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Posted on 1/8/17 at 10:55 am to anc
quote:
I've used the system to increase my net worth from negative (CC debt) to north of $500k in four years. The system did not do it, but it was a tool that helped get the job done.
So you were able to save over $125k per year? You a doctor or something?
Posted on 1/8/17 at 11:18 am to anc
Why is Whole Life Insurance so shitty?
Posted on 1/8/17 at 3:25 pm to TrebleHook
quote:
So you were able to save over $125k per year? You a doctor or something?
$150k is home equity, and I was able to save about $65-75k a year+ a little compound interest. My Wealthfront account made 22% last year. That helped a ton.
I'm a doctor, but not the medical type. I had two good research contract years. But mainly, I make a high income in a low income area. My money goes a lot further in Mississippi than it would even in NOLA or Baton Rouge. Its a well kept secret how nice Madison, MS is. People shite on Mississippi all day and night, but if you can make a good income, its awesome what you can do. We have our dream home and only paid $320k. Live in a gated community in a great school district.
This post was edited on 1/8/17 at 3:38 pm
Posted on 1/8/17 at 3:30 pm to anc
Wife and I have been using it for a year. It was nice to see where money went and all but if we went over, we'd just add more to that category, move on, and still save some.
Well now we went a while with no paychecks then boom double daycare for 2 kids. 1,400 a month now. So now we have to actually budget and stick with it.
Next week we are paying off my truck which has about 9k on it as well as a smaller credit card bill. Then sights are set on bigger card balances.
We headed down a bad road for a while and ynab is helping us right the ship.
Yeah I know pay the credit cards off not the truck, but the truck has the highest payment so it gives us more spending power towards other cards.
Well now we went a while with no paychecks then boom double daycare for 2 kids. 1,400 a month now. So now we have to actually budget and stick with it.
Next week we are paying off my truck which has about 9k on it as well as a smaller credit card bill. Then sights are set on bigger card balances.
We headed down a bad road for a while and ynab is helping us right the ship.
Yeah I know pay the credit cards off not the truck, but the truck has the highest payment so it gives us more spending power towards other cards.
Posted on 1/8/17 at 3:32 pm to LSUengineer12
quote:
Why is Whole Life Insurance so shitty?
Say you are a healthy 35 year old male. You can get a $1MM 30 year term life policy for $50 a month (or under, I'm just using round numbers.)
You are going to pay $600 a year for 30 years ($18,000). In the event that you die, the company pays your beneficiary $1 million. If you don't die in the 30 years, they make $18,000.
A whole life policy combines this with a "savings account." that pays about 3% per annum. While you are covered until you die, no matter the age, you pay the premium for life as well. A premium on a similar policy would cost $500/month, or $6000 a year. Over the 30 year period, you would have paid in $180,000. Despite this, You would have a "cash value" of about $50,000 though. You see the difference is that most of your premium is going to pay commissions.
Now if you would have bought a term policy, and invested the $450/month difference and made 8%, you would have nearly $700k in the bank in 30 years. By year 35, you have your million and are self insured. If you ladder your policies correctly, you can make it work perfectly.
This post was edited on 1/8/17 at 3:43 pm
Posted on 1/8/17 at 3:40 pm to BoogaBear
quote:
Yeah I know pay the credit cards off not the truck, but the truck has the highest payment so it gives us more spending power towards other cards.
I think you are doing it right myself. Extra cash flow lowers risk potential and out weighs the marginal difference in time you would save by paying the highest interest rate first.
Posted on 1/8/17 at 4:51 pm to anc
If we use our cc as our debt card each month and pay it off, is there a way to add the cc account? It's cap one. We just use it to get points and pay off the full balance each month.
Posted on 1/8/17 at 4:57 pm to LSU_CRAIGERS
quote:
If we use our cc as our debt card each month and pay it off, is there a way to add the cc account? It's cap one. We just use it to get points and pay off the full balance each month.
I use it this way as well. Remember that the goal of YNAB is to get you a month ahead. If you are floating your credit card, you are a month behind, so you are two months behind where the YNAB system wants you to be.
Example. any paychecks that you receive in January should be paying for February expenses, so if you are using a CC, you want to be paying the March bill with your January paycheck.
It might take you a few months to get there - but it really works!
Posted on 1/8/17 at 6:13 pm to anc
I asked a similar question earlier. I use AMEX Gold almost primarily. I have text/email alerts set for $5 spend. When I make a charge or get a text (wife), I go to my AMEX app and pay the charge. I truly use it like a debit...almost. I never float and wait until the end of the month.
I just re-did/re-started YNAB. I'm going to give it the 34 days, so I'll report back how well this works.
I just don't know how it will help set me up better. I'm putting $3100 into savings every month. Is it to tell me that I could put that $109/month for my wife's yoga to better use? Cancel my cycling coach? What exactly? That I could/should start throwing more at our student loans?
My wife gets a +/- $100,000 raise in July, so my situation Has a solid end-result. That being said, children aren't too far away either.
Things I probably know, but I feel like we're saving well and living comfortably.
ETA: I max out my 401k. She takes advantage of her 457 plan. We do about 1/2 of what we should do for IRAs, but we're mainly focused on savings right now.
Whatever we have saved up in excess of our Emerg. Fund will go straight to the student loan when it becomes a 5yr. balloon note next December. I hope to make a $30-$40k lump payment on that.
I just re-did/re-started YNAB. I'm going to give it the 34 days, so I'll report back how well this works.
I just don't know how it will help set me up better. I'm putting $3100 into savings every month. Is it to tell me that I could put that $109/month for my wife's yoga to better use? Cancel my cycling coach? What exactly? That I could/should start throwing more at our student loans?
