Now that I have a solid job offer, how do I do my finances smartly?

Discussion in 'Mayberry Lounge' started by NamelessMC, May 21, 2014.

  1. NamelessMC

    NamelessMC Black Belt

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    What are smart things to invest into?

    Stupid things to invest into?

    I come from a poor family and I'm really going to be the first generation that graduated college, got a good job and "made it".

    Things I'm considering: There's houses in my hometown that are selling for around $5,000~$8,000 at auctions. I thought about buying one, having it reconditioned and renting it out (They are somewhat near a community college that's accredited) and also having it as like a "In case I get laid off" type of deal.

    I also am thinking of investing into the stock market but I have no idea how to do this or even where I would begin looking.

    I'm going to pay off my debt and clean up my credit but how much should I put into this? My original plan was to focus on paying off my student loans but I owe about $34,000. I could pay it off in a year but is that even smart or should I just chop it down to where it's reasonable so I can still enjoy my life and have money to spend? I was thinking that during the months where I'm not saving for a trip or a big purchase, put whatever money I'm earning extra toward the loans, like pay $100 above minimum from like late April until June (So I have money for summer fun) and from late October to December (for holidays) but on other time periods, paying like $300-400 above to cut down the principle.

    I also need a better car. I have a 2004 Taurus and it's decent, 128,000 miles but it's starting to lose its wearing parts (Lost another coil pack, my IACV is sticking, needs new hoses, alignment, etc) and I feel like it's going to be a money pit. But at the same time, I don't want to invest in a car that I would hate. I'm very selfish about vehicles and all through college I told myself, when I graduate I'm getting a sports car. I can't stand the idea of living the rest of my late 20's and early 30's driving a fucking Corolla. I hate it. So I'm considering what kind of moderately fun car I can get under $30,000. I've found 135i's certified pre-owned (come with warranty up to 6 years/100,000 miles for drive-train) for around $30,000 and I'm sure I can talk them down to $26,000. Is this feasible for a guy in debt that wants to invest? I was considering a Lancer Evolution but they have massive mark-up. (STI is out because of the ring land issue and S2000's only seat two people. I need it to seat 4-5 and I HATE American cars)

    How much should I help my mom or family? This is where the hole never reaches a bottom I believe. I want to help my mom and my sister but everyone else in my family I want to tell them to go fuck themselves. They never answered my calls when I was in school and I don't want them feeding off my success.

    Any advice?
     
  2. Fatt Hughes

    Fatt Hughes Brown Belt

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    don't get married.
     
  3. Kanster

    Kanster Guest

    Invest into gold.
     
  4. panrst80

    panrst80 Blue Belt

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    Learn to count cards.
     
  5. superking

    superking Poet — Traveler — Soldier of Fortune

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    Pay off your student loans. You won't regret it.
     
  6. Make-U-Tap

    Make-U-Tap Anti Social People Person

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    I could advise you but I'm no pro at it. Luckily this man is.

    http://www.clarkhoward.com/news/clark-howard/personal-finance-credit/beginning-investors/nFZM/

    This link may not be all you need but poke around on his site and you should find everything you need to know with time and research.

    Check his videos/podcasts/past shows. A proverbial wealth of knowledge is there,free, if you are willing to do your homework. (And you thought your homework days were done :icon_chee )
     
  7. Merlotte's

    Merlotte's Silver Belt

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    Pay for fun. Finance bills.
     
  8. Fatt Hughes

    Fatt Hughes Brown Belt

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    Ben Afflecks sd account.
     
  9. Cid

    Cid Silver Belt

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    30k car sounds like a solid investment. Chose wisely and in a couple of years it could be worth three times as much.
     
  10. Satsui Ryu

    Satsui Ryu Black Belt

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    $5,000 - $8,000 houses. Where the hell do you live. These sound like places meth heads would look at and say "naw, I'm good."
     
  11. NamelessMC

    NamelessMC Black Belt

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    1) Looks like real estate is not a smart investment. Even if it can be purchased cheaply?

    2) Damn you for that link. Now I'm going to turn in my homework late and incomplete because I want to read it all.
     
  12. NamelessMC

    NamelessMC Black Belt

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    It's actually not a bad neighborhood, it's just a county that got hit the hardest by the real estate pop. The average income there is around $30,000 a year and people were financing houses with variable rates at around $350,000 to $400,000. It's insane.

    I don't even want to spend $400,000 on a house unless I'm married and I'm going to be making $60,000 minimum.

    So a lot of people got into houses they couldn't afford and they flipped and because of the high unemployment rate in my town, there's a lot of people who can't afford those houses so they sit. But plenty of people going to school there.
     
  13. Terror Zone

    Terror Zone Banned Banned

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    Make another thread bragging about how well you're doing imo.
     
  14. Make-U-Tap

    Make-U-Tap Anti Social People Person

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    He should be proud of his accomplishment. (That's not bragging)

    You should be ashamed of your thinly veiled envy.

    And btw @ Nameless..real estate is dicey if you plan to use it as rentals. VERY "labor" intensive to keep your tenants in line and on time with payments. And if the area is as economically depressed as you hinted at you may want to pass for now.

    Just for future reference 1 method of getting tenants to pay on time is charge $50.00 above what you intend to rent it for and every time a tenant pays on time you deduct $50.00 for that months rent. Example: Rent is $700.00/month and is due by the 1st of the month. If a tenant makes the payment by the 1st they pay $650.00 if they pay after you collect the full $700.00.

    Good luck!
     
  15. SCADA

    SCADA Guest

    Get a financial planner...
     
  16. MC Paul Barman

    MC Paul Barman Gold Belt Platinum Member

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    [​IMG]
     
  17. Terror Zone

    Terror Zone Banned Banned

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    It was a joke, I was making fun of the fact that he made a thread bragging about his new job and then made another one shortly after asking about finances because of that job instead of just doing it in the first one.

    Thinly veiled? I'm on unemployment, I'd love to have a good job. I'm not hiding shit, lol.
     
  18. SCADA

    SCADA Guest

    Or you could ask a bunch of strangers on the internet....that should work out for you....
     
  19. MC Paul Barman

    MC Paul Barman Gold Belt Platinum Member

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    Invest all of it in filberts.... can't possibly go wrong.
     
  20. Terror Zone

    Terror Zone Banned Banned

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    Get a platinum account.
     

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