Posts Tagged ‘your money’

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Saving or Spending?


10 Jun

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I love this thread because it talks about something I rant about all the time. Just because you are shopping a sale does not mean you are saving money. Sure, you might be saving 50%, but if you did not go to the store, then you would have saved 100%.

I agree with the people who say its savings only if you needed the item and would have paid full price for it. Though I also like the idea of taking the “savings” and making it actual savings- transfer it to the savings account. Now, you have actually saved money.

Retirement Articles


03 Jun

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There are a million retirement articles out there that tell you what milestones you should be hitting to retire a millionaire, or at least have a comfortable retirement. The thing is, a lot of us aren’t going to meet these milestones, though some people will.

Others, due to time spent in college, may not meet early milestones but will be able to have a comfortable retirement due to increased earnings later.

It can all be very confusing, and it’s nice to have people to talk to about whether or not by 35 you should have 1.4 times your salary saved.

Basic Money Rules


27 May

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Posted in Budgeting, Debt Reduction, Finances | Comments Off

Spend less than you make.

Pay yourself first.

Have a plan.

Even if you don’t respond well to rules, as the original poster says she doesn’t, sometimes it still helps to know what they are. As my writing teacher used to say, follow a rule until you can explain why you’re breaking it.

Sometimes it’s good to get back to basics, ideas that apply to everyone, whether they’re struggling paycheck to paycheck or putting millions in the bank for retirement.

Not everyone is the same, but this Back to Basics thread still has information that just about everyone can use.

Colleges and Credit Cards


20 May

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Posted in Finances, School | Comments Off

I remember being shocked last year, when I saw a college freshman’s student ID card was also a credit card- a regular Visa card that could be used anywhere, not just on campus. So I wasn’t too surprised by this thread about student loan money being given out on a credit card.

Colleges, especially state colleges, keep having their budgets cut, so they’re looking for money from everywhere, including credit card companies.

Do I think this is good for teenagers getting their first taste of freedom, not really, but the solution isn’t yelling at colleges, its teaching teenagers about credit.

Living the High Life on Less


13 May

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Posted in Finances, Home Ownership | Comments Off

This thread comes from an article about how to live a six-figure lifestyle on $30k/year. One thing this article does not address is cost of living. Nor, on his biggest purchase, does he offer definitions.

And it really is the housing purchase he talks about that gets to me. There are houses available in my neighborhood for $85k, when most of the houses average over $200k. But they are manufactured homes, or in such bad shape that you can’t move in right away, or they are tiny. That’s what I really want to know- how big is his “big home”?

Budget Review


06 May

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Posted in Budgeting, Finances | Comments Off

It’s apparently the time of year that people review their budgets, maybe in advance of summer vacation and needing to pay for camps or day care for the kids, or maybe it’s contagious, like yawning.

At YM, we’ve had 6 threads in the last couple of weeks asking for budget advice. They’ve all been from regular posters, so it’s not like they’re people who haven’t heard all the standard advice. They just need a second (or 50th) set of eyes to look and see if they’re missing something, to have questions asked they might not have thought to ask themselves.

There aren’t even enough McJobs


29 Apr

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Posted in Finances, Politics, Work | Comments Off

It’s a discussion I do not have the energy to be involved in this time around (and it does take energy as people are so entrenched on their side of the fence), but it is always interesting to see how other people view the current job market. There are those who believe that there are enough jobs for everyone, if people were really willing to work, and those who like to point out that McDonalds announced it would hire 50,000 people. It actually hired 62,000. That’s great, but the fact that they got over 1 million applications- not so much.

Student Loan Debt


15 Apr

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Posted in Budgeting, Finances, School | Comments Off

Student loan debt has been in the news again. The reality of college is changing. More and more employers expect a college degree, even for entry level jobs, and colleges are becoming more and more expensive. It is becoming less and less possible for students to pay their own way through school working part time and getting federal aid. It creates this space for private lenders to mortgage the future of the next generation.

And this wouldn’t be YM if there weren’t at least a couple mentions that loans are okay for Pharmacy school, but not for an English degree.

Taking care of you


08 Apr

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Posted in Budgeting, Dental Care, Finances, Healthcare | Comments Off

There are a number of controversial threads going on YM this week, but I wanted to talk about this much simpler (and shorter) one. How much is your smile worth?

For people who are really involved in debt payoff, wealth building, net worth, and assets, it can sometimes be hard to remember that we really do need to invest in ourselves. $10,000 is a lot of money. I don’t know anyone who would argue it isn’t. The question is, are you worth it? Is keeping your own teeth and having good dental health worth $10,000? With or without dental insurance?

Rent vs Buy


25 Mar

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Posted in Finances, Home Ownership | Comments Off

I had a hard time trying to decide what to post about this week. I chose the “Never own a home again” thread because it addresses a question I think a lot of people are considering right now.

Each person should make their own decisions about owning vs. renting. We own. Part of that is peace of mind. Yes, we’ll have taxes and insurance, but having no other housing costs once we retire seems pretty ideal. In addition, we have dogs, which always makes it harder to get the deposit back when you rent, adding to the long term costs.

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