Vallerina 2 #1 September 2, 2003 Save this much, invest that much, don't put too much in your 401K....I'm going to scream! I'm trying to be responsible. I don't carry much of a balance on my credit cards, and I try to save/invest/etc. I read up about what to do on different websites, and (surprise) they all tell me different things to do. One of my good friends (with a major in Econ) gave me the rule to save up until I can live off of it for 6 months without a job, but I live with my parents, so do I not need to save anything? Really, though, I am somewhat lost when it comes to what to do with my money. I can use my BA-35 and calculate my highest future value, but, unfortunately, my calculator doesn't include a button for how much I should have saved for emergencies. It doesn't have a button telling me where is the best place to put my money so that I don't have ridiculously high costs in taking back out when I want to purchase a house. Here's a quick profile for you: I'm 23, I have a decent amount in mutual funds, I do not have much in savings, I want to buy a house eventually, I will probably have to rent before getting a house, etc. Where the heck should I put my money? I can't put it all in a 401K, because then I won't have enough for a down payment on a house. I have to have some savings, but how much? Sigh....just looking for some answers!There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
Remster 30 #2 September 2, 2003 Dont worry Val. I'll bring a Power of Attorney form at Eloy for you to sign, and you wont have to worry about all that stuff anymore...Remster Quote Share this post Link to post Share on other sites
PhreeZone 20 #3 September 2, 2003 Spend your stupid money and live like there is no tommorrow... You worry too much. Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
Vallerina 2 #4 September 2, 2003 QuoteDont worry Val. I'll bring a Power of Attorny form at Eloy for you to sign, and you wont have to worry about all that stuff anymore... Ohh...thank you, Remi! Have I ever told you how sweet you are? Knowing that someone so responsible and caring is taking care of my money is such a comfort for me. And, Phree, shouldn't you be off finding a second job so you can make payments on the damage you did to your car? There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
happythoughts 0 #5 September 2, 2003 I met this guy who was really happy. I asked him his secret. He said that he had a guy who works for him that does all his worrying. I said that is sounded pretty cool and asked how much he paid for the service. He said $80,000 a year. I asked him how he could afford to pay that. He said that he couldn't, but that was the other guys problem. Quote Share this post Link to post Share on other sites jfields 0 #6 September 2, 2003 Vallerina, For someone to take a stab at helping you with those questions, you'll actually need to provide a whole lot more information. For example: Current salary Current living expenses Time until expected house purchase College debt/student loans Etc. I'm not saying you should post this information here. But to get a better picture of your finances, someone will need to know it. There is no "one size fits all" financial advice worth taking. There are also questions about your risk tolerance and attitude towards money. For example, you got one "screw it, spend it all" response. Some people live like that. Their choice. I'm more of a saver. I want a nice cushion for the rainy day, and to have a nice retirement. The advice you get ought to be tailored to your preferences. I am not any type of certified financial planner, but if you are interested, PM me and I'll give you some ideas. The first tidbit of financial advice is not to sign a power of attorney over to Remster. He'd invest your life's savings in feed for his moose. Quote Share this post Link to post Share on other sites Michele 1 #7 September 2, 2003 Val, there are some 401K's which allow you to "borrow" for a downpayment from your balance...check the fine print, and see if yours does. You'd need to pay it back, of course, but they have rules and regs which let you do that with no penalties. Also keep in mind that there are many loans which do not require a traditional 20% dp, but will let you get by with 5, 10, or even 3% (plus closing costs, of course...) As to the emergency funds...find out how much bills are at your parents, add a car payment/insurance, add the food costs, add in a moderate rental payment, and then multiply it by 6 months. This is your "approximate" emergency cushion that you should have. Just grab the bills and see what the monthly charges are. As to savings, they say to put at least 15% gross into savings, and lock it up in some of the investment stocks. If you really need someone to help you out, I can check my sources and see if we have anyone in your state (what state is that, again?) and then sit down with them and have them write up a do-it-yourself plan. They will have great ideas, more than what I know. PM me if you're interested in that. But really, check out the 401K and see if they will allow you to take $$ out for a downpayment. Ciels- Michele ~Do Angels keep the dreams we seek While our hearts lie bleeding?