Need personal finance advice?

Discussion in 'General' started by Coup D'etat, May 28, 2010.

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  1. #1 Coup D'etat, May 28, 2010
    Last edited by a moderator: May 28, 2010
    So there was a thread about a guy getting a check and I got excited. So I was wondering if anybody has any questions I might be able to answer?

    Disclaimer: My advice is only advice and you take it at your own discretion. Losses in your investments are possible. I'm not a professional.

    But I'm just as good :)

    Remember: Personal finance is not a science or an art. It is both.

    Leave your emotions at the door.


    Website Recommendations: - Awesome calculators and articles and simple things to understand - AMAZING website that allows you to put in your credit card numbers, your bank accounts, and such and it helps you track it. There is also an iTouch/iPhone APP that I personally use as well. I give this 5/5 stars! - It is like a dictionary/encyclopedia/encarta of Finance. I used it extensively when looking up definitions, ratios, and other things while doing school homework and also investing homework. - I use this when researching companies and stocks. Take a look and poke around. You need to understand ticker symbols. You can't put "Ford" in the ticker symbol search, but rather "F". Google is GOOG, Bank of America is BAC, Apple is AAPL, Intel is INTC. These are some of the bigger companies, and you can always look for more.

  2. Uhhh...Perhaps you could start helping us "noobies" by explaining the "guy getting a check" first(searching for it proved futile). People get checks for all sorts of things. Paychecks, alimony, retirement...:D


    It's a disability check. Social Security Disability checks. He probably had to go to court to fight for the case. He probably tossed up a small amount to the lawyer.

    Who's next? :D
  4. what is the best way of concealing the source of money as by channeling it through an intermediary?
  5. Explain a little more. Also, how much are you talking about?

    Are you dealing with checks or cash?

    edit: I hope this doesn't venture into something that violates forum rules.
  6. cash. no further explanation needed.

  7. ...

    Who is next?
  8. Heh, yup, just happened to pop up on the New Posts area...Got it, thanks!

    I'll see if I can come up with some questions in the next few days. After all, there's no such thing as too much money...

    Well, unless you're an executive at BP...:D

    Thank you for the offer of help! Much appreciated!
  9. Errrr, yeah, OK...:rolleyes:

    Perhaps you would have better luck using Google. I would suggest shrinking your politically correct verbiage you used before into a simple search string, like "laundering" :D
  10. Just wondering, which Ivy school do you go to?

  11. If his source of funds is cash, and he is trying to put that money into a bank account, then you might have a problem. Anything over $10,000 cash in a small amount of time is reported and kept.

    Currency transaction report - Wikipedia, the free encyclopedia

    So if you're getting cash and spending cash, you don't have to worry. Just keep it hidden. Taking it to the bank is different.

    Anyways, I'd like to answer more legitimate and PERSONAL FINANCE problems not revolving around covering up and cleaning drug money. I don't think about that on my own time.

  12. So you're not Saul Goodman? ;)
  13. damn, that's who I was looking for :rolleyes:
  14. I had to wikipedia that thing, and it's from Breaking Bad!!!!! I'm 6 episodes into the first season, and I'm fucking loving it! I just wish it had more characters. Similar to that of The Wire. I just hate following around like 3 or 4 main characters.

    Then again there will never be another The Wire :(

  15. lol man, I actually just finished the season 2 episode where Saul is introduced so I instantly thought of him.
  16. Ok - I'll shoot. Let's say I have a "friend" in the situation below. What advice would you give to him? He knows he needs to "INVEST" and "SAVE FOR THE FUTURE" but is intimidated by the options out there. Also, extra money burns a hole in his pocket...

    1. 24 year old guy who shares a rented apartment with 1 other person
    2. His portion of the rent comes to around $800/mo, all inclusive (rent, utils, cable, etc)
    3. He makes $50,000, pre tax. Gets paid every 2 weeks, about $2,600 take home, monthly.
    4. He puts 5% of his earnings into a 401K each paycheck, balance is about $6,000 right now. His company used to match the first 5% of the 401k, but have "suspended" their contributions until the economy picks back up. 401K is fully vested, but if he pulls out, he thinks he'll lose out on the last year of the company match (?).
    5. Monthly car payment is $300, 24 months left until he owns it
    6. Has about $5,000 in time savings accounts, not gaining much interest at all.
    7. Has about $2,700 of credit card debt right now - paying it off PAINFULLY slowly

    What do you think would be the best course of action for my friend?? ^_- 401K, savings, investing, paying off debt, etc.
  17. Whenever you have money
    Pay off your debt.

    First and foremost.

  18. So a little over $130 goes to 401k every month? Is the 2600 after taxes?

    You should never put more than 30% of your salary towards rent/mortgage. So if 2600 is after taxes, you're pulling ~31k a year. 800 x 12 = 9600. 9600/31k = approximately 30%. A lot of your money is going in that direction, and I advise finding a housing situation that brings that number down to 20%. Is having another roommate out of the question?

    You will end up paying approximately $7,200 over the course of the next two years for your car. And you have $2,700 in cash, right?

    I think the best thing for you to do would be to attempt to get another credit card that will give you a 0% interest APR for about a year. Transfer the balance over there. Just make sure that there isn't a charge with the transfer. The 0% APR will ensure you don't pay interest on a balance that large.

    The 5k you have should actually go towards the debt you're currently in. I have a hard time calculating how much money you have to spend at the end of the month considering you didn't tell me insurance, gas, and other items. But I think you should have 2k for a rainy day, and use the 3k to pay off whatever you need to. If you put 1500 towards the car and 1500 towards the credit card it may be in your favor.

    Right now your main concern should be getting rid of your liabilities: car and credit card. If you can, start sending a $400 check to the car company. Check if you can get lower can insurance else where. Also check to see if you can cut costs in your utilities and other misc. bills. Can you get a cheaper cable TV plan? Maybe switch to dish? Cell phone plan too high? Broadband could be cheaper? Call these companies up and ask to talk to a retention specialist. Their jobs are to keep you, and they are willing to give you a cut in your monthly payments.

    I need some more info, but the thing you need to do before worrying about investing is get rid of the balance on your CC and pay off that car ASAP. What is the interest rate on the car?
  19. I have a couple thousand bucks in the bank just being wasted away. I get no interest and they charge me 4 bucks a month for nothing. How do I stop getting boned?
  20. dudeimoncoke.... put your money in a high interest savings account or a credit union savings account...

    unless you want to take some risks and put some into money market accounts, etc...

    I think I may have more experience with organizing budgets and fixing credit, etc.. etc.. than the OP... been doing this stuff for years for myself and bosses, etc... was part of my job description for a loooong time. If anyone has any questions, feel free to PM me as well... I got a bitchin' Excel spreadsheet I made up and sent to all my friends who use it for their budget..
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