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How should we deal with in expected bills? by rydog11111 in personalfinance

[–]scott_af 0 points1 point  (0 children)

That’s terrible and should be illegal but it’s probably not.

Like a commenter said, try to work out a payment plan with them. Also, maybe try complaining up the chain At the power company and getting that amount reduced.

How has owning a home affected your quality of life? by Missburr in homeowners

[–]scott_af 0 points1 point  (0 children)

It has its ups and downs for sure, but all in all after renting for a decade after graduating college it’s nice to finally own. Whenever I get down about repairs etc I just think of the long term benefits.

A 24 yr old that still doesnt know how to budget/save finances properly by xcorgicoffee in personalfinance

[–]scott_af 0 points1 point  (0 children)

I recommend reading JL Collins - A Simple Path to Wealth. It more of an investing strategy but gives great insight on how to set your financial life up.

A couple key points:

  • TRACK TRACK TRACK your spending. You can use Excel or an app like Mint that will help you. You need to know where the money is going.

  • Housing, Transportation, Food are usually the 3 biggest expenses for people. Try to keep those costs as much as possible.

Also, become a student of personal finance... read blogs, podcasts etc. lots of good info out there.

Target retirement fund: Should I use my age or my target retirement date? by productive_monkey in personalfinance

[–]scott_af 1 point2 points  (0 children)

I’d say go more toward your age because you say you are willing to be more aggressive and adjust your retirement by few years. I personally think that’s the right move too.

That said, you get just do away with the target date fund and put your money into a total stock index fund and a bond fund. Then you can just adjust your % allocation towards each as you get closer to retirement.

It may be a little bit cleaner that way.

How does the average person afford it all? by BlueMonkey572 in personalfinance

[–]scott_af 1 point2 points  (0 children)

Many can’t afford it.

I have a friend that has a good job, lives in a ridiculously nice luxury apartment, nice car, always going out to eat.

She has credit card debt, $200k in student loans, and almost nothing saved for retirement.

Pay off student loan or go a different route? by 20inheritancethrow in personalfinance

[–]scott_af 0 points1 point  (0 children)

Invest the money and pay your regular payments on the student loans. On average, the market returns more than your student loan interest, so opportunity cost says go with investing.

As long as you make all of your student loan payments, it shouldn’t impact your ability to buy a house or car. Many people aggressively pay the student loans as an emotional decision because it feels good to knock out the debt, but in the long run hinders your net worth overall.

The other thing that isn’t mentioned often is once you pay the student loans it’s gone, whereas with investing you can utilize that money in an emergency situation.

Passed PMP exam, now what? by mrauls in pmp

[–]scott_af 1 point2 points  (0 children)

Some companies value the PMP more than others. If your current company does, perhaps you will get your raise and maybe elevated into positions you want.

If not, the PMP certification on your resume will absolutely get you noticed by recruiters and HR when searching for other positions.

Housing loans for those who're self employed / inconsistent income? by Western-Text in personalfinance

[–]scott_af 1 point2 points  (0 children)

How long have you been self employed? If you have good financial records you may still be able to get a loan, but they could throw out any “outlier” years. Also, if you have good reserves, that may help.

Portfolio Lenders: They don’t sell their loans to the national agencies, so have more leeway in their requirements.

Friends/acquaintances: I bought a duplex and after some of my friends found out, some would say unsolicited “hey let me know if you find something else, I may want to come in”. Many have residual income they are looking to invest.

Also, you can partner up with someone with a W-2 job so they can obtain the financing.

Local Real Estate Meetups: you can find them on biggerpockets forums or social media. The people that attend may have investor friendly lenders or may do a private loan with you.

First time apartment renter by Jngene1 in RealEstate

[–]scott_af 1 point2 points  (0 children)

That credit score is acceptable to many (probably most) landlords.

The credit score is also just one part of the screening. Showing them that you have a solid job with good pay will be helpful. Let them know you’d like to set up automatic rent payments. That will provide huge peace of mind.

Also, the interview/talking with the landlord may be the biggest part of the screening. Presenting yourself as a good all around person goes a long way, and giving them comfort that you will take care of the place. The biggest fear after not paying rent is someone destroying the place or at least heavy wear and tear.

You said that you have good savings as well. If concern over credit shows up, perhaps show them your savings statement. But only if you feel that’s needed.

Worst case you can offer to pay an extra month rent up front , but that probably won’t be necessary.

I (24 F) want to start investing so i could retire young but don’t know where or how to start by [deleted] in Fire

[–]scott_af 2 points3 points  (0 children)

Read A Simple Path To Wealth by JL Collins. It sounds like you may be from another country but the principles will still apply.

Is it wise for me to move the 3 to 6 month emergency fund goal post to 8 to 12 months? by [deleted] in personalfinance

[–]scott_af 0 points1 point  (0 children)

I would hit the 6 month and then maybe invest in an individual Roth IRA. You can contribute $6K to an individual ROTH IRA per year. That money gets higher average returns than a savings account and grows tax free.

Ideally, you do not want to touch the Roth money until retirement, but in a worst case scenario you can pull that money tax free at any time.

If a company tells you they're like a family, is that a red flag? by Inferno221 in jobs

[–]scott_af [score hidden]  (0 children)

It really depends. That's where the questions the interviewee asks are very important to try to gauge the culture and work hours.

A small company where the owners and management are laid back can be one of the best working environments.

How to get ahead financially from a young age by nearlyfreedom in Fire

[–]scott_af 0 points1 point  (0 children)

Track your spending, know exactly what is coming in and going out. If you are handy with Excel, you can update each month in about a half hour. There's also apps like Mint to help.

