Quick Gems about Personal Finance

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Aceofspades404

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Ally bank has a 1% apy, that's the one I use.
I have a 403(b) but I'm going to ditch that for an ira at the end of my fiscal year.
piggy banks are good for saving loose change
A good credit card to have is an Amazon rewards card
When furnishing your house, walmart, big lots, and tj maxx is the way to go. It might be time consuming to set everything up but you save a lot of money.
When shopping online, use honey, ebates, and retailmenot for discounts and cash back.
If you're going out to eat or looking for an activity to do, look through groupon then make your decision from there
 
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BocaRear said:
1st thing you should do when you get your paycheck is PAY YOURSELF which means put money out of your paycheck and save it

2nd thing is to live below your means, if your bills are too high and you're living paycheck to paycheck you're living above your meaans
if you can't buy it twice, don't buy it once is a key one and a rule I been following.

3rd thing, Once you got money saved you got capital and with capital you make your money work for you. Saving is all good but with inflation and low interest rates at banks, it really ain't shyt. You got to make that cash make more cash.

I recommend every breh to listen to The Richest Man In Babylon audiobook. shyt is piff:ohlawd:

Click to expand...

Downloadable link?
 
Vandelay

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Download An app called Mint. Breaks your spending down to the penny.

Set yourself a reasonable budget each paycheck to blow on bullshyt...reasonable, not frugal and not extravagant. Too frugal, you'll mess around and blow it...extravagant and you'll obviously won't be able to pay your bills.

Pay your bills non time...not late...and not early. Pay them when they are due.

Save 5% each check for a rainy day. Be it savings, stock market, or 401K. I can't save for shyt so it all goes to my 401K. I have roughly $25,000 in there...not great, but I'm doing better than most people I know my age.
 
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BocaRear said:
1st thing you should do when you get your paycheck is PAY YOURSELF which means put money out of your paycheck and save it

2nd thing is to live below your means, if your bills are too high and you're living paycheck to paycheck you're living above your meaans
if you can't buy it twice, don't buy it once is a key one and a rule I been following.

3rd thing, Once you got money saved you got capital and with capital you make your money work for you. Saving is all good but with inflation and low interest rates at banks, it really ain't shyt. You got to make that cash make more cash.

I recommend every breh to listen to The Richest Man In Babylon audiobook. shyt is piff:ohlawd:

Click to expand...


That book is a gem..changed my mentality bout money..ive read it 3 times and will many more times :wow:
 
Heafcliffe

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Great topic. Gotta watch this thread.

My 2 cents: Delayed Gratification

1. If you see and want something, sleep on it. There is a good chance the desire may dissipate and you can move on....with extra money in ya pockets.

2. fukk. The. Joneses. Don't be a lamb and follow trends of material items. Sure, have fun today but always plan for tomorrow.
 
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dark_magic

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1. Save 50%+ of your take home pay. Live off the other half. For a challenge, either raise that percentage or base your savings rate off of your gross rather than net.

2. Treat taxes like an expense. Seek to legally reduce your taxes as much as possible.

3. If you have $150,000+ in assets, setup a Revocable Living Trust for estate planning. This bypasses probate court entirely with your assets passing to your beneficiaries upon your passing

4. Buy precious metals and take physical possession of said metals. Start with silver and work your way up to gold.

5. Practice private banking! Buy a safe.

6. Purchase some foreign currency i.e. Euros, Pounds, etc.

7. Have a passport.
 
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root_eruditorium_org

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mamba said:
Get your money out of weak ass brick-and-mortar savings accounts. They are paying fractional pennies on the dollar. Rates hovering around 0.01-0.02%. :scust:

An index fund that tracks the S&P 500 is a better place to put your money. Just make sure the expense ratio is low.

Vanguard has some good index funds.
Click to expand...

Can somebody break what an index fund is compared to say a mutual fund and if they really are a safer place to park your money in? On the weekend I'm going to talk to a financial adviser at the bank. Thinking of parking a huge chunk of my cash in an index fund but I want to be informed enough such that I don't get taken advantage of - all 'financial advisors' IMO are shysters unless proven otherrwise.
 
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craz_eddy said:
Can somebody break what an index fund is compared to say a mutual fund and if they really are a safer place to park your money in? On the weekend I'm going to talk to a financial adviser at the bank. Thinking of parking a huge chunk of my cash in an index fund but I want to be informed enough such that I don't get taken advantage of - all 'financial advisors' IMO are shysters unless proven otherrwise.
Click to expand...

Index fund is a mutual fund, but more of a passive version of it. Not as actively managed.

The stocks in the index fund portfolio track specific indices. For example, one may track the S&P 500.

Market has grown steadily over time. If you invest in an index fund, you're at least guaranteed to track the market. It's a safer bet than trying to pick individual stocks. For every stock that you pick correctly, you're going to offset those gains by some Ls on stocks that you don't pick correctly.

Just throw it in an index fund and eat.

Jim Cramer on index funds.
Index funds are a type of mutual fund pegged to a stock market index, such as the S&P 500.

Before the financial crisis of 2008, he says he would have told you something different — to take your first couple thousand dollars and invest in four or five different stocks.

"Now I've changed my tune a bit," he tells Torabi. "I want the first $10,000 in index funds because I feel that the market is so unforgiving, and that if you have two bad stocks out of five, you could get hurt. But once you've saved $10,000, then you have some mad money, and then you can be diversified with some stocks."

When selecting your funds, be wary of fees that can eat away at your investments. They're inevitable, but some fees are much lower than others, and you'll want to invest in the low-cost funds.
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Warren Buffett on how he wants his money handled when he's gone:
My advice to the trustee couldn't be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard's.) I believe the trust's long-term results from this policy will be superior to those attained by most investors — whether pension funds, institutions or individuals — who employ high-fee managers.
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index_funds2.jpg


Vanguard has a few good ones. Fidelity does, too.

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You can read more here:

http://www.businessinsider.com/jim-cramer-investment-advice-2015-11

VOO vs. VFINX vs. VFIAX: How do you Choose?

Our Top 8 Favorite Vanguard Funds. Best bang for your buck.
 
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