Save it?
$8,000 in a few days
- Thread starter Rÿcher
- Start date
Save it?
I was with you until you said blue ray player. That's not a convenience item.
Justify it however you like, but it's hardly high on your list of places the money SHOULD be spent, and that's what you asked. Be cute with the "not knowing what time it is", but a $10 timex does that just fine, or if you want to class it up a bit, $70 or so for a decent Fossil.
changes what you said before. Before it was a gift, now you're loaning the money, essentially? Either way, sounds like a bad idea. You don't lend money to friends unless you're ok with not getting it back.
This one is legitimate. Except the part about the tuneup, that is. Cars are mostly designed to go 100k or more before needing a tuneup. Maybe you bought an older car, and that fits, no idea here.
vacuum cleaner is fine, I guess. Not exactly expensive, anyway, so not even worth mentioning. Hardly need to wait for a windfall to buy a $75 vacuum cleaner
this makes things easier around the house?
meh
don't know how old she is, so not sure what to say there. College savings account would probably make more sense, though.
Either way, addressing the self-described shithole you like in should be a much larger priority than a shiny watch, or a blu-ray, or loaning a buddy money for a LCD. Especially in a cheaper area like Maine, this is enough money to move into a nicer place, or a downpayment on something. If you want to blow it on shiny toys and end up with a few minutes of fun and then no gain, go for it. But don't look for many people to think you're making good decisions. Looking at the number of posts you've made about drugs, however, your decisions don't appear to be all that good at the moment anyway. Maybe you could have paid for the watch, or the vacuum cleaner, with the money you spent on pot or 'shrooms instead?
Rÿcher
Fleet Captain
Thanks ma.
FYI, I've never even bought pot. It's always been given to me by a friend.
And I left it open-ended as to if it was a gift or if he was repaying me for the TV.
BZZZT!
BZZZT?
I guess I don't get it. and you saying that you'll be paid back in installments for the tv isn't all that open-ended. Unless you mean you left it open-ended as to whether he has to pay you back (although you just indicated that he would be), in which case, he sees it as a gift
When you ask for advice about something, and lay out fairly irresponsible options as to how to proceed, not exactly a shocker that you'll get these kinds of responses. ESPECIALLY after you start threads about how shitty your living situation is, your frequent drug use (I Hallucinated!), your child, etc. Call me "ma" if you like, but the advice you were given was solid. Less fun than blowing your cash on a fancy watch a blu-ray player, but that's not my problem.
Either way, I'm done here. You're not looking for advice, nad have already decided on your choices, so why bother with the thread? This was how the Madbaggins saga started...
I guess I don't get it. and you saying that you'll be paid back in installments for the tv isn't all that open-ended. Unless you mean you left it open-ended as to whether he has to pay you back (although you just indicated that he would be), in which case, he sees it as a gift
so, after all of your drug-related comments, you don't even chip in for them? Nice friend. Maybe some of the money should be spent to pay back your friend for your mooching?
When you ask for advice about something, and lay out fairly irresponsible options as to how to proceed, not exactly a shocker that you'll get these kinds of responses. ESPECIALLY after you start threads about how shitty your living situation is, your frequent drug use (I Hallucinated!), your child, etc. Call me "ma" if you like, but the advice you were given was solid. Less fun than blowing your cash on a fancy watch a blu-ray player, but that's not my problem.
Either way, I'm done here. You're not looking for advice, nad have already decided on your choices, so why bother with the thread? This was how the Madbaggins saga started...
Rÿcher
Fleet Captain
Yeah, friendly advise. Brotherly advise. Not preachy, holier than thou advise.
"Gee Mike, if it were me, I'd invest it or put it into a high-yield savings account but it's your money. I'm sure you'll do okay."
Not
"Mike, you have a daughter and although you are putting more into her college fund, you can't ever get yourself anything nice ever again - not so long as you've smoked pot."
I must truly have a sign on my head or something embedded in my IP that subliminally tells people to be mean and aggressive toward me.
"Gee Mike, if it were me, I'd invest it or put it into a high-yield savings account but it's your money. I'm sure you'll do okay."
Not
"Mike, you have a daughter and although you are putting more into her college fund, you can't ever get yourself anything nice ever again - not so long as you've smoked pot."
I must truly have a sign on my head or something embedded in my IP that subliminally tells people to be mean and aggressive toward me.
Save the money for fuure car repair/replacement tires, emergency money, so forth. Day will coem when you wish you have a few hundred, if not a thousand dollars and look back at the crap you wasted it on.
And the other $5K?
i meant 3 IRA's
Ah. Gotcha.
I'm not sure how smart an IRA is right now. CD's carry no risk and would probably be a better investment right now though, granted, ANY investment right now isn't going to show much gain for a while.
You've got to have earned income to fund an IRA in a given year and if you are eligible for any kind of qualified savings plan, you wouldn't be able to deduct the amount.
I'd go the ROTH IRA route - tax deferred growth, tax free income at retirement.
I doubt his daughter has any. He could fund an education IRA but the limit there is $2K.
Good thought. Get tax deferred growth.
yeah I meant to say Roth, it's usually implied
When I hear IRA, I think traditional, deductible IRA.
Not so much a question of your income, but what do you think tax rates will do over the next 30-40-50 years? Go up, go down, or stay the same?
If all of your money is in an account that is fully taxable when you take the money out, you've allowed the government to make your decision for you.
Must be a really small one, then... I had nearly $100K to put down on a one-bedroom-plus-den condo and I still got turned down for a mortgage despite being employed and having good credit.
I've always been one to save my money (I have to be... my friends are always asking for loans
), but I see nothing wrong with a small indulgence.
He lives in Augusta Maine, you can buy houses there for $100K.
Oy. I'm obviously living in the wrong city. Too bad Maine is part of the U.S.
(The condo I was looking at was $318,800. Admittedly, it wasn't in a cheap part of town - it's about a block from where I currently live, and I'm paying $1100 per month in rent - but even in the cheaper parts of Toronto, condos are generally around $200K, I think.)
