NT: Official Personal Finances Thread

[crownedhead]

It isnt any harder. You have the ability to share larger costs (housing).

That jump from $800 for a shared apartment to $3000 for your own place seems like a personal choice.

Absolutely agree with this. You definitely chose to make it harder. You could have chose to make it easier.

 

[moderndarwin]

Absolutely agree with this. You definitely chose to make it harder. You could have chose to make it easier.

It's really not true though. Their is no choice in this matter - any grown man living with a girl is going to require a 1 bedroom apartment (and out here that is 3k minimum). As a single bachelor I can be way less concerned about my living condition (e.g. Amount of space, safety of area, type of people in the house, noise, etc) so would be fine spending $800 on some dingy place I just use for sleep. A pad not a true home).

More to the fact is that in a relationship there is, and should be, way more of a time commitment. If I was single I'd work more hours, come home and juz blaze and watch hoops while eating a $5 burrito. I dunno about you guys but most girls I've ever been with want a bit more than that. They'd like to cook/go to different places/do stuff on the weekend etc.

My girl at least is not materialistic and understands the reality of life and spends no money on clothes, purses etc that sort of garbage. I think her asking us to spend money on stuff we do together like $10 to go to the zoo or something is normal.

I'm not really saying one way is better or worse, just that as a single guy you definitely can focus on making decisions that are purely financial related a lot easier when there is only you to think about. Are u dudes really not gonna buy ur family/significant other gifts for xmas cuz you are trying to pay off student loan debt? Seems selfish to me since in the long run it'll pretty much save you not that much time less paying it off.

 

[slighted]

Damn, $3k for a 1-bedroom apartment for a couple?

That's pretty expensive. She's also paying half of the rent, right?

 

[johnnyredstorm]

That should be a mortgage payment

 

[still itachi]

It isnt any harder. You have the ability to share larger costs (housing).

That jump from $800 for a shared apartment to $3000 for your own place seems like a personal choice.

Agree. Without my gf of 8 years, I wouldnt be as financially secure as I am right now. Cutting all housing and utility bills in half was a huge win.

 

[xbiker47]

That should be a mortgage payment

 

[HankHill]

Something's not adding up. So a 1-bedroom apartment is $3000, but a hypothetical 3-bedroom is $2400 (at $800 a room)? And the decision was to go with the 1-bedroom?

Where do you live? I've lived in DC and Maryland so I know what 1-bedroom apartments cost given the neighborhood and can gauge othe huh COL areas.

I could be wrong, but this sounds like you guys decided to get a luxury 1-bedroom in an upscale neighborhood instead of a reasonable rate in another area.

 

[hankmoody]

He's saying it's easier to sacrifice when all one has to think about is his own well-being. Not that hard to understand.

Selfishness can be very productive.

 

[Canadian Destroyer]

I'm in nyc (expensive af) and you can get a really nice 1 bedroom for ~2000 a month. 3k is absurd.
At times I wish I was in a commited relationship just to have help with rent and bills. Being single is expensive bruhs. I'd kill to have half of my rent contributed to by wifey.
Unless it's temporary unemployment why would you even move in with your girl if she's not contributing anything. You're basically supporting another person. In that case then yes, it would be more expensive.

 

[capricdragon]

I have $58K in student loans. The lowest monthly payment under all repayment plans would be $259. Under the standard plan they would be $618. I make pretty good money for my age but with rent, car payment, living expenses, etc. I definitely can't handle a $618/month payment and I know I'll pay so much more over time with the $259/month payments.

Not sure what to do.

I was around the same loan amount as you a handful of years ago. No missed payments over time resulted in lowered credit rate reward.
2.6% on one loan
4% on another
Monthly Interest is a nonfactor so I paid minimum ($100-$200) and focus on larger revolving debt over the years.
Loans locked to be paid off early 2018 if I continue minimum. 2017 plans to pay more than minimum. So I should be straight hopefully by Summer. [emoji]128512[/emoji]

 

[HankHill]

He's saying it's easier to sacrifice when all one has to think about is his own well-being. Not that hard to understand.

