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Thread: Investing and Savings Questions

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    God/dess Snowy0Star's Avatar
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    Default Investing and Savings Questions

    Sorry if this has been covered before but I was wondering after your basics are taken care of (food rent bills pet needs - I have a cat and two mice lol) how much should you invest back into your buisness and how much should you put away for savings and how much can you "play with" ?
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    Default Re: Investing and Savings Questions

    ^^^ before 'investing' anything, I would recommend saving up at least 3 months worth of income as an 'emergency fund'. After that, I would recommend avoiding the use of ( and costs of ) credit for an auto purchase by saving up for a cash purchase.

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    Default Re: Investing and Savings Questions

    Also pay off your debts. A reasonable mortgage is acceptable, but consumer debt and a car loan need to get paid off ASAP. Remember interest on consumer debt is way higher than any legit rate of return you might earn on any investments. An example, if you have a credit card that is charging you 9% interest and you can earn 7% in the stock market by value investing, pay off the credit card first. Another example if your mortgage is 4% and you can earn 7% in the stock market by value investing, then don't pay off your mortgage early, but invest.

    HTH
    Z

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    Default Re: Investing and Savings Questions

    I guess I worded that wrong I should have said invest back into the buisness. Like the percentace of whatever is left over after u pay ur basic needs should u put back in ur buissness to help it grow. But ur responses are needing me to ask another question - if u have an SO thats taking care of most the expenses should u have 3 months saved of ur share or the total between u two in case something happens to him or maybe "us" ?

    Thanx for ur advice so far
    xoxoxo
    Quote Originally Posted by BombshellBelle View Post
    Always dress like you're going to bump into the woman seeing the man who broke your heart.
    Quote Originally Posted by sexyadrienne View Post
    Yes, sex sells, but it sure as hell doesn't sell itself!
    I went from poor to please pour me another drink - Lil Wayne
    Quote Originally Posted by IvyAdams View Post
    You're a sip of fine champagne darling, and the guys who deserve to taste you should be able to buy the whole glass.


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    Default Re: Investing and Savings Questions

    I would TRY and save 3 months of TOTAL income between the two of you. If you can.

    What many couples have tried to do is live on the income of one and bank the salary of the other.

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    Featured Member kikiwiki's Avatar
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    Default Re: Investing and Savings Questions

    Financial Strategist/Goddess Suze Orman ALWAYS stresses to save 8months of your monthly expenses as emergency income. I believe us being in this unfortunately limiting adult career that we should save at least a year for an emergency fund. I would also say if you want to invest, invest in your basic needs such as a roof over your head, health and retirement.

    My basic financial plan is this:

    Save/set aside:
    12months emergency fund
    20% down payment for home/condo
    33% of income per month to pay for taxes, by end of year, whatever is left over, put towards your retirement fund( IRA, Money Market, savings, etc)
    Retirement fund

    Invest:
    Stocks, your home, your business, and your future.

    This is my simple version of what I do and some people I know. I'm sure I'm wrong on some parts and of course I'm only speaking from my own experience, income and city/state I live in. I know some places pressure to make money isn't that important because it may be a lower cost of living but only you know best what suits you. But I believe we all in this biz need to save save save because it's not so much fun and big money as you get older with bigger responsibilities/priorities and faced with the end of fun carefree times.
    "Where there is love there is life"-Mahatma Gandhi

    "Be The Best, F!ck The Rest"- P.P.


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    Featured Member kikiwiki's Avatar
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    Default Re: Investing and Savings Questions

    Financial Strategist/Goddess Suze Orman ALWAYS stresses to save 8months of your monthly expenses as emergency income. I believe us being in this unfortunately limiting adult career that we should save at least a year for an emergency fund. I would also say if you want to invest, invest in your basic needs such as a roof over your head, health and retirement.

    My basic financial plan is this:

    Save/set aside:
    12months emergency fund
    20% down payment for home/condo
    33% of income per month to pay for taxes, by end of year, whatever is left over, put towards your retirement fund( IRA, Money Market, savings, etc)
    Retirement fund

    Invest:
    Stocks, your home, your business, and your future.

    This is my simple version of what I do and some people I know. I'm sure I'm wrong on some parts and of course I'm only speaking from my own experience, income and city/state I live in. I know some places pressure to make money isn't that important because it may be a lower cost of living but only you know best what suits you. But I believe we all in this biz need to save save save because it's not so much fun and big money as you get older with bigger responsibilities/priorities and faced with the end of fun carefree times.
    "Where there is love there is life"-Mahatma Gandhi

    "Be The Best, F!ck The Rest"- P.P.


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