RSS iconTwitter iconFacebook icon

The Trek BBS title image

The Trek BBS statistics

Threads: 138,352
Posts: 5,354,716
Members: 24,620
Currently online: 673
Newest member: Cultiste

TrekToday headlines

Sci-Fried To Release New Album
By: T'Bonz on Jul 28

Star Trek/Planet of the Apes Crossover
By: T'Bonz on Jul 28

Star Trek into Darkness Soundtrack
By: T'Bonz on Jul 28

Horse 1, Shatner 0
By: T'Bonz on Jul 28

Drexler TV Alert
By: T'Bonz on Jul 26

Retro Review: His Way
By: Michelle on Jul 26

MicroWarriors Releases Next Week
By: T'Bonz on Jul 25

Ships Of The Line Design Contest
By: T'Bonz on Jul 25

Next Weekend: Shore Leave 36!
By: T'Bonz on Jul 25

True Trek History To Be Penned
By: T'Bonz on Jul 25


Welcome! The Trek BBS is the number one place to chat about Star Trek with like-minded fans. Please login to see our full range of forums as well as the ability to send and receive private messages, track your favourite topics and of course join in the discussions.

If you are a new visitor, join us for free. If you are an existing member please login below. Note: for members who joined under our old messageboard system, please login with your display name not your login name.


Go Back   The Trek BBS > Lounges & General Chat > Miscellaneous

Miscellaneous Discussion of non-Trek topics.

Reply
 
Thread Tools
Old September 25 2013, 06:13 PM   #16
Gryffindorian
Vice Admiral
 
Gryffindorian's Avatar
 
Location: Middle-earth
Re: Financial Planning

Very good perspectives, all.

Last night I downloaded an Android app called Money-Wise, the free version, and I must say it's pretty neat. It functions a lot like a checkbook in that I have to list my income and expenses. There are some nifty graphs that illustrate my spending stats by percentage distribution; e.g. 40% rent, 30% entertainment, etc.

TSQ, I grew up in a single-income household in another country. My dad, who retired from the Navy at an early age, had sufficient pension to raise a family of six kids (and this was the equivalent of foreign currency). Granted, my parents also owned properties abroad and benefitted from the agricultural income. And I remember growing up thinking we were rich. But no, we were just better off than most of the townsfolk.

My dad, the most generous man I've ever known, was very kind and charitable to others in need. He was literally giving away money to the poor, and he was no millionaire. He was also very extravagant and had a tendency to overspend (which I probably got from him). My stay-at-home mom did some of the financial planning and did her best to make a great home for the family. I was very grateful that we kids were all well fed and healthy, raised in a comfortable home, got nice clothes, and never wanted for anything.

I strongly believe that people should be taught at an early age how to budget and manage money wisely. I don't know if schools nowadays offer such classes, apart from home economics, although not every student might be interested in the subject.
__________________
"I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve."
--Bilbo Baggins, LOTR: Fellowship of the Ring
Gryffindorian is offline   Reply With Quote
Old September 25 2013, 08:38 PM   #17
Mr Awe
Rear Admiral
 
Re: Financial Planning

Budgeting and financial planning is a must. I don't live paycheck-to-paycheck, but I do have a simple spreadsheet so I know where my money is going. You shouldn't just aim to not going broke, but you need to save money each month for retirement. Otherwise your life will suck when you're old!

It's pretty easy to do. The tough part is the discipline to actually do. I remember you made some sort of unwise car purchase awhile back. I forget the details but I do agree that you need to do this!

Mr Awe
Mr Awe is offline   Reply With Quote
Old September 25 2013, 08:52 PM   #18
thestrangequark
Vice Admiral
 
thestrangequark's Avatar
 
Location: thestrangequark
Re: Financial Planning

Gryffindorian, from my work in the education field I can tell you that, especially over the past 5 years, there has indeed been a push to increase and improve financially literacy among kids (in the states, not sure about other countries). There are even some calling for specific financial learning standards, and I think these would be great.

