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Thread: So what should I be doing with my money?

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    Veteran Member missmays1983's Avatar
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    Mind Blowing So what should I be doing with my money?

    thanks everyone...got a few good tips to keep me busy for a bit.
    Last edited by missmays1983; 02-23-2009 at 01:07 AM.
    KA-KOWWW!

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    God/dess Deogol's Avatar
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    Default Re: So what should I be doing with my money?

    Save.

    Read a few books. The answers are useless if you don't even know what questions to ask.

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    Veteran Member missmays1983's Avatar
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    Default Re: So what should I be doing with my money?

    any books to recommend?

    correct, i do not know what questions to ask...or where to even start...i am completely lost.
    KA-KOWWW!

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    God/dess hockeybobby's Avatar
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    Default Re: So what should I be doing with my money?

    • Pay yourself first.
    • Save at minimum 10% of what you earn.
    • Paying off debt is a better "investment" than a financial instrument or account that has a lesser interest. For example, if your savings account pays 3% and your debt is at 6%...well, it's a no-brainer. I know you've heard it already, but, get rid of the debt ASAP. Just think of it this way...your savings are currently at Negative 7K.
    • If you are going to be investing your 401K in the stock market, choose conservative investments...for example, large, stable, dividend paying companies that have a dividend re-investment plan.
    • You will want your own home one day, believe me. Save now for the downpayment of 25%. That way you will be able to get a normal first mortgage without having to pay a premium for a high-ratio mortgage. Buying a home in 10 years? Fine, save $100 a week from now on. That's about 5K a year...50K plus interest in 10 years. Have it automatically transferred out of your normal chequing account to an online daily high-interest savings account, and don't make any withdrawals. None.
    • You are in great shape, and you will be fine.
    • Don't worry. Be Happy.

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    Veteran Member missmays1983's Avatar
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    Default Re: So what should I be doing with my money?

    Thanks HB. I must admit i like how you throw a little optimism in on 'money' discussions...i do think that it is important, at least in trying to cut down the overwhelming stress that so many are feeling during these times. I know that my situation sounds like a dream compared to most but it is still important to assess and know where one stands on a regular basis...

    and as always AN OUNCE OF PREVENTION IS WORTH A POUND OF CURE!

    ;-)
    KA-KOWWW!

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    Default Re: So what should I be doing with my money?

    Thanks mm. I find people worry alot. That hurts them more than anything. If you just live within your means, and save a portion of what you earn, you will never have any financial problems imo. The simple plan has been what has worked for me.

    For reading material: As you go along you'll find all kinds of interesting things to read on the subject of financial planning. The company you have your 401K with probably puts out a newsletter of some sort...read that for starters. I downloaded Suze Ormans new book from a thread that was posted here I think. I have it saved (it's a pdf file) and if I knew how to do it, i'd post it here LOL. There's plenty of time, and you are already doing the right things.

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    Veteran Member missmays1983's Avatar
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    Default Re: So what should I be doing with my money?

    ^i live a block away from a Books A Million, so im gonna go pick up some of Suze's stuff...her show was always a fave of mine ever since highschool and i dig how she puts all the info in "plain english"...great for people like me who just get lost and overwhelmed in the lingo and the math lol.

    oh yeah and the "pay yourself first" rule...classic. and yet so many people are niave to this. granny drilled that one in to my head before i even had a job.

    im also gonna check tomorrow and see if we have a fund or asset advisor for the 401(k)...

    funny how just a few small actions can get you in a more positive frame of mind....worrying truly is wasting energy.

    i liked that quote you put of FDR in another current thread...and even though we can all be cynical at times, and especially now, it is comforting just to hear something with a hopeful tone.
    KA-KOWWW!

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    Veteran Member XxAmber89xX's Avatar
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    Default Re: So what should I be doing with my money?

    You still have $10,000 in debt from 5 years ago. I'd eliminate that immediately while following the advice of others.

    Keep asking questions, honey.
    Oh Canada, we stand on cars and freeze...

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    Veteran Member missmays1983's Avatar
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    Default Re: So what should I be doing with my money?

    Quote Originally Posted by XxAmber89xX View Post
    You still have $10,000 in debt from 5 years ago. I'd eliminate that immediately while following the advice of others.

    Keep asking questions, honey.
    yeah that's my main goal...i have paid it down alot...took me some time to get a good start because i wasn't making shit at my job till they transferred me...still not making a pile of cash or anything, but enough to live comfortably in a small city in NC...
    KA-KOWWW!

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    Default Re: So what should I be doing with my money?

    Start with The Automatic Millionaire by David Bach. It is written in very simple terminology.

    I also suggest Rich Woman by Kim Kiyosaki.

    I could list more (basically all the ones I have chosen for the Strip and Grow Rich Bookstore) but start with those two.
    Rebecca Avalon







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    Veteran Member missmays1983's Avatar
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    Default Re: So what should I be doing with my money?

    ^ Thanks you very much britneyireland! i was hoping you would chime in! I will definitely check out those books ASAP!
    KA-KOWWW!

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    Default Re: So what should I be doing with my money?

    I want to add that before you start paying down your debt, make sure you have an emergency savings account. The amount in the account will depend on what you expenses are, but should be able to help cover unforeseen expenses. My emergency account has saved my financial butt many, many times, like when my car decided to break down three states away from home, or when the dog broke a tooth and needed dental surgery.

    This account will save you from having to use credit when you can least afford to do so.


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