The best financial decision you made last year

soupkitchen96 · 01-04-2008, 07:13 AM

Time to brag a little bit everyone.

What is the best financial decision you made in 2007? For me, my best decision was the one I made for my parents. They own a pretty nice four bedroom house (which is already a bit big for our family), but at the beginning of 2007 many of their friends were up grading to larger McMansions. They were very tempted to trade up their home.

I'm not a financial wizard or anything, but I could tell the real estate market isn't going to hold forever. It took a lot of convincing but I eventually talked them out of it.

Jess · 01-04-2008, 08:49 AM

I opened up a high-yield savings account in March 2007. I only started learning more about personal finance this year, so I'm pretty proud. And I'm excited to keep adding to it!

PlantGeek · 01-04-2008, 10:11 AM

We paid off our personal loan and credit cards. We also started saving for a house. Hopefully it won't be too much longer!

Joanne · 01-04-2008, 10:21 AM

Paid off our house which was our last step in becoming debt free. We also started investing in the stock market through an Ameritrade account. Our nine year old daughter has an account as well. Our goal for 2008 is to grow our assets.

Another thing we did that was a good financial move was create a revocable trust fund and our last will. Morbid, but smart.

Gootsy · 01-04-2008, 01:39 PM

I made a few good financial decisions in the last half of 07.

Best one imo would be accepting a position in another city and moving there. The amount I'm saving has already paid for the move, Christmas expenses, and significantly increased my contributions to an emergency fund..

amandajane · 01-04-2008, 04:15 PM

The best decision for me was paying off all my debts when I had the opportunity.

I am in debt again, but not by as much, and it hugely increased my credit rating. Well that's according to my landlord who ran a credit check on me before he said yes

I had no idea they did that here.

I've also got a tertiary account with interest free overdraft and no bank charges, and a tertiary loan which is minimal interest and up to five years to pay it off, which means I can afford it and I got to buy my new car, a 1300 of course, has to be economical!

The Honest Dollar · 01-04-2008, 05:57 PM

NOT opening up a non-retirement brokerage account with Fidelity. Don't get me wrong; I have no problems with Fidelity, which is the custodian for my IRA. I simply did some math on the cost of investing in mutual funds outside of tax-advantaged accounts, and came to the conclusion that not only would an additional account mean more paper work and hassle, it would also probably cost me more in expenses and taxes. I bought ETFs instead.

Also, maxing out my 401(k) ... well, almost, anyway. That was a hard decision because I had to put 50% of each paycheck towards the 401(k), but fortunately I had a bit of savings that allowed me to live while following such a ridiculous plan. Now I feel better about my retirement savings.

Tennessee Riddle · 01-04-2008, 07:12 PM

Started reading Wisebread.

Contributed 5% more of salary to 401k.

Added part-time job to family income.

nelaina · 01-04-2008, 08:02 PM

the best financial decision I made last year was to stop using credit cards. It's amazing how I have transformed my spending just by having the "cash only" mindset. It really has helped me separate my needs from my wants.

Another great financial decision I've made was to start my own Roth IRA now with ING. I am still a full time student but I work part time and I am able to contribute a little bit, but every little bit helps in the long run!

Jess · 01-04-2008, 08:10 PM

Quote:

Originally Posted by nelaina

the best financial decision I made last year was to stop using credit cards. It's amazing how I have transformed my spending just by having the "cash only" mindset. It really has helped me separate my needs from my wants.

Another great financial decision I've made was to start my own Roth IRA now with ING. I am still a full time student but I work part time and I am able to contribute a little bit, but every little bit helps in the long run!

nelaina, would you recommend ING for a Roth IRA? I've been looking into places, as one of my resolutions/goals this year is to open one up. Mostly I've been looking at the big ones - like T. Rowe Price and Vanguard, although Vanguard is not at all realistic for me right now (I'm a full-time student and part-time employee in the real world as well). I looked at ING but I haven't seen a lot of information from people about it.