My wife gets a +/- $100,000 raise in July, so my situation Has a solid end-result. That being said, children aren't too far away either.
Things I probably know, but I feel like we're saving well and living comfortably.
ETA: I max out my 401k. She takes advantage of her 457 plan. We do about 1/2 of what we should do for IRAs, but we're mainly focused on savings right now.
Whatever we have saved up in excess of our Emerg. Fund will go straight to the student loan when it becomes a 5yr. balloon note next December. I hope to make a $30-$40k lump payment on that.
This post was edited on 1/8/17 at 6:20 pm
Posted on 1/8/17 at 8:16 pm to 6R12
YNAB = You Need a Budget.
Learn more at reddit.com/r/ynab
I don't personally use it but I've been considering it.
Learn more at reddit.com/r/ynab
I don't personally use it but I've been considering it.
Posted on 1/8/17 at 9:05 pm to just1dawg
I prefer quicken or mint. Don't really understand why someone would want to manually put stuff in excel when you have programs that will automatically download transactions and categorize them. Whatever you're comfortable with I guess
This post was edited on 1/8/17 at 9:06 pm
Posted on 1/8/17 at 9:17 pm to TheWiz
quote:
My wife gets a +/- $100,000 raise in July
You serious clark?
Posted on 1/8/17 at 9:27 pm to anc
What's the difference between YNAB4 and the new web based version that cost $50/yr? I have watched a class and it does look a little different. But I still like YNAB4.
Posted on 1/9/17 at 6:34 am to anc
quote:
I use it this way as well. Remember that the goal of YNAB is to get you a month ahead. If you are floating your credit card, you are a month behind, so you are two months behind where the YNAB system wants you to be.
Example. any paychecks that you receive in January should be paying for February expenses, so if you are using a CC, you want to be paying the March bill with your January paycheck.
It might take you a few months to get there - but it really works!
Can you explain this a little better? How is this different from having an emergency fund? Or do you just mean that you should be saving every pay period to the point where you can literally be months ahead on your budget?
Posted on 1/9/17 at 6:58 am to TrebleHook
Yes. She's a fellow now training in Allergy/Immunology.
Posted on 1/9/17 at 9:29 am to RunningBlake
quote:
What's the difference between YNAB4 and the new web based version that cost $50/yr? I have watched a class and it does look a little different. But I still like YNAB4.
I like YNAB4 as well. But YNAB has said they aren't supporting it anymore and focusing on the cloud based software. Was no problem until Dropbox announced they were updating their API and therefore YNAB4 would not be able to sync.
A third party developed a YNAB Toolkit for Chrome that makes it act like YNAB4. That's what I am using.
Posted on 1/9/17 at 10:11 am to anc
I've started doing this since I was flooded. I've got so many bills to track now due to "interest free" this and that and an extra car loan.
We were doing really well up until August. Only debts were 1 car (to be paid off this year) and the mortgage. 135k gross household. And we live in a "starter" home with the mortgage + escrow being less than 1k. Lots in savings.
We didn't have flood insurance, so we got by on our own savings, FEMA, and donations. We moved back in the house on the first of November after a complete rebuild (4 ft of water; pulled out 8 ft of sheetrock). But this is the first time where I haven't been able to completely pay off CCs every month. I hate it. No vacations this year. We should be caught up by March after my bonus comes in and I get a hefty return on my taxes due to the flood. The rest of year will be rebuilding the savings while paying off the interest free loans. By March of next year, we'll be back to where we started: 1 car loan (new "used" car from flood) and mortgage.
YNAB helps keep it all under control because it gives me better visibility into my debts and expenses during a time where they've never been more varied. To give you an idea, I have 16 separate accounts entered: regular checking, "fun fund" checking, 3 401ks, 2 roth iras, mortgage, 2 car loans, 3 regular CCs and 3 "interest free" loans.
We were doing really well up until August. Only debts were 1 car (to be paid off this year) and the mortgage. 135k gross household. And we live in a "starter" home with the mortgage + escrow being less than 1k. Lots in savings.
We didn't have flood insurance, so we got by on our own savings, FEMA, and donations. We moved back in the house on the first of November after a complete rebuild (4 ft of water; pulled out 8 ft of sheetrock). But this is the first time where I haven't been able to completely pay off CCs every month. I hate it. No vacations this year. We should be caught up by March after my bonus comes in and I get a hefty return on my taxes due to the flood. The rest of year will be rebuilding the savings while paying off the interest free loans. By March of next year, we'll be back to where we started: 1 car loan (new "used" car from flood) and mortgage.
YNAB helps keep it all under control because it gives me better visibility into my debts and expenses during a time where they've never been more varied. To give you an idea, I have 16 separate accounts entered: regular checking, "fun fund" checking, 3 401ks, 2 roth iras, mortgage, 2 car loans, 3 regular CCs and 3 "interest free" loans.
This post was edited on 1/9/17 at 10:13 am
Posted on 1/9/17 at 10:29 am to RunningBlake
quote:
What's the difference between YNAB4 and the new web based version that cost $50/yr? I have watched a class and it does look a little different. But I still like YNAB4.
The new web based syncs transactions for you with your bank
Posted on 1/9/17 at 10:56 am to Hawkeye95
So the wife and I went over our budget yesterday and it went poorly.
She basically refused to enter things saying it was a waste of time. oh well.
The good news is that we actually spent last year than the year prior.
She basically refused to enter things saying it was a waste of time. oh well.
The good news is that we actually spent last year than the year prior.
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