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How much money do you have saved up?

yg17 said:
There's nothing wrong with a credit card if you have some common sense.
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which is why i think an IQ test and a test of a person's general responsibility should be part of every credit card application. of course, if we did that then the CC companies would make no money.

people who think "oh, i will just declare bankruptcy" as they charge and charge and charge should be shot.
 
dukebound85 said:
i wont lie, im pretty pissed at individuals like this who because of no fiscal responsibility are the major cause of this economy tanking when i have no debt other than school loans which im paying off. why should i have to be penalized as a result of the really crappy judgement made by millions who do not have any idea on what they can afford. such is life but still, the thought has occurred numerous times
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Don't worry, his internet will get unplugged soon. ;)
 
br.avery said:
yikes, im scared to get a credit card when i turn 18 now. i'll probably just get a gas card to build credit.
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Credit cards are awesome if you pay them completely off every billing cycle. Get one with benefits and they just throw free stuff at you like none other. Saves weight in your wallet and makes life easier. You get rewarded for using a piece of plastic over colored paper. If it's a concern, many banks have reward systems with their bank cards that are directly linked to a checking account. I have a Visa and it can be used anywhere as a credit card to accumulate "points" for free stuff, but I cannot spend any more than the account balance.
 
akonradi said:
Credit cards are awesome if you pay them completely off every billing cycle. Get one with benefits and they just throw free stuff at you like none other. Saves weight in your wallet and makes life easier. You get rewarded for using a piece of plastic over colored paper. If it's a concern, many banks have reward systems with their bank cards that are directly linked to a checking account. I have a Visa and it can be used anywhere as a credit card to accumulate "points" for free stuff, but I cannot spend any more than the account balance.
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Not only that, they're great for security purposes. If your wallet with a ton of cash gets lost or stolen, you're out of luck. If you pay cash at a merchant and they screw you over, you can't dispute it. Plus, try getting a hotel room or renting a car without a credit card.
 
yg17 said:
Not only that, they're great for security purposes. If your wallet with a ton of cash gets lost or stolen, you're out of luck. If you pay cash at a merchant and they screw you over, you can't dispute it. Plus, try getting a hotel room or renting a car without a credit card.
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That's why I just use a debit card, I know myself well enough to know that if I had a credit card I would use it when I don't have the funds for it.
 
I love to spend money. However, this year, I am trying to be a bit more conservative. As of this moment, I have ~$6,500. I work as an assistant of sorts at my dads office. Mostly, I end up making food runs and cleaning the office. For $10 an hour though, I don't complain. Also, Christmas left me about $500 wealthier and with my birthday nearing, I am hoping to have about $7,000 by February.

What am I going to do with this money?
I have no idea. I would like to buy a MBP but if I wait for graduation, I get one for free so I think I'll be waiting.
I've never had this much money that I could use so it should be interesting to see what I do with it.

I sure as hell won't be investing it.
 
cheekybobcat said:
I sure as hell won't be investing it.
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I really hope that your thinking isn't coming from the bad stock market these days, because now is a great time to be investing! You won't be pulling out huge profits next week, but over a few years, it's likely that you could walk away with a lot more than you put in.
 
I have $450 coming from Google AdSense soon.

Once I get that money then I should be up to about £1900

That's christmas money, money in the bank etc
 
Xfujinon said:
Plenty.

Let the economy crash and burn. It is somewhat humorous to me to see all those who ridiculed my simplistic, conservative fiscal lifestyle now eating their words as they cut down on bars, expensive clothes, and so forth. I've saved more than enough money to pay cash for any Mercedes, BMW, Jaguar, or Lexus and I just let it keep sitting in my bank, making free money as interest, and not spending a ding danged nickel. My wife and I get by just fine and dandy on her "meager" salary, which all her coworkers complain about, but we live comparatively well on. Compared to our old situation, it is the lap of luxury for us!

It isn't about how much money you make, it is about how much you save. We are wealthy far beyond our peers in the same age group because we save like crazy. Every time I think I need something (other than toiletries and food), I wait six months to see if I really need it. Works every time.

