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Old 01-09-2008, 01:21 PM    (permalink
awfullyquiet
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Default Stupid Finances Thread.

I know. I'm super proud of myself today.

(WARNING- SCHOOL LIKE/BUSINESS LIKE/FINANCIAL LIKE MUMBO JUMBO)

I opened up a savings account. I've been meaning to for a while. I thought it was ******** because traditional savings accounts only gained 1% a year. which was even less than inflation. So. I said, no. screw you. But...
****. The ING commercials drove me crazy. 4.1 percent? That beat the 0% i get in my checking.

Now most people don't have **** for money. But. I've never had a savings account. Ever. I made the downpayment on my condo about 4 years ago with my year end bonus. Normally I put it all into my checking account (minus like the maximum for my retirement that i can without penalty).

I did the math.

http://www.geekhideout.com/compound.shtml

which leads me to my real point. compounded interest is some bad-ass tool.

if i put 100 bucks of my paycheck in there a month (hypothetically, lets also say a 4.1 percent interest rate (compounded monthly for congruency)). for the next 50 years (i'd be in my late 70's for you counting)... i'd have 190 thousand dollars... (mind you, i'd have only put 60 thousand in there... net profit of say... 130k... that's like most people working 2-3 years out of nowhere)... if you put 300 (assuming most of you will make the average of 40k a year of people over the age of 22 and under the age of 35, it's gonna be around 1/10th of every paycheck)... between 22 and 35, you'd make 13k just in interest. you'd have a .4 mil (after having invested only 150k) at age 65. and if you didn't spend any of it between the age of 65 and 75 (living off your normal retirement plan...) you'd have made an additional 200k. just by letting it sit there for ten years...

you say. jesus christ that seems so long.
what if you want to buy a house? by the time your 29? and your 20 right now? oh god, having the money for a down payment would suck! how about an extra years worth of money? 150 dollars a month over nine years would get you a 10% down payment on a 200k house.

sure, you smart ones might say. well, aq, what about inflation. you do what i do. invest in google. but. aq. i only got like 1000 bucks in my savings account that i put 150 dollars a month into. split that 150 into two. 75 in each hand. give 75 dollars to any place that sells partial stock (like sharebuilder and etrade do)... buy 75 dollars of whatever you like... (or if you're cocky, put the 75 dollars into your savings account and at the end of every month buy stock, so you get interest accrued daily...) meaning 300 dollars of google. might end up getting you a **** ton of money someday (but this isn't investment advice. i suck at investments. i let my mom do mine. shhh.)

and that was a lesson on how to make the most out of your money using compounded interest. hell. you can make sure your kids are rich using compounded interest... i get excited over stupid stuff like this. and now it's all tl;dr on everyone. so.

yeah. if you haven't started a savings account. do it. ing, hsbc, some credit unions offer like, truly bitchin rates.
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Old 01-09-2008, 01:26 PM    (permalink
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ING savings accounts are not compounding monthly. I have one. If you put 100 dollars a month in the account for a year. You might get 40 bucks back in interest. Which is better than the 5 you would get with a bank.
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Old 01-09-2008, 01:43 PM    (permalink
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I had a high interest liquid savings account compounding weekly with an APR of about 4%, but no fees for low balances (minimum $500 start) and free wire transfers. Sent all of the money into a cashier's check the down payment on my condo. Starting to rebuild that money, saving $100 into my IRA and $100 into liquid savings each month. This is in addition to my 401k. My gf and I are hoping to have about $100k saved for retirement by COB 2009.
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Old 01-09-2008, 01:48 PM    (permalink
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this reminds me of why I transferred out of the business school lol
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Old 01-09-2008, 01:51 PM    (permalink
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Quote:
Originally Posted by bsaza2358 View Post
I had a high interest liquid savings account compounding weekly with an APR of about 4%, but no fees for low balances (minimum $500 start) and free wire transfers. Sent all of the money into a cashier's check the down payment on my condo. Starting to rebuild that money, saving $100 into my IRA and $100 into liquid savings each month. This is in addition to my 401k. My gf and I are hoping to have about $100k saved for retirement by COB 2009.
Could be difficult to meet that goal if we are heading into a recession like many think.
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Old 01-09-2008, 01:56 PM    (permalink
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We're already at $70k, and that doesn't include her federal government pension.

We're well invested and diversified. My money is in the American Funds Growth Fund of American, which is a fantastic domestic equity growth fund with low fees. Her money is in the government system, which is very well managed. Even if there are some losses, we're still contributing a lot.

The important thing is that we're both under 30 right now. We're well ahead of the curve when it comes to retirement savings. Plus, my gf has a top secret clearance. Once she's done with 20 years of government service, she can retire (and draw pension), then take a lucrative consulting job for a ton of coin.
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Old 01-09-2008, 01:58 PM    (permalink
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Quote:
Originally Posted by awfullyquiet View Post
I know. I'm super proud of myself today.

(WARNING- SCHOOL LIKE/BUSINESS LIKE/FINANCIAL LIKE MUMBO JUMBO)

I opened up a savings account. I've been meaning to for a while. I thought it was ******** because traditional savings accounts only gained 1% a year. which was even less than inflation. So. I said, no. screw you. But...
****. The ING commercials drove me crazy. 4.1 percent? That beat the 0% i get in my checking.

Now most people don't have **** for money. But. I've never had a savings account. Ever. I made the downpayment on my condo about 4 years ago with my year end bonus. Normally I put it all into my checking account (minus like the maximum for my retirement that i can without penalty).

