The Official Coli "Meet Your Financial Goals" thread

[Maschine_Man]

Ayo bruhs,
So many financial experts on the coli, and so many others that could use a little help., figured I could create this thread and we can talk about what everyone is doing to make their financial situation better.

For me personally:
Me and my wife just recently got her $40,000 student loan under $10,000 (in about 1.5 years)

felt good putting that last payment on and dropping it from 10,800 to 9,800

We are looking at having that fully paid off by May or sooner (I'll keep this thread updated).

This has been a goal of ours to finally get that paid off ASAP.
we've been sacrificing and getting our financials all sorted out and its been doing great the last few years
on top of that we have been:

-putting an extra $200 on our car payment per month to get that paid off sooner
-putting an extra $100 bi-weekly extra on our mortgage payment (its already cut down almost 2 years over the life of the mortgage)
-putting $150 each per month just in our investments

I'm looking forward to the day that that loan is paid off, then to the day our truck is paid off.

#coligoals


Basically we are getting things paid off based on interest rates
first we keep our credit card with a relatively low balance (19%)
Line of credit 6%
Car payment 1%
Mortgage 2.99%

That is our priority list



Anyone else got goals they are working towards?

 

[#SOG_soldier]

I need 5 grand to buy an easy Asian sex slave




Half way there. Just need 2 more months of savings

 

[Maschine_Man]

I need 5 grand to buy an easy Asian sex slave




Half way there. Just need 2 more months of savings

GOALS!!!

Never said they had to be specific

 

[MJ Truth]

I got 13 racks in student loans I'm tryna run through this year then pay off all of my other little petty debts and after that I'm done with the credit shyt, I'm tryna live my thirties competely debt free.

 

[Soundwave]

Someone break down mutual funds for me and how they work

 

[Maschine_Man]

I got 13 racks in student loans I'm tryna run through this year then pay off all of my other little petty debts and after that I'm done with the credit shyt, I'm tryna live my thirties competely debt free.

Yea bruh, thats the life.

Outside of my mortgage, I want to be completely debt free before I'm 40(I'm in the my 30's now)

 

[Maschine_Man]

Someone break down mutual funds for me and how they work

Mutual funds in its most basic terms is just a way to diversify your investments

mutual funds can include stocks, bonds, etc depending on how "safe" or "aggressive" you want your mutual fund to be. It also depends on how long do you play to keep that investment

For example, I've got a Mutual fund right now..considered a "medium" agressive type investment.
In it there are a few aggressive stock options that will try to get higher returns, while at the same time hold bonds that are more guaranteed but give a smaller rate of return.

over all the one I have has been giving me a steady(albeit not huge) return and has been going up...

 

[Maschine_Man]

The Official Coli Money Growth Thread

 

[TL15]

Someone break down mutual funds for me and how they work

what the breh said...

You are throwing your money into a pot with a lot of other people and they typically give you anywhere from 25-hundreds of companies that you are investing in. Depending how aggressive you want to be they can return a decent amount (more than a savings account) over a period of time but you are going to let them cook for a while before seeing real returns

@The_One great thread

 

[Maschine_Man]

what the breh said...

You are throwing your money into a pot with a lot of other people and they typically give you anywhere from 25-hundreds of companies that you are investing in. Depending how aggressive you want to be they can return a decent amount (more than a savings account) over a period of time but you are going to let them cook for a while before seeing real returns

@The_One great thread

Yea mutual funds are definitely much better than savings accounts. IN fact in this day and age with interest rates low savings accounts are next to pointless.

If you want to save you are better off getting a CD or a GIC(for the Cdns on here)

even a short term CD will get you double interest than a savings account but the longer you lock it in the more interest you will get.

For example,
If you were to save up for a downpayment for a house in a regular savings account you MIGHT be able to get .25%-.5% where as with a CD if you lock it in for at least a year you would get like 1.3%
lock it in for 5 years and you would get 2.5%
which is still fukk all, but if you are gonna save up for 3-5 years for a downpayment anyway you might as well get a higher interest rate

 

[SemiEnlightenedBum]

market bout to crash again,good luck..

the walls of this harlot crumbling

 

[Maschine_Man]

market bout to crash again,good luck..

the walls of this harlot crumbling

That's why you invest in guaranteed investments

 

[SemiEnlightenedBum]

That's why you invest in guaranteed investments

when FIAT notes become toilet paper no investment is guaranteed except a strap..

 

[Maschine_Man]

when FIAT notes become toilet paper no investment is guaranteed except a strap..

you can hide your cash under your mattress and guarantee no growth, or you can invest it and get growth.

either way you take risks....

 

[Maschine_Man]

Lets get this paper!!