about. Find a good deal and leasing trumps buying new.

​

Leasing is very rarely a good deal.
what you fail to realize is that after that lease is up, you have to lease another or pay for the buyout.

so after a few years he wouldn't have anything to show for it whereas with buying at least he could take that "asset" and trade it in or sell it to bring the cost of a new vehicle down even more.


trading in your bought out car after 5 years(usually the life of an average warranty) will allow you to not have to worry about servicing costs the same way.

Not to mention you don't have to worry about mileage fees or excessive wear and tear penalties.
you can customize the car how you want.
and do what you like.


depreciation hapens quicklly at the front but not as quick over the life of your car

that 40K vehicle may depreciate 15K in hte first year or so but after 5 years would only depreciate maybe another 5

you could sell that 5 year old car or trade it in and amost get 20K back

I just did a quick check locally
a 2013 Subaru BRZ was selling for 22K
brand new on subaru it was 28K



didn't depreciate that much.


"Depreciation"
is just another sales tactic.

 

[Black Bolt]

Leasing is very rarely a good deal.
what you fail to realize is that after that lease is up, you have to lease another or pay for the buyout.
.

It's clear now that you don't know what you're talking about, I'm done going back and forth on it. I gave a clear illustration and you choose to ignore it and instead remain ignorant on the topic using false rationale. Google 'buying vs leasing', hopefully it clicks for you.

 

[Lithe]

Your credit scores matter, and credit cards are not the devil. You just have to be responsible and try to keep your balance under 10% of your credit limit, pay on time, and track yourself every month. I learned so much on the MyFico forums, and those people are serious about their credit. Here's a link if anyone wants to look into it: Home - myFICO® Forums

Look into cards with rewards or cash back. That's how I use my Discocer and either apply the cash back to my payment (this just became an option) or use it on Amazon.

If you're applying for a loan, make sure your credit is right first, because your scores take hits and will lose points with hard (lender pulls) inquiries.

I track my Experian score using Experian credit tracker. It's a great tool!

I've been working on rebuilding my credit for almost 4 years this Summer, trying to make sure everything is right for me to be a home owner in the future, and now all 3 of my reports show scores in the 700's and climbing. It's a lot of work, but it's worth it! I had a medical catastrophe and was told to file bankruptcy. I said no, and got really wise really quick. "Started from the bottom now we here!"

This is a good thread, OP. Get your money up! @MillionMills

PS, I am a female poster, and I'm in. It's all good information for anyone to know, but it also has to do with how I was raised and expected to be educated. To have a partner/husband to provide for/with me would be nice, but I can't live my life expecting to have a man do it all. My dad made sure I started building credit at 18 and I first started by buying my own car. Had the payments taken weekly since I got paid weekly.

I'm 28 now, single, no children, but hopefully I'll be blessed with that life in the future. My father told me when I'm looking at a man to be serious with, to look for a man with whom I can build, and I took it to heart! Trying to make sure I have more to take to the table than a pretty face and nice body. Getting your money right is also about getting your mind right, dedication and hard work.

 

[Maschine_Man]

It's clear now that you don't know what you're talking about, I'm done going back and forth on it. I gave a clear illustration and you choose to ignore it and instead remain ignorant on the topic using false rationale. Google 'buying vs leasing', hopefully it clicks for you.

you gave a clear illustration?
you gave a loose example of your one friend..hardly anything substantial.

I'm not gonna argue with you, you seem set in your ways.

9/10 ppl will tell you straight up tht leasing a car is no good for the average person. I hope you feel good being that 1/10

 

[Maschine_Man]

Your credit scores matter, and credit cards are not the devil. You just have to be responsible and try to keep your balance under 10% of your credit limit, pay on time, and track yourself every month. I learned so much on the MyFico forums, and those people are serious about their credit. Here's a link if anyone wants to look into it: Home - myFICO® Forums

Look into cards with rewards or cash back. That's how I use my Discocer and either apply the cash back to my payment (this just became an option) or use it on Amazon.

If you're applying for a loan, make sure your credit is right first, because your scores take hits and will lose points with hard (lender pulls) inquiries.

I track my Experian score using Experian credit tracker. It's a great tool!

