PhreeZone 20 #1 January 8, 2003 All this talk about money and the debit level of the nation made me wonder about skydivers savings and debt levels. Plus I needed to see what to do with my tax refund, save or spend Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
misskriss 0 #2 January 8, 2003 my husband said if skydiving made me happy then to spend all the money we have... Quote Share this post Link to post Share on other sites
SpeedRacer 1 #3 January 8, 2003 savings account? what's that?I just have checking. But I got a 401K & I own my home so I'm obviously keeping some of it (what little of it goes towards equity every month). Speed Racer -------------------------------------------------- Quote Share this post Link to post Share on other sites
jumpy 0 #4 January 8, 2003 Yep still have a savings account...The only thing is that i'm saving to go on a jumping holiday when i finish school Quote Share this post Link to post Share on other sites
gemini 0 #5 January 8, 2003 Savings at 3% (a negative return if you include stocks) or 2 Otters! Not much choice there... Blue skies, Jim Quote Share this post Link to post Share on other sites
wingnut 0 #6 January 8, 2003 yup got a savings and money market account though there's not much in both.....hopefullt that'll change soon.....i could win the next powerball drawing... ______________________________________ "i have no reader's digest version" Quote Share this post Link to post Share on other sites
indyz 1 #7 January 8, 2003 Sure I do, it has about $150 in it . I have some Xmas cash and a $98 paycheck to deposit, plus a little bit in checking, so I'm not doing that bad, considering I'm a college student with basically zero living expenses. Quote Share this post Link to post Share on other sites
fudd 0 #8 January 8, 2003 I got one saving account dedicated to skydiving. Since I havent jumped since september I use it to cheer up. Transfering some money for a couple of jump tickets whenever I wished I could jump. It's growing fast.Best of all. It's money that will entirely go to skydiving activities. There are only 10 types of people in the world. Those who understand binary, and those who don't. Quote Share this post Link to post Share on other sites
Genn 0 #9 January 8, 2003 Geeze...When I first started jumping, I quickly became maxed out!!!! oops!!! However, if I could do it all over again, I would have been a lot more responsible with my money. I've spent the last couple years "catching up." There is that skydiving bug that gets you in the beginning. It got me for a few years! There is not much money to be made in this sport to last the duration. IMO, if I just started jumping....I'd take out a loan...instead of putting it on my cc. Open a CD, etc. You either pay now....or pay later! Quote Share this post Link to post Share on other sites
jtval 0 #10 January 8, 2003 hell yea! i got an IRA and a small savings acount.I dont look at the IRA as my money though. If i did I may justify the need to take from it! and I would jus be fucking my self over....... we MUST have fun today but wegotta think to the future so we can enjoy tomorrow as well.My photos My Videos Quote Share this post Link to post Share on other sites
jfields 0 #11 January 8, 2003 Absolutely, I still have savings. I max my 401k, Roth IRA, my wife's 403b, her Roth IRA, etc. Own a home, so I'm building equity, instead of paying rent. One car is paid, the other has a minimal payment and decent interest rate. The credit cards generally get paid in full every month. I want to have plenty of money to skydive when I am old, grey(er) and retired. Not only that, but I'd like to be able to travel around and do it all over the world. Quote Share this post Link to post Share on other sites
Dumpster 0 #12 January 8, 2003 Savings account - I like to keep a couple months mortgage in there, just in case, and we are savings towards buying Sharon a new car. IF we get a return this year (we've been paying the last three years--) she said I could get a new jumpsuit- but wait until I get the bill from my rigger (the Racer needs alot of work-) 401k is in the tank- Good news is, at the end of this month, all the loans will be paid off (including my rig) and our cash flow will improve nicely! I'm also due for a raise next month, and so is Sharon! WooHoo!! Easy Does It Quote Share this post Link to post Share on other sites
Vallerina 2 #13 January 8, 2003 I still don't have a savings account. I have a 401K which isn't that impressive. The only real amount of savings I have is put away with an investment company. It is so damned difficult to save with this sport....There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
jimmytavino 16 #14 January 8, 2003 Yes..For sure... if you want to skydive and skydive for a long time you also better have another thing,,, a job,,,,,or at least the willingness to go out and get a job,,,,,"you don't work,,, you don't play" Quote Share this post Link to post Share on other sites
PLFXpert 0 #15 January 8, 2003 YEY! I thought I was in the minority, but it looks like I'm in the majority (yes and growing fast). Woo-hoo! Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
PLFXpert 0 #16 January 8, 2003 Quote Savings at 3% That's only if you have a regular savings account...my "savings account" works just like a regular one but it's a brokerage account w/ a money market attached, so the % is a lot more. I also have 401k and Roth IRA brokerage accounts. I dont' look at it as spending money somewhere OTHER than skydiving, I look at it as making MORE money to spend on skydiving, than I would have had, had I not invested it.I'm only 22 and just graduated so I don't yet own a home, but my goal is to purchase one by the end of this year. Rent sucks! I refuse to continue making someone else rich when I could own my own and make myself rich...more $$$ = more jumps, in my mindPaint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