I've made exceptions for guns, though, in case of zombies or the apocalypse. My wife made an exception for a new pair of shoes for a Christmas party. But that's about it.

Save, save you Americans! Save and learn to live simple, free, and frugal!

I shouldn't post after three whiskey sours. I love Christmas vacation.
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i think 'letting the economy crash and burn' isn't so smart to say. I get that you're doing well with the saving and congrats on that, but the economy is chain linked my friend. I don't know what your wife does for her job, but almost every job is affected by a sinking economy.

ie. let's say a plant closes down. that's x amount of employees not buying products or using services. then the companies making those products and offering those services has to cut back b/c they're not making the profit they need to sustain paying employees. So those employees are without work and they're not out buying as much etc..etc..etc..

As much as we don't like it, that's the way it is.

to the OP. good for you. keep saving.
 
akonradi said:
I really hope that your thinking isn't coming from the bad stock market these days, because now is a great time to be investing! You won't be pulling out huge profits next week, but over a few years, it's likely that you could walk away with a lot more than you put in.
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I envy anyone with money to invest right now. We will never see great stocks for these prices again in our lifetimes.
 
I won't be investing because I am 1: too young to care that much about investing and 2: would be too scared that the company I invest in would fall through. I am aware about the fantastic "deals" one can get now but I won't be partaking in any of them.

However, great risk can bring great reward.
 
cheekybobcat said:
I won't be investing because I am 1: too young to care that much about investing and 2: would be too scared that the company I invest in would fall through. I am aware about the fantastic "deals" one can get now but I won't be partaking in any of them.

However, great risk can bring great reward.
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You're not describing investing so much as gambling. A well-diversified portfolio held for the long-term will always generate a good return, barring a comprehensive collapse like what we've seen recently.

Don't get me wrong, there is lots of money to be made through investing in high-risk strategies, and many people make out very well.

But a broad portfolio can give you a good return with relatively little risk. Obviously it will be riskier than putting it a savings account or GIC, but the rate of return is higher, too. That's the tradeoff. :)

Of course, knowing when to get out is important too. Anyone that sold off their stocks around mid-2007 is laughing today. And probably getting some really sweet deals buying up the same stock they sold then.
 
MasterNile said:
That's why I just use a debit card, I know myself well enough to know that if I had a credit card I would use it when I don't have the funds for it.
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The problems with debit cards:
1. If it gets stolen and a thief goes on a shopping spree, that money is immediately gone from your account. The bank may cover the fraudulent charges, but while they're processing it or doing an investigation, you don't have access to that money.

2. Debit cards do not have the chargeback protections against bad merchants that credit cards do. Some banks may offer it as a courtesy, but chargebacks on credit cards are required by law so no matter who your bank is for your credit card, you can chargeback.

3. If you rent a car, at the time of rental, they'll typically put a hold on your card for the cost of the rental, plus an additional deposit unless you damage the card. The rental might only be $100, but they'll hold, say, $400 because of the deposit. If you use a Visa/MasterCard debit card, again, that's money you can't spend until you return the car and the hold is released. If it's a credit card, it's not so much of a big deal (that's $400 reduced from your available credit, but hopefully your cards aren't maxed out and it's not a problem). Hotels tend to do the same, large initial deposits to cover potential expenses from the mini-bar, telephone, or pay-per-view and whatnot.

Don't get me wrong, I have a debit card, but I only use it for small purchases (typically anything under $50) and would never use it for renting a car or hotel room. I'm still susceptible to the fraud problem, but I don't keep a lot of money in my checking, I transfer it a bulk of it to my HSBC savings, which I don't have a debit card or ATM card for.
 
cheekybobcat said:
I won't be investing because I am 1: too young to care that much about investing and 2: would be too scared that the company I invest in would fall through. I am aware about the fantastic "deals" one can get now but I won't be partaking in any of them.

However, great risk can bring great reward.
Click to expand...

