NT: Official Personal Finances Thread

[antidope]

I refinanced through Earnest. Nothing but positive things to say about them.

 

[jordman23]

[ATTACHMENT=12984]PersonalBudget-Blank.xlsx (88k. xlsx file)[/ATTACHMENT]

This is what I use. In the first tab of the sheet I key in everything I make and spend, and then there are a few sum formulas across the sheet. After the first three months, I took the average of what I spent in the "Total" lines for each category and used that to create a baseline of what I would like to spend in each category every month. Now that the year is over I plan to use the averages for the year 2016 to create a budget for 2017.

Tab two contains a tab I titled "Cash Projection". Whenever I get my check, I drop it in the top line, and then allocate what of my check is going to go out the door.

Whatever is left over I keep in my checking until the next check rolls around and whatever is left gets rolled into savings.  It is tedious at first, but I do it at work now and just key in things as soon as I spend money. 

^^Repped, thanks for that. I'll give it a go. I'm old school I actually have a small notepad that I do calculations and write in with my pen.


It's always good to see visually.

 

[antidope]

No problem bro, hopefully it adds some value for you.

 

[monstar]

sitting here going through all my transactions from the year and it is so eye opening to see how much I actually eat out its so crazy

gonna be a new years resolution for me for sure was proud of my self to get through the 52 week challenge aside from my regular savings

 

[antidope]

sitting here going through all my transactions from the year and it is so eye opening to see how much I actually eat out its so crazy

gonna be a new years resolution for me for sure was proud of my self to get through the 52 week challenge aside from my regular savings

Eating out is the main culprit for anyone that I've seen take a deep dive into their spending.

Its so easy to rack it up man.

 

[shorty doo wop]

I have been saving alot since I graduated and started working. Any useful websites on cds or investing

 

[AZwildcats]

Starting a new job next week and finally starting a 401k. Will be maxing it out and looking up IRA's

 

[crownedhead]

Guys with Student loans (especially Federal loans), how aggressive have you been with tackling those vs. saving/investing?

To broaden it: how aggressive have y'all been with tackling debt vs savings/investing?

 

[antidope]

Guys with Student loans (especially Federal loans), how aggressive have you been with tackling those vs. saving/investing?

To broaden it: how aggressive have y'all been with tackling debt vs savings/investing?

I tackled debt first. The return I'd get on my investments wouldnt out pace the interest I'd get charged on my loans, especially since I had a sizeable amount of debt and fundamentally I just cant rock with putting money towards things for me while I was burdened with debt. 

I was highly aggressive paying down debt, I paid more than the minimums every month and devoted a large sum of my checks this year towards my loans. 

 

[nrg1604]

I still tried to max out my IRA contribution due to there being a yearly limit. But I favored paying off high interest debt/loans over investing after that.

 

[andretti]

P4l

 

[water runs dry]

Here's the stock series you can read. Great wealth of advice here:
http://jlcollinsnh.com/stock-series/

 

[monstar]

Guys with Student loans (especially Federal loans), how aggressive have you been with tackling those vs. saving/investing?

To broaden it: how aggressive have y'all been with tackling debt vs savings/investing?

First thing you want to do before anything else is establish an emergency fund of atleast 1500.

Then after that get after the debt like no other, felt so liberating to not have to pay student loans, now i just have this car but my interest rate was 2.6% tackle the debt with the snowball pay off the lowest amount first then when thats paid off apply what u paid to the next loan in line

I was also able to save for retirement as well while doing this but I reccommend the first 2 steps before anything else

 

[sole searchin]

Just wondering, pretty much impossible with a debt load of 250k+ in student loans to tackle max retirement/savings/paying off the loans, but what did/do you guys have in loans?

If paid off, how fast were you able to get it done?

 

[antidope]

I paid off my loans in four years and nine months.

 

[John Wick]

I'm trying to refinance a personal loan I got interest too damn high. What are some good companies to look up?

