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Old 10-03-2016, 12:11 PM   #106
edb33
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Default Re: Anyone here invest in stocks / bonds?

Quote:
Originally Posted by UK2K
Good lord... that's why people hire planners? How am I supposed to know what I need to live off of in 30 years.




Right now (without doing math), my dad told me to just keep paying the min on it. My interest rate is 2.15% so it's not like it's costing me THAT much. I guess over the next three years it could add up to something significant.

I think once I have it paid off, I'll probably buy me a 10 year old civic or something and just drive that around to keep the miles off my truck.

I sound so old.

Many people do hire someone so simplify the process and I'd suggest doing the same. I have a few cpa's one for business and one for personal, they both have 2 completely different beliefs but both seem to make it work so obviously there's not just a single way to get there. I also try to learn as much as possible about it so I'm not just leaving my life and legacy in someone else's hands. I'd say I'm ahead of most but still have a long way to go. We are talking about the most expensive purchases you will make in your life and how you'll survive when you are no longer able to work and on top of that, if you have or ever have kids, what you'll leave them with. Maybe I'm insane but those things mean a crazy amount to me so it is of massive importance to me to be educated on it.

As far as your truck, if it's currently a liability and not an asset than that trend will only get worse in the future. There's no point in buying another liability to pretend to slow down the loss on the first liability. Learn how and when to buy a vehicle, move on from your truck and buy yourself something new every year or two for the rest of your life that will actually pay you to drive it.

I don't pay for maintenance because I make sure to buy from dealerships that offer that, I don't get the comment made earlier about higher insurance rates because my insurance actually got cheaper once I started buying only new and in fact my 2 most expensive vehicles insurance wise are older trucks I just haven't retired yet. I never pay a down payment because I buy with equity in the vehicle, etc. I pay for gas and a monthly payment, that's it. Then I sell it for more than what I originally paid for it, recoup my money and move onto something else. This doesn't even account for my write offs because they are used for business. It's not magic, it's education. It's almost like the couponing craze that went on for a while except I didn't care enough to save on that level but I do when it comes to cars/houses. Most people don't though and that's fine
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Old 02-27-2018, 10:50 AM   #107
UK2K
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Default Re: Anyone here invest in stocks / bonds?

Quote:
Originally Posted by edb33
I think the only way to figure what you need to save is to reverse engineer it. If you realistically believe you need 2mm to retire and plan to do so at 65 and you're currently 30 then simple math will tell you what you need to save in order to get there. Don't forget to add taxes and fees into the equation and be conservative with your gains.

In this case of your truck, it is kinda detailed math but basically you take the years left on your truck payment and decide in that x amount of years will removing y amount to pay off the truck now but adding the truck payment back into it each month be more profitable than sticking with the status quo and paying z amount in interest? Generally the answer is just leave it be but it all depends on your interest rate on the truck and what your savings is producing

I will have my truck paid off in 5 months.

I've been paying an extra $120 a month on it since around the time of this thread, and it is ALMOST paid off.

It's worth about $15k if I sold to a private party, but honestly, the prospect of not having a truck payment sounds glorious.

Also...

Recently opened up a Robinhood account on my phone. Super easy app to use, and buy stock. Had it about two months and it has done very well (let me know, I got that promo code that gives both of us a free stock). I bank through a credit union, and my savings account nets me like 1.6% interest, which is shit.

I have bought up some TTWO and INTC stock, with some Microsoft, Sirius XM and Starbucks thrown in for good measure, and I have been making like $25 a day for the past few days. It's been a good run.

Also completely paid off my credit card (I only have two, one of which I don't use), so now I will only have a mortgage and student loans to pay off.

For those reading who are in debt, I would highly suggest listening to Dave Ramsey. He does a good job of helping to motivate you to pay off debt, and he offers sound financial advice.

If anything, go to his Facebook page and watch a few videos.

I am a like a decade away from being completely debt free. Hooray!
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Old 03-08-2018, 04:36 PM   #108
UK2K
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Default Re: Anyone here invest in stocks / bonds?

Get in on TTWO now.

Red Dead Redemption 2 is dropping in Oct, and GTA6 was just announced for 2021 or 2022. GTA5 is the best selling video game of all-time, behind Tetris and Minecraft.

Both RDR2 and GTA6 will be huge hits.
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