How do you all manage your money?

[Epimanes]

I swing trade stocks... i turned 3500 into 11k since january. So now when ever i am 1k over 10k .. i skim it off the top and add it to my taxfree trading account. Hope to have it filled right up by end of next year...

 

[aray808311]

live with roomates
dont go out to eat

 

[speed dawg]

6 months' salary in liquid cash checking account. One year is even better but I'm happy with 6 months.

I realize that 401(k) is a dogshiat idea designed by politicians and the superrich to protect and empower the wealthy few. Very few know what a pension is, and very fewer have a pension. So I choose minimal contributions to my 401(k). Nothing high risk (though ALL of it involves risk). I like middle-of-the-road returns. Slow and steady wins the race...until the greedy Wallstreeters are again allowed to go unchecked and destroy the financial system like they did in 2008.

Haha, explain what exactly wrong with a 401K and why a pension is so great? I guess I am just not 'woke'. And by the way, I happen to have both.

Very curious as to why they are so evil.

 

[speed dawg]

Lots of assumptions on your end. You dont know me dont pretend you do. Whats wrong with hate? You dont hate child molesters, thieves, or people who abuse old folks? I think hates fine when its not undue, or for stupid reason like “durrr ur skinz not the sames as mines i hate u! Type of bs.

What i can also tell you is I think its absurd to compare the elite of the elites lifestyle to your common man. Its stupid actually. Lets figure out where you think that type of comparison applies. You literally said “hey if multibillionaires can live on a food budget then so can you!” Who are you shilling for?

It's really not that big of a deal. Buffet's advice is simply to have your money work for you, not the other way around. We're not talking about some dumb 2% interest on a credit card rewards program here. He means to simply invest rather than be in debt, i.e. bank paying you rather than you paying the bank.

I have no problem with your rant, I could care less, but at least properly comprehend his advice.

 

[speed dawg]

I have a spreadsheet where I keep up with my accounts. All manual, nothing automatic, so that requires me to go in there and actually keep up with it all, which makes me stay on top of it. The most important part is the budget, though. Once I started budgeting, that is when I got ahead. It's sounds very simple, but it is very hard to execute, because you must learn to say no to things. I usually do it on a monthly basis. Once you get it all out there on paper you really start to figure stuff out. For example, getting rid of a house payment would do much more for you than trying to cut back on a TV bill or something equally as small. Also, I figured out I was spending WAY too much on eating out. It's truly surprising how fast that can add up.

Discipline is very difficult. It's something that must be learned no matter how much money you make.

 

[Poonani Maker]

 

[Julian]

It's really not that big of a deal. Buffet's advice is simply to have your money work for you, not the other way around. We're not talking about some dumb 2% interest on a credit card rewards program here. He means to simply invest rather than be in debt, i.e. bank paying you rather than you paying the bank.

I have no problem with your rant, I could care less, but at least properly comprehend his advice.

Buffet gained his fortunes through stealing and market manipulation probably never worked a real job his whole life or made an honest living

 

[speed dawg]

Buffet gained his fortunes through stealing and market manipulation probably never worked a real job his whole life or made an honest living

That's all good, right or wrong, I don't care. His advice is still solid, independent of how he made his money.

 

[Julian]

That's all good, right or wrong, I don't care. His advice is still solid, independent of how he made his money.

Thats not HIS advice. Thats called common sense and its been around since the dawn of time

 

[speed dawg]

Thats not HIS advice. Thats called common sense and its been around since the dawn of time

Then why are you arguing and talking about Jews.

 

[Julian]

Then why are you arguing and talking about Jews.

Because i can

 

[speed dawg]

Because i can

Well that makes you a troll. Trolls (hopefully) get banned.

 

[Julian]

Well that makes you a troll. Trolls (hopefully) get banned.

Yeah ok. Maybe if u cry hard enough the mods will hear you and ban me. Never been banned and never will because I actually produce quality posts on this site and i have since 2003. Come at me bro cuz honestly u sound like a little bish.

 

[speed dawg]

Yeah ok. Maybe if u cry hard enough the mods will hear you and ban me. Never been banned and never will because I actually produce quality posts on this site and i have since 2003. Come at me bro cuz honestly u sound like a little bish.

Hahaha there's a comment on your own profile where some dude asked why you got banned in October 2017.

I don't care either way, I've been banned before. Own it.

Come at me bro lulz alright man, be right there.

 

[Julian]

Hahaha there's a comment on your own profile where some dude asked why you got banned in October 2017.

I don't care either way, I've been banned before. Own it.

Come at me bro lulz alright man, be right there.

lol fair enough. I forgot about that one hahah. i dont take anything personal on here bro. u shouldnt either

 

[EyeBRollin]

I don't generally believe in being frugal unless I'm in a jungle or in a desert.

Go make more money to spend as you wish.

Find ways to make more money rather then find ways not to spend money.

That's the proper mindset.

Naw. You have to do both. Championships are won by strong offense and strong defense in sync, not one or the other.

 

[ChristopherColumbus]

 

[kasper]

you can try this, put aside some percent of income 5 to 10% of your income everytime you receive your income. Keep accumulating it until it reaches an amount = 3-6 months of your expenses. Once you reach this level of savings over a period of time, you can use this amount for any emergencies. If you use this money for emergencies, you will have to accumulate the money again until it reaches the threshold of 2 to 3 months of expenses.

After this you still keep 5 to 10% of your income aside and use it to clear any loans that you have. Meanwhile stop taking new loans. Don't take any loan unless you're investing in something (education or real estate, etc) that will generate more return than your loan+interest.

 

[ChristopherColumbus]

I think the economy is essentially stuffed. Wages relative to assets are in the doldrums, debt is everywhere, and is everywhere being used just to survive. In this situation, get rid of as much of your debt as you can. Go bankrupt if you have to, and start again. Scratch together a bit of money, by hook or by crook, and store it in something like silver, gold and Bitcoin. Stand on the sidelines and watch it crash, live in a van if you have to....

No-one has savings, all are dependent on their previous house prices. But the deflation monster will not be denied...

 

[RickTheToad]

6 months' salary in liquid cash checking account. One year is even better but I'm happy with 6 months.

I realize that 401(k) is a dogshiat idea designed by politicians and the superrich to protect and empower the wealthy few. Very few know what a pension is, and very fewer have a pension. So I choose minimal contributions to my 401(k). Nothing high risk (though ALL of it involves risk). I like middle-of-the-road returns. Slow and steady wins the race...until the greedy Wallstreeters are again allowed to go unchecked and destroy the financial system like they did in 2008.

Not sure about that. Depends on who's the custodian and what funds you have access to. If it's loaded funds, then yea, it sucks. However, it's it's no load funds, then you'd do well over time. All you need is the broad index, S & P 500 and a US bond fund. If you want to go a little crazy, go for some international exposure. The SE Asia countries have a lot of upside over the long term. It's like China 30 years ago. But hey, I'm a toad, so take it with a grain of salt.