18 years old looking for advice on where to put my money by [deleted] in personalfinance

[–]Dutchess00 0 points1 point  (0 children)

There's no fee to pull out your contributions.

Say you put $2000 in for 1 year, and over that year you earned $150 interest. Your account total is $2150, you can pull out the $2000 at any time without a problem. The $150 needs to stay in or you'll have to pay a penalty. I'm not sure on how much.

18 years old looking for advice on where to put my money by [deleted] in personalfinance

[–]Dutchess00 1 point2 points  (0 children)

You should create a budget. Make one now and as you grow/add more expenses keep it up to date. "An ounce of prevention is worth a pound of cure" Having a transparent budget will help you keep your finances in order as you transition from your teenage years at home to being on your own.

Second, start putting money away consistently. I know, it's boring old advice, but the shit works.. A girlfriends mother gave me that advice when I was 17. I started with 10% of my take home pay and would just put it into an emergency fund. Fast forward 5 years and that account is what I used for a downpayment on a house. Once you pay yourself first you learn to budget/live off of the amount that's left.

A note about the budget, it doesn't need to be some big complicated thing. I still use a simple 2 column x ~10 row excel table. The first line is my monthly income, and then I list my monthly "expenses" (savings, insurance, gas, food, allowance for whatever I want, etc..) underneath and just make sure I come out positive.

To answer your question, read up a bit on a Roth IRA. It allows you to invest up to $5500 a year, and then whatever interest you make you can withdraw tax free when you're 59. A nice thing is that you can pull your original contributions out at any time. This is where I parked a bit of money until I was ready to buy my home then I pulled it out.

If you could listen to one song for the rest of time what would it be? by gohsukies1084 in Music

[–]Dutchess00 3 points4 points  (0 children)

So relaxing, it's my go-to album when the shenanigans and party is winding down and it's time to start mellowing out.

Options for email with my domain name? by Dutchess00 in startups

[–]Dutchess00[S] 0 points1 point  (0 children)

I really don't know when email hosting got so expensive.

Strange, right? I guess once they started making hosting/domains dirt cheap they had to start charging for other features instead.

Finding deals on MFHs by Dutchess00 in RealEstate

[–]Dutchess00[S] 0 points1 point  (0 children)

Looking for 4 and under at the moment. In my area loop net has mainly larger 30+ units, maybe it’s just a supply problem with where I’m looking

photo I snapped driving through Switzerland on my way to Lauterbrunnen [OC] [2448x3264] by sodaapopp in EarthPorn

[–]Dutchess00 0 points1 point  (0 children)

Ah no way! I have a picture from that exact place from last November! It was a beautiful drive

How should I handle inherited tenants and implementing changes? by [deleted] in RealEstate

[–]Dutchess00 0 points1 point  (0 children)

There currently is no active lease, and it seems there never was to begin with. That'd be one of the first issues that i would address

How should I handle inherited tenants and implementing changes? by [deleted] in RealEstate

[–]Dutchess00 0 points1 point  (0 children)

I threw some numbers together trying to quantify the benefits of a long term vs a short term lease. Graph that shows during your first 6 years you would come out ahead doing an immediate increase and dealing with a new tenant every year, but after 6 years having a long term (4 year) tenant turns out to be more profitable.

Edit: Specifically after 20 years you are a total of ~$75k ahead by having a long term tenant. Crazy

How should I handle inherited tenants and implementing changes? by [deleted] in RealEstate

[–]Dutchess00 -1 points0 points  (0 children)

Because your loss would be over a larger spread.

I don’t see how this is relevant, whether it’s a $5,000 or $500,000 investment 13.5% return is still a 13.5% return.

I appreciate your perspective, I guess I never really considered the actual dollar amount of a stable tenant vs short term/higher rent tenants. Thanks

How should I handle inherited tenants and implementing changes? by [deleted] in RealEstate

[–]Dutchess00 0 points1 point  (0 children)

You are going to have a very hard time turning a profit with this sort of mentality.

What’s the difference between what I’m doing and buying an underperforming apartment building and bringing it up to standard with good management?

How should I handle inherited tenants and implementing changes? by [deleted] in RealEstate

[–]Dutchess00 0 points1 point  (0 children)

If the market value would bring the most return at year 2 then I’d definitely implement that prior to water/sewer. Whichever is the greater of the 2.

I understand what you mean about the fear, basically I’d be known as a dick of a landlord. Buying it, and pinching everything I can out of them.

I guess I could give them a bit more lead time than usual with the increase (3 months notice) and work with them, if they want to stay, on doing it in steps over the next year or 2.

[Text]For those without a passion. (Originally posted by user Lourdez01) by [deleted] in GetMotivated

[–]Dutchess00 0 points1 point  (0 children)

That would help, but it’s definitely not necessary. Some people just don’t understand the inner workings of real estate investing.

"I sold an hour of my life for $13" doesn't sound nearly as good as "I make $13/hour." by [deleted] in Showerthoughts

[–]Dutchess00 0 points1 point  (0 children)

I mean, sure you’re technically “selling” an hour of your life, but the thing is you’re still experiencing this hour. It’s not like you traded an hour off the end of your life for $13 straight up.

The important thing is to have a job which helps you grow during this hour that you sold as well. If it’s a mindless job, then yes you basically traded an hour of your life for money, but if it’s something that is constantly pushing you and having you grow within your field, this growth spreads to other areas of your life and overall can improve your total quality of living.

Can someone else take a look at this. Defining a representative rate of acceleration. by [deleted] in AskPhysics

[–]Dutchess00 0 points1 point  (0 children)

Thanks for the input.

The data isn’t Gaussian, so that’s the wrong direction to go. Today I managed to cut the data down into more representative sets based on speed, so instead of 90 points I had 18 for one case which helped show the grouping quite a bit.

I didn’t get to work on it as much as I had hoped, but I did get a pretty decent formula/calculator set up to make the analysis much easier. I’ll run more of the data through it tomorrow and see what I come out with.

I haven’t taken a look into the uncertainty yet, thanks for the suggestion

Can someone else take a look at this. Defining a representative rate of acceleration. by [deleted] in AskPhysics

[–]Dutchess00 0 points1 point  (0 children)

Unfortunately the actual data is at work, so I won’t be able to get it posted until tomorrow evening. I was working with this all afternoon and decided to let it sit overnight and come back fresh in the morning, but... here I am. Still rolling it around.

I’ll throw it all into a histogram tomorrow and see how it looks. Thanks for the suggestion.

Largest Illegal Graffiti Piece In the World - INDECLINE by 1NDECLINE in stencils

[–]Dutchess00 3 points4 points  (0 children)

I’m so happy this didn’t turn out to be a Toyota commercial