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  1. #51
    filling some space UnitOfPopulation's Avatar
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    Quote Originally Posted by Bamboo View Post
    exponential then you just had to vegas didn't you?

    haha I'm just kidding thanks for posting.
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  2. #52
    Administrator highlander's Avatar
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    Quote Originally Posted by Bamboo View Post
    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).
    I use credit cards for this very reason. You have to pay the balance in full at the end of every month though or you can start a vicious cycle that is hard to get out of.

    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.
    That's pretty damn good .

    A good friend of mine that was a mutual fund portfolio manager has a lot of his money in precious metals as well.

    Edit: I think it would be instructive for everyone if you would explain how you were able to save this much.

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  3. #53
    pathwise dependent FDG's Avatar
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    I don't think his point is particularly good, because he does not assign probabilities to each evenT. Basically, he greatly overestimates the probability of having your debit card stolen + having your PIN stolen + you not being able to notice (and thus all your savings in cash end up stolen). Problem is, the cost of this scenario has to be multiplied for its probability, which is terribly low; on the other hand, credit cards have higher fixed costs than debit cards, thus imho if we compare the "corrected" amounts, debit cards win - let's not even mention how it's still possible to end up over-using credit cards, even if you're a prudent person.
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  4. #54
    nee andante bechimo's Avatar
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    Bamboo, you're in a good financial position for your age!

    I'm also going to emphasize the need to remain in a debt-free state. While interest rates are currently low enough that debt isn't much of a burden if you don't have monthly cash flow issues, they won't remain low. People get sucked into the debt trap so easily, especially when they have a "need it now" mentality.

    Take an honest look at your risk tolerance, prior to investing. If you have zero to low risk tolerance, stay out of the stock market. There are too many people already invested in the market who don't understand the concept of "pay to play".

  5. #55
    insert random title here Randomnity's Avatar
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    Quote Originally Posted by FDG View Post
    on the other hand, credit cards have higher fixed costs than debit cards, thus imho if we compare the "corrected" amounts, debit cards win -
    It might be different in your country but here there are many credit cards with no annual fee or usage fees whereas debit cards often do have fees. So no fixed cost there. That's also ignoring the fact that many credit cards have cash-back rewards so if you always pay on time, you can actually gain money overall. Debit cards almost never have rewards.
    -end of thread-

  6. #56
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by Randomnity View Post
    It might be different in your country but here there are many credit cards with no annual fee or usage fees whereas debit cards often do have fees. So no fixed cost there. That's also ignoring the fact that many credit cards have cash-back rewards so if you always pay on time, you can actually gain money overall. Debit cards almost never have rewards.
    Ah, wow, lots of stuff (I'm not being ironic). Cash-back rewards? Sounds great
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  7. #57
    Administrator highlander's Avatar
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    Quote Originally Posted by FDG View Post
    I don't think his point is particularly good, because he does not assign probabilities to each evenT. Basically, he greatly overestimates the probability of having your debit card stolen + having your PIN stolen + you not being able to notice (and thus all your savings in cash end up stolen). Problem is, the cost of this scenario has to be multiplied for its probability, which is terribly low; on the other hand, credit cards have higher fixed costs than debit cards, thus imho if we compare the "corrected" amounts, debit cards win - let's not even mention how it's still possible to end up over-using credit cards, even if you're a prudent person.
    You raise some valid issues - particularly the point about overusing them. If you can't exercise sufficient self-regulation, I think I'd agree it's better to use the debit card.

    However, the likelihood of having either debit or credit card information stolen is in fact quite high regardless as to whether or not the banks are providing statistics on this to inform your decisions. The safest assumption to make is that your account information will be stolen. If that is your assumption, then what do you do?

    There are also other costs with debit cards - such as overdraft charges that are more frequent than people realize. Credit cards don't have to cost much if you pay them off every month.

    Some of this may be country specific.

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  8. #58
    IRL is not real Cimarron's Avatar
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    It's commonly said that we tend to be broke, and I wonder how true that is, too. Indeed, maybe our generation is different. Remember our grandparents' stories of the Great Depression? How it taught them not to waste anything...

    I've got several thousand in my bank account. It's been climbing since I got my first full-time job a while back, and that's what I like to see: growth! Now that I've been paying for a small apartment and all its bills, along with taking upon all my insurance (my parents were previously paying), the growth has slowed, but I haven't had to make any huge adjustments.

    Sounds like you're doing half of that, while making more money. I think you're on track to handle this just fine.

    Quote Originally Posted by Bamboo View Post
    But I wonder at what point is working harder and not spending just not worth it.
    Personally, I go by the rule, "Just remember what you're saving money for in the first place." That's why I treat myself to things now and then, and I take several vacations to see family and friends per year, which make much less of a financial dent than you'd think.

    With any kind of pleasure/leisure spending, as long as you don't do them too often, it doesn't seem to make much financial impact.

    I am pretty punctual with bills, but don't plan on getting a credit card. Been through that debate a lot of times, though.

    **(And if you count student loans not yet paid for college, I am thousands upon thousands of dollars in debt. )
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  9. #59
    Emperor/Dictator kyuuei's Avatar
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    I currently don't pay rent, instead I pay for house repairs and work on repairing said house. I also help care for my mother and younger sister, and assist my dad with his business while he's away, so I pull my weight in other ways. It's a full time job in and of itself.

    I go to school full time, and I work part time for the Army and various smaller jobs that get me by. My expenses include my own health insurance, dental, car payment (almost done with that sucker!!), insurance, maintenance/gas, gym membership, phone, groceries, and the normal things of that nature. I do own one walmart credit card, and I'm shopping around for a better one to use that can be used at more places than just said walmart. I'm trying to build my credit currently.

    With those expenses said, I do pretty well at keeping $2500 in the bank as a cushion fund. It's an emergency fund/'pay-for-tuition-and-books-till-the-school-check-comes-in' fund. I could live about 2-4 months on that money if I had absolutely no income somehow.

    I have another $3000 in the bank just sitting there, and I haven't had time to shop around for investments, but when I finally do get the time for it, I want to invest it. It's been sitting around long enough.

    In my checking account, it fluctuates entirely. I have, on average, anywhere between $10-$2,000 in there. Depends on when I get paid, from where, what I need to pay, and when.
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  10. #60
    Senior Member forzen's Avatar
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    I currently have no job (jobless for a year now) and going to school full time. But, I have 14k in savings, own my own car, and have a debt of 2.5k in my credit card which I want to pay off so I might have to get a job *sigh* since I don't want to money out of my my saving. Alot of stock I bought frigging went down so taking out money from my savings to pay off debt would be a bad idea since I'll be losing money :steam:. All in all, life is sucking right now. Only upside is college is basically free for me since the military pays for it so I don't have to worry about student loan.
    This post grammatical errors had been intentionally left uncorrected.

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