deeznutsyo
Banned
let's hear what u guys have to offer
i suck at this shyt
i suck at this shyt
Financial Tips Thread (Saving, Budgeting, Etc.) Everyone drop some knowledge in here
- Thread starter deeznutsyo
- Start date
Silver Surfer
Veteran
get a girlfriend to move in with you so this wont be a problem
BlvdBrawler
Superstar
Start investing as young as humanly possible.
Take advantage of your job's 401(k) matching.
Put 10% of your post-tax income into a savings account.
Take advantage of your job's 401(k) matching.
Put 10% of your post-tax income into a savings account.
Field Marshall Bradley
Veteran
Screw your 401k going forward. Especially if your company does not match. Take that money and stack until the appropriate investment endeavor comes up.
deeznutsyo
Banned
wtf is a 401(k)
I'm being dead serious...I'm like a kid with down syndrome when it comes to finances
beenz
Rap Guerilla
I been sayin since the other site, we need a separate forum for money/finance/housing grown up talk.
Higher Learning
deeznutsyo
Banned
It's a tax-deferred retirement account usually offered by employers.
How it works is you sign up for a 401(k), then choose what percentage of your pre-tax income you want to go into the account. You contribute each pay period, and your employer will also kick in a certain amount (called contribution matching).
Basically, it's a very simple way to get started with investing. And it's free money.
thanks breh
school me on some more shyt if you don't mind
O.iatlhawksfan
Devoted Joel Embiid hater
Alright y'all look. I'm trying to balance going to school and paying a note. I pay 366 a month on my not 140 in insurance. I'll handle the school situation with loans and grants. Now I'm trying to save as much as I can to be able to pay my note while I'm out there. There's no guarantee that I'll get a job when I go to school in the spring. So how much should I save to be on the safe side, my goal is $5000. I'm trying to find a 2nd job to make things easier but even if I don't I should be at or near my goal. Also my mom has offered to pay half my note and insurence while I'm at school.
BlvdBrawler
Superstar
thanks breh
school me on some more shyt if you don't mind
Umm... lets see.
If you don't already have one, get a credit-card that provides cashback benefits and / or points. Use it for all your purchases, and then pay the balance off at the end of the month. Your credit score will soar.
Never buy a brand new car.
Buy a car that's lightly used. You'll save thousands.Get into the real-estate game as young as possible as well. Real estate will likely be the largest portion of your portfolio, so the sooner you start to build it, the better.
Some employers are part of a 401(k) retirement program. What happens is that you have a percentage (maybe 2%) or static amount (maybe $100) that is taken out of every paycheck. This is pretax so the amount your gross income that is taxed is lower.wtf is a 401(k)
I'm being dead serious...I'm like a kid with down syndrome when it comes to finances
The amount that gets taken out is put into an account. This account is like a savings account but your company can also do what is called matching. So if you put in $100, your company will put in $100. So, you can control what your investments go into. Financial companies have different investment packages that split up the money in your account into different stocks and bonds and investments. When you retire, you can tap into this cash. Either a lump sum or a montly disbursement. The amount you withdraw is then taxed. You can also take out a loan from this account, but you have to pay it back and with interest. Don't take a loan from your 401(k). You can withdraw from this account before retirement but you have to pay a penalty. It's a big penalty too.
You can think of a 401(k) as a pension.
stealthbomber
cruising at 30,000
this may not pertain to older posters so much but early 20s brehs, save half and spend half of everything u get
Always buy toilet paper from the dollar store
Eat out once per week
Build a savings account for rainy days because ONE car emergency can fukk up your month
Don't get behind in bills....I was at a point where I would pay my cell phone bill late just to have extra bar money/pocket money. Dumb move, because then I'd be broke next pay and then struggling till the next pay and kept paying shyt late.
I pay everything in advance now and work two jobs to pay off debt
The peace of mind of never being broke is
Build a savings account for rainy days because ONE car emergency can fukk up your month
Don't get behind in bills....I was at a point where I would pay my cell phone bill late just to have extra bar money/pocket money. Dumb move, because then I'd be broke next pay and then struggling till the next pay and kept paying shyt late.
I pay everything in advance now and work two jobs to pay off debt
The peace of mind of never being broke is
BlvdBrawler
Superstar
Can't stress this enough. If you're in your 20's, you have a golden opportunity to get ahead of the game.
If you were to ask 100 investors their opinion on commodities, or which stocks to buy, or whether to hold or to sell, you would get 100 different answers. But there is one thing that every investor in the world agrees on; and that is that the younger you start investing, the better.
Even if you don't have a lot of cash, that's ok. That's the beauty of starting young. Even if you only invest $100 a month, the time-value of money is on your side.