However, I also think that even if I had had great role models I might have fallen prey to the same mistakes I made as a teenager. Like I said, I am naturally frugal, I'm no fool, and when it came to money I grew up in the harsh reality of (sometimes extreme) poverty, so I didn't take it for granted. Still, at 17 I was just not mature or experienced enough to make the choices I did regarding student loans. Now, like most Americans my age I find myself burdened with a staggering amount of debt -- not because I was carefree with credit cards or didn't work hard (I held down two jobs while in school full time), but because I believed what they told me about investing in my future. So, while I think education is hugely important, and I take full ownership of my debt, I also think there are some serious problems with the system (universities and loan companies fleecing students, unscrupulous banks and lenders, etc), and those need to be addressed as well.
__________________
The Enterprise is my TARDIS.

View my art!
thestrangequark is offline   Reply With Quote
Old September 26 2013, 04:29 AM   #19
Gryffindorian
Vice Admiral
 
Gryffindorian's Avatar
 
Location: Middle-earth
Re: Financial Planning

One of my sisters was in the US Air Force and supported herself through college when she got out. She was in her mid 20s then, and now she's a registered nurse, but still paying her student loan. I agree that education is a good investment and can be expensive; fortunately for others, they could qualify for grants and get scholarships. Some employers nowadays entice their employees to go back to school and finish their degrees or get advanced degrees at the company's expense through tuition reimbursement programs.

Mr. Awe, I remember your smart, though unsolicited lecture on managing debt. I had almost forgotten that was you.
__________________
"I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve."
--Bilbo Baggins, LOTR: Fellowship of the Ring
Gryffindorian is offline   Reply With Quote
Old September 26 2013, 05:21 AM   #20
Mr Awe
Rear Admiral
 
Re: Financial Planning

^ Sorry, but it was honestly only because I care and wanted to help! I hope we're good!

(Maybe I shouldn't have reminded you that it was me!)

Mr Awe
Mr Awe is offline   Reply With Quote
Old September 26 2013, 05:47 AM   #21
Miss Chicken
Little three legged cat with attitude
 
Miss Chicken's Avatar
 
Location: Howrah, Hobart, Tasmania
Re: Financial Planning

I am quite good at budgeting but I think I find it easier than many people because I don't own or car, nor smoke or drink alcohol. It helps that I am naturally frugal, as were my parents.

For about the last 10 years I have had an emergency fund. I try to keep it at $3000 but it is down to $2500 at the moment because I had to dip into for it for some vet bills. The only thing I would consider emergencies are expenses to attend a funeral, vet bills, or if my washing machine or fridge break down. One of my friends was annoyed because I wouldn't dip into this account to go on a holiday with her.

Last edited by Miss Chicken; September 26 2013 at 06:01 AM.
Miss Chicken is offline   Reply With Quote
Old September 26 2013, 07:58 AM   #22
Xip
Lieutenant Commander
 
Xip's Avatar
 
Location: The Netherlands
Re: Financial Planning

All this talk about spread sheets, I use old school paper! ^^

I don't particularly budget everything, but I keep track of our money flows so we won't get in trouble. Both me and my husband are in college and we work part time jobs so it's not like we have a lot of money to spend. We used to have an emergency fund, but unfortunately we needed it last summer. I really want to rebuild it as fast as possible because it feels so uncomfortable not having a fund to fall back on. Fortunately things are really looking up for us financially.
__________________
(Don't worry, it's only good old Xip )
Nothing is as far away as one minute ago.
Proud to present: Star Trek Falcon series, check it out!
Xip is offline   Reply With Quote
Old September 26 2013, 07:07 PM   #23
Gryffindorian
Vice Admiral
 
Gryffindorian's Avatar
 
Location: Middle-earth
Re: Financial Planning

Mr Awe wrote: View Post
^ Sorry, but it was honestly only because I care and wanted to help! I hope we're good!

