Boiler Room: The Official Stock Market Discussion
Yesterday was as much of pullback that we may see from the ark series....
Going through money in there on monday.....
January should be interesting too because people may take profits for the new year.
Going through money in there on monday.....
January should be interesting too because people may take profits for the new year.
wise words breh. it's always about how much you keep.
chris hogan my nikka got some great contents.
good old dave ramsey is great too
if someone is making only 36k he better live in Texas. at least cost of living is cheap and there's no state taxes.
hell just live with parents. there's no shame in that.
I found myself watching a shyt ton of dave ramsey videos yesterday.While I don't agree with everything, there's some huge wtf callers that make the show highly entertaining....
Like people with 110k in debt, but only making 36k a year
Hope everyone has a Merry Christmas if you celebrate it. 
wise words breh. it's always about how much you keep.
chris hogan my nikka got some great contents.
good old dave ramsey is great too
if someone is making only 36k he better live in Texas. at least cost of living is cheap and there's no state taxes.
hell just live with parents. there's no shame in that.
Ramsey is great. I followed his snowball plan some years back when I was heavier in credit card debt. Small wins and working my way up. Still do that from time to time now except my credit score is higher and I have more available credit so I can breathe easier. Definitely helped.
I agree with living with parents. I do that and it definitively helped. It's even more important now with my dad gone so us having to stick together even more.
I disagree. It is how much you make but at the same time bad financial habits will just continue to scale up.
I still waste a lot of money but I also auto save a minimum of $10K a year and that's just dumped in a savings account not invested. My checks direct deposit to 4 bank accounts and I only touch 1 of them. This year I both managed to save that $10K and invest another $10K.
For someone else that's pocket change but it took some effort to reach a place I could save anything. I used to live paycheck to paycheck for years.
If you don't make enough money you're not gonna really be able to save much regardless of how frugal you are. Past a certain point what you're saying becomes more relevant.
I have my dd going in multiple accounts as well.
Off the rip there's my 401k & HSA.
Then I have main checking, as a backup checking for emergencies.
Last night I created a 2021 budget, where I broke down all my major reoccurring expenses(rent,car note, insurance, groceries, misc debt, big expenses/ vacation). Then I outlined how much I should expect to save / invest in 2021.
I'll probably be able to save about 60-70% of my income. While planning to do a 80/20 split between a brokerage and savings.
Around 2022 COVID should start to be more contained. Then I'll adjust for more leisure time and expenses.
you seen the couple on “our rich journey “? They advocate the same as what you did. I just started this year and I’m trying to hit 70% of take home savings as well. I hit 53% in 2020.
Ultimate Financial Independence Budget Template — Our Rich Journey | Sharing Ways to Achieve Financial Independence & Retire Early (FIRE)
question about the hsa. Is it anything more than a tax shelter? I keep looking for ways to make it useful but it’s so limited on ways to use it.
I've heard some wild shyt, like there's a way to turn your HSA funds into tax free brokerage funds but I'm not there yet so don't quote me. I just use it because I know the transactions are tax free. And its money that I automatically have allocated for medical expenses that pop up.
@Sugarbush might have a bit more insight because I'm sure he deals with clients that pay that way.
ahomeplateslugger
Superstar
I agree you need to make more money but you gotta learn how to budget first. I remember you spending a lot of money buying new tech almost every month. Instead of buying the latest phone, high end routers, etc you could’ve invested that. It may not sound like much but overtime it’ll grow if you consistently invest. I was making 32k but was still able to save a couple hundred a month.
Look at this couple How making $300,000 in San Francisco can still mean you're living paycheck-to-paycheck combined they make 300k but say they’re living paycheck to paycheck. I don’t care what state you live in, you should not be paycheck to paycheck making 300k.
When you are use to living paycheck to paycheck having more money won't change your relationship and thoughts about money.
I never thought that I would be able to save $1,000 a month until I did it.
A book called Debt-Free by 30: Practical Advice for the Young, Broke and Upwardly Mobile, changed my life.
In one month I went from using my credit card to saving $1,000 per month. After 18 months I had saved $20,000,and paid off $8,000 in credit card debt. At the time (2004), I was making $60,000 living in Champaign, IL.
The best thing about the book was it showed you how to still spend money on the things you enjoy, but ruthlessly cut out the things you don't enjoy. It really was practical advice. Too many of the experts ask you do some some unrealistic stuff.
The most important thing I did that first month was to write down every time I spent money. I kept a small notebook in my back pocket, and as soon as I spent money, I wrote it down. That extra step made me think about every time I spent. After doing this for two months, I established a weekly budget that still let me enjoy life, but save, too.
To this day, I still go to the ATM on Monday and take out my weekly discretionary money. It definitely keeps me disciplined.
I never thought that I would be able to save $1,000 a month until I did it.
A book called Debt-Free by 30: Practical Advice for the Young, Broke and Upwardly Mobile, changed my life.
In one month I went from using my credit card to saving $1,000 per month. After 18 months I had saved $20,000,and paid off $8,000 in credit card debt. At the time (2004), I was making $60,000 living in Champaign, IL.
The best thing about the book was it showed you how to still spend money on the things you enjoy, but ruthlessly cut out the things you don't enjoy. It really was practical advice. Too many of the experts ask you do some some unrealistic stuff.
The most important thing I did that first month was to write down every time I spent money. I kept a small notebook in my back pocket, and as soon as I spent money, I wrote it down. That extra step made me think about every time I spent. After doing this for two months, I established a weekly budget that still let me enjoy life, but save, too.
To this day, I still go to the ATM on Monday and take out my weekly discretionary money. It definitely keeps me disciplined.
Even 5 years is nothing. The market has been spiking for close to 10 years now outside of March this year which most people just saw as a buying opportunity. This would be a very interesting thread if the market trended downwards for 12+ months straight.
Merry Christmas all 
Yeah coming from poverty Im just naturally frugal. Id say my biggest splurge this last year is ordering takeout lol. I like good food, but thats honestly maybe like only 200 a month. Other than copping a ps5 I havent really made any huge purchases, just paying down debt and saving this year. Not having a gf this year also helps 
If I can get my portfolio to a value of 10k next year Ill be super proud of myself.
If I can get my portfolio to a value of 10k next year Ill be super proud of myself.
Most of my patients use dental insurance or pay out of pocket but I do have a HSA that I use as a retirement account and my contributions are tax deductibleI've heard some wild shyt, like there's a way to turn your HSA funds into tax free brokerage funds but I'm not there yet so don't quote me. I just use it because I know the transactions are tax free. And its money that I automatically have allocated for medical expenses that pop up.
@Sugarbush might have a bit more insight because I'm sure he deals with clients that pay that way.
After you turn 65 you can withdraw distributions from it, for any reason, without penalties.