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  1. #31
    Administrator highlander's Avatar
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    I had nothing when I first started working but saved between six and fourteen percent from every paycheck from the start. If you do the math, the money you save in your 20s is extremely important because of the compounding of interest. What people said about debt is important too. Avoid it like the plague.

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    Tri-type 639

  2. #32
    Senior Member Bamboo's Avatar
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    So many good responses thank you. I'll try to reply them at some point soon.
    Don't know how much it'll bend til it breaks.

  3. #33
    Senior Member Bamboo's Avatar
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    Regarding Credit Cards (selection of comments)

    Quote Originally Posted by Trentham View Post
    ... I do recommend that you get one credit card, and use it...then pay it the fuck off, every month. Your credit report will show activity, but not a balance carried. The perfect compromise. You'll build credit rating but not sustain debt. I wish I'd known as much 15 years ago!

    Quote Originally Posted by Randomnity View Post
    Good to be thinking about. Just have to make sure to NEVER pay even a day late, then you get stuck with interest. It's awful, I earn a crapload of rewards on my card (currenly 120$ saved up) but lose almost as much in interest by forgetting to pay on time every 3-6 months or so. Every time is like 10-20$ Gotta get better about that.

    Some people are very anti-credit card (or even debit) but I love my card. Just have to be smart with it.
    Quote Originally Posted by Tiltyred View Post
    IF you can keep discipline about how you use a credit card, you should have one or two. Pay more than you owe every month and what's key is, pay it on time or a day early every month. That's all you have to do. It takes time to build credit. You may really need credit one day -- to buy a house, even to buy a car, for medical bills, if major appliances break down -- even if none of that applies to you right now, just consider building credit the same thing as building money in the bank. It's important to have a good credit rating.
    I think I'm pretty disciplined...about money. So I think I'm gonna get a credit card. I'm sure I can scrounge up some resources on how to get a good one.

    Regarding paying it off every month.

    One program I love is Google Calendar. You can enter in recurring dates or single one, but the best feature is multiple reminders. So if I have an appointment on Friday then I set it to remind me 5 days, 3 days, 2 days, and a few hours in advance, with both email and text message. I can't miss it even if I want to.

    Also, I searched around and found this: Credit vs. Debit

    The guy makes the valid point that credit cards are more secure than debit. I keep most my cash in debit account so if I lose my debit that would suck (although it has a $500 withdraw limit).
    Don't know how much it'll bend til it breaks.

  4. #34
    Senior Member Bamboo's Avatar
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    Quote Originally Posted by Udog View Post
    I would say 3 months of expenses is a noble goal, if it's within your reach. After I had 3 months of expenses set up for emergency funds, I started spending my extra money on paying my debt down. I finished that when I was 27 or so, and I didn't have 6 months savings until I was 29 or so.

    There's a program called "You Need a Budget" that is designed to help you always have at least 1 month's salary available. I tried it out and thought it was pretty decent. Might be worth a gander: Personal Budget Software - Finance Software for Windows, Mac & Linux
    That gives me an idea of timelines.

    Cool find I'll give it a look.

    Quote Originally Posted by FDG View Post
    I'm 24, finishing my masters & working freelance, been working for 5 years (essentially part-time, I wouldn't have time for a full). I have around 5000 € of savings right now, 1500 € cash and 3500 € invested, short-term. I don't have any debt. Generally, I try to save around 30 % of my income, although I blow up quite a lot of money during the summer (vacations, trips, etc).

    I always buy everything cash. Getting any credit is also quite impossible for anyone working freelance, over here at least. But that's good. Most of my friends that have started working right after high school seem to have lower saving levels, but that's because they spend recklessly, from my point of view (new car every year and half, new road bike, terribly expensive cocktails, dining out every day).
    What are your investments?

    Yeah I'm thinking of going to Mexico with my cousin and that will set me back.

    I work freelance but I have no idea if/how that will affect me getting a card, I'll look out for that.

    My mountain bike is one of my worst investments. For ~700 it's a nice bike but what was I thinking? I built it all used but nice components so my resale value is probably close to what I built it for at least instead of depreciating 50% in a year. That, and my computer are my main luxury items.

    Quote Originally Posted by Sytpg View Post
    I don't even want to think how much I spent this year.....between trips and festivals and just leading an unexamined financial life....
    Oh I'd have a lot more cash if I didn't go out and wander around aimlessly so much.

    Quote Originally Posted by mmhmm View Post
    i've always had a buffer.
    when i started working full time i aimed to get a year's buffer.
    at 29 i have a decent 4 year buffer in addition to savings.
    i have investments primarily in precious metals.
    i never get in debt either. ever.
    When you start working full time?

    Wow a four year buffer is pretty good.

    Do you have gold bricks stacked around your house?
    Don't know how much it'll bend til it breaks.

  5. #35
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by Bamboo View Post
    What are your investments?
    Right now it's just italian short-term (1 year) bonds. They pay human interest (3,3 percent, higher than inflation), and they're safe and liquid. It doesn't look like there's any safe bet in the stock market.
    ENTj 7-3-8 sx/sp

  6. #36
    Senior Member Chloe's Avatar
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    I know very well with money. I can thank that to my [money & savings obsessed] ISTJ mother : I knew when I was 4 years old difference between brutto and netto, calculate currencies (deutch marks to ex-yu dinar to italian lira)

    no shit, i was 4 !

    so i am quite responsible with money. Quite, not completely.

  7. #37
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    Quote Originally Posted by mmhmm View Post
    just diligent.
    this

    I pretty much deprived myself ever since I started working so that I'd have enough today in the mid-20s. I had some goals that I worked toward, then did everything that I could to reach them. Granted, some good breaks came my way, the most prominent of which was a full ride in my undergrad.

    I really don't want to say how much I have, but I'm far from having debt. Suffice it to say, it's good to not have to keep insanely detailed financial records anymore.

  8. #38
    Senior Member Chloe's Avatar
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    Quote Originally Posted by bologna View Post

    I really don't want to say how much I have, but I'm far from having debt. Suffice it to say, it's good to not have to keep insanely detailed financial records anymore.
    writes down in her planner: *bologna;potential date, american citizen, white male*

  9. #39
    meinmeinmein! mmhmm's Avatar
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    Quote Originally Posted by Bamboo View Post

    When you start working full time?

    Wow a four year buffer is pretty good.

    Do you have gold bricks stacked around your house?
    fulltime at 20. and took time off to do my post grad.
    investing helped me raise my buffer. but i had those
    100+ hours/wk jobs. so that somewhat sucked dried
    my youth.

    i do buy bullions. asian style you know?
    don't trust the banks.
    keep it under the floorboards.
    but i primarily trade.
    every normal man must be tempted, at times,
    to spit on his hands, hoist the black flag,
    and begin slitting throats.
    h.l. mencken

  10. #40
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by mmhmm View Post
    fulltime at 20. and took time off to do my post grad.
    investing helped me raise my buffer. but i had those
    100+ hours/wk jobs. so that somewhat sucked dried
    my youth.

    i do buy bullions. asian style you know?
    don't trust the banks.
    keep it under the floorboards.
    but i primarily trade.
    100+ hrs-wk?
    ENTj 7-3-8 sx/sp

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