(Maybe I shouldn't have reminded you that it was me!)

Mr Awe
No problem.

Miss Chicken wrote: View Post
I am quite good at budgeting but I think I find it easier than many people because I don't own or car, nor smoke or drink alcohol. It helps that I am naturally frugal, as were my parents.

For about the last 10 years I have had an emergency fund. I try to keep it at $3000 but it is down to $2500 at the moment because I had to dip into for it for some vet bills. The only thing I would consider emergencies are expenses to attend a funeral, vet bills, or if my washing machine or fridge break down. One of my friends was annoyed because I wouldn't dip into this account to go on a holiday with her.
Part of the reason I didn't go on any trip this year is that it's just too freakin' expensive to travel alone! In the past, I would go with a relative or two and split the expense. My family wasn't interested or didn't have anything saved up. If I went by myself, I would have had to spend as much money (if not more) on airfare and hotels. I figured, f*ck it, if I have any money next year, I'll just go on a cheap cruise.


Xip wrote: View Post
All this talk about spread sheets, I use old school paper! ^^

I don't particularly budget everything, but I keep track of our money flows so we won't get in trouble. Both me and my husband are in college and we work part time jobs so it's not like we have a lot of money to spend. We used to have an emergency fund, but unfortunately we needed it last summer. I really want to rebuild it as fast as possible because it feels so uncomfortable not having a fund to fall back on. Fortunately things are really looking up for us financially.
I know I'm gonna get booed for saying this, but my emergency fund is my 401K plan.
__________________
"I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve."
--Bilbo Baggins, LOTR: Fellowship of the Ring
Gryffindorian is offline   Reply With Quote
Old September 26 2013, 07:37 PM   #24
DonIago
Rear Admiral
 
Location: Burlington, VT, USA
View DonIago's Twitter Profile Send a message via ICQ to DonIago Send a message via AIM to DonIago Send a message via Yahoo to DonIago
Re: Financial Planning

My 401(K) plan lets me takes out loans against it, and I have to say paying yourself back at a low APR beats the hell out of paying pretty much anyone else back at a probably higher APR.
__________________
--DonIago
It was the best of Trek, it was the worst of Trek...
"If I lean over, I leave myself open to wedgies, wet willies, or even the dreaded Rear Admiral!"
DonIago is offline   Reply With Quote
Old September 26 2013, 08:40 PM   #25
Mr Awe
Rear Admiral
 
Re: Financial Planning

Gryffindorian wrote: View Post
I know I'm gonna get booed for saying this, but my emergency fund is my 401K plan.
Boo! But, if you have to use your retirement plan as your emergency fund, at least do that with a Roth IRA. With a Roth IRA you can take out anything that you put in without penalty and without having to pay it back.

With 401Ks, you have to pay it back or face penalties. Also, if you happen to lose your job while you owe your 401k, chances are you'll have to pay it all back immediately.

Mr Awe
Mr Awe is offline   Reply With Quote
Old September 26 2013, 08:56 PM   #26
Robert Maxwell
Respect the Beef
 
Robert Maxwell's Avatar
 
Location: Right behind you!
View Robert Maxwell's Twitter Profile Send a message via ICQ to Robert Maxwell Send a message via AIM to Robert Maxwell Send a message via Windows Live Messenger to Robert Maxwell Send a message via Yahoo to Robert Maxwell
Re: Financial Planning

DonIago wrote: View Post
My 401(K) plan lets me takes out loans against it, and I have to say paying yourself back at a low APR beats the hell out of paying pretty much anyone else back at a probably higher APR.
Really sucks for your retirement, though!
__________________
"Holy shit! It's Beef Supreme!"
The Journeyman - Buy it now! Maybe?
My world simulation project!
My blog
Robert Maxwell is online now   Reply With Quote
Old September 26 2013, 09:34 PM   #27
Toxteth O´Grady
Captain
 
