How YOU doin'?

[mycrofft]

How many folks here have taken financial counseling? If you have a bank, they will often offer that as a service (and a way to sell you services, but still free). How many of us are looking to find some way to get in a better position? Are we stuck in a "temporary" situation (need roommates to afford rent, can't afford to get married, in large medical debt due to absence of 9insurance, or adequate insurance, putting off dental work or eyewear prescriptions because of inadequate coverage, using public health resources, etc?
Or are you set just fine? (How many jobs are you working?).

 

[mycrofft]

Supplementary subjects

Do you have a (dependable) car?
How far do you commute? Are you rural or urban?
How do you feel about this overall?
What would you for your future if you were given $20,000 a year tax free for the next five years?

Or,

"I'm fine, thanks. You?"

 

[Shishkabob]

Under 25, have health, dental and eye insurance, as well as short and long term disability. I can afford rent on my own but rent a duplex with my brother.

I have 6 months of expenses saved in an emergency fund. plus several other savings accounts saved for things such as car repair/replacement. That's not including checking (which I try to keep 1 months of expenses in at all times) plus my fun funds.


I have (knock on wood) a dependable car that's paid off. I also have a motorcycle (also paid off) which I can ride if my car breaks down. I also have access to family cars, all within 8 miles of where I live.


I currently commute 15 miles... used to be 107 but changed agencies.


If given $100,000 over the next 5 years, I'd go to school full time for something, and put $10,000 each year in to dividend bearing mutual funds. Yay free monies! Or buy a house free and clear and continue to be debt free.



1 job.

 

[fast65]

Under 25, I have health/dental insurance, along with short/long term disability. I don't need to have a roommate to make my rent, but I rent a house with a friend and his girlfriend to pump up my savings a little quicker...and I get lonely. h34r: Fortunately enough the only debt I have currently is my car payment, which is pretty low at that.

I have less that 3 months wages in savings, but I'm working on building that up, as well as building up an emergency fund for car repair and other things, like Linuss.

I have 3 cars, two of which are dependable However, I only have one where I'm at right now, the others are stored in my hometown. I commute between 5-25 miles every two days, so it's not too bad. I'm rural.

If given $20k/year for five years, I do exactly what Linuss said. I'm not real creative.

 

[exodus]

I'm 21. Have a 2008 jeep, very dependable; 2 months in savings; I could rent on my own, but I choose to have room mates to save money, and I could get full benefits from my company, but I'm still covered under my parents health / vision / dental... Why waste money?

 

[terrible one]

Over 24, full time student with limited insurance and savings, however, no debt. The rest is too depressing. If given 20k a year I'd pay off my last year and invest half of the rest. No thanks to mutal funds though.

 

[Shishkabob]

No thanks to mutal funds though.

Meh, Index funds really are the way to invest most of your money, good diversification, and matches the market. Mix it with some bond funds and maybe a few thousand in individual stocks at well established companies such as Coca-Cola and GE, and you're golden.


(Age considerations not taken in to account)

 

[terrible one]

Possibly, I've done better with the established co. (McDonalds, Apple, etc.)

 

[Shishkabob]

If I had gotten in to Apple with $10,000 10 years ago at the age of 13... I'd be golden right now. Heck, even just 5 years ago and it would have been a 500% increase. However, they're eventually going to hit the peak and take a dive and I don't want to be there when that happens. Especially since they don't pay dividends. I like me my dividends


My goal is to finally have enough in investments that dividends pay my living expenses. Only need to invest oh, about $50,000-$100,000 to do that.... 1% of the way there!

 

[Zeroo]

I don't meet any of the options. Do I win the game?

 

[mycrofft]

I am suspicious that no one under 25 needs roommates to meet rent or house payments.
Of course, NPR cited yesterday that about 40+% of young people are living at home.

 

[fortsmithman]

Last year my mortgage was paid off. My sister and her 21 yr old live with me so they take care of some of the bills.

