Starting today August 7th, 2024, in order to post in the Married Couples, Courting Couples, or Singles forums, you will not be allowed to post if you have your Marital status designated as private. Announcements will be made in the respective forums as well but please note that if yours is currently listed as Private, you will need to submit a ticket in the Support Area to have yours changed.
that is a good reminder, to use rewards. I pay cash for gas everyweek so there is no reason not to use a credit card for that, as long as I pay it off every week. Also I recommend paying an annual rate for auto insurance, a lump sum. That saves as well.Interesting list. Here’s my approach in no particular order.
1) keep cars long time & save for next car/pay cash
Develop wise household and money management skills. Reference older books for helpful tips on running a home economically. Read books, magazines and take classes on budgeting, saving, and money management from secular and Christian sources. Learn from other’s mistakes and never stop learning.
I don’t drive. It is more economical to use a service as needed. I don’t use it often.
2) pay extra on mortgage principle each mos to pay off in 15 yrs or less & save all that interest
Purchase income producing property whose tenants offset the costs. Live there until you’ve acquired another (more is better). Use the spoil to pay for your home.
3) if don't have the money, don't buy
Live within your means and use credit wisely.
4) reuse, repurpose, recycle, donate
Purchase items you actually use and prune when needed.
5) buy at second hand shops/garage sales
Stop shopping. Learn how to create a capsule wardrobe and what colors and items are most flattering for your figure. Factor in your lifestyle then buy quality items.
Don’t fill your house with stuff. Be intentional with your purchases. Avoid emotional buying and being sucked into sales.
6) marry a spouse who can fix anything, lol
Purchase quality goods that need little repair from reputable companies with generous customer service. Hire reputable repairmen or move to a place with a great maintenance staff. Few ask that question when renting.
I’m single.
7) use coupons & negotiate @ stores & with insurance, internet, any bill
Purchase food seasonally from direct sources who offer sizable discounts on bulk items. Can, freeze, and dehydrate as needed and use a meal planner.
Frequent deals sites for current discounts and unpublished sales or price mistakes.
8) pay cash upfront to save on anything
Double dip when possible. Make your money work for you. Use rewards based cards for large purchases and smaller items if cash is plentiful or you can pay it off during the 0% interest period. If they offer a better deal by paying cash, use a check instead (provided by the company).
9) Develop a side hustle.
Rainy days always arrive. It will fund early retirement, unexpected expenses, and extras for loved ones. Teach your children how to do the same.
10) Pay it forward.
Leave the next generation in better straits. Record your knowledge and share it generously. Be charitable with your plenty.
~Bella
Interesting list. Here’s my approach in no particular order.
1) keep cars long time & save for next car/pay cash
Develop wise household and money management skills. Reference older books for helpful tips on running a home economically. Read books, magazines and take classes on budgeting, saving, and money management from secular and Christian sources. Learn from other’s mistakes and never stop learning.
I don’t drive. It is more economical to use a service as needed. I don’t use it often.
2) pay extra on mortgage principle each mos to pay off in 15 yrs or less & save all that interest
Purchase income producing property whose tenants offset the costs. Live there until you’ve acquired another (more is better). Use the spoil to pay for your home.
3) if don't have the money, don't buy
Live within your means and use credit wisely.
4) reuse, repurpose, recycle, donate
Purchase items you actually use and prune when needed.
5) buy at second hand shops/garage sales
Stop shopping. Learn how to create a capsule wardrobe and what colors and items are most flattering for your figure. Factor in your lifestyle then buy quality items.
Don’t fill your house with stuff. Be intentional with your purchases. Avoid emotional buying and being sucked into sales.
6) marry a spouse who can fix anything, lol
Purchase quality goods that need little repair from reputable companies with generous customer service. Hire reputable repairmen or move to a place with a great maintenance staff. Few ask that question when renting.
I’m single.
7) use coupons & negotiate @ stores & with insurance, internet, any bill
Purchase food seasonally from direct sources who offer sizable discounts on bulk items. Can, freeze, and dehydrate as needed and use a meal planner.
Frequent deals sites for current discounts and unpublished sales or price mistakes.
8) pay cash upfront to save on anything
Double dip when possible. Make your money work for you. Use rewards based cards for large purchases and smaller items if cash is plentiful or you can pay it off during the 0% interest period. If they offer a better deal by paying cash, use a check instead (provided by the company).
9) Develop a side hustle.
Rainy days always arrive. It will fund early retirement, unexpected expenses, and extras for loved ones. Teach your children how to do the same.
10) Pay it forward.
Leave the next generation in better straits. Record your knowledge and share it generously. Be charitable with your plenty.
~Bella
1) keep cars long time & save for next car/pay cash
2) pay extra on mortgage principle each mos to pay off in 15 yrs or less & save all that interest
3) if don't have the money, don't buy
4) reuse, repurpose, recycle, donate
5) buy at second hand shops/garage sales
6) marry a spouse who can fix anything, lol
7) use coupons & negotiate @ stores & with insurance, internet, any bill
husband has even negotiated @ big box stores with mgr
8) pay cash upfront to save on anything
i.e. we saved on orthodontist/other medical by pay in full
of course buy a first home, to save on rent. That is a given. I am talking about second or third homes. There are better investments out there. But some people like the idea of having a tangible asset. Like a commodity. Stocks are sort of a fiat money product. And can fail in a dire economic situation. But again I would say we have a good decade of money in the economy till things start getting ugly with the amount of debt we owe as a nation impeding the liquidity of the markets. At 50% a year, that is quite a return. Say you invested just 1,000 dollars and got a 50% annual net return after taxes.... (in a roth IRA you don't have taxes btw) but never the less that rate would provide a sum of 134,107.18 cents at the end of 10 years. That is how compounding works. It's quite impressive. Now debt, and credit cards uses compounding against you. But realestate is a good investment, but you need to always add more upfront cost. The above is just a 1000 dollars, and some tips on how to invest. But stocks can be risky if you don't know how to do it. I lost 5,000 dollars over the last five years. Now I have made money consistently for last few years, and have learned some tips to reduce losses, and let gains run longer.everyone has to live somewhere
are you saying to rent and not buy a house?
