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Thread: What to do with the money I make?

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    Default What to do with the money I make?

    Hi girlies,

    So the whole point is, I am soooo cheap when it comes to me.
    I send money home to my parents, my sister, spend on rent -recently managed to live only by myself-, bills, gym and food. No drugs, no alcohol, no cigarette nothing unnecessary.

    I have savings account and a cd. But I feel it's not enough. I mean, I dont make a lot of money, I am comfortable.
    I feel Really bad spending money on myself, such as clothes and other items to my home, I could use a new tv, new furniture this and that but I don't know what I want to do with "myself", how long I am going to stay at this place, this city, this country..

    So, what should I invest my money into?
    What do you girls do?

  2. #2
    God/dess Corgan's Avatar
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    Default Re: What to do with the money I make?

    i save a good amount and i spend.

    don't ever feel bad about spending $ on yourself. you work hard, so play hard!

    if you want a new tv, i'd say get a moderate one. furniture? ikea... if there is one near you. inexpensive and sturdy.

    as for investing, i haven't yet. i just save. i plan on breeding show quality great danes when i am done dancing, so if that counts as an investment, then that's my plan.

    welcome to sw!

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    God/dess Zabrina's Avatar
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    Default Re: What to do with the money I make?

    The dollar den section of the forums is your new best friend.

  4. #4
    MsQwerty
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    Default Re: What to do with the money I make?

    Theres nothing wrong with not spending money, if youre not sure about investing or anything - just save, save, save! Especially if your thinking of leaving the country or moving interstate or whatever. Having more money than you need in the bank rather than less is never a bad thing and you can always invest at a later date.
    Dont feel bad about treating yourself sometimes though - you work hard you deserve some treats!

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    Default Re: What to do with the money I make?

    Thank you!

    Ok, so if I kept it in the bank, should I just put into savings account, CD?

    I just have this thing about savings that it won't earn much interest.

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    Veteran Member jessica_rabbit's Avatar
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    Default Re: What to do with the money I make?

    I keep mine in a money market account. Depending on which bank you use, the interest rates can be pretty good (4.5% or so). Good for you for not blowing your money on unnecessary things!

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    Featured Member xoxoGracexoxo's Avatar
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    Default Re: What to do with the money I make?

    ^^Yeah, money market is a little better than just savings, while you're building up a lump of cash and deciding what to do with it. Dollar Den has investing tips, also.

    Good for you for not blowing your money like so many new dancers do. You never know when you'll need it.

    It's OK to treat yourself once in a while, though. If it's a big purchase, like a TV, don't get the biggest or flashiest one out there, but do look for something quality that will last a while. Also figure out what small, inexpensive treats make you happiest. Treating yourself well will keep you motivated to work hard...if you never get any immediate pleasures from the money you make, sometimes you forget what you are working for. At least, that's how it works for me.

    Think about your long-term goals, and what you will do with the money when you have a good ammount saved up. Do you want to retire on the interest? Go back to school? Start a business? Transition into a new career? Then you can start figuring out a savings plan toward that goal.

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    Default Re: What to do with the money I make?

    i'd stick with cds. check various banks in your area for the best interest rates. melonie had a great idea about putting money in cds for 6 months and then reinvesting it. i dont like money markets for the sheer fact that you can lose money. cd is a guarantee, which i need right now.

    as far as spending, it's really nice that there's a girl on here who saves. i own pretty much all secondhand stuff and most of it was free. a gutter punk i knew years ago told me this: ' if you don't have anything, you have nothing to lose'

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    Default Re: What to do with the money I make?

    Its really hard for me to spend money too. I am going to get laser hair removal though because I REALLY want it, but it feels weird to just drop a couple hundred on unnecessary things. I'm just going to save mine and then invest once I become more knowledgeable on the subject. Happy Saving!

  10. #10
    Banned Katrine's Avatar
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    Default Re: What to do with the money I make?

    Most money market accounts are FDIC insured. Other types of accounts are effectively brokerage sweep accounts and have SIPC protection. If you feel that you have an adequte reserve of cash in savings, mm, and CD's, I suggest you begin to invest so that your money can begin to work hard for you.

    Inflation is about 4% annually. Most savings make .5-2%. CD's make between 4-5% if you get a good one. Effectively, you are losing your money to inflation, or just breaking even.

    Dollar Den is a great place to start. Of course, I'm not here to shill my services, but you might learn a lot from a consultation with a registered investment advisor. Don't just go to a bank or stockbroker either.....

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

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    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    God/dess LuckyOne's Avatar
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    Default Re: What to do with the money I make?

    Dollar Den is good but sometimes the lingo is so foreign its tough to comprehend of it unless you are already "in the know."