~ Quote Share this post Link to post Share on other sites Vallerina 2 #8 September 2, 2003 Yeah, I won't actually post my salary (not that it's anything to get jealous over, and it's about the expected level for being just 1 year out of college), but I don't really have any living expenses (I live with my parents), I have no idea of when I will buy a house, and I don't have much debt (just a small car payment.) Quoteand to have a nice retirement. That's also what I want. I don't need to a big, fancy house, but I would like to be able to support myself when I get old! QuoteI am not any type of certified financial planner, but if you are interested, PM me and I'll give you some ideas. Will do! QuoteHe'd invest your life's savings in feed for his moose. Well, I knew he wasn't going to be spending it on beer at least, since he will be stealing all of mine in Eloy! (I will remember to surround my beer with angry German Sheppards that I have trained!)There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites Remster 30 #9 September 2, 2003 QuoteGerman Sheppards mmmm... german sheppard soup... mmmmmmmmRemster Quote Share this post Link to post Share on other sites Vallerina 2 #10 September 2, 2003 QuoteVal, there are some 401K's which allow you to "borrow" for a downpayment from your balance...check the fine print, and see if yours does Yes, I am allowed borrow from my 401K. A little birdie told me I could withdraw from my 401K early if I am purchasing my first house. So, that may be another option. Quoteand then multiply it by 6 months. Okay, so I'll stick with that 6 month rule I heard earlier. That answers one question for me! Quoteand then sit down with them and have them write up a do-it-yourself plan. Are they going to tell me to stop wasting so much money? Thanks, Michele. Remi, you're a sicko.There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites Designer 0 #11 September 2, 2003 No,well maybe if the fringes are good?(lol) Quote Share this post Link to post Share on other sites Remster 30 #12 September 2, 2003 QuoteRemi, you're a sicko. Thank ya... thank ya very much... (PS: I love puppies, not as in food, as in puppies.....)Remster Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. 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jfields 0 #6 September 2, 2003 Vallerina, For someone to take a stab at helping you with those questions, you'll actually need to provide a whole lot more information. For example: Current salary Current living expenses Time until expected house purchase College debt/student loans Etc. I'm not saying you should post this information here. But to get a better picture of your finances, someone will need to know it. There is no "one size fits all" financial advice worth taking. There are also questions about your risk tolerance and attitude towards money. For example, you got one "screw it, spend it all" response. Some people live like that. Their choice. I'm more of a saver. I want a nice cushion for the rainy day, and to have a nice retirement. The advice you get ought to be tailored to your preferences. I am not any type of certified financial planner, but if you are interested, PM me and I'll give you some ideas. The first tidbit of financial advice is not to sign a power of attorney over to Remster. He'd invest your life's savings in feed for his moose. Quote Share this post Link to post Share on other sites
Michele 1 #7 September 2, 2003 Val, there are some 401K's which allow you to "borrow" for a downpayment from your balance...check the fine print, and see if yours does. You'd need to pay it back, of course, but they have rules and regs which let you do that with no penalties. Also keep in mind that there are many loans which do not require a traditional 20% dp, but will let you get by with 5, 10, or even 3% (plus closing costs, of course...) As to the emergency funds...find out how much bills are at your parents, add a car payment/insurance, add the food costs, add in a moderate rental payment, and then multiply it by 6 months. This is your "approximate" emergency cushion that you should have. Just grab the bills and see what the monthly charges are. As to savings, they say to put at least 15% gross into savings, and lock it up in some of the investment stocks. If you really need someone to help you out, I can check my sources and see if we have anyone in your state (what state is that, again?) and then sit down with them and have them write up a do-it-yourself plan. They will have great ideas, more than what I know. PM me if you're interested in that. But really, check out the 401K and see if they will allow you to take $$ out for a downpayment. Ciels- Michele ~Do Angels keep the dreams we seek While our hearts lie bleeding?~ Quote Share this post Link to post Share on other sites
Vallerina 2 #8 September 2, 2003 Yeah, I won't actually post my salary (not that it's anything to get jealous over, and it's about the expected level for being just 1 year out of college), but I don't really have any living expenses (I live with my parents), I have no idea of when I will buy a house, and I don't have much debt (just a small car payment.) Quoteand to have a nice retirement. That's also what I want. I don't need to a big, fancy house, but I would like to be able to support myself when I get old! QuoteI am not any type of certified financial planner, but if you are interested, PM me and I'll give you some ideas. Will do! QuoteHe'd invest your life's savings in feed for his moose. Well, I knew he wasn't going to be spending it on beer at least, since he will be stealing all of mine in Eloy! (I will remember to surround my beer with angry German Sheppards that I have trained!)There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
Remster 30 #9 September 2, 2003 QuoteGerman Sheppards mmmm... german sheppard soup... mmmmmmmmRemster Quote Share this post Link to post Share on other sites
Vallerina 2 #10 September 2, 2003 QuoteVal, there are some 401K's which allow you to "borrow" for a downpayment from your balance...check the fine print, and see if yours does Yes, I am allowed borrow from my 401K. A little birdie told me I could withdraw from my 401K early if I am purchasing my first house. So, that may be another option. Quoteand then multiply it by 6 months. Okay, so I'll stick with that 6 month rule I heard earlier. That answers one question for me! Quoteand then sit down with them and have them write up a do-it-yourself plan. Are they going to tell me to stop wasting so much money? Thanks, Michele. Remi, you're a sicko.There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
Designer 0 #11 September 2, 2003 No,well maybe if the fringes are good?(lol) Quote Share this post Link to post Share on other sites
Remster 30 #12 September 2, 2003 QuoteRemi, you're a sicko. Thank ya... thank ya very much... (PS: I love puppies, not as in food, as in puppies.....)Remster Quote Share this post Link to post Share on other sites
