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Posted on 5/9/19 at 1:33 pm to GreatLakesTiger24
shite. They couldn’t live with my crappy luck.
Just this week I got a 750 dollar plumbing bill. A 1200 dollar estimate on a car repair. My wife wants new bathroom cabinetry and my oldest is graduating college.
I’m chunking money out like a rapper
Just this week I got a 750 dollar plumbing bill. A 1200 dollar estimate on a car repair. My wife wants new bathroom cabinetry and my oldest is graduating college.
I’m chunking money out like a rapper
Posted on 5/9/19 at 1:37 pm to notsince98
quote:
You think those people didn't have a job before kids? Every high school kid can have $1k sitting in a savings account for emergencies.
How many high school kids are responsible for rent, utilities and health insurance?
Posted on 5/9/19 at 2:23 pm to Pecker
quote:
If you have money, it shouldn't be sitting in a savings account. It should be in real estate or securities.
Completely agree. You always want your money to work for you
quote:however you should always keep some liquid assets available to you for an emergency or for a quick large cash purchase.
. A disruption in cash flow could lead to liquidation of assets (some depreciating), but the fact that you have that option speaks to your financial flexibility. My boss could sell his vacation home for $600k (or car for $100k+, or watches for $'x'k) tomorrow if he needed cash.
I wish things sold that quickly. There's going to be a delay in converting hard assets to liquid. Sometimes time is of the essence
I didn't DV you, by the way. Must have been someone else.
This post was edited on 5/9/19 at 2:24 pm
Posted on 5/9/19 at 2:26 pm to JohnnyKilroy
quote:
400k mortgage at today's rates costs 733k over the life of the loan.
400k invested in an S&P tracking index fund would yield 6,979,760.91 assuming a 10% annualized interest rate, which is based on the previous 30 yearsof returns.
So......yea....don't forsake investments for paying off your house early.
Whoa.
Next question. What's the risk in an investment like that? How did 2008 treat an investment like that? What kind of down turn requires erasing 30 years of those returns?
This post was edited on 5/9/19 at 2:29 pm
Posted on 5/9/19 at 5:21 pm to nola000
quote:how'd it go for a 400k house? probably not great
How did 2008 treat an investment like that?
Posted on 5/9/19 at 5:25 pm to GreatLakesTiger24
quote:
Idk, but 18-25 is a pretty small % of all adults
1/2 the Baby Boomers don't have shite in savings
Posted on 5/9/19 at 5:27 pm to TigerintheNO
quote:
1/2 the Baby Boomers don't have shite in savings
good point
Posted on 5/9/19 at 5:32 pm to GreatLakesTiger24
“It’s all about image control, baby.” - Ric Flair
Posted on 5/9/19 at 5:39 pm to nola000
quote:
Next question. What's the risk in an investment like that? How did 2008 treat an investment like that? What kind of down turn requires erasing 30 years of those
That 10% annualized return accounts for the 2008 crash and the dotcom meltdown.
Posted on 5/9/19 at 6:01 pm to Pecker
quote:
If you have money, it shouldn't be sitting in a savings account.
I have $80K just sitting in my checking acct wasting away. Not counting what’s sitting in savings. I need to buy some land or educate myself in the investing part.
Posted on 5/9/19 at 6:05 pm to summersausage
you have 80k in a checking account???? why????
Posted on 5/9/19 at 6:09 pm to summersausage
More experienced OT ballers can chime in, but I'd increase my paycheck contributions to get to the max 401k as soon as you can.
Don't know the rules for your plan or if you're employer would allow this but divert whatever percentage of your gross pay necessary to max your 401k. You don't need the paychecks to pay bills so if it were me I'd just divert as much as possible to your 401k for the rest of the year.
Assuming of course you don't already max it out. You have a spouse? Have them do the same thing.
That'll draw down your checking account to more reasonable levels while reducing your tax burden and increasing your retirement portfolio
Don't know the rules for your plan or if you're employer would allow this but divert whatever percentage of your gross pay necessary to max your 401k. You don't need the paychecks to pay bills so if it were me I'd just divert as much as possible to your 401k for the rest of the year.
Assuming of course you don't already max it out. You have a spouse? Have them do the same thing.
That'll draw down your checking account to more reasonable levels while reducing your tax burden and increasing your retirement portfolio
This post was edited on 5/9/19 at 6:15 pm
Posted on 5/9/19 at 6:09 pm to GreatLakesTiger24
quote:
35% say they can't afford a life insurance policy,
Help me out here. Why would a young person with no assets need a life insurance policy?
I remember when, fresh out of college and working my arse off, my college roommate tried to sell me a life insurance policy at my kitchen table. I looked around my shitty rental house and said “why the frick would I buy that?”
Posted on 5/9/19 at 7:24 pm to GreatLakesTiger24
quote:
how'd it go for a 400k house? probably not great
Well for one, I would never buy a house that expensive. It's not necessary.
Second, a hard asset, especially a dwelling, still has intrinsic, practical value.
Posted on 5/9/19 at 7:26 pm to JohnnyKilroy
quote:
That 10% annualized return accounts for the 2008 crash and the dotcom meltdown.
Posted on 5/9/19 at 7:27 pm to nola000
quote:
buy a house that expensive.
Posted on 5/9/19 at 8:02 pm to jbgleason
quote:
Help me out here. Why would a young person with no assets need a life insurance policy?
Young adults suddenly die. You would want at least enough of a policy to cover burial expenses.
Unless you just assume you would leave that bill for your parents to pay.
Posted on 5/9/19 at 8:55 pm to GreatLakesTiger24
Ummm, median home price in St Tammany Parish is $188,000. And that's one of the most desirable Parishes in the State.
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