Good investing isn't about risk taking. If you're young, I understand that investing may seem confusing; a lot of "smart" people say conflicting things. But the more you understand how the economy works, the more you'll see that it isn't a gamble as long as you understand the economy well. And if I had to relive age 14-21 all over again, I would save every single penny I come across because, now that I know a lot about investing and trading, I know how much I could be making now. For example, I have about $20,000 saved. Every month, I make about $800-$1400 from that $20,000. If I put that money right back into my investments, I'll have about $30,000 in less than a year and make about $1200-2000 a month. If I had started 9 years ago (fresh out of HS), I would be making at least $6000+ a month just from investments! And my investment strategy involves little risk. (sounds like I'm selling something on an infomercial!)
 
br.avery said:
yikes, im scared to get a credit card when i turn 18 now. i'll probably just get a gas card to build credit.

im about to open an ING direct orange savings account also.
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Like others have said there is nothing wrong with Credit cards if used correctly.

I currently have 2 CC and plan to get a 3rd. This along with my check/Debit card that i never use.

The reason for 3 credit card is Primary, Back up and then one that stays in a draw at home just in case i lose my wallet I am not screwed while waiting for the replacement cards.

I always pay my balance off in full at the end of the month so on interested charges. Heck I take the cash back off my American Express.

Other has listed other reasons.

if used correctly credit cards are Great tools. They are good for managing cash flow and if an unexpected emergency comes up they give you access to liquid assets
 
shecky said:
which is why i think an IQ test and a test of a person's general responsibility should be part of every credit card application. of course, if we did that then the CC companies would make no money.

people who think "oh, i will just declare bankruptcy" as they charge and charge and charge should be shot.
Click to expand...

Interestingly,

The very brightest are more likely to have money problems than those who are slightly above average intelligence.
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- http://www.timesonline.co.uk/tol/news/uk/science/article1701377.ece

and

People with an IQ of 90 are the most likely to hit their credit card limit.
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- http://www.mailonsunday.co.uk/news/article-450558/Having-high-IQ-does-mean-rich-study-finds.html

So, evidently, no credit cards for the very smart or the dumb. :p
 
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itcheroni said:
Good investing isn't about risk taking. If you're young, I understand that investing may seem confusing; a lot of "smart" people say conflicting things. But the more you understand how the economy works, the more you'll see that it isn't a gamble as long as you understand the economy well. And if I had to relive age 14-21 all over again, I would save every single penny I come across because, now that I know a lot about investing and trading, I know how much I could be making now. For example, I have about $20,000 saved. Every month, I make about $800-$1400 from that $20,000. If I put that money right back into my investments, I'll have about $30,000 in less than a year and make about $1200-2000 a month. If I had started 9 years ago (fresh out of HS), I would be making at least $6000+ a month just from investments! And my investment strategy involves little risk. (sounds like I'm selling something on an infomercial!)
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I think you are confusing the annual rate and periodic rate. There aren't any investments that yield 4-7% per month...that would be close to 48-84% per year. You are probably making 4-7% per year...divide those % by 12 then multiply by 20,000 to see what you are making per month.
 
Eh...

About $40 in the pocket
$600 in my primary checking account
$3000 my primary savings account
$1000 in the checking account linked with my car loan
$25,000 in a money market, and it seems to be shrinking...

-$14,000 car loan
-$1,400 in credit card debt

Not as well as I would like to be doing, but it's better than a lot of people these days...
 
w0ngbr4d said:
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I think you are confusing the annual rate and periodic rate. There aren't any investments that yield 4-7% per month...that would be close to 48-84% per year. You are probably making 4-7% per year...divide those % by 12 then multiply by 20,000 to see what you are making per month.
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I wasn't talking about passively holding an asset. I was referring to writing options, which can yield a few percent within a one month time frame.
 
FX120 said:
Eh...

About $40 in the pocket
$600 in my primary checking account
$3000 my primary savings account
$1000 in the checking account linked with my car loan
$25,000 in a money market, and it seems to be shrinking...

-$14,000 car loan
-$1,400 in credit card debt

Not as well as I would like to be doing, but it's better than a lot of people these days...
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MONEY MARKET? That's like putting it under your bed. So many better places to put it...
 
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