Any of y'all got anything that's been paying off pretty good lately? I need to start putting some money aside so I can retire one day LOL
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Any of y'all got anything that's been paying off pretty good lately? I need to start putting some money aside so I can retire one day LOL
I have a sure fire can't miss opportunity for you DD. Invest in the "New Yamaha 250 SHO for Speck's Boat" account. I will guarantee it will pay off in several fishing trips. Heck, I'll even buy the minners.Quote:
Originally Posted by DonDon
Pay off everything that you make payments on for starters.
If you find bigfoot you will be set for life. Heck you had a shot at him on y'alls last show and you missed you need to trade that shotgun in on a Browning Bar with a Leupold scope.
I agree with Tracker123, paying off all your debts is the best start you can take. Then start making those payments to yourself.
Blackjack table in Tunica!
Watch as the 401K starts to rise. Start with $1,000 and add monthly in the high risk.
When my company started the 401K savings plan they would match 2% of my salary. When the kids left home was about the time they started matching 4% and I added $100 per month. Debbie's plan had a limit of 4% and the company matched it with 5%. She add $100 per month.
Agree with the guys saying pay off debt first. Then, if you do not have a 401k through your job, I would suggest a Roth IRA. I have a 401k with match through work. My wife, now retired from Navy, did not have that option so a friend set her up with a Roth. She pays taxes on each deposit (mine is pre-tax) but she pays today's taxes and when she retires, she has already paid the taxes at today's tax rate and not the current tax rate when withdrawing. With the Roth or any IRA, you can spread out your investments over a wide variety of options and change as you see fit. You can also just pick what age you plan on retiring and there are options to choose, by year of retirement, that will automatically pick your investment options. You can go with Principal(who I use), American Funds (wife), Prudential, Vanguard, etc. to get started.
I don't have a 401k at work. Kinda thinking an Ira or a 7 year cd. Nothing pats much these days. Best cd rare I found was about 3.5%. My brother got lucky a few years ago on some kinda stock n made some real good money. Course it's not like that now
Speck, does clothes washing come with that 2? No fishy smell though lol
Where did you find a 3.5% cd rate?
I would like to know that tooQuote:
Originally Posted by rockmike
Just checked and it's dropped. I looked a couple months ago. It's 2.45% now at E-Loan
Whats the minimum requirement and for how many years ?
Don't forget to factor in tax consequences of investments and withdrawals. I think a Roth is a pretty good bet. As far as 401K. I'd say its at least smart to put in enough up until a company matches and then consider additional savings based on tax savings by contributing. But the markets are full of risk and I'm certainly disappointed in my performance the last 10 years thru Vanguard. People keep saying its only a paper loss, but the way I see things, it took 7 years for mine to get back even when the market crashed and it just dumped again the last month or so. At some point, I'll need it and it won't be a paper loss! I'm 52 and probably should have moved a lot of mine over to safer funds, but thought I'd let it keep trying to get back up. Too late now. I'm leaving it alone.
Hmm...for normal folk in your situation, I'd point to a Roth IRA, but in your case, I'd invest in a fuel/water separator and a quality onboard charger.
Wannabe...
Safest bet I know is to always take the "under" on whether WB gets a limit!!!
I invested in a wife with a realy good job .
About the smartest guy I have ever heard is Dave Ramsey for investments & financial planning....he has a radio program daily and a website......his big deal is teaching young folks the pitfalls of credit cards and showing them how to pay off everything.....he also has recommendations on his website on where to spread your money around on the market.....
If the fed raises interest rates, or quits pumping 80 billion a month into the system, watch out ! It needs to happen. When it does happen the "money bubble" will bust. May make 2008 look like a down turn. Jmho
Better than anything around here. Is that an FDIC institution?Quote:
Originally Posted by DonDon
Depending on your age invest in high cap, mid cap, international,bonds. 25% in each. Older you get lean towards bonds. Put it in bonds when there is a shift in power at White House. If republican is elected go to bonds. Ride it for a few months and see whats going on. When things settle spread it all back out. It's a gamble all you can do is spread your money and hope for the best. Iam leaning towards investing in buying cheap land and putting a couple cheap trailers on it and rent them out for 500 a month each. Everything will be paid off in 3 years collect for 23 years and you will make 276,000 on a 36,000 investment. Rent is outrageous now adays and its not going away. Won't have a problem finding renters for that price in my area. It's a joke what is rented for the prices out there.