I've been working on rebuilding my credit for almost 4 years this Summer, trying to make sure everything is right for me to be a home owner in the future, and now all 3 of my reports show scores in the 700's and climbing. It's a lot of work, but it's worth it! I had a medical catastrophe and was told to file bankruptcy. I said no, and got really wise really quick. "Started from the bottom now we here!"

This is a good thread, OP. Get your money up! @MillionMills

PS, I am a female poster, and I'm in. It's all good information for anyone to know, but it also has to do with how I was raised and expected to be educated. To have a partner/husband to provide for/with me would be nice, but I can't live my life expecting to have a man do it all. My dad made sure I started building credit at 18 and I first started by buying my own car. Had the payments taken weekly since I got paid weekly.

I'm 28 now, single, no children, but hopefully I'll be blessed with that life in the future. My father told me when I'm looking at me to be serious with, to look for a man with whom I can build, and I took it to heart! Trying to make sure I have more to take to the table than a pretty face and nice body. Getting your money right is also about getting your mind right, dedication and hard work.

Nice...



Also, if you have a mortgage with a bank, feel free to use that as leverage when looking for a loan. Don't just go to your own bank to get a loan.
When other banks find out that you have amortgage they will try to get you to port that over to them so they would be willing to lower interest rates on something like a loan or line of credit to get that mortgage over to them(whether you end up moving to them or not)

 

[Lithe]

Nice...



Also, if you have a mortgage with a bank, feel free to use that as leverage when looking for a loan. Don't just go to your own bank to get a loan.
When other banks find out that you have amortgage they will try to get you to port that over to them so they would be willing to lower interest rates on something like a loan or line of credit to get that mortgage over to them(whether you end up moving to them or not)

Thank you!! I'm nowhere near the step of home ownership yet, because I'm back in college again working on another degree. Some background...

Just trying to make sure I'm way ahead of the game when it's time to buy a home. Can't be too prepared when it comes to finances. Having become deathly ill and all of the hell I went through with that, taught me enough to not let myself think I have forever and that my dad would always be there to help me out. He passed away last year and took many of my senses of security with him, since he was my father, my friend, and a source of advice and wisdom. I paid all of my own bills as well as helped with his, since I lived there too. He would just give me money here and there, just because. I lived with him at the time he passed away because of the nature of my illness and that I needed a clear CT (neurological injury) at the 5 year mark, which will be next year.

So I was glad to have had some stable ground and now I'm wisely and comfortably renting a nice apartment. Car has been paid off, credit scores looking nice, I'm focusing on this education so I can get back into a solid career and keep building!

 

[I Lord Justice]

subs

 

[JetFueledThoughts]

I would consider cutting the money you are putting in to savings by half and taking that extra money and paying down your debts.

I think that's a dope idea my friend

 

[Maschine_Man]

Thank you!! I'm nowhere near the step of home ownership yet, because I'm back in college again working on another degree. Some background...

Just trying to make sure I'm way ahead of the game when it's time to buy a home. Can't be too prepared when it comes to finances. Having become deathly ill and all of the hell I went through with that, taught me enough to not let myself think I have forever and that my dad would always be there to help me out. He passed away last year and took many of my senses of security with him, since he was my father, my friend, and a source of advice and wisdom. I paid all of my own bills as well as helped with his, since I lived there too. He would just give me money here and there, just because. I lived with him at the time he passed away because of the nature of my illness and that I needed a clear CT (neurological injury) at the 5 year mark, which will be next year.

So I was glad to have had some stable ground and now I'm wisely and comfortably renting a nice apartment. Car has been paid off, credit scores looking nice, I'm focusing on this education so I can get back into a solid career and keep building!

Daamn sounds like you are persevering after some tough times. Its always great to hear that(not what you've been though, just that you are able to pick up and carry on) that shows strength and determination.
Plus going for your(second?) degree is pretty amazing too.

The key to financial happiness is just finding what is best for you. Alot of ppl saying owning a house is the be all end all of everything. But realistically sometimes its just not a smart move to jump in to a house just for the sake of one.

Sounds like you are on your way. Keep at it, keep that credit lookin , finish that degree then you will be well on your way to financial security..

 

[Mr210]

are there any free apps that will allow me to follow my credit report and fico scores even better?