52 Week Money Challenge ... week 26 of 52. halfway there...

[da r entertainment]

Just deposited $10 in me and my wifesavings yesterday for the month of January. The wife is doing the same as well so the money should be doubled for us by the year end. Great challenge indeed.

 

[darthdeezy]

Went ahead of schedule and already deposited money through week 8.

 

[utvol23]

Just got done tranferring my $52, that is already $260. Chump change but it will start to add up

 

[water]

Still in 

 

[dabottom305]

Depositing my week tonight.

 

[antidope]

Whoo

 

[diabolicaldeezy]

had to take out for car maint.. but put it all back this morning + 5.00

 

[datdude0903]

Thinking about doubling up, recently got another job

 

[darthdeezy]

Im just sticking to the 52 week thing the way it is stated.

I already got my auto savings (checking to savings) once a month...
5% of each of my paychecks already go to 401k...
And a life insurance policy $200 a month over 30 yrs that grows with interest.

 

[sneakerfan1]

Im just sticking to the 52 week thing the way it is stated.
 

Same.  Doing it in cash, two separate places though.  This is basically money that I won't even give a 2nd thought.  Nice way to have a lil play money at the end of the year.  Already have a few different savings set up.

 

[captainsneakerhead23]

This is Week 5, correct? I gotta print out the chart so i can cross the previous weeks off

 

[dabottom305]

And a life insurance policy $200 a month over 30 yrs that grows with interest.

If you don't mind me asking, how old are you and do you have kids?

 

[da r entertainment]

Im just sticking to the 52 week thing the way it is stated.

I already got my auto savings (checking to savings) once a month...
5% of each of my paychecks already go to 401k...
And a life insurance policy $200 a month over 30 yrs that grows with interest.

Same here.

 

[spidermachine916]

109$

 

[sir charles]

Payments for this week are almost due,


I've noticed most people changed it drastically though.

 

[dacityslanga]

on track....so far so good...will see more when my monthly transfer of my checking to my savings goes in the middle of the month

 

[utvol23]

Im just sticking to the 52 week thing the way it is stated.

I already got my auto savings (checking to savings) once a month...
5% of each of my paychecks already go to 401k...
And a life insurance policy $200 a month over 30 yrs that grows with interest.

Sounds like you are "investing" in a whole life policy. Not a good option imo, way to expensive and a bad idea for other reasons a term life policy is much much cheaper.

Dont want to get off track from the goal of the post but just some info is this life insurance policy is cash or whole life:

Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Truth: Cash value life insurance is one of the worst financial products available.

Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value

If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100.

WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.

Expenses? How much?

All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch

Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example.

The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3,000, and when you died your family would get your savings.

 

[nycposite]

^ Never knew that

 

[darthdeezy]

If you don't mind me asking, how old are you and do you have kids?

I'm 32.
No kids.
Off subject but I witnessed the 3 of Magic's titles with the Lakers and obviously the 5 with Bryant.
People still call me bandwagon. Born and raised in North LA. 818

 

[Mister Meaner]

I had to catch up to last week's deposit since I hadn't been to a bank or store up withdraw money .

I find myself just adding random amounts of dollars (extra). I was going to do this separately, with one doubling up and the other following the original chart, but since both seem to not be going in the bank, I'll just say I'm tripling it.

 

[Mister Meaner]

dbl

 

[Mister Meaner]

I also keep a paper log of every deposit I make, so I can keep track of my progress.

 

[crcballer55]

Im just sticking to the 52 week thing the way it is stated.

I already got my auto savings (checking to savings) once a month...
5% of each of my paychecks already go to 401k...
And a life insurance policy $200 a month over 30 yrs that grows with interest.

Sounds like you are "investing" in a whole life policy. Not a good option imo, way to expensive and a bad idea for other reasons a term life policy is much much cheaper.

Dont want to get off track from the goal of the post but just some info is this life insurance policy is cash or whole life:

Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Truth: Cash value life insurance is one of the worst financial products available.

Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value

If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100.

WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.

Expenses? How much?

All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch

Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example.

The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3,000, and when you died your family would get your savings.

Listen to this man. Whole & Universal Life policies are terrible investments. Like he said, you would be better off getting a 30 year term policy and putting the other $1900/yr. you were sending the Whole Life company into a good index fund. The thing most whole life agents won't tell you is that it's an either/or proposition. Either you die and get the face value of the policy, or you don't and get the cash value. By going term w/ an investment account on the side, you're building both AND your investment will be hundreds of thousands MORE at the end of the 30 years.

 

[antidope]

bump

 

[thegradeschooldropout]

Starting this now, chances are ill ending up dipping into but we'll see!