Finance, Investment, and Money Management Thread

townsend

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So over the years, I've noticed that the DCC is frequented by bankers, small business owners, lawyers, and other respectable professions who might have insight into the world of finance.

I am not one of those people.

By the end of June I'm going to have like $27,000 in checking. Not that I'm complaining, but I feel like with the money that I have, excess to maintaining my quality of life, I could be doing something useful with.

Anyway I thought I might be able to pick some of you smart guy's brains for how to start an investment strategy.
 

midswat

... soon
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Sportsbetting is always an option.
 

L.T. Fan

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I will comment more later but one strategy to consider is the IRA programs for retirement while at the same time using a portion for an emergency fund in an account that is accessible and liquid without tax and penalty consequences. For now however, hang on to it until you decide on a program. Resist the urge to spend it on something that depreciates.
 

townsend

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I will comment more later but one strategy to consider is the IRA programs for retirement while at the same time using a portion for an emergency fund in an account that is accessible and liquid without tax and penalty consequences. For now however, hang on to it until you decide on a program. Resist the urge to spend it on something that depreciates.
Well I'm not in danger of blowing my money on a bass boat. Frankly, I have a tendency to have a sort of decent feeling about something, and go after it half-cocked. I feel like that general level of laziness, when applied to investing, could get me burned pretty badly.

My first instinct was to take my excess earnings and punch it into whichever mutual funds had the best morningstar ratings, but something tells me it's a bit like betting on the Ravens to win the superbowl.

Retirement wise, I already have a pretty good percentage of my pay getting skimmed off for it already. I suppose I could start a separate IRA, but there's only so much money I'm willing to give away to my 65 year-old self. That guy has it good enough as it is.
 
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skidadl

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How long do you plan to stay enlisted?

Do you know what you wanta do after? Where will you live?
 

L.T. Fan

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Well I'm not in danger of blowing my money on a bass boat. Frankly, I have a tendency to have a sort of decent feeling about something, and go after it half-cocked. I feel like that general level of laziness, when applied to investing, could get me burned pretty badly.

My first instinct was to take my excess earnings and punch it into whichever mutual funds had the best morningstar ratings, but something tells me it's a bit like betting on the Ravens to win the superbowl.

Retirement wise, I already have a pretty good percentage of my pay getting skimmed off for it already. I suppose I could start a separate IRA, but there's only so much money I'm willing to give away to my 65 year-old self. That guy has it good enough as it is.
You may in fact have a good retirement system with your current employment situation but that can and likely will change. Few people stay with their early circumstances for myriads of reasons. The funds you build on your own are always yours and you can control them so take every opportunity to build on them.
 

townsend

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How long do you plan to stay enlisted?

Do you know what you wanta do after? Where will you live?
I'm out. I got a gig working for Cameron International, as a field service tech. I'll probably do that until I can get a gig as a Subsea engineer (which should take about 2 years.) Plans on where to live are still in flux, I've been on the road a lot, so I haven't really set down any kind of roots yet.
 

townsend

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You may in fact have a good retirement system with your current employment situation but that can and likely will change. Few people stay with their early circumstances for myriads of reasons. The funds you build on your own are always yours and you can control them so take every opportunity to build on them.
That's fair, there's a lot of cross-decking that goes on in my industry, although I'd expect most retirement programs to be decent, from what I hear, my company is pretty exemplary in that regard.
 

Cotton

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I'm not helping until everyone in the thread has an avatar.

~crosses arms and sits back~
 

Cotton

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Stick with being angry... messcan.
 

L.T. Fan

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That's fair, there's a lot of cross-decking that goes on in my industry, although I'd expect most retirement programs to be decent, from what I hear, my company is pretty exemplary in that regard.
Company retirements are on their way to becoming a dinosaur. I wouldn't' t count on them if I were you.
 

BipolarFuk

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I'm going to take classes to foster children.

$600 per kid per month. CHA CHING!
 

skidadl

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I'm out. I got a gig working for Cameron International, as a field service tech. I'll probably do that until I can get a gig as a Subsea engineer (which should take about 2 years.) Plans on where to live are still in flux, I've been on the road a lot, so I haven't really set down any kind of roots yet.
That makes sense.

Personally if I was your age-ish and single I'd probably invest my money into real estate. I prefer to have a paid mortgage/be debt free first and then save. That is just me though. I hate debt.

Right now we are considering building a house on cash. Buy the land, a few years later utilities and a slab, get it dried in soon after...in 3-4 years have a home paid for. That is our style. I HATE being dependent on anyone or anything. Being debt free is how we prefer to roll.

That is probably why we have a 2001 Suburban with 145k on it and a 2006 Dakota with 140k on it. Also, we own 3 company vehicles free and clear. I don't have much business debt either. It frees up cash to live on and maneuver much easier.
 

skidadl

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I'm going to take classes to foster children.

$600 per kid per month. CHA CHING!
Just think, a few years back you said having kids was stupid. Oh how we all grow up and change eventually.

I'm so proud of you, Bipo.

~sigh~
 

boozeman

28 Years And Counting...
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Just think, a few years back you said having kids was stupid. Oh how we all grow up and change eventually.

I'm so proud of you, Bipo.

~sigh~
If it was $200 a kid, I betcha he's not interested.
 
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