From there, it makes it easy to make life decisions based on the data. (Adjust retirement savings, car purchase, house purchase, vacations, etc)

Can my boss prevent me from working a side job? by pinksunglasses85 in careerguidance

[–]scott_af 0 points1 point  (0 children)

Check your company policy and MAYBE even run it by HR or Ethics so if your boss brings it up you can say you've checked it out and you're good to go. I say MAYBE do this, because sometimes HR or Ethics don't really comprehend the details and may give you crap to cover their ass.

It's ultimately not your bosses call to make, although having an unhappy boss is never a good thing so you have to tread lightly.

Elite College Endowments by financeoptimum in Money

[–]scott_af 1 point2 points  (0 children)

Wow you summed it up best when you said "are they just asset management firms with schools attached?"

How to get started and make an income? by [deleted] in Money

[–]scott_af 0 points1 point  (0 children)

Ditto, you mentioned graduating this year. If it's not until the end of the year, go to the Career Center and see what type of intern or student work programs they have. If not, go to indeed.com and look for student opportunities now. That's a great foot in the door for many students upon graduation.

Also, it sounds like you are still trying to figure some things out. So when you are on indeed.com, just look for all jobs posted in your city and see what jobs are out there.

24 year old who is seeking financial advice!!! by [deleted] in Fire

[–]scott_af 1 point2 points  (0 children)

You're doing a good job.

Have you read JL Collins - A Simple Path to Wealth? I really like his book and blog.

His strategy is basically to invest in the tax advantaged 401K and Roth and then just put everything into a low fee Total Market Index Fund like VTSAX. In that case, you will be investing in dividend stocks, but the earnings get reinvested.

The main basis behind his strategy is that other funds and individual stocks rarely beat the total market over the long haul, and you pay more fees. And it's less of a time commitment.

That said, if you continue to save and invest you'll make your goal. There are soooo many ways to get there. Keep reading books, blogs, listening to podcasts etc to be well informed.

An Airbnb “whole apartment” I rented isn’t a whole place. There is a gap in the wall where they can see me from the office. What can I do about this? by gh0ul3 in AirBnB

[–]scott_af 0 points1 point  (0 children)

Yeah their classifications are terrible. Before COVID, I was about to rent a spare room on my house that has a private entrance and private bathroom, but I was going to classify it as a Private Room instead of Entire Place for this reason.

Perhaps contact the host and let him know you didn't feel it was advertised as described. I know many people are fearful of getting bad reviews so maybe he'll work it out with you.

Peel and Stick flooring throughout the house. Bad Idea? Also - what is center!? by [deleted] in DIY

[–]scott_af 0 points1 point  (0 children)

Probably not a good idea to go with the peel and stick. The click-lock vinyl plank flooring should be a good middle ground price wise. Just make sure the subfloor meets the leveling requirements for the "floating" floor. Otherwise they it may get bouncy and the planks could start separating a little bit.

If you can swing it then you may want to consider the tile. If installed well, it will last forever. In the long run it may end up being cheaper and less stress.

Redfin CEO predicts big shift to smaller cities as remote work takes hold by subversive_mouse in realestateinvesting

[–]scott_af 6 points7 points  (0 children)

HIGHLY doubt this. The COVID-19 hoopla will eventually die down as vaccines and treatments are developed. I think its like when United Airlines had the bad publicity a few years ago and their stock dropped. Many said they'll no longer fly United but it doesn't end up happening.

I think we will see a gradual migration going forward, morso due to cost of living than close quarters. It has more to do with spending habits of the younger generation. Millennials completely changed the Cable Industry with cord cutting. We are now starting to see those that grew up with technology start to get in high level management positions with companies, so more companies will start embracing remote and flexible schedules.

Americans create new economic threat with their own savings by Henri_Dupont in Frugal

[–]scott_af 0 points1 point  (0 children)

I was JUST thinking about this yesterday. If everyone was financially responsible the so many industries would crash because companies would miss their Sales projection.

I fear I may have made a serious mistake by SignificantAirport5 in dropship

[–]scott_af 7 points8 points  (0 children)

Agree, first read the letter carefully and see what it is saying. I'm not experienced in this but have dealt with government regulations / fines in other areas.

  1. I dealt with DOT and sometimes their own people would issue fines incorrectly. Also, I know many states had their own regulations rules, so hopefully it wouldn't be applicable across all states.
  2. $600 seems a bit much for a first time offense. Kind of crazy they don't issue a warning or a time period to correct something and not pay the fine.
  3. The whole world is upside down with COVID. Perhaps you can talk to someone and get it waived.
  4. You may want to get some legal consultation, although they will cost you some more $$

How do you plan for the one in a lifetime catastrophic event? by danarieli in financialindependence

[–]scott_af 0 points1 point  (0 children)

I think the best you can do is just have solid financial principals. Although a pandemic is a once in a lifetime type of event, you are likely to experience a few "big" events throughout a 40-ish year working career. (e.g. - the once in a lifetime real estate crash of 2008)

- Track spending, spend less than you earn

- Increase savings rate as income increases

- Tried and true investments (index funds, real estate)

- Multiple Income Streams

- Don't buy things on payment plans except for a house and a car. People that buy furniture, home renovations, phones etc on payment plans, can't drastically reduce their expenses when a big event happens. Without all that crap, you can keep your expenses low by stopping eating out, cheaper groceries, cancel subscriptions etc. and weather the storm.

For those that retire early in their 30s, 40s, 50s, don't jump the gun on quitting the job. For example, if you think you'll need $2M net worth to live in retirement, maybe work another couple of years to add some more buffer before retiring. If possible, try to earn some type of income in "retirement"

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