Secure Da Bag
Veteran
You're able to:
- increase cash flow
- save money on interest (amortized especially)
- pay down debt quicker.
Teach me how to work for myself and not call anyone "boss"
- Thread starter RealCrownHeights
- Start date
You're able to:
calixprynce
...
so is this just for mortgages or it works for any loans that accrue daily interest?
I'm tryna see if i can use this strategy to pay off my car a lot quicker. I have a high limit CC that I think I can work with
is it kinda like using your CC as your checcing account?
Secure Da Bag
Veteran
Yep. Mortgage, car loan, school loans. Any loan amoritized.
calixprynce
...
hows your experience with this strategy?
Secure Da Bag
Veteran
I don't have a mortgage, but it's been good. I just paid down my credit card bills and I been paid down my school loan.
Secure Da Bag
Veteran
RealCrownHeights
All Star
I have about 3k saved during this pandemic looking to invest in maybe bitcoin and stock to have some more income streams. There are too many videos online though, what are some straight to the point videos where I get the gist of both with out fluff and filler
MasterOfAllHeSurveyz
All Star
Stay away from Bitcoin and picking individual stocks. If you're not going to learn how to understand a 10K, pick an ETF and DCA (dollar cost average).
If you're risk averse, pick an unmanaged fund like QQQ. (.2 expense ratio and a quarterly dividend of .6%)
If you're willing to accept a little more risk, pick ARKK (.75 expense ratio and a yearly dividend of .22%)
Let's say you started on August 16, 2015 and you put your $3K in QQQ and added $100 to it every month, you'd have $18,816.34 from $8,900 you've invested at closing last Friday.
If you chose ARKK instead, with the same parameters, you'd have $29,069.21 from that same $8,900 you've invested at closing last Friday.
That's the power of dollar cost averaging and compounding over time.
An expense ratio is how much you pay to the fund yearly per $1000. If you have ARKK, you pay them $7.50 for every $1000 threshold you cross.
Be sure to put the money in a tax advantaged account(s). Fill the IRA and 401K first before you drop it in a regular taxable account.
If you live below your means and put away as much as you can at the age you're starting, you won't have to wait until 65 to retire especially as you increase your monthly contribution as your income grows.
Last edited:
Get that income and savings up. No use investing in anything except yourself at 3k
RealCrownHeights
All Star
MasterOfAllHeSurveyz
All Star
Use the 2.5Gs for your emergency fund.
You can start investing with M1Finance for as low as $100 to open an account (taxable). But, I recommend that you pick a retirement account first (Roth IRA - after tax funding). The only caveat is that the minimum to fund it is $500. The max yearly contribution is $6K for an IRA.
I can create a how-to if you want it. Here's the investment pie "Hella Growth" that I personally use.
Op, what task in your work history have you been complimented on the most?
find that out. Master it. Then sell it. Don’t type it here.
There’s always something u know how to do well that others are willing to pay for. If it saves time, even better.
find that out. Master it. Then sell it. Don’t type it here.
There’s always something u know how to do well that others are willing to pay for. If it saves time, even better.