[serious]ask me about personal finance

[rushyrulz]

Re: [serious]ask me about personal finance

18. Never, ever co-sign a loan. Ever. Ever.

Please expand.

[PriestREA]

Re: [serious]ask me about personal finance

i'm going to buy a house because the market here is cheap and I don't live in America. it'll be purely for living reasons, I don't expect to use it as a means to retire (HAH)

housing market in Calgary is INSANE and houses are selling like hotcakes faster than they can be built. That is probably one of the few places using houses for profit is a good idea

I can confirm this. My dad has been buying and selling homes aggressively for the last year or so... it's made him a lot of money too

[DotKritic]

Re: [serious]ask me about personal finance

Please expand.

Reasons to not co-sign on a loan: Link

[Reincarnate]

Re: [serious]ask me about personal finance

Please expand.

Long story short, it's a lot of risk and downside in exchange for virtually zero upside.

[Tibbers]

Re: [serious]ask me about personal finance

I'm 16 wtf do I do

[Izzy]

Re: [serious]ask me about personal finance

Got my first paycheck today for 1 week of work totaling $505. What do I do?

[HolyBishopX]

Re: [serious]ask me about personal finance

Adding my own shit to this thread.

The thing about personal finance is that it's personal. The answers will differ for everyone since so much depends on timing, circumstances, goals, risk sensitivity, education, patience, rationality, emotion, utility, etc.

That being said there are usually some pretty good heuristics to live by. IMO:

32 amazing pieces of financial advice

Really good advice here. There are times I forget some of this stuff, too -- even though I was taught it in college. Literally copy pasting this into a Word document, and printing it out.

[Litodude]

Re: [serious]ask me about personal finance

Got my first paycheck today for 1 week of work totaling $505. What do I do?

eat, pay bills

[Reincarnate]

Re: [serious]ask me about personal finance

To those that invest in 401k's / Roth IRA's, what are your fund choices and why?

[ffr212]

Re: [serious]ask me about personal finance

What is the highest rate of interest growth I can milk out of my bank? I currently have an extremely low APY in my savings and want more because I'm greedy as fuck.

[Litodude]

Re: [serious]ask me about personal finance

To those that invest in 401k's / Roth IRA's, what are your fund choices and why?

I use Vanguard: VFINX. It almost perfectly replicates the S&P500. My other, VTIVX: Target retirement date date 2045; actively moves my money from high risk to low risk. Current returns YTD, 26.22% and 20.27%, respectively. Both have low expenses of .17% and 18%, respectively. Edit- The funds in VFINX was actually in another fund, an REIT, as I was hopeful to get massive returns as the housing market picks up. But that hasn't been the case (it would have only been 6% YTD) so I moved my money earlier this year.

13.8% gain overall, starting from last year.

What is the highest rate of interest growth I can milk out of my bank? I currently have an extremely low APY in my savings and want more because I'm greedy as fuck.

Depends on your bank. Probably like 1% assuming you have 125k or something. Rates are low. Move your liquid into something else. Make your money make money.

[Izzy]

Re: [serious]ask me about personal finance

eat, pay bills

Thanks, I knew I could count on you. So I bought two monitors for 180 each and now I'm broke.

[Litodude]

Re: [serious]ask me about personal finance

priorities

[Izzy]

Re: [serious]ask me about personal finance

Yea, if I didn't have zero living expenses other than food / gas it would be a different story. I think I can hold out until the 15th when I'll get a paycheck for $1100. Replacing these 10 year old monitors, one of which was broken, was probably the most pressing issue at the moment.

[Reincarnate]

Re: [serious]ask me about personal finance

I use Vanguard: VFINX. It almost perfectly replicates the S&P500. My other, VTIVX: Target retirement date date 2045; actively moves my money from high risk to low risk. Current returns YTD, 26.22% and 20.27%, respectively. Both have low expenses of .17% and 18%, respectively. Edit- The funds in VFINX was actually in another fund, an REIT, as I was hopeful to get massive returns as the housing market picks up. But that hasn't been the case (it would have only been 6% YTD) so I moved my money earlier this year.

I use VFIFX myself (2050 fund), expense ratio 0.18%.

VFINX looks pretty neat -- I'm a big fan of low expense ratios.