Formerly Black Trash
Philosopher, Connoisseur, Future Legend
Damn. Thanks y’all
So I
How can I make 100k?
As a poor man
I wanna buy a house
So I
How can I make 100k?
As a poor man
I wanna buy a house
Can someone educate me on CD accounts?
- Thread starter Formerly Black Trash
- Start date
“This is America”
I honestly don’t see how the average person in a major city can even afford a house these days. I wouldn’t know what to do if I was in NY or Cali
Check out Brass Knuckle finance. I remember reading him outlining a plan to invest to buy a home. Now it's going to take some time...you're talking at least 5 years, but it can be done if you're diligent. Here is a link to a Coli thread highlighting it as well
Brass Knuckle Finance (How to get out of debt, invest your money, and start a business)
Passive income; you need to find ways to make money while you sleep
Investments; real estate, stock market, etc.
And compounding savings, cut back on things you don't need for example; put that burger money towards you high yield savings account
It really all depends on how you think. My feeling is, if I'm going to pay rent, I may as well pay a mortgage. I'm also not a person that has ever moved a lot in my life, so staying put doesn't bother me. It can be daunting anticipating repairs, but it teaches you to be more responsible...well you try anyway. Make sure your emergency funds are in place.
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How you think is very important but in reality what matters most is what’s in your bank account and your monthly disposable income. We can read and buy all the financial literacy books we want and continue making them dudes rich for all basically saying the same thing, but at some point you have to have a financial cushion to put most of those things in action, otherwise shyt like a broke washer and dryer or an emergency medical procedure would make all that planning come to a stop.
In most places the median household income does not match the median home price. It’s not a good look.
I personally keep it simple with accounts. Right now I have a 1 year CD with a 2.6% apy. Simply put $10,000 put in will pay $260 after 1 year.
Anybody that says savings is paying the same amount isn’t reading the fine print. Usually the minimum you have to put down is $25,000. With my CD the minimum was $500. Based on your post you would need to invest $3.8 million to see $100,000 back in interest.
Anybody that says savings is paying the same amount isn’t reading the fine print. Usually the minimum you have to put down is $25,000. With my CD the minimum was $500. Based on your post you would need to invest $3.8 million to see $100,000 back in interest.
True. I'm fortunate to have a career that pays a decent salary, as well as live in a city where housing prices are affordable. I keep my bills as low as I can too.
I'm a huge proponent of shared living though. Before I bought my house, my mother and I shared a town home that rented for $1325. I paid $825 and the utilities and she paid $500 and little bills like cable. Split the costs for food and toiletries. I had plenty of money to save. Looking at the idea of doing a tiny house type deal in my backyard or changing my basement to a space so we can share again. It's wasteful living alone.
Formerly Black Trash
Philosopher, Connoisseur, Future Legend
The fukked up shyt is
I’m looking at other ppls yearly salaries
And I look at mine now
I make like $28,000 a year
Even if I finish school and get up to $60,000
Is that really going to change my life?
Especially if I’m in a different city paying more rent
Exactly. Which makes you wonder what really determines the rates
The same economy but only 1 rate changing? Really??
Soundd artificially controlled to me
Making 60k a year is not enough to flex or attract gold diggers, but its enough to live reasonably and still save up for emergencies and pay off previous debt.
Formerly Black Trash
Philosopher, Connoisseur, Future Legend
I just mean buying a house
Only places I really want to live are the east coast or Atlanta
East Coast probably going to be out my budget
Paisley Darts
All Star
As others have said, CD rates are so low to the point that they aren't a good vehicle for saving money. I try to keep some cash on hand for an emergency fund (at least 6 months of bills) and it pains me to have it just sit in a traditional savings account. So I break up my emergency fund into several CDs with different lengths (called a CD ladder). That way a maturity date on one of my CDs is always right around the corner while earning a bit more than a regular savings account.. As far as investing and trying to actually make money, look into mutual funds.
@bza bone @dh86
@bza bone @dh86
Listen breh trust me when i say this, fukk what other people make. Salary doesn’t mean much if you have an equal amount of expenses. How much cash do you have to play with is important. You could make hundred grand and be broke or forty grand and with a lot of cash.
My simple advise is this. Keep it simple. You want to stack bread and get a house, then automate the money you have right now. Do you understand me automate it. Set up a savings account and have your paycheck automatically deduct money there. Set up an E*TRADE account and have money automatically deducted to a mutual fund. Automatically deduct for a 401k. Do whatever you can to set things up that you do not have to be involved in doing. The more you have to do will mean the more you check and the more frustrated you will be. When it’s automatic you don’t check and it just grows. One day you look back like
Trust me breh, fukk what anybody else says. Listen to me or just be another breh complaining about shyt you never had.
Shouldn't be an issue for the average coli poster.You let the bank or some financial entity hold your money and in return you earn interest. Usual the longer you let them hold it the more interest you earn. A quick google search said the average interest rate is 3% so if you wanted to earn a 100k in interest you would need to deposit around 3.33 million
