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A Penny saved is a Penny earned (The Personal Finance Thread)

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  • #61
    Originally posted by LDB
    No, no. The thread would be to help prevent the spread of making of bland chili across our country. This tragedy does not have to happen. It is useless and can be prevented easilty. Such a thread would save the taste buds of millions of hungry men on cold Sunday's watching football.
    the nation??

    you think too small...

    im talking international here...

    we could make squillions!!!


    sigpic

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    • #62
      Originally posted by anton1287
      the nation??

      you think too small...

      im talking international here...

      we could make squillions!!!

      Doh.

      My mama always said that I thought too small. I am thinking locally, I need to start thinking globally.


      It could be the thread to end all threads. Changing the world as we know it.
      Patriotic dissent is a luxury of those protected by better men than they.

      Comment


      • #63
        Originally posted by The Dark Knight
        Hey guys,

        That old saying really is true. A penny saved IS a penny earned.

        If you saved 50 cents on a 12 pack of whatever, it's almost like you earned it at work.

        Money managment is work!

        When I was younger, I was horrible with my money management. I wasted money on everything. I went out to eat everyday, I spent tons of money drinking at the clubs, spent money on tons of hobbies that really went nowhere. I ran up a bunch of debt; Credit card debt in particular. If I could do it all over again, I'd have alot more money than I do now.

        Now, I no longer go out to eat everyday. I shop around for good prices. (especially on the net) And I haven't had a credit card in 5 years!

        Problem is, I'm still not that good with money.

        Don't get me wrong, I am alot better, but I could still use alot of work on my personal finances and money managment.

        I still kinda have that thing where if I want something and I have the money, I buy it. I'm impulsive like that.


        Anyway, I thought I'd start this thread so you guys could help me with some money management tips, and in turn you'd be helping everyone else that's like me (Or worse).


        Please, feel free to post any tips you think are usefull.

        And I will do my best to reward you with GIANT cp's!!!
        1) Credit cards are the :devil:
        2) spending money you don't have :nono:
        3) Sales & Coupons are our friends :paper:
        4) Any time you have this :2cents: throw it in a jar, it adds up
        5) Material things are nice, but so is having a nest egg while your friends are in debt.. :idiot:
        The Game Day Thread: Year 16 in progress!!! sigpic

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        • #64
          Originally posted by Elway
          1) Credit cards are the :devil:
          2) spending money you don't have :nono:
          3) Sales & Coupons are our friends :paper:
          4) Any time you have this :2cents: throw it in a jar, it adds up
          5) Material things are nice, but so is having a nest egg while your friends are in debt.. :idiot:
          cute post Elway....

          I don't have anything to add really....that hasnt already been posted....
          Tony G


          The Chefs

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          • #65
            Originally posted by KCLadyFan
            cute post Elway....

            I don't have anything to add really....that hasnt already been posted....
            Thanks Lady, might as well some good use of the smiles!
            The Game Day Thread: Year 16 in progress!!! sigpic

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            • #66
              Originally posted by Javalon
              Benny, I'm pretty sure your problem with money is your DVD addiction.




              Actually, I have slowed down on buying DVD's quite a bit. I'm nowhere near as bad as I used to be.

              I think this is for a couple reasons.




              1. The HDTV and DVR. I just record HD movies and watch those.

              2. The new format/s coming out. I don't want to double dip so I've stopped buying movie DVD's now. I'll wait and see which of the ne HD-DVD format's are better.

              3. I own everything already. Let's face it. What else is left to buy?

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              • #67
                A couple things I try to do is keeping lights off in the house until absolutely needed....

                Turn that TV off when you go into another room. You may come back to watch it but if it's not for another 3 hrs, that's wasted electricity.....

                Watch your water consumption. Every gallon of water down the drain you are paying for, so limit shower times and basic water usage.......

                Make sure your home is sealed up well in the winter to keep heating costs down. Same thing in the summer if you have A/C.....

                These are just a few I practice and the savings may not seem substantial on a daily basis but over the course of a year, it starts adding up...... :thumb:

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                • #68
                  Originally posted by Reidman
                  A couple things I try to do is keeping lights off in the house until absolutely needed....