PLFXpert 0 #17 January 8, 2003 Quote hell yea! i got an IRA and a small savings acount.I dont look at the IRA as my money though. If i did I may justify the need to take from it! and I would jus be fucking my self over...... yea, don't do that, they have strict penalties for withdrawing early...but JT, do you have a reg IRA or do you have a ROTH IRA. If you have a ROTH, then there are various circumstance you can take some money out early for, penalty and tax free, like buying a house, medical emergencies, etc. AND, unlike a 401k, when you retire, the money is not taxed. Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
Vallerina 2 #18 January 8, 2003 Quote If you have a ROTH, then there are various circumstance you can take some money out early for, penalty and tax free, like buying a house, medical emergencies, etc. AND, unlike a 401k, when you retire, the money is not taxed. Yep, my Economics friend said that same thing. He highly recommended a ROTH account. (I've slacked and still haven't done it, however.) Especially since I plan on buying a house within the next couple of years, he said that this was the way to go. I'm not sure if anyone else has checked out this site, but he also highly recommended it to me www.fool.com.There's a thin line between Saturday night and Sunday morning Quote Share this post Link to post Share on other sites
PLFXpert 0 #19 January 8, 2003 Yea, I didn't take many of those classes in college but I've read a lot of books and taken a lot of financial advice from my successful father (I've been supporting myself since I left for college, by choice). I gave a few speeches about saving/investing for college students in college (it feels weird saying "in college" b/c I just graduated) but one of my examples that I give in the speech is this (taken from "Investing Like a Pro": Person A: 22 years old, invests a total of 6k over about 6 years Person B: 28 years old, invests a total of 72k over many years By the time both these people retire, at an average of a 7% ROI, both will have about 100k by age 65, but person A, who started investing earlier, invested 66k LESS and still got the same result. It speaks a LOT for starting early. I've been investing for years, and worked through all through college, and had to maintain a certain GPA to keep my scholarships that paid my full tuition. It wasn't easy but it's a LOT easier to be able to go jumping every weekend than it would have been had I not done those things. I'm adventurous, I like to do things spur of the moment, so I have to have $$$ put aside for when things like that come up. I want to be able to travel and skydive and take cool vacations all my life, but unless you're really lucky, stuff like that doesn't just fall in your lap. You have to get it yourself. I've always said I always get what I want, but it's not b/c it's handed to me, it's b/c I figure out whatever I need to do to get it and just do it, even if it's not the most fun thing in the world. Geez...sorry for the rant Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
mouth 0 #20 January 8, 2003 You would be crazy NOT to have some sort of saving in this day and age. I am a single parent, own my own home which will be paid for in 10 years, own my new vehicle outright, own several rental properties, have a 403B, Roth IRA, regular IRA, have some stocks, municipal funds, some T bills, a money market and a saving account. Thanksfully my portfolio is very diverse. Both my children have college funds. The oldest is 14 and she already has enough to pay for 3 full years even if she gets no scholarship which is very unlikely as she is an honors student. I really try to plan and look for deals. I use the 0% interest rates on any credit card I have or pay it off every month. I stil manage to make as many jumps as time will allow. I firmly believe you need to plan for your future without relying on "the system" to support you. -- Hot Mama At least you know where you stand even if it is in a pile of shit. Quote Share this post Link to post Share on other sites
jfields 0 #21 January 8, 2003 My website is way out of date, but some of the stuff is fairly timeless... http://www.jennandjustin.com/invest-articles-compounding.asp Illustrates the effects of compounding and why simple savings accounts don't really cut it. Quote Share this post Link to post Share on other sites
scottbre 0 #22 January 8, 2003 I haven't had any sort of saving's anything since before I went to college. Then it was used up helping to pay for my first year of college. Been working to pay off debt since then. Doesn't make much sense with interest rates as low as they are to put money into savings when you are actually saving money by paying off as much debt as possible. "Your mother's full of stupidjuice!" My Art Project Quote Share this post Link to post Share on other sites
PLFXpert 0 #23 January 8, 2003 Quote compounding IT'S A BEAUTIFUL THING! He he he...through college, I'd say I compounded half, and used the other half of my returns on bills but now that I'm done, it will ALL BE compounded!Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
jfields 0 #24 January 8, 2003 http://www.fool.com/Specials/2001/sp011224.htm Investing, skydiving and debt management, all rolled into one. Quote Share this post Link to post Share on other sites
jtval 0 #25 January 8, 2003 yea I got a roth. I think you can use it without fee for collage or your first house..... but the military covers my ass on those options with a no/low interest loan. and the MGI billMy photos My Videos Quote Share this post Link to post Share on other sites
