Patience goes a long way in investing. Economist Paul Samuelson said it best, "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas".
You have a very valid point, Joshua. During my research, I had a hard time digging up data on that type of position. If you have any leads, please let me know.
Hi Jen! I like the way you think. If I didn't have to pay attention to my husband's opinion, I would sell the Rambler and use one of our vintage Volvos as the personal parts car for the other. However, before any selling can happen, the cars have to be drivable. Stay tuned to see if I can convince him that we will save a lot of money by being a one-car household...
Thanks for your comment! Yes, I totally have an amazing "Instagram changed my life" story. It's miraculous, but at the same time validates my belief that if I always try to do my very best work, eventually the right person will notice.
Also, see my response to Dan above about the home insurance. (Yes, there is a reason why you both correctly questioned this).
Hi there! Yes, as I stated clearly in the article, I am very aware that all my problems are First World problems, and for that, I am grateful. I am also aware that I have all sorts of privileges--everything from a college education to good teeth--that make $31,000 an easier challenge for me, than for the average American.
That said, with regard to your income, no, you will not be able to save $31,000 this year if that is more than you earn, but, there are financial moves that even homeless people on disability (https://mayorofskidrow.files.wordpress.com/2011/05/0001.jpg) can make to incrementally improve their finances. I learned many of my money saving/money earning strategies while working my first post-college job that paid just $12,000.
Hi Dan, excellent question. There are two methods of insuring homes in the US. One is the cost to rebuild a house of a similar size, the other is the actual cost of replacing the insured house. While this will sound quaint and hilarious to a Brit, my house is almost 100 years old, which in Los Angeles is a very vintage house. I have full replacement cost insurance. If my house burned to the ground, I would want to be able to rebuild the house with all the crown molding, the arts & crafts movement hardware, and the vintage tile...all which give my house incredible value for its size currently, and were the reasons why I bought it to begin with. What I didn't think about in advance of my inspection, is that in the time since I bought my home, all of those vintage parts have become rare, and the cost of specialized skills like finishing carpentry etc...have all gone up. This is the main reason for the dramatic increase in my insurance. My insurance company actually has comps for my type of home in my neighborhood so they know how much these things cost to replace. This is all kind of a pain in the ass to explain...hence the shorthand for the article. I really should have just said my mortgage went up to make it easy, but then all the helpful, and savvy Wise Bread readers (like you) would assume that my ARM went up and would start supplying me with all sorts of great solutions to refinancing, which aren’t applicable to my situation.
Just had a TEXT message sent to my phone giving me a website that has a craigslist message for me to read ! Sounds like an exercise in redundacy in order to phish some information.
My wife had to take out student loans to complete her degrees, and shortly after she graduated and started working, she was diagnosed with breast cancer. Although her student loans went into deferment while she was unable to pay them, they continued to accrue interest to a pretty ridiculous degree.
Bottom line, we understand there is a responsibility to pay debt back, but sometimes life takes the ability to pay out of your hands. It sure seems like at those times, you ought to be given a break.
My wife is now healthy, and we count ourselves very blessed for that. We are diligently paying back the accrued interest, but it is sometimes frustrating to see that money go out the door.
I put together a loan tracking spreadsheet to help me see which loans had the highest interest per month, and we started paying those down first. Here is the lesson I learned the last time we reviewed the sheet... although this sounds like the right thing to do... don't forget that the terms may be different. There were several loans with longer terms for which the total interest paid over the life of the loan was greater than those loans with higher monthly interest payments.
If your goal is to pay it all off as quickly as you can, try to get a handle on which ones are costing you the most in the long run, not just the short run.
I'm starting up a small concession stand. I mitigate my costs by only selling cotton candy and drinks. I sell out of the flea market so rent is 120 dollars a month, and at church events and birthday parties. Ive nearly broken even in the month I've been doing this. I make about 200 to 300 a weekend. And with summer I hope to triple that. Not too shabby. The people who are complaining are going after the bigger money with bigger risks. Start smaller and grow slowly. (Aka specialize in one product and sell out of a tent until your profits can pay for a trailer.)
My mom is a tailor, and she taught me about clothing quality and cost-per-wear. It truly does make a difference!
Yes, it can be hard to find clothing manufactured in the USA, but it's out there! One brand that comes to mind is American Apparel - everything from the brand is designed, cut, and sewn in the USA.
Yes it works at night (in the dark), check the internet for "liter of light". They have even been used as temporary street lights after typhoons leveled the buildings and took out all the services.
My most recent splurge consisted of two items: a large screen t.v. as a birthday gift for my husband and a t.v. console for it to sit on (it wouldn't fit on top of our old one). I hired my son, who is skilled at building furniture, to make the console for me. The t.v. console ended up being the bigger splurge due to the cost for the supplies and paying my son to build it...but the console goes great with the other furniture he has made for me in the past and will last and last.
$ A car $
Hi, where did you apply for this clinical studies please?
Patience goes a long way in investing. Economist Paul Samuelson said it best, "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas".
That's an interesting comparison! However, I would have to look more into Walmart's record to provide an answer.
You have a very valid point, Joshua. During my research, I had a hard time digging up data on that type of position. If you have any leads, please let me know.
Do you know what the entry requirements are? Young man needs change of life job.