                  Turn that TV off when you go into another room. You may come back to watch it but if it's not for another 3 hrs, that's wasted electricity.....

                  Watch your water consumption. Every gallon of water down the drain you are paying for, so limit shower times and basic water usage.......

                  Make sure your home is sealed up well in the winter to keep heating costs down. Same thing in the summer if you have A/C.....

                  These are just a few I practice and the savings may not seem substantial on a daily basis but over the course of a year, it starts adding up...... :thumb:


                  Good stuff,

                  I'm trying to get better deals by buying things in Bulk.

                  I bought like 16 rolls of paper towels awhile ago.

                  They should last me awhile.


                  I keep saying that I need to go to Costco or Sam's Club but I never seem to make it out there.

                  Comment


                  • #69
                    I've been getting into investing/retirement planning lately so I thought I'd bump this thread.

                    I've been looking at Vanguard's website researching possible investment oppertunities.

                    My employer socks away money for me at work ( 403b, their money, no contribution from me) but most of my colleages say that there are other outside options that far outperform anything contribution I would give to my employers retirement plan, so I've been kinda looking into that recently.

                    Any suggestions?

                    The Vanguard Target Retirement Fund looks pretty good.

                    Comment


                    • #70
                      I'm a hustla....

                      My parents taught me how to hustle even if I'm working a 9-5.

                      They were artists and antique dealers for 30 some odd years.

                      My friends' parents all thought they were drug dealers, lol.

                      I'm the black sheep. I work a 9-5'er.

                      It's a shame they never taught me anything else about money.

                      God, I need a working budget.

                      MY only problem is the man I married likes to eat $20 a day in Burger King & Mt Dew and doesn't know how to fill out his w-2's properly!
                      COPYWRITED MATERIAL Copyright © 1975 by Dr Velcro

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                      • #71
                        Originally posted by The Dark Knight
                        I've been getting into investing/retirement planning lately so I thought I'd bump this thread.

                        I've been looking at Vanguard's website researching possible investment oppertunities.

                        My employer socks away money for me at work ( 403b, their money, no contribution from me) but most of my colleages say that there are other outside options that far outperform anything contribution I would give to my employers retirement plan, so I've been kinda looking into that recently.

                        Any suggestions?

                        The Vanguard Target Retirement Fund looks pretty good.
                        Vanguard has some very good mutual funds to get into. I had a 401 at an previous job and it was great.
                        [URL=http://s93.photobucket.com/user/Saddletramp69/media/asdf.jpg.html][/URL
                        Adopted player Lindsey

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                        • #72
                          When I was young I made good Money, but still had NO money (new Cars, Motorcycles, Hot Rods, etc.). I rented and could not afford to buy (I thought it was for "grown-ups" or people who actually "had money).

                          Well, my current Wife (sounds bad, but the third times a charm! ) is a saver, and, when we first got married we didn't make much money, and we would just throw all of our change in a jar-well, we kept doing that for a few Years until we had about $5000.00 and used it to buy a House! We kept doing that until today I own three Houses (two are Rentals).

                          Now I make pretty good money (she works too), and we have diligently maxed out our 401K's for about 15 Years and now we have a good retirement nest egg. My Wife is a Coupon freak, and she does side jobs even though we don't really need the money. For the first time in my life I don't worry (I used to be a wreck, and would work too long and too hard to stay ahead of things-I missed out on a lot of life).

                          Are you familiar with Storage Auctions? I buy stuff on the weekends and then have Garage Sales-last Saturday I made $1400 selling stuff that I had about $150.00 in, and have gotten some fantastic stuff (a yellow Mustang Convertible with 25K on it, for instance) for cheap, and two of my kids have furnished their Houses this way (Leather Furniture, front load Washers and Dryers, just all kinds of stuff). Tyr it-it's a weekend money maker.

                          Anyway, like the old saying say "you gotta pay yourself"-do it- First!
                          Last edited by bronclvr; 05-10-2007, 08:02 AM.