I think Dave's "get out of debt/stay out of debt" message is much better than his investment advice. For investment advice, I would look elsewhere.Quote:
Originally Posted by prefers shiners
As others have mentioned, a Roth IRA is a good idea. Almost any bank or brokerage firm can set one up for you.Quote:
Originally Posted by DonDon
I got a little to invest right now and bout 16 years til retirement. WB. Hooks brotha up
Gotta have money to save/make money :(
That is the single biggest step toward financial independence. You can get by on a lot less and live a lot better if your check is not spent before you cash it. Also when they came out with the pre tax IRA plan everyone said save all you can pre tax and when you retire you will be in a lower tax bracket, etc.. Bull Malarkey. What they should have told folks like me would be to pay everything up front while you are in your peak earning years and retire and not pay tax on your savings as you draw it out. ROTH did not come along until later for me and I did not appreciate the advantage of ROTH so Uncle Sam gets a chunk of my monthly income from my IRA.Quote:
Originally Posted by Tracker123
So Roth is a good way to go versus a regular IRA? I think you can add 5500 to a IRA unless you're over 50. Then you can add another 1000 for a total of 6500
A regular IRA helps on your taxes for the current year only. A ROTH contribution is made after taxes, so your base and ALL of its compounded interest grows tax free. Put it this way, would you rather have 1 million on which you still owe taxes or the same million tax free.
Roth IRA vs Traditional IRA - What's The Difference? | T. Rowe PriceQuote:
Originally Posted by DonDon
You can double that if Nessa is not in a 401k. Can't recall the rules but you are allowed to contribute to an IRA or a Roth up to x number of dollars even if you are eligible for a 401k but at a much reduced amountQuote:
Originally Posted by DonDon
PS...16 years ain't much at all. Apart from the savings, most these days work on for the health insurance. Hard to go without these days. I know of 6 out of 30 in my building that are retirement age that can't or won't retire due to needing insurance. And these are generally well paid folk. I'm 47. No way In heck I'll be able to retire at 65 and I've been in a retirement t program since I was 24. Don't worry though, G will let us both move in with him. He's seemed to have figured it out.
Wannabe...
I forgot to add in insurance to my monthly bills to figure how much I'd need to put up. GRRRRR House will be paid off and we're gonna get 2 new cars in time to have them paid off on retirement. Nothing but regular monthly bills and a couple hundred a week to live off of. Then Social Security benefits are more income. No idea on how much that is though
Counting on Social Security is a freaking joke, don't even figure it in to anything at our age because it's a slim chance it will be there. Living on a couple hundred a week kicking around money won't get it most likely either, not having a structured day 5 days a week does one of two things, it either gets to a point of being very boring or it cost bucks, heck just buying fuel to run around all week adds up quick.
I don't even factor in Social Security. It will just be a bonus if I get it. And the Health cost is the MAIN problem for any retiree in my opinion and likely only to get worst. My friend that just retired pays $1,000 a month just for he and his wife thru I think Cobra. Crazy. But you have to have it. And exactly why so many work until Medicare kicks in. And then die within a couple years--if they make it that long. I'm not joking. I know way too many that have. Sad really.
Nessa is On an ESOP at work not a 401k so that's good
Taking financial advice from Rees would be the same as taking dieting advice from BRM. Bwhahahaha don't do it.
Another thought of where to invest you're money would be to find somebody that's was betting on the dogs to have a winning season. You could make a fortune. Roll Tide! Hotty Toddy!
Hypothetically, if you put $1000.00 in a Roth, and it grows to 1,000,000, you will not owe a cent of taxes when you retire at retirement age. Cannot withdraw before 59 1/2, I think. Also, with a regular IRA I think it's mandatory to withdraw a certain amount every year, and pay taxes on what you withdraw. With a ROTH, you don't have to withdraw anything even if you live to be 100. I think that is correct. You are correct, the limit is $6500.00 if you are over 50. I think Nessa can have one also, with the same $6500.00 limit. It's best to check with your accountant, though, but I believe that is correct.
Social security isnt going anywhere....
If I can just get Social Security to pay for the Insurance and monthly bills (power, water, gas) , I'll be good to go. I HOPE lol