@ Jen2--
Hi Jen! I like the way you think. If I didn't have to pay attention to my husband's opinion, I would sell the Rambler and use one of our vintage Volvos as the personal parts car for the other. However, before any selling can happen, the cars have to be drivable. Stay tuned to see if I can convince him that we will save a lot of money by being a one-car household...
Hint: sell two cars.
@NZ Muse
Thanks for your comment! Yes, I totally have an amazing "Instagram changed my life" story. It's miraculous, but at the same time validates my belief that if I always try to do my very best work, eventually the right person will notice.
Also, see my response to Dan above about the home insurance. (Yes, there is a reason why you both correctly questioned this).
@ SLS
Hi there! Yes, as I stated clearly in the article, I am very aware that all my problems are First World problems, and for that, I am grateful. I am also aware that I have all sorts of privileges--everything from a college education to good teeth--that make $31,000 an easier challenge for me, than for the average American.
That said, with regard to your income, no, you will not be able to save $31,000 this year if that is more than you earn, but, there are financial moves that even homeless people on disability (https://mayorofskidrow.files.wordpress.com/2011/05/0001.jpg) can make to incrementally improve their finances. I learned many of my money saving/money earning strategies while working my first post-college job that paid just $12,000.
Hi Guest!
Currently I am shopping around. Stay tuned for the gruesome details and analysis.
@Trenton
Thank you! I need all the rooting I can get!
@ Dan--
Hi Dan, excellent question. There are two methods of insuring homes in the US. One is the cost to rebuild a house of a similar size, the other is the actual cost of replacing the insured house. While this will sound quaint and hilarious to a Brit, my house is almost 100 years old, which in Los Angeles is a very vintage house. I have full replacement cost insurance. If my house burned to the ground, I would want to be able to rebuild the house with all the crown molding, the arts & crafts movement hardware, and the vintage tile...all which give my house incredible value for its size currently, and were the reasons why I bought it to begin with. What I didn't think about in advance of my inspection, is that in the time since I bought my home, all of those vintage parts have become rare, and the cost of specialized skills like finishing carpentry etc...have all gone up. This is the main reason for the dramatic increase in my insurance. My insurance company actually has comps for my type of home in my neighborhood so they know how much these things cost to replace. This is all kind of a pain in the ass to explain...hence the shorthand for the article. I really should have just said my mortgage went up to make it easy, but then all the helpful, and savvy Wise Bread readers (like you) would assume that my ARM went up and would start supplying me with all sorts of great solutions to refinancing, which aren’t applicable to my situation.
My last splurge was not for myself but for my daughter. I gave her some money to buy some new clothes and shoes for my granddaughter.
Just had a TEXT message sent to my phone giving me a website that has a craigslist message for me to read ! Sounds like an exercise in redundacy in order to phish some information.
A new tablet because we lost ours.
I think you should pay your mortgage with the money you saved. I also think you should sell one of your three cars.
My wife had to take out student loans to complete her degrees, and shortly after she graduated and started working, she was diagnosed with breast cancer. Although her student loans went into deferment while she was unable to pay them, they continued to accrue interest to a pretty ridiculous degree.
Bottom line, we understand there is a responsibility to pay debt back, but sometimes life takes the ability to pay out of your hands. It sure seems like at those times, you ought to be given a break.
My wife is now healthy, and we count ourselves very blessed for that. We are diligently paying back the accrued interest, but it is sometimes frustrating to see that money go out the door.
I put together a loan tracking spreadsheet to help me see which loans had the highest interest per month, and we started paying those down first. Here is the lesson I learned the last time we reviewed the sheet... although this sounds like the right thing to do... don't forget that the terms may be different. There were several loans with longer terms for which the total interest paid over the life of the loan was greater than those loans with higher monthly interest payments.
If your goal is to pay it all off as quickly as you can, try to get a handle on which ones are costing you the most in the long run, not just the short run.
- Sean
I'm starting up a small concession stand. I mitigate my costs by only selling cotton candy and drinks. I sell out of the flea market so rent is 120 dollars a month, and at church events and birthday parties. Ive nearly broken even in the month I've been doing this. I make about 200 to 300 a weekend. And with summer I hope to triple that. Not too shabby. The people who are complaining are going after the bigger money with bigger risks. Start smaller and grow slowly. (Aka specialize in one product and sell out of a tent until your profits can pay for a trailer.)
I bought a new down winter jacket that was quite expensive but very warm and has served me well so far.
My mom is a tailor, and she taught me about clothing quality and cost-per-wear. It truly does make a difference!
Yes, it can be hard to find clothing manufactured in the USA, but it's out there! One brand that comes to mind is American Apparel - everything from the brand is designed, cut, and sewn in the USA.
Yes it works at night (in the dark), check the internet for "liter of light". They have even been used as temporary street lights after typhoons leveled the buildings and took out all the services.
My most recent splurge was a new refrigerator!
My most recent splurge consisted of two items: a large screen t.v. as a birthday gift for my husband and a t.v. console for it to sit on (it wouldn't fit on top of our old one). I hired my son, who is skilled at building furniture, to make the console for me. The t.v. console ended up being the bigger splurge due to the cost for the supplies and paying my son to build it...but the console goes great with the other furniture he has made for me in the past and will last and last.
You forget petrol for the car.