Selfishness can be very productive.

Right, but having shared costs can offset the sacrifice. Plenty of couples sacrificing to save up money.

If me and my girl both driving 97 accords because we can't afford to pay for our individual homes and a car note, then moving in together can cut our home price in half and allow us to use the freed up money towards new cars. If we decide to move into a super expensive place or buy his-and-hers Benz, that's a personal choice. Can't say living together made things harder.

 

[capital sb]

Right, but having shared costs can offset the sacrifice. Plenty of couples sacrificing to save up money.

If me and my girl both driving 97 accords because we can't afford to pay for our individual homes and a car note, then moving in together can cut our home price in half and allow us to use the freed up money towards new cars. If we decide to move into a super expensive place or buy his-and-hers Benz, that's a personal choice. Can't say living together made things harder.

Agreed, I see moving in together as a way to help cut cost.

Me and my girl made a sacrifice by getting renting out 2 rooms in our house to cut cost and save money.

Only looking to have roommates for a few years to set a good foundation, its not too bad because we are still young. 

 

[johnnyredstorm]

He's saying it's easier to sacrifice when all one has to think about is his own well-being. Not that hard to understand.

Selfishness can be very productive.

Right, but having shared costs can offset the sacrifice. Plenty of couples sacrificing to save up money.

If me and my girl both driving 97 accords because we can't afford to pay for our individual homes and a car note, then moving in together can cut our home price in half and allow us to use the freed up money towards new cars. If we decide to move into a super expensive place or buy his-and-hers Benz, that's a personal choice. Can't say living together made things harder.

Sacrificing housing to own a fancy car is doing it wrong.

 

[moderndarwin]

I think people are misinterpreting - simply saying as a single man you have a lot more flexibility of choice with your time, money and responsibilities. You don't have to consider the comforts or feelings of others when you make tough fiscal decisions. In a relationship you are oftentimes adding not just a girl, but a family. That means more xmas presents, more random trips, more more more. While that is not always the case it is a a generalization. If you meet a girl and all she wants to do is save money then of course it'd be easier with two incomes. Also, 3k for a 1 bedroom in San Francisco is not living expensively - it's like pretty much bottom of the price list unless u can snatch a rent controlled place somehow.

 

[HankHill]

Your sentiments of added cost for having a girlfriend is fine. Saying that it's harder with you two living together is what I don't agree with. Living with a partner, puts you in the same position as living with a roommate albeit cheaper since you'd typically be in a 1-bed vs a more expensive 2-bed splitting the cost.

Even the examples you mentioned, going on random trips, and purchasing gifts for family members, are still a decision you make. If you'd rather spontaneously go to Vegas for the weekend instead of adding to a savings account, that's a choice, not an effect of living with a girlfriend.

 

[superantigen]

[COLOR=#red]So for the regulars in here, how would you rate your personal finances on a scale of 1-10 for 2016? Were you able to accomplish the goals you set for yourself? And what goals do you have for 2017?[/COLOR]


I would rate my PF at an 8 given that I was able to accomplish my primary goals for '16: become debt free (cleared off 35K+) and bulk up emergency fund. Moving into the new year, my goals are as follows:

1. Try not to overdo it when it comes to eating out (I'm going to have to sit and define "overdo"... ).

2. Put money aside to go toward a down payment for a house.

3. Purchase a house in the second half of the year. Hoping to get a a duplex or triplex to generate rental income.

4. Invest beyond what my workplace offers.

5. Materialize in some shape or form my small business idea.




Here's to all of us having a financially prosperous year...


View media item 2283833



...

 

[slighted]

I just turned 25yo and am nowhere close to where I wanna be, finance-wise.

One of my goals is to become a millionaire in liquid assets by 30yo.

 

[antidope]

Baby steps.

