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11-09-2016, 01:21 PM | #466 |
Spooky Action
Join Date: Dec 2003
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The predicted market plunge and "buying opportunity" today never came to pass. Another example of market timing being a bad plan. Slow and steady (and passive) over the long haul wins the race.
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Posts: 6,406
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11-09-2016, 01:35 PM | #467 |
Woman should only make babies
Join Date: Nov 2003
Location: Apartment "G UNIT!"
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Benjermin graham
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Posts: 54,567
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11-09-2016, 05:40 PM | #468 |
The Maintenance Guy
Join Date: Sep 2005
Location: Renovated Bugeater Estate
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Posts: 70,535
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11-09-2016, 07:22 PM | #469 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Posts: 46,069
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11-09-2016, 08:33 PM | #470 |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
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Pretty crazy that S&P (and other) futures were down nearly 5% last night around midnight, yet we ended up ~1% today. I'm definitely glad I don't try and do anything other than pump money into my mutual funds and leave them alone - that shit would drive me nuts.
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Posts: 52,337
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11-09-2016, 08:35 PM | #471 |
Supporter
Join Date: Sep 2000
Location: Hollywood, CA
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Posts: 88,960
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11-09-2016, 09:06 PM | #472 |
Supporter
Join Date: Jul 2011
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I recently landed a (low) 6 figure job.
My first order of business is to get my high interest debt paid down. THEN WHAT DO I DO? |
Posts: 10,669
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11-09-2016, 09:13 PM | #473 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
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Quote:
Use that to start building an emergency fund (3-6 months living expenses). Pay off debt completely. Build equity and buy a house if you don't already have one. Start building savings/investments for retirement and/or the future as you can through all of this. Even $100 per month is better than nothing. |
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Posts: 46,069
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11-09-2016, 09:13 PM | #474 | ||
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
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Quote:
Quote:
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Posts: 52,337
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11-09-2016, 09:19 PM | #475 |
Supporter
Join Date: Jul 2011
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I have been making 40-60 grand a year for about 12 years. I have no savings, no retirement (I started to build one at one point but cashed it in in an emergency)
About 20k in high interest debt, 30k in low interest debt, and owe about 78k on my house thats worth 85. (edit: recalculated, 22k in high interest, 17k in low interest with 12 of that at 0%) Unfortunately at this new company I'm not vested for 6 years, but I will max. My 6 percent for the 3 they give. I dunno really anything about any kind of IRA, no idea what a brokerage account is. I have kind of been living paycheck to paycheck and doing racecar shit :/ I am going to start researching investments as well, but I wont start investing until i get my 10k CC debt paid off, hopefully feb/march. My house is at 5.25 right now which is higher than I can get, but I wanted to finish the transition to the new job before I went in for a streamline refi at somewhere around 3.25. |
Posts: 10,669
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11-09-2016, 09:23 PM | #476 |
Supporter
Join Date: Jul 2011
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I have A+ credit as well. Have been thinking about looking into some debt transfer options and turning some of that high interest debt into low interest debt, but dont know if thats worth any fees etc.
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Posts: 10,669
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11-09-2016, 09:25 PM | #477 |
Shit
Join Date: Jun 2008
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Posts: 55,715
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11-09-2016, 09:30 PM | #478 |
Supporter
Join Date: Jul 2011
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Posts: 10,669
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11-09-2016, 09:34 PM | #479 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
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Quote:
1. Emergency fund 2. Debt reduction (2.5 refinancing, consolidation, etc.) 3. Investments (3.5 401ks, IRAs, brokerage accounts) There's very little point in getting into #3 beyond doing enough for your company match until you've got #1 and #2 taken care of. I'd probably split your first priority between building up a little emergency fund of a few grand and paying down the high-interest stuff. Once you get enough in an emergency fund that you can handle most normal emergencies (breaking an arm, car breaks down, etc.), focus exclusively on the high-interest debt until it's gone. (Obviously if you can find ways to get the interest rates down, great, but that's just a matter of doing the research and the math to see if it's worth it.) After that, build up your emergency fund to where it really should be. THEN you can start thinking about how to prioritize the low-interest loans vs. investments. |
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Posts: 52,337
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11-09-2016, 09:35 PM | #480 |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
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Oh, and you should definitely look into a refi once you're stable enough in the new gig (assuming you plan to stay in the house for at least a few years).
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Posts: 52,337
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