we had a house built shortly after we married
since we were young, we worked with builder to allow us to do work and save money
so we did ALL the painting and ALl the staining-doors/trim
we built a deck and also put down kitchen floor
also, allowed husband/his dad to build beautiful kitchen cabinets
husband is a good negotiator so we saved a lot & also why we were able to pay off mortgage in less than 15 yrs
everyone has to live somewhere
are you saying to rent and not buy a house?
well you can hire a property management firm. And they usually deal with evictions. Condo's and duplexes are more profitable than single dwellings. And it's always good to diversify, I wouldn't put all the eggs in one basket. I typically recommend 5-10% in tangeable gold, and 90% in stocks. As you get closer to retirement and you want to secure it, you can slowly reduce your 90% allocation and replace it with bonds, which don't yield much. But what I like rather than bonds is just holding cash in like a corporate bond, or in a savings account. But again it's easy to learn investment principles and how to manage risk. Bonds are sort of for people that just let it sit and don't monitor it. For instance I got an alert on gold today. And it proceeded to break out of a downward trend so I will watch it for opportunities. So I can show people how to set up alerts that tell them when to buy and sell. It can become all automated. You can an email, or a text when it says you should sell. You can even program a trailing stop. Say you are willing only to risk 10%, then the stop will trail the price upward and as soon as price drops it locks and it will time a sell order to sell at a 10% drop from the high point. Then if stock continues to go up, it will keep it. Day traders can put their stops at a fraction of a percent, while swing traders a percent or two, and long term traders could put theirs at 10-30%. If someone didn't want to learn investing, they could just put money in SPY or SPX, and hold it forever, just put like a 20% trailing stop on it. Then when it sells in recessions, just rebuy at bottom. You will typically only lose half of the money lost in a recession.we had friends who bought a building with several tenants as a way to make money (they lived in nearby town)
they had to evict several tenants for non payment
pretty much the worst thing they ever did/stressful being landlords
husband has suggested it & I always say "remember what happened to our friends"
I don't like people enough to have to deal with tenants, lol
(Being an introvert)
Here is some tutorials. There are a lot of online courses, but alot of it doesn't work. This stuff is way better than all the proprietary oscillators and indicators and stuff that people sell you.everyone has to live somewhere
@createdtoworship are you saying to rent/not buy a house?
yeah I know a lot of very capable women who day trade, and make a killing. Way better than myself even. In fact my wife does all the bills in our home. I am just the worker bee. But I do the retirement stuff. But those videos are really helpful for learning to trend. A few websites that have good chart features are Investing.com, trading view, and if you desire a platform to download, I use think or swim with TD ameritrade. But again all the stock schools will teach you a particular loop hole or their particular way to make money, but if you can do trending, you can verify all of that. There are also referral services that you pay for example 150 dollars a month and they tell you exactly what to buy and how much. One guy is called the trading analyst, and I basically watched all of his video's on youtube and learned a bunch from him. I sort of gleaned everything I could from him, but I can verify that he does it right. And he will tell you what to buy and when and when to sell.... thetradinganalyst.comhusband contributes max to 401K
I've made a few changes to it over the years
he put me in charge of all financials when we married
so I do taxes, watch 401K, pay bills, etc
Yeah the first thing is realize, what you want to risk. But again with trading you always have risk. But like I said realestate is also a risk, as the housing market could tumble. I have friends who are still under water....'owe more than the house is worth.' So everything involves risk. I don't personally day trade.everyone has their level of risk
isn't that what a fiduciary or financial planner first determines with a client
we have a child to raise so not into risk taking
and would never consider day trading
the neat thing about leveraged fundo is it does not take much to gain much. If you are holding for 5 to 10 years, you can buy say 2 to 4 shares of TECL, and it only costs a few hundred, and holding it for five to ten years would produce 10, 20, 30 ,40 fold return. Ways to limit risk, is once you are up say 50% or so, you can put a 20,30,40% trailing stop, so when you have a huge recession hit, you limit your downside. That is a way to do what is called dollar cost averaging. You basically buy in an index fund, and continue depositing a set amount every month into it. So even when its going down you are buying those cheaper shares systematically and you are averaging it. But anyway. Yeah I guess the videos to watch are those trend videos and maybe a video on dollar cost averaging. Basically just putting a set amount in the market regularly. Not touching it. That is how retirements work and 401k's basicall people leave money in a certain fund all the time. I only feel comfortable doing that with an index fund like UPRO, or TECL. Those funds are spread out over dozens or hundreds of funds in their sector. So if onE or 10 companies fold it won't affect overall sector.
I like Roth IRA's. You can withdraw after five years and for any reason. If you open one for you and one for husband you can have 6000 each for a total of 12,000 a year. Tax deductible and tax free gains. 401k's are nice because I think you have like 20,000 a year contribution. But 401k's are very limited to what you can invest in. If your employer allows external 401k brokers, TD ameritrade is good. I don't put the max in my IRA, right now I am contributing 5%. But in a few years it will compound nicely.401Ks are only good if people use
many people don't OR they don't put in max allowed
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?