 

[based mod]

Just wondering, pretty much impossible with a debt load of 250k+ in student loans to tackle max retirement/savings/paying off the loans, but what did/do you guys have in loans?

If paid off, how fast were you able to get it done?

The general advice is to pay off the minimum and invest the rest since student loans are generally cheaper money than what you would gain in the market.

I luckily graduated with just $13k in student loans (thank you FAFSA God). I paid that mug off right after the grace period ended. I personally didn't want that burden so I paid it all off for my psychological health. Do the math for your own situation.

 

[still itachi]

^ I know there are different schools of thought on what to do, but I disagree with any investing until student loans are paid off, unless your loans are at an uncommonly low interest rate.

Most of the people I know are at high 6 to low 7 percentages. If you pay off your student loans you get a guaranteed 7 percent return. If you invest you'd have to make at least 7% just to break even. And more than likely, your investment is not going to be risk-free.

If you're at 2-3%, do whatever. But I don't know too many people who are at that low of an interest rate.

 

[antidope]

My situation was different. My blended rate for my student loans was like 8% and the balance was high. A 8% annualized return would take years to really nail down while that student loan interest rate is constant. On a dollar on dollar basis it was even worse. Student loan interest rate is a killer and you don't get to write off enough of it.

Even when I refinanced twice I opted to attack the loans.

 

[sole searchin]

The general advice is to pay off the minimum and invest the rest since student loans are generally cheaper money than what you would gain in the market.

I luckily graduated with just $13k in student loans (thank you FAFSA God). I paid that mug off right after the grace period ended. I personally didn't want that burden so I paid it all off for my psychological health. Do the math for your own situation.

Yeah, but in my day (2009-2014) rates were ridiculous. Hovered around 7% for student loans and after I refinanced w/ Earnest earlier this year, so now it's at a 4.84% fixed. Would have done the variable as I had enough in the bank to cover the loan if the rate increased, but went with the fixed just in case I needed the cash liquid. All in all, big difference of having ~7% and needing to out do the market at about 10% to breakeven after taxes vs the 4.84%.

Still, paying it all off right now would be a guaranteed 4.84%

 

[capital sb]

Guys with Student loans (especially Federal loans), how aggressive have you been with tackling those vs. saving/investing?

To broaden it: how aggressive have y'all been with tackling debt vs savings/investing?

I haven't been aggressive at all in regards to paying off student loans. I am focusing on investing. They will be paid off by time I am 30 no matter what not really too concerned about em.

 

[AZwildcats]

Just wondering, pretty much impossible with a debt load of 250k+ in student loans to tackle max retirement/savings/paying off the loans, but what did/do you guys have in loans?

If paid off, how fast were you able to get it done?

Did you go to med school or something? That's a ton of debt 

 

[pdino]

I had 50k in student loan debt, down to 35k now (on a standard 10 year plan). Instead of paying off my loans first, I went with investing it in real estate. Have my primary residence and 2 cash-flowing properties now. I'm of the school of thought to leverage your debt. If I put everything into paying off my debt I'd have it paid off, but have just purchased my primary residence instead. Everyone's situation is different.

 

[crownedhead]

I have just over 30k at 6.8%. Yeah, it's one of those things where I'm still trying to figure out what's actually best for me.

I've grown to have a real hatred for these student loans. I can't even explain it. I also have a car loan (10k at 3.7%)...smh at this debt life.

Debt is debt...yet, I'm somehow mentally more ok with the auto loan. Might not make sense, but I'm gonna do everything within my power to have my kids (when I have them) not have student loans.

Also, I have practically been financially illiterate all my whole life. About to turn 30 and really just starting to grasp things. I've always been "responsible" with money but that's different from being "wise" with money.

It's great seeing you younger cats being smart about this. Time is easily one of your biggest assets in this journey.

Sorry for the mini rant. I know it's kinda all over the place.

 

[slighted]

Signed up for a GS Bank savings account to diversify as I had all my savings in a CapOne account

Anyone else have multiple savings accounts?