I did the math.

http://www.geekhideout.com/compound.shtml

which leads me to my real point. compounded interest is some bad-ass tool.

if i put 100 bucks of my paycheck in there a month (hypothetically, lets also say a 4.1 percent interest rate (compounded monthly for congruency)). for the next 50 years (i'd be in my late 70's for you counting)... i'd have 190 thousand dollars... (mind you, i'd have only put 60 thousand in there... net profit of say... 130k... that's like most people working 2-3 years out of nowhere)... if you put 300 (assuming most of you will make the average of 40k a year of people over the age of 22 and under the age of 35, it's gonna be around 1/10th of every paycheck)... between 22 and 35, you'd make 13k just in interest. you'd have a .4 mil (after having invested only 150k) at age 65. and if you didn't spend any of it between the age of 65 and 75 (living off your normal retirement plan...) you'd have made an additional 200k. just by letting it sit there for ten years...

you say. jesus christ that seems so long.
what if you want to buy a house? by the time your 29? and your 20 right now? oh god, having the money for a down payment would suck! how about an extra years worth of money? 150 dollars a month over nine years would get you a 10% down payment on a 200k house.

sure, you smart ones might say. well, aq, what about inflation. you do what i do. invest in google. but. aq. i only got like 1000 bucks in my savings account that i put 150 dollars a month into. split that 150 into two. 75 in each hand. give 75 dollars to any place that sells partial stock (like sharebuilder and etrade do)... buy 75 dollars of whatever you like... (or if you're cocky, put the 75 dollars into your savings account and at the end of every month buy stock, so you get interest accrued daily...) meaning 300 dollars of google. might end up getting you a **** ton of money someday (but this isn't investment advice. i suck at investments. i let my mom do mine. shhh.)

and that was a lesson on how to make the most out of your money using compounded interest. hell. you can make sure your kids are rich using compounded interest... i get excited over stupid stuff like this. and now it's all tl;dr on everyone. so.

yeah. if you haven't started a savings account. do it. ing, hsbc, some credit unions offer like, truly bitchin rates.
You should have told me about ING. I could have referred you and got $10 free bucks! You would have got $15 free bucks.
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Old 01-09-2008, 02:16 PM    (permalink
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Yea, exactly. A lot of people dont do this because they dont usually plan ahead. I had a savings acount previously, but a few years ago I took the money out. I have now started an RRSP through Investors Group, and by the time I retire I will be set.

Ive always said if I won 1 milliond dollars, most of it would go straight to a savings account.
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Old 01-09-2008, 02:37 PM    (permalink
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screw banks...I keep all my money in briefcases under my bed....handcuffed together....
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Old 01-09-2008, 03:26 PM    (permalink
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I put all my money in my pants.
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Old 01-09-2008, 03:32 PM    (permalink
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I keep all my money with Jack Del Rio. Not only is it automatically safe, its value has increased exponentially.



So stay away.
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Old 01-09-2008, 04:17 PM    (permalink
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I keep all my money with Jack Del Rio. Not only is it automatically safe, its value has increased exponentially.



So stay away.
I'm thinking about depositing with him as well...

although I heard that his finance charges are out of this world...
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Old 01-09-2008, 04:46 PM    (permalink
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Ive always said if I won 1 milliond dollars, most of it would go straight to a savings account.
If you had $1mm, it would be a disservice to put it into a savings account. You can get similar stability and a better return by investing in major municipal bonds and even T-Bills. You could also have an investment advisor manage a portfolio for you. Or, you could just buy a few shares of Berkshire Hathaway and just go from there. Savings accounts are very safe investments, which is why they pay diddly squat.
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Old 01-09-2008, 04:59 PM    (permalink
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I put all my money in my pants.
I put all my money in HinesWardJr's Mom's pants. 5 dollar lap dances rule!
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Old 01-09-2008, 05:18 PM    (permalink
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If you had $1mm, it would be a disservice to put it into a savings account. You can get similar stability and a better return by investing in major municipal bonds and even T-Bills. You could also have an investment advisor manage a portfolio for you. Or, you could just buy a few shares of Berkshire Hathaway and just go from there. Savings accounts are very safe investments, which is why they pay diddly squat.
Well, I already have a portfolio. I have trades stocks before, and have an RRSP. I was just using that as a rough example. I also do have bonds that are supposed to come out in 2010 that have grown substantially since they were put in. So that probably would be the best idea.
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Old 01-09-2008, 05:20 PM    (permalink
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what about Certificate of Deposits?
couldnt you, in theory, withdraw the money you put in each month at the end of the year and put it in a year CD? and when the cycle starts then you make pretty good amounts of money. especially if you get the right CDs which could be at about 5.5% depending on bank and amount.
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Old 01-11-2008, 10:53 AM    (permalink
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ING savings accounts are not compounding monthly. I have one. If you put 100 dollars a month in the account for a year. You might get 40 bucks back in interest. Which is better than the 5 you would get with a bank.
Yeah it is dude.

How do you calculate the interest on my account?
Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.


Jballa...
the only issue with that is you have to be set with emergency money. because once that money's locked up in a CD you're not touching it. which in some cases is good. but in some, not as good. it really depends on your frame of reference.

i had most of my money tied up in cash or assets or my IRA. and my new years was to uh. fix it. because. i have a traditional IRA (because i'm ********) and am actually paying more than 4k a year to it... i thought it sounded like a good idea at first that it'd be tax deducatble. but. as always. i'm wrong! and of course... i have nothing insofar as 'stocks' either. awesome. so. starting this month, i've been talking about converting to a roth IRA. and i probably won't get ****** by the taxation of it either. apparently i should have like a 8000 dollar conversion capital gains tax bill just sitting for me at home one day in the near future. i don't like those. but, it's no worse than the AMT disaster three (er, 2005) years ago (*ducks/hides*)... and then socking away a good percentage of my non-retirement money into stocks. and be totally risky, and possibly lose a lot of money. but. hey. i have time to get it back... that's the point of this all eh?
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