Comments on: My 2007 Goals for Financial Prosperity http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/ ... where my idea of splurging is feeding my cat Fancy Feast. As a full-time student with a limited income stream, follow my journey in obtaining financial awareness and prosperity Wed, 07 Jan 2009 17:56:52 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Chere http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-5684 Chere Tue, 05 Feb 2008 22:49:04 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-5684 I put 20% in to a savings. But I/We, keeping having to take it out. Any Other suggestions? I put 20% in to a savings. But I/We, keeping having to take it out.
Any Other suggestions?

]]> By: Broke-Ass Student » Blog Archive » Surviving Paycheck to Paycheck? You Can Still Start Saving http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-404 Broke-Ass Student » Blog Archive » Surviving Paycheck to Paycheck? You Can Still Start Saving Tue, 03 Apr 2007 01:45:26 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-404 [...] yesterday that I’ve reached one of my first financial goals earlier than expected (see My 2007 Goals for Financial Prosperity.) Thanks to diligently socking away between 10-15% of my paycheck and through receiving a portion [...] [...] yesterday that I’ve reached one of my first financial goals earlier than expected (see My 2007 Goals for Financial Prosperity.) Thanks to diligently socking away between 10-15% of my paycheck and through receiving a portion [...]

]]> By: Jason http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-394 Jason Wed, 28 Mar 2007 23:34:44 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-394 Jen, It is not bad that you do not need a credit card. However, it is definatly not good. A car repair that you don't have enough money saved up for will be crushing. 100% of my debt was incurred by my wedding and honeymoon, (I am getting married in April, 2007). I should also note that I went to college, and that was completly paid for before I graduated. No, I do not have a portfolio. But within a few months I will be able to funnel a good amount of money into one. When i was in High School. Durning my Senior year. I saved over $5000 in which I put into the stock market, later than year 9-11 hit. Ever since then, I have been leary about the stock market. Jen,

It is not bad that you do not need a credit card. However, it is definatly not good. A car repair that you don’t have enough money saved up for will be crushing. 100% of my debt was incurred by my wedding and honeymoon, (I am getting married in April, 2007). I should also note that I went to college, and that was completly paid for before I graduated. No, I do not have a portfolio. But within a few months I will be able to funnel a good amount of money into one.

When i was in High School. Durning my Senior year. I saved over $5000 in which I put into the stock market, later than year 9-11 hit. Ever since then, I have been leary about the stock market.

]]> By: Jennifer Lynn http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-388 Jennifer Lynn Tue, 27 Mar 2007 06:07:25 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-388 Jason, my best friend is also a devoted Christian. I just attended a service with her last night, in fact. I think it's great you're tithing 10% to your church. Major kudos there! I agree wholeheartedly with your math. However (and I don't think it was clear in this post), I also currently don't have a credit card. So although that 10% would -financially- be better applied to debt, security-wise it would make me very nervous. The savings of 10% is meant to be a safety cushion buffer for myself, especially since I don't yet have the luxury of being able to throw an unexpected emergency onto a credit card (at least not yet). =^..^= Jason, my best friend is also a devoted Christian. I just attended a service with her last night, in fact. I think it’s great you’re tithing 10% to your church. Major kudos there!

I agree wholeheartedly with your math. However (and I don’t think it was clear in this post), I also currently don’t have a credit card. So although that 10% would -financially- be better applied to debt, security-wise it would make me very nervous. The savings of 10% is meant to be a safety cushion buffer for myself, especially since I don’t yet have the luxury of being able to throw an unexpected emergency onto a credit card (at least not yet).

=^..^=

]]> By: Jason http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-387 Jason Tue, 27 Mar 2007 05:12:26 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-387 Well since I am a Christian, I pay a tithe of 10% to the church. Now currently I am paying about 19% interest on a few of my debts. Lets just say I get a 5.25 % interest rate savings and save 10% of what I make. ($19000 annually). Now I know you will be adding in month by month, but to make it simple I am going to assume this is a whole year. Here is my math doing it your way: $19000x10%=$1900x5.25%$1999.75 =$199.75 "free money" Now lets say you take your $1900 and use that to pay off your debts at 19% interest, which compounds daily, not monthly or quarterly, ect. $1900x19% apy(compounded daily)= (about not exact) $2353.57 = $453.57 So I agree saving is good, VERY GOOD, but do the math. One year you would "make" and extra $250. Well since I am a Christian, I pay a tithe of 10% to the church. Now currently I am paying about 19% interest on a few of my debts. Lets just say I get a 5.25 % interest rate savings and save 10% of what I make. ($19000 annually). Now I know you will be adding in month by month, but to make it simple I am going to assume this is a whole year. Here is my math doing it your way:
$19000×10%=$1900×5.25%$1999.75 =$199.75 “free money”

Now lets say you take your $1900 and use that to pay off your debts at 19% interest, which compounds daily, not monthly or quarterly, ect.
$1900×19% apy(compounded daily)= (about not exact) $2353.57 = $453.57

So I agree saving is good, VERY GOOD, but do the math. One year you would “make” and extra $250.

]]> By: MasterSparky http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-204 MasterSparky Sun, 04 Mar 2007 20:37:39 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-204 Oh the days of poor college life. I enjoy reading your site just to reminisce about those days. The goals you've set for yourself are certainly attainable ones and will help you all the days of your life. I have a load of friends that came out of school with $50k-$70k in school loan debt. Most of the cash was spent on ridiculous items since there is really no limitation on how that money is spent. Oh the days of poor college life. I enjoy reading your site just to reminisce about those days. The goals you’ve set for yourself are certainly attainable ones and will help you all the days of your life. I have a load of friends that came out of school with $50k-$70k in school loan debt. Most of the cash was spent on ridiculous items since there is really no limitation on how that money is spent.