    If you want to invest in the stock market but don't know which stocks to buy, you can buy spyder stocks. They are stocks that follow the market trends, and you purchase them on Ameritrade.com without paying a fee. (I think they give you 1 or 2 free trades per year.) It is easy to set up an account online and then you transfer the funds from your bank account.

    Otherwise, mutual funds are managed by a "fund manager" and give a high return for people that don't know which stocks to buy. Which fund you choose depends on your savings goals. (Will you be leaving the investment alone for several years or do you need access to the cash?)

    If you keep cash (ie, $10k under your mattress) or don't get at least a 4% return in a savings account you are actually "losing" money because the value of the dollar drops due to inflation. At the very LEAST I would put it in a money market account. (If you are paying your taxes. Otherwise it can be tracked by the IRS.)

    Does that make or do you need a better explanation?

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    God/dess Lena's Avatar
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    Default Re: What to do with the money I make?

    A savings account like ingdirect.com or emigrantdirect.com will give you a better rate than your bank.



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    Default Re: What to do with the money I make?

    everyone should have a small amount (4 figures) of cash on hand. you never know when you'll need to pay for something in cash, such as when atms didn't work during the east coast power outage a few years back or before katrina hit. or bail money, for that matter. having no cash reserves at all 'because i can always go to the bank' is a bit cavalier to me.

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    Default Re: What to do with the money I make?

    Thanks!


    Exactly, I am glad not I am the only "cheap" person here. Sometimes I even feel bad buying food to work and I just cook and bring in, or need a mani!pedi but I rather do it myself.. SHame shame shame.



    Yeah, dollar den is kinda greek for me now.

    Is that true that credit unions have better interest?
    Should I just buy other currency? Last week I heard the dollar was very low..

    Citibank, HSBC, Commerce do they have knowledgable staff and offers? I could go without some money for a while...

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    Default Re: What to do with the money I make?

    Quote Originally Posted by Katrine View Post
    Most money market accounts are FDIC insured. Other types of accounts are effectively brokerage sweep accounts and have SIPC protection. If you feel that you have an adequte reserve of cash in savings, mm, and CD's, I suggest you begin to invest so that your money can begin to work hard for you.

    Inflation is about 4% annually. Most savings make .5-2%. CD's make between 4-5% if you get a good one. Effectively, you are losing your money to inflation, or just breaking even.

    Dollar Den is a great place to start. Of course, I'm not here to shill my services, but you might learn a lot from a consultation with a registered investment advisor. Don't just go to a bank or stockbroker either.....

    I would be willing to learn more about what you have to offer.

  16. #16
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    Default Re: What to do with the money I make?

    You know what, I totally feel you, espcecially on the buying of things that are permanent. I've moved every six months for the last 8 years. I just got an apt. that I want to stay in for some time, and haven't bought much for it yet. But last nite I'm taking a look around like, "do you really not want a kitchen table??"

    Even if you are staying not-so-permanant, temporary furniture can be a reallly good thing.

    Buy used, go to thrift stores, classified ads are yr best friend, and it would be very easy to resell via classified ad when the time comes.

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    God/dess carmen_b's Avatar
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    Default Re: What to do with the money I make?

    Your 20's or 30's are a perfect time to start a retirement fund. Yep .... you are far away, but the interest builds on itself like magic the earlier you start .

    With a reg. retirement fund , you can currently put $4000 a month into a retirement fund currently and get tax breaks for it . With another type of retirement fund ( a Roth ) , you pay taxes on the money now , but when you take the money out in your 60's you can take it out tax free.

    Retirement money is money you can't touch though until you are ready to retire ( you can get penalized for withdrawing early ).

    There are so many great investment options out there . Get a book on it or subscribe to Money magazine or Kiplingers to start learning more !

  18. #18
    Banned Katrine's Avatar
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    Default Re: What to do with the money I make?

    Quote Originally Posted by head turner View Post
    I would be willing to learn more about what you have to offer.
    That depends. I'm not licensed to do business in your state but would be happy to answer your questions and send you in the best direction!

    "Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
    "And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion

    Quote Originally Posted by Mia M
    If a cupcake was tossed at me... well, I'd only be upset if it missed my mouth

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    God/dess anomar's Avatar
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    Default Re: What to do with the money I make?

    I recommend reading the Psychology of Selling by Brian Tracy. Not to say that you need help w/ motivating to sell to your customers, but he has a lot of great exercises on articulating/focusing on long term and short term goals, how they're connected to the income you make, and feeling good about the money you make instead of confused/anxious that you're not implementing your income correctly. Oh, and his motivational tips on selling are pretty great too.

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