 

[Shishkabob]

I am suspicious that no one under 25 needs roommates to meet rent or house payments.
Of course, NPR cited yesterday that about 40+% of young people are living at home.

I, unlike most, live below my means and as such, can easily pay my rent alone. Currently my rent is less than 20% of my take home pay, and is about 45% of my expenses.
And it's not a dump in a bad part of town.

 

[abckidsmom]

I am suspicious that no one under 25 needs roommates to meet rent or house payments.
Of course, NPR cited yesterday that about 40+% of young people are living at home.

I like the transition to nuclear families staying together that we are seeing, as long as the young people are not being mooches. I think that everybody living separately is wasteful and unnecessary.

 

[abckidsmom]

Under 25, have health, dental and eye insurance, as well as short and long term disability. I can afford rent on my own but rent a duplex with my brother.

I have 6 months of expenses saved in an emergency fund. plus several other savings accounts saved for things such as car repair/replacement. That's not including checking (which I try to keep 1 months of expenses in at all times) plus my fun funds.


I have (knock on wood) a dependable car that's paid off. I also have a motorcycle (also paid off) which I can ride if my car breaks down. I also have access to family cars, all within 8 miles of where I live.


I currently commute 15 miles... used to be 107 but changed agencies.


If given $100,000 over the next 5 years, I'd go to school full time for something, and put $10,000 each year in to dividend bearing mutual funds. Yay free monies! Or buy a house free and clear and continue to be debt free.



1 job.

I'm so impressed. Go you! What would you say was the primary reason you've started off and continued so well?

 

[mycrofft]

Sociologists tell us in America to remember that The Walton's took place during the Great Depression; the "nuclear family" is a means of getting through financial hard times, supporting members who have fallen on hard times, or concentrating strength in primitive agrarian or warlike societies.

Or you don't trust your inheritors to stay out of trouble, like the Kennedy's kids in Hyannisport used to do.

 

[Shishkabob]

I'm so impressed. Go you! What would you say was the primary reason you've started off and continued so well?

My parents, by far. Not to sound boasting or anything, but growing up I was part of the "1%", however my parents instilled fiscal responsibility in my siblings and I. I got my first job offer on my 15th birthday and have been working since.

Once my siblings got out on their own, the usual early-20s type things happened, and each of them had their own financial issues. My parents turned them on to Dave Ramsey. While I never read his books myself, I learned from my siblings issues.

I remember when I was 18 and it seemed every time I saved up several hundred dollars for something, an 'emergency' would happen that would snatch that cash away. I hated the idea of being 1 emergency away from being broke again... so I saved up $1,000. After doing some reading, I was convinced it was best for me to have 6 months of expenses saved up, as you just never know if you'll have a job tomorrow, and I don't want to have to rely on anyone if that happens. I HATE owing money. I use my credit card as a debit card and pay the balance off every couple of days. However, I also realize that credit is a necessary evil and work the system to maintain my current great credit score (750s across the board) and want to break 800 at some point.


I have a mental block that makes me freak out and have instant buyers remorse any time I spend over $100 on ANYTHING. I can only imagine how I'll be when I get a mortgage... I still buy frivolous stuff, though. Bought a motorcycle last year (intend to buy another soon), bought a big screen TV back in November, buy my family gifts from time to time.



However, I personally feel that I have accomplished more by seeing cash in the bank than new toys. I like seeing my net worth graph on Mint.com go up every month

 

[Melclin]

My parents, by far. Not to sound boasting or anything, but growing up I was part of the "1%", however my parents instilled fiscal responsibility in my siblings and I. I got my first job offer on my 15th birthday and have been working since.

Once my siblings got out on their own, the usual early-20s type things happened, and each of them had their own financial issues. My parents turned them on to Dave Ramsey. While I never read his books myself, I learned from my siblings issues.

