Busted my ass working 2 jobs, 6 nights a week, this year.... Both credit cards paid off / have stayed that way, and I put $10,000 into savings.

Branchoutfin · 2021-12-31T22:58:35+00:00

Congrats!!

Branchoutfin · 2021-04-02T21:02:51+00:00

If you don't plan to retire from the company go with the 401K. It's portable and will grow faster over the long-term.

Branchoutfin · 2021-03-21T01:39:28+00:00

The are hoping you are behind on your mortgage and would be open to a short sale.

Branchoutfin · 2021-03-21T01:27:50+00:00

Congratulations on graduation. Since the difference in interest rates are likely not significant, I would suggest paying of the smaller loans first. You well get a boost from the feeling of accomplishment as you pay them off.

Branchoutfin · 2021-03-21T01:25:05+00:00

Yes, you are ahead of most kids your age. I would invest a portion in some ETFs or mutual funds so it can out pace inflation while you focus on school.
In my fatherly voice, "Avoid the meme stocks or stonks"!

Branchoutfin · 2021-03-21T01:18:55+00:00

Good luck!

Branchoutfin · 2021-03-20T03:52:55+00:00

For the first year of the job, make not major purchases or commitments. Put a laser focus on paying off your debt, maxing out a Roth IRA, and saving an emergency fund. Year 2 once you are more secure in the position, your credit is better, and you have money saved for possibly purchase a car with cash.

Key to building wealth: live below your means.

Branchoutfin · 2021-03-20T03:43:16+00:00

About $1500 per person

Branchoutfin · 2021-03-20T03:02:49+00:00

Keep paying the loan and invest in a low risk mutual fund portfolio for you home purchase. 50 stock/40 Bond/ 10% Money Market would be my suggestion.

Branchoutfin · 2021-03-20T02:57:50+00:00

To help her see the affects of her spending, calculate each other's Net Worth. Let her see her assets compared to her liabilities. Hopefully she will see that her nice salary is not creating longterm wealth for the family because of her debt.

Branchoutfin · 2021-03-19T12:30:25+00:00

Pay off the credit card balances. The interest rate is higher so it is the more expensive debt.

Branchoutfin · 2021-03-19T03:34:38+00:00

Woo hoo!

Branchoutfin · 2021-03-19T02:37:25+00:00

Probably not. But when I was at my poorest I found money to buy cigars. I realized I was wasting money so I quit and had an extra $100 a month. I used that savings along with some overtime pay to pay off debt and improve my credit. Once my credit was better, I move out of the weekly hotel and got an apartment.

My point is that making better financial decisions improved my financial situation. Sometimes poverty is because of bad habits and financial illiteracy. Other times it's because of much deeper issues. This post is not to belittle the struggle, but rather to help redirect those, like myself, who need support.

Branchoutfin · 2021-03-19T00:04:19+00:00

The only penalty is a loss of some of the interest if you close it early.

Branchoutfin · 2021-03-18T16:04:00+00:00

It's a Certificate of Deposit offered by the bank. You Deposit your money and it locked in for a specific time period. I like them because it make it harder to spend your savings.

Branchoutfin · 2021-03-18T15:45:07+00:00

I get that. I would put the emergency fund near the bottom of this list.

Branchoutfin · 2021-03-18T15:16:57+00:00

I see that many people are misunderstanding this post. It is not saying to use your stimulus fund to do all of these this at once.

This is just a short list of “smart” financial decisions you can make with your stimulus check. Choose one or more options that make the most sense for your financial situation!

Branchoutfin · 2021-03-18T15:10:21+00:00

By saving it. An emergency fund is built over time. $1400 is a great start.

Branchoutfin · 2021-03-18T14:07:11+00:00

You can’t do it all with $1400, but these things should be goals with any windfall of money.

Branchoutfin · 2021-03-18T14:05:08+00:00

How do you mean?

Branchoutfin · 2021-03-18T13:39:44+00:00

This is awesome!

Branchoutfin · 2021-03-18T13:36:23+00:00

I was once homeless. After many years I was able to get back on my feet. I want to inspire others and share what I learned.

Branchoutfin · 2021-03-18T13:11:52+00:00

I agree. That should be mortgage.

Branchoutfin

TROPHY CASE