]]> By: Bill http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-167 Bill Mon, 26 Feb 2007 07:50:47 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-167 Very good advice! I'm also a student, and I've been finding that I need an emergency fund, especially as I'm in the process of having a root canal done! Those aren't cheap. I'm no longer spending on credit (when I can avoid it.) Ignore Marco. I've read through some of the other articles on your site, and they are all great! Very good advice! I’m also a student, and I’ve been finding that I need an emergency fund, especially as I’m in the process of having a root canal done! Those aren’t cheap. I’m no longer spending on credit (when I can avoid it.)

Ignore Marco. I’ve read through some of the other articles on your site, and they are all great!

]]> By: Marco Pauly http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-165 Marco Pauly Mon, 26 Feb 2007 06:20:59 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-165 Anyone taking financial advice from this site "obviously" needs major, major help. Perhaps the title itself might be a clue? Best, Marco Anyone taking financial advice from this site “obviously” needs major, major help.

Perhaps the title itself might be a clue?

Best,
Marco

]]> By: KK http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-159 KK Thu, 22 Feb 2007 02:56:11 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-159 OH crap you moved! I had a feed through Yahoo and it kept saying no articles in the last 3 days...! So i am trying to do a Rss Feed through Yahoo and it keeps says "oops error" or something like that. Can you fix that so that I can link up...or maybe its something that I am doing wrong... thanks OH crap you moved!
I had a feed through Yahoo and it kept saying no articles in the last 3 days…!
So i am trying to do a Rss Feed through Yahoo and it keeps says “oops error” or something like that. Can you fix that so that I can link up…or maybe its something that I am doing wrong…
thanks

]]> By: My New Choice http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-155 My New Choice Tue, 20 Feb 2007 14:22:55 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-155 Just to expand on that point a little further, you can withdraw the contributions to a Roth IRA at any time without penalty. The drawback to this is that you cannot replenish the funds at a later date, once you withdraw the contributions those funds cannot be replaced. I've read numerous posts/articles of people using a Roth IRA as a pseudo-emergency savings account when they don't have enough funds to build emergency savings and fund a Roth IRA. Just be sure to understand the rules and limitations if you plan on using this approach. Just to expand on that point a little further, you can withdraw the contributions to a Roth IRA at any time without penalty. The drawback to this is that you cannot replenish the funds at a later date, once you withdraw the contributions those funds cannot be replaced.

I’ve read numerous posts/articles of people using a Roth IRA as a pseudo-emergency savings account when they don’t have enough funds to build emergency savings and fund a Roth IRA.

Just be sure to understand the rules and limitations if you plan on using this approach.

]]> By: Finance Guy http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-154 Finance Guy Tue, 20 Feb 2007 07:29:23 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-154 A little known tidbit: Other than the fact that Roth IRAs provide a tax-free way to invest, you are also allowed to withdraw money from it early and tax-free if you use the money to buy your first house! A little known tidbit:

Other than the fact that Roth IRAs provide a tax-free way to invest, you are also allowed to withdraw money from it early and tax-free if you use the money to buy your first house!

]]> By: My New Choice http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-153 My New Choice Tue, 20 Feb 2007 04:59:58 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-153 Very nice article and your plan sounds like it will be very productive. Something I have been challenging my readers with is to create an automatic savings plan with at least $1 per week going into savings. Too many people feel they have to hold off on savings until they can *afford* it. As you said, pay yourself first. I wrote about my financial goals on my site earlier in the year, basically I want to increase my overall net worth by 35% and reduce non-mortgage debt by 100%. This second goal is a piece of cake as my only debt is a 0% balance transfer I have at HSBC earning me 6% APY right now. When the due date comes, it will be paid back. Very nice article and your plan sounds like it will be very productive. Something I have been challenging my readers with is to create an automatic savings plan with at least $1 per week going into savings. Too many people feel they have to hold off on savings until they can *afford* it. As you said, pay yourself first.

I wrote about my financial goals on my site earlier in the year, basically I want to increase my overall net worth by 35% and reduce non-mortgage debt by 100%. This second goal is a piece of cake as my only debt is a 0% balance transfer I have at HSBC earning me 6% APY right now. When the due date comes, it will be paid back.

]]> By: Joy http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-150 Joy Mon, 19 Feb 2007 22:39:21 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-150 This is really good advice. I think I will do that... once I start to earn money, that is. I don't have a job yet... This is really good advice. I think I will do that… once I start to earn money, that is. I don’t have a job yet…

]]> By: Wanda http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/comment-page-1/#comment-149 Wanda Mon, 19 Feb 2007 21:42:22 +0000 http://www.brokeass-student.com/my-2007-goals-for-financial-prosperity/#comment-149 Glad to see those goals and best of luck! I have to admit that I haven't been very good at saving 10% of my paychecks... I think I am much better at putting any bonus/surprise money into investment accounts than it is for me to put a little bit aside from every paycheck. The danger is, of course, that the bonus/surprise money can't always be counted upon. Great blog. :) Glad to see those goals and best of luck! I have to admit that I haven’t been very good at saving 10% of my paychecks… I think I am much better at putting any bonus/surprise money into investment accounts than it is for me to put a little bit aside from every paycheck. The danger is, of course, that the bonus/surprise money can’t always be counted upon.

Great blog. :)

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