01-04-2008, 07:13 AM	#1
soupkitchen96 Member Join Date: Dec 2007 Posts: 50 Reputation: (11)	The best financial decision you made last year Time to brag a little bit everyone. What is the best financial decision you made in 2007? For me, my best decision was the one I made for my parents. They own a pretty nice four bedroom house (which is already a bit big for our family), but at the beginning of 2007 many of their friends were up grading to larger McMansions. They were very tempted to trade up their home. I'm not a financial wizard or anything, but I could tell the real estate market isn't going to hold forever. It took a lot of convincing but I eventually talked them out of it.

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01-04-2008, 08:49 AM	#2
Jess Member Join Date: Jan 2008 Location: Rochester, NY Posts: 82 Reputation: (20)	I opened up a high-yield savings account in March 2007. I only started learning more about personal finance this year, so I'm pretty proud. And I'm excited to keep adding to it!

01-04-2008, 10:11 AM	#3
PlantGeek Junior Member Join Date: Dec 2007 Posts: 18 Reputation: (10)	We paid off our personal loan and credit cards. We also started saving for a house. Hopefully it won't be too much longer!

01-04-2008, 10:21 AM	#4
Joanne Senior Member Join Date: Jan 2008 Location: Originally from New York City, now in Florida since 2002. Posts: 131 Reputation: (43)	Paid off our house which was our last step in becoming debt free. We also started investing in the stock market through an Ameritrade account. Our nine year old daughter has an account as well. Our goal for 2008 is to grow our assets. Another thing we did that was a good financial move was create a revocable trust fund and our last will. Morbid, but smart.

01-04-2008, 01:39 PM	#5
Gootsy Senior Member Join Date: Jan 2008 Posts: 226 Reputation: (19)	I made a few good financial decisions in the last half of 07. Best one imo would be accepting a position in another city and moving there. The amount I'm saving has already paid for the move, Christmas expenses, and significantly increased my contributions to an emergency fund..

01-04-2008, 04:15 PM	#6
amandajane Senior Member Join Date: Jan 2008 Location: New Zealand Posts: 353 Reputation: (126)	The best decision for me was paying off all my debts when I had the opportunity. I am in debt again, but not by as much, and it hugely increased my credit rating. Well that's according to my landlord who ran a credit check on me before he said yes I had no idea they did that here. I've also got a tertiary account with interest free overdraft and no bank charges, and a tertiary loan which is minimal interest and up to five years to pay it off, which means I can afford it and I got to buy my new car, a 1300 of course, has to be economical!

01-04-2008, 05:57 PM	#7
The Honest Dollar Member Join Date: Dec 2007 Location: New York Posts: 90 Reputation: (63)	NOT opening up a non-retirement brokerage account with Fidelity. Don't get me wrong; I have no problems with Fidelity, which is the custodian for my IRA. I simply did some math on the cost of investing in mutual funds outside of tax-advantaged accounts, and came to the conclusion that not only would an additional account mean more paper work and hassle, it would also probably cost me more in expenses and taxes. I bought ETFs instead. Also, maxing out my 401(k) ... well, almost, anyway. That was a hard decision because I had to put 50% of each paycheck towards the 401(k), but fortunately I had a bit of savings that allowed me to live while following such a ridiculous plan. Now I feel better about my retirement savings.

01-04-2008, 07:12 PM	#8
Tennessee Riddle Junior Member Join Date: Dec 2007 Posts: 15 Reputation: (10)	Started reading Wisebread. Contributed 5% more of salary to 401k. Added part-time job to family income.

01-04-2008, 08:02 PM	#9
nelaina Junior Member Join Date: Jan 2008 Posts: 1 Reputation: (10)	the best financial decision I made last year was to stop using credit cards. It's amazing how I have transformed my spending just by having the "cash only" mindset. It really has helped me separate my needs from my wants. Another great financial decision I've made was to start my own Roth IRA now with ING. I am still a full time student but I work part time and I am able to contribute a little bit, but every little bit helps in the long run!