gofer said:

INVEST!

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In what? How should I research what to buy. I just buy random stocks that I like through TDA. So far, I have done pretty well. Although I did get greedy when I had a penny stock up 800%, didnt sell and it came way down.

enjoy now because when your old...you won't be able to do what you can do now and also who said you are going to make it to be 60..? we all can die in any minute or second...im not saying to go waste it all but enjoy yourself....

The end of the world is in December, so why save?

burkgonzo said:

The end of the world is in December, so why save?

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I thought it was May 21st, 2010....or is it now 2011...the guys on the side of 95 seem to change their minds each year.

housegsx said:

Seriously... I say spend it while you're still alive.

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There's a balance.

You're probably going to have a long future, so it's stupid not to plan for it. At the same time, youth is a precious thing, so you've got to enjoy it.

BigBeans said:

OP,

When i have more time to dedicate to it, I think i'm going to start an investment thread.

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Do it. Id be right there.

96WhiteTSi said:

Hookers and beer... nuff said.

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the way i look at these types of situations is...
would i rather die tomarrow with money in the bank.....or know i had a good time before i died

Couple of investment tips

- Start early. The faster you invest, the faster your money works for you. The different between investing at 25 or at 30 years old could be over a 100,000$ difference.

-If your company offers a 401k match, take it. Its free money. 401ks do not get taxed until you take money out of them. This allows a 401k to grow very fast.

- Diversify. Don't keep all your eggs in one basket. Don't sink all your money into one stock. If your properly diversified and one stock crash's, you wont take a huge hit.

- Long term. The longer your mutual stock portfolio (or any other type of savings account) the more you will make. Find a good stable fund that if properly managed and it should provide up to 30 years of growth.

- Don't expect instant growth. Don't get discouraged if your money does not quadruple overnight. There is a lot of people that think you can make it rich instantly off of day trading. While you might be lucky, chances are without a lot of research you wont.

- Financial Advisor, Get one! There people are here to help you. They can show you how to get your money working for you for a better life/retirement. They can also help you set up college funds for children and even early starts and retirements for them. Remember, early is the key

paultheninja said:

-If your company offers a 401k match, take it. Its free money. 401ks do not get taxed until you take money out of them. This allows a 401k to grow very fast.

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Sometimes you have an option to do a Roth 401k. This is very good to do when you're young as you'll be paying taxes on the money before it goes it, but at a lower tax bracket.

Spend every penny and dont look back. Focus on YOU you have 40-50 years to figure out your future and hopefully you will start a business or have a really nice long term job that you can do into your later years.

96pos dsm said:

the way i look at these types of situations is...
would i rather die tomarrow with money in the bank.....or know i had a good time before i died

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Statements like this are just stupid. What are the odds you're going to die tomorrow? Unless you have some chronic illness, the only place that attitude will get you is bankruptcy court.

You'll be another fool passing off an assload of debt to their children.

MrP said:

Spend every penny and dont look back....hopefully you will start a business

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Yeah, you make sense.

How the hell is he going to start a business with no money? Don't say investors either, because they're very difficult to find for a proprietorship.

MrP said:

Spend every penny and dont look back. Focus on YOU you have 40-50 years to figure out your future and hopefully you will start a business or have a really nice long term job that you can do into your later years.

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Not trying to be an ass, but thats the worst advice I have ever heard in my life. What is this hopefully you will start a business? Not everyone wants to start a business. Not every consist of you doing nothing while the people that work for make your money. A lot of business owners put in 60+ hours every week.

Also investing in the later years is dumb. Compound interest rate is how you make money. Why start investing only 10 years before retirement? A lot of people have family's they want to look out for

BigBeans said:

You'll be another fool passing off an assload of debt to their children.

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Why would children ever be responsible for their parents debt?

They aren't...per se.

Answers :: Are children responsible for parents’ debt?

So not responsible then. Except for the gifting situation. Retarded.

housegsx said:

Why would children ever be responsible for their parents debt?

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The debt itself doesn't carry over, but when your estate leaves your children with 0 and they have to cover funeral and other expenses, you're in essence leaving debt to your children.

That's why all gifts should be done in cash.

Chilren aren't responsible for funerals. But that is certainly 1 situation. Hopefully they would be smart enough to have even the most basic of life insurance to cover that.

housegsx said:

So not responsible then. Except for the gifting situation. Retarded.

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Makes sense to me. If you can't meet your obligations it's ok to give money away to your children, when that money should be covering your debts?

Screw the kids, if their parents wanted to leave them with something they should have planned to do so. That just means higher interest rates for people who are financially responsible.

housegsx said:

Chilren aren't responsible for funerals.

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Strictly speaking, no. But realistically, in a situation where someone dies with no money and they have family, it's usually the family covering the costs.

That's also incorrect. The financial sector is dumb, higher rates go to more at risk people, making them more at risk, it's wonderful. Rate should be fixed amongst all approved, but financially responsible people get ridiculously low rates.

Wow, "you have 50 years to figure out your future". That was a dumbshit statement. How the hell can you prepare for you future when you're already in it?

BigBeans said:

Makes sense to me. If you can't meet your obligations it's ok to give money away to your children, when that money should be covering your debts?

Screw the kids, if their parents wanted to leave them with something they should have planned to do so. That just means higher interest rates for people who are financially responsible.



Strictly speaking, no. But realistically, in a situation where someone dies with no money and they have family, it's usually the family covering the costs.

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I'm going through this right now and there are certain situations where that is just wrong. To try and throw some blanket statement that anything they gave away was not theirs is BS.

It can go both ways, just saying.

SpawnedX said:

That's also incorrect. The financial sector is dumb, higher rates go to more at risk people, making them more at risk, it's wonderful. Rate should be fixed amongst all approved, but financially responsible people get ridiculously low rates.

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How is that not fair? When they jack up the rate on irresponsible people they get more money back quicker. Sounds pretty smart to me.

housegsx said:

I'm going through this right now and there are certain situations where that is just wrong. To try and throw some blanket statement that anything they gave away was not theirs is BS.

It can go both ways, just saying.

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I don't think they're saying "anything" as in family heirlooms.

I took it to mean you can't write your kids a check for 100K and stiff the bank a week later.

rlacasse1 said:

How is that not fair? When they jack up the rate on irresponsible people they get more money back quicker. Sounds pretty smart to me.

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Wrong.

If someone is too risky to loan to, don't loan to them, not loan to them at a higher rate. Otherwise approval for a loan should have a rate range that is reasonable. Not charge one guy 6.5% on his mortgage because he has a 720 and another guy 4 points because he has an 810. 810 gets you 4 pts 720 gets you 4 and a half points.

The "smart" way that you are referring to, is why this economy tanked. I was a personal finance manager for 4 and half years, I have seen the problem the current method causes up front.