2017 Calls for a lot of the same really.

 

[capital sb]

 
I just turned 25yo and am nowhere close to where I wanna be, finance-wise.

One of my goals is to become a millionaire in liquid assets by 30yo.

Right here with you no where near where I want to be, turned 24 in august and have the same goal as you.

 

[moderndarwin]

Lot of positivity in this thread - it's helpful to have stuff like NT around.

My method for 2016 is simple and will continue through to 2017. Put away a certain percentage of salary that I can manage for savings/investment accounts, have my student loans setup on auto debit, then enjoy as much as I can with the rest of the money each month and zero it out. It's worked for me to be both fiscally responsible and enjoy the process of life (e.g. eating nice food). All I can't do is splurge on material stuff like clothes etc and it works out pretty easily.

 

[nrg1604]

Spent the past handful of years catching up on my retirement savings. But I'm treating next year as a gap year, want to focus on self fulfillment and betterment before I make some hard life choices. Still gonna save, but want to focus on experiences as well.

 

[cs02132]

Went through my yearly records and I took off 73 days of work this year . Just people asking me if they can have my shift etc .. Definitely cost me between $7300-$9000 :x .. Can't lie I saved a little money and got lazy

Saved $11,000 but I spent like $17,000

This was my first full year of keeping records of my income and it's pretty eye opening. I didn't know I spent THAT much. I still live at home so my only expense is like $3500/year for car insurance and like $600 for my gym. Should definitely be saving closer to $17k and not SPENDING that much

I made no less than $2000 and no more than $3000/month in 2016. I would just save $1000 then spend the rest on bills and "living. " Not gonna do that this year. Just gonna save up the whole month, then at the end of the month I'll pay off my cc, insurance, bills, etc, and save the rest. There's no way I should be making $2800 a month and only saving $1000 if my mandatory expenses are only like $800 max


Overall I'm happy. I wanted to save $12,000 (1k a month) but I made a conscious decision to spend and not save in December . I started saving in August of 2015 and I have close to 20k saved up. Goal this year is to change my spending habits (not spend as much) and also my saving strategy (MINIMUM of $1000 saved per month from now on) oh and not to take so many days off

 

[spacekid9]

I think people are misinterpreting - simply saying as a single man you have a lot more flexibility of choice with your time, money and responsibilities. You don't have to consider the comforts or feelings of others when you make tough fiscal decisions. In a relationship you are oftentimes adding not just a girl, but a family. That means more Xmas presents, more random trips, more more more. While that is not always the case it is a a generalization. If you meet a girl and all she wants to do is save money then of course it'd be easier with two incomes. Also, 3k for a 1 bedroom in San Francisco is not living expensively - it's like pretty much bottom of the price list unless u can snatch a rent controlled place somehow.

you and your gf should have a talk about your two needs/wants vs financial goals. if she's the spender, you will have to (try) teach her about (show her) finances. my favorite exercise is to shock them with having them figure out their monthly costs and multiple that by how long they plan to live when they retire. that will be how much they need to save for retirement. After they get a shock from that figure, you tell them wait, you didn't add medical costs.

I had to teach my gf (now wife) about saving/finances. Regarding your need to have our own place as a couple, my gf and I shared a rental with another person for over 5  years before we got married. I'm not going to lie and say it was easy (women and their nesting territorial natural) but in the end, she understood and we were able to save a good amount for our down payment. I can say unlike most people who are tapped out after purchasing a home, our savings are still well. That's actually another line I would use - do you want to pay a lot to rent our own place or rent cheap so we buy our own place.

The keyword above is try. It's up to them to decide if that important for them as a couple. If she doesn't care, then it's back on you if you're willing to accept that. 

 

[shorty doo wop]

Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account

 

[noskey]

Anybody ever use online stock trading websites? Looking to invest instead of having money sitting in my savings account

How comfortable are you with your knowledge of the markets? Do you want to be hands on or stash it and forget it?