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                          • #73
                            Originally posted by The Dark Knight
                            I've been getting into investing/retirement planning lately so I thought I'd bump this thread.

                            I've been looking at Vanguard's website researching possible investment oppertunities.

                            My employer socks away money for me at work ( 403b, their money, no contribution from me) but most of my colleages say that there are other outside options that far outperform anything contribution I would give to my employers retirement plan, so I've been kinda looking into that recently.

                            Any suggestions?

                            The Vanguard Target Retirement Fund looks pretty good.
                            I don't know much about that 403b but if they're putting money away without you contributing......that's a hell of a deal. Is it like a 401k where you can also put a pre-taxed set dollar amount or percentage of your salary into that also? Or is it just your employer who can contribute? And will they contribute more if you also contribute?

                            Personally, I'd scan the various investment firms (Fidelity or TD Ameritrade or Scottrade or Charles Schwab or whatever else) and find an actual office around where you live if you're going to open an IRA. Call 'em or go in and talk to someone. Get a packet and scan over the stuff yourself. If there's a Vanguard office around, great. It's just I don't know anything about Vanguard. You can call them if you want. Have them send you a package.

                            Now, if you can contribute to that 403b, I would as it's probably pre-taxed. Which is huge. Why? Say you make $50,000 (for the easy math) and you're not contributing to it. Your net pay at the end of the year is somewhere around $37,500 because of taxes. If you contribute 8% of that $50,000 to your 403b, you make $46,000. Which lowers your net pay to around $34,500. $3,000 less than what you'd take home if you're not investing....but you've invested $4,000.

                            Now if you don't (or can't) contribute to that 403b, you take $4,000 from your $37,500 net pay and drop it in an IRA. That lowers your money to $33,500. $1,000 less than if you've invested in the 403b plan.

                            But you could also set up either a Traditional or Roth IRA. The max you can put into those is $4,000 this year and $5,000 next. If you want, you could max them out then countribute to the 403b. You could just right them a check or transfer money over whenever you want. But I wouldn't. I'd have them do it. Have them take x-amount out every week or every other week depending on your pay schedule. In other words, make it automatic. You can't spend what you don't have.

                            About a year ago my dad gave me this book Automatic Millionaire by David Bach. Honestly, you should check it out. Everyone should. Even if they're already saving/investing. I was, and that book really motivated me to "get busy" and pay more attention to my retirement.

                            But in his book, he says we should be saving atleast an hours worth of pay a day. 1 hrs pay a day. 5 hrs a week. About 250 hrs a year. Which comes out to be about 12% of your salary. My point is, atleast 12% should be put into retirement one way or another. Now, 12% might seem like a lot...but it's not. That's only 6 grand if you're making 50. Which turns out to be about $125 a week. You know what $125 a week for 25 years at a 13% return is? (I use 13% because that's what I've got the last 2½ years with my 401k)

                            $1,055,000! And think about it, that's not factoring in raises and promotions and whatnot. That's just $125 a week, not 12% of a salary.

                            I got a little sidetracked there talking about that book. But it would be something to think about if you can contribute to that 403b. An IRA with Vanguard or whoever is also a good idea. Really, it all depends on the individual. Vanguard or Fidelity. 401k/403b or IRA. Mutual Funds or Stocks. The choice is yours.

                            And one more thing. I started contributing to my 401k a few years ago. Was putting in 6%. Didn't even notice. Then I got crazy and upped it to 7%. My paycheck actually got bigger. I took home like $2 more because of the taxes. Anyway, upped it to 9% and of course....didn't notice. Now I'm at 12%. What I'm saying is, start with a number you're comfortable at. Don't just jump and put 20% in (unless you're trully comfortable with that). Gradually work your way up and I guarantee you won't notice at all. And you'll feel so much better. Trust me.

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                            • #74
                              How to start when BROKE.

                              This is a little too long to cut and paste. It is a really good money article I bookmarked a little while back. It has some great ideas about investing while broke.
                              Thanks for the Sig "rjent"sigpic

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