I remember when I was 18 and it seemed every time I saved up several hundred dollars for something, an 'emergency' would happen that would snatch that cash away. I hated the idea of being 1 emergency away from being broke again... so I saved up $1,000. After doing some reading, I was convinced it was best for me to have 6 months of expenses saved up, as you just never know if you'll have a job tomorrow, and I don't want to have to rely on anyone if that happens. I HATE owing money. I use my credit card as a debit card and pay the balance off every couple of days. However, I also realize that credit is a necessary evil and work the system to maintain my current great credit score (750s across the board) and want to break 800 at some point.


I have a mental block that makes me freak out and have instant buyers remorse any time I spend over $100 on ANYTHING. I can only imagine how I'll be when I get a mortgage... I still buy frivolous stuff, though. Bought a motorcycle last year (intend to buy another soon), bought a big screen TV back in November, buy my family gifts from time to time.



However, I personally feel that I have accomplished more by seeing cash in the bank than new toys. I like seeing my net worth graph on Mint.com go up every month

I think maybe I've been getting drunk and posting under the name Linuss.

Get out of my head.

I live alone in a modern two bed room flat renovated last year before I moved in, rent is approx 15% of my take home income. I want for very little. But I've worked hard to get there and continue to work hard/discipline my spending to stay there. I would say that I've earned it.

I don't own a credit card (hopefully never will). I have a $5000 reserve in my working account instead, accessible through visa. This (along with almost a years salary invested but accessible in 24hrs) is for emergencies, or maybe that time when you simply need a bit extra here or there in a given fortnightly pay period. I use 2 different iphone apps to plan and maintain my budget, then I move whatever is left above the 5000 after the end of my pay period into my higher interest savings account with motorbike, masters degree, house and European holiday written on it. Its working very well for me at the moment.

 

[phideux]

None of those options fit me.
I'm over 25, work in EMS, Make an adequate salary, and have good medical benefits.
My main advantage is I live debt free. My mortgage is paid, I don't own a credit card, I buy cheap used cars and have never had a car payment. If I want a new "toy", and boy do I have the toys. I save up the cash and buy it. If you buy "toys" on credit, you can't afford them.
My advice to people just starting out, Throw away any credit cards, if you are using credit cards to buy stuff, you can't afford it. Plus you are paying a credit card company for the privilege of using a card. I have 2 cars and 2 motorcycles right now, I have never paid more than $3000.00 for a vehicle. You don't need a $20,000-$50,000 truck to get back and forth to work, the fat monthly payment plus the insurance, crazy. My total insurance payment for all 4 vehicles, $695yr.
If you are going to live in an area more than 5yrs, don't rent, buy. It is a buyers market right now. If you do buy, always pay a little extra on your mortgage, pay it off early. If you are looking to buy, look at HUD housing, they offer the "good neighbor next door" program for EMS people. They will give you the house for 1/2 of the listed price.

 

[Shishkabob]

My advice to people just starting out, Throw away any credit cards, if you are using credit cards to buy stuff, you can't afford it. Plus you are paying a credit card company for the privilege of using a card.

I'll have to disagree here. The key is to using credit responsibly. I treat my credit cards as debit cards, and never pay a cent in interest. This does 3 things:

1) I use rewards credit cards. I get cash back for money I was going to spend anyhow. The way I spend, I get slightly over $100 a year back.

2) If you use a credit card and pay it off in full at the end of the month, you can keep your cash in your bank earning interest for you. Granted it's currently not alot, but free money is free money.

3) Security. If your credit card is used without your knowledge, you're never held liable by law. If someone grabs your debit card, they can drain your bank account and it will take a long time to get the money back... and if you don't notice it for a week, the bank is under no legal obligation to refund the money.



On top of that, there are times where you will need credit, and the better the credit the better the terms are for you. I don't know of too many people who will save up $75,000 to pay cash outright for a house... you'll get a mortgage. Having a 750 credit score as opposed to a 640 will save you tens of thousands over the life of the loan. More free money just for doing what should be done.