Toxteth O´Grady's Avatar
 
Location: Illinois, USA
Re: Financial Planning

Dimesdan wrote: View Post
Myself and the future Mrs Dimesdan have been using a program called You Need a Budget for about 18 months, we have separate bank accounts, but share most of our expenditures and it's nice to see where our money goes, it also helps as I'm now back in full time higher education, my pay is about a quarter of what hers is each month.
I was going to come in here and praise this software. It turned my life around! I was so bad at handling money for a very long time. I got sucked into the world of credit. My dad helped me out once by paying all of my bills (and I did pay him back), but I just dug that hole again, even deeper the second time. I got a new job that paid more than my previous one and that helped me get out of debt the second time, but I still couldn't figure my finances out.

I saw an ad for You Need a Budget and it offered a 30 day trial. I downloaded it and tried it out. By the end of the trial I had purchased it for good. This program made it so easy do divide my money into different categories that it is pretty much impossible for me to ever get into debt again. After my money is placed into important budgets like my various bills and necessities like groceries, gas, etc, anything left over was mine to do what I wanted with.
Toxteth O´Grady is online now   Reply With Quote
Old September 26 2013, 10:05 PM   #28
DonIago
Rear Admiral
 
Location: Burlington, VT, USA
View DonIago's Twitter Profile Send a message via ICQ to DonIago Send a message via AIM to DonIago Send a message via Yahoo to DonIago
Re: Financial Planning

Robert Maxwell wrote: View Post
DonIago wrote: View Post
My 401(K) plan lets me takes out loans against it, and I have to say paying yourself back at a low APR beats the hell out of paying pretty much anyone else back at a probably higher APR.
Really sucks for your retirement, though!
I don't see much point in having $50K saved up for retirement if I have no money to pay for car repairs.
__________________
--DonIago
It was the best of Trek, it was the worst of Trek...
"If I lean over, I leave myself open to wedgies, wet willies, or even the dreaded Rear Admiral!"
DonIago is offline   Reply With Quote
Old September 27 2013, 12:53 AM   #29
propita
Rear Admiral
 
Location: fresno, ca, us
Re: Financial Planning

DonIago wrote: View Post
My 401(K) plan lets me takes out loans against it, and I have to say paying yourself back at a low APR beats the hell out of paying pretty much anyone else back at a probably higher APR.
That's best for short-term loans you KNOW you can repay quickly--when you're still young.

You do that in your 40s and you are screwing yourself. You do that repeatedly or long-term loans (more than 1 year), and you are screwing yourself. You're basically defeating the 401k purpose of accumulating towards retirement.

A 401k loan is for emergency.

ETA: A sudden car repair can be an emergency. Just pay back as soon as you can. The 401k was part of your foresight in taking care of yourself.
propita is offline   Reply With Quote
Old September 27 2013, 01:19 AM   #30
Gryffindorian
Vice Admiral
 
Gryffindorian's Avatar
 
Location: Middle-earth
Re: Financial Planning

A 401K loan, whether you're for or against it, is still much BETTER than using credit cards for emergencies or unexpected large purchases. You're "borrowing" your own money, and the finance charges are a small fraction of what the bloody credit card companies charge. The payment deductions get taken out of your paycheck, although you may have to pay loan initiation and maintenance fees, which are quite minimal. So it's a win-win situation.

The only drawback that I can think of is that your take-home pay is considerably smaller, depending on the amount and term of your 401K loan. Right now I'm having to pay $500 per paycheck back to my loan. Ouch!
__________________
"I don't know half of you half as well as I should like; and I like less than half of you half as well as you deserve."
--Bilbo Baggins, LOTR: Fellowship of the Ring
Gryffindorian is offline   Reply With Quote
Reply

Bookmarks

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT +1. The time now is 07:51 PM.

Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
FireFox 2+ or Internet Explorer 7+ highly recommended.