Ok need banking help....

MikeD · Jan 20, 2005

narlus said:
damn, socking away 1K per month is some good ole yankee thrift. well done.

I feel like I squandered a lot of my post-college income for a good 4-5 years...didn't do anything besides my $3k a year IRA. If I'd have been saving even a few hundred a month, or buying some property or something, instead of just living from my checking, I'd be a lot better off at 28 than I am now...

Hope I can get through the next year without decimating that $20k (and I have some plans on how to do it) until I end up in (hopefully) my State Dept job...at which I can stay until I retire at 48-49 with a federal pension after 26-27 years combined federal service.

If that job doesn't work out, I can still get a 50-70k starting salary pretty easily, and save from there...

MD

narlus · Jan 20, 2005

you are only 28? you seem wise for your years, grasshopper.

Brian HCM#1 · Jan 20, 2005

-BB- said:
And then she ROPED you in

yep

PonySoldier · Jan 20, 2005

narlus said:
you are only 28? you seem wise for your years, grasshopper.

Military service has a way of doing that to a person

narlus · Jan 20, 2005

Brian HCM#1 said:
Good point Jeff, when Julie & I bought our house before we were married, we met with a lawyer and had a contract drawn up. It just protects both parties.

hil and i went in together w/ no legal counsel. but it did work out fine. one bit of advice, though, w/ people who have kids - GET A WILL. seriously, it's pretty essential. you don't want yr estate stuck in probate court if something happens and you are not prepared.

ALEXIS_DH · Jan 20, 2005

bank in panama.

we save our pennies there. the best banking in the world next to switzerland. an CD equivalent will yield 5% in US currency in there.
savings accounts 3-4%.

fees are a bit high, but if you wanna save at 0 risk in a rock solid place with high interest rates, panama is the way to go...

or better yet.... save in euros

MikeD · Jan 20, 2005

PonySoldier said:
Military service has a way of doing that to a person

I don't suppose you've been reading Jorgen's posts about having his johnson tattooed by a barracks restrictee, have you?

MD

PonySoldier · Jan 20, 2005

MikeD said:
I don't suppose you've been reading Jorgen's posts about having his johnson tattooed by a barracks restrictee, have you?

MD

No I have not.

narlus · Jan 20, 2005

ALEXIS_DH said:
or better yet.... save in euros

doesn't work so well when you are paid in US dollars, and do you really think it will go much higher?

llkoolkeg · Jan 20, 2005

When I think of putting my money in Panama, I get a flasback of crater-faced, cloven-skull Manuel Noriega waving that machete and pounding it on the podium before his world came crashing down around him. I think I'll keep my cash clear of banana republics, thanks.

SkaredShtles · Jan 20, 2005

stosh said:
Thats how I feel too! Thing is I have a few K in 2 seperate 401k's.

Consolidate them.........

-S.S.-

SkaredShtles · Jan 20, 2005

stosh said:
I can't I checked that already.

Whaddya mean you can't? You should be able to roll over into your IRA..... which is in essence consolidation.

-S.S.-

SkaredShtles · Jan 20, 2005

stosh said:
Well the one I"m still contributing to and the other is from another company.

You should *definitely* be able to roll the one from another company into your IRA.......... if they tell you that you can't, raise some holy Hell.

-S.S.-

JMAC · Jan 20, 2005

Go to horse track with your money and beton horse races...bestway to make money...hehe

reflux · Jan 20, 2005

SkaredShtles said:
You should *definitely* be able to roll the one from another company into your IRA.......... if they tell you that you can't, raise some holy Hell.

-S.S.-

But if that 401k is still performing well, why bother? I say keep it unless you think the returns (if any) could be better elsewhere.

reflux · Jan 20, 2005

Personally, I'm not a big fan of CD's at the moment. Yes, interest rates are rising, but they're still too low if you're actually looking to make money, not just maintain its value. Money markets are a good option as everybody has suggested. One thing I don't think anyone has touched on are short-term equity and bond funds. A lot of people who keep a several thousand dollar emergency fund put some of that money in these. If you can find a fund that doesn't charge a high fee, the returns can/will be better than a savings account, a CD, and a money market (of course it all depends on your fund choice). The big plus over a CD is that you can withdraw money from the st funds at any time, but you'll have to check the details to see if there's a minimum balance requirement. Blah blah blah...

SkaredShtles · Jan 20, 2005

reflux said:
But if that 401k is still performing well, why bother? I say keep it unless you think the returns (if any) could be better elsewhere.

I am a firm believer in keeping your finances consolidated (read: simple; diversified, yes, but simple) - if your 401k is performing well, then your IRA should be invested in the same things..........

And since you can't roll your IRA into an old 401k...............

-S.S.-

MikeD · Jan 20, 2005

I don't get it...my bank offers .5% interest on money market savings, less than the standard savings account.

http://www.bankofamerica.com/military/index.cfm?state=CA&view=PRODUCT&category=RATES

I Are Baboon · Jan 20, 2005

Stosh, 10-12k is a lot of money. You might want to consider talking to someone who actually does this kind of thing for a living, instead of asking a bunch of mountain bikers with opinions. Nothing against the mountain bikers mind you, but there are professionals that get paid pretty good money to advise people like yourself.

SkaredShtles · Jan 20, 2005

MikeD said:
I don't get it...my bank offers .5% interest on money market savings, less than the standard savings account.

http://www.bankofamerica.com/military/index.cfm?state=CA&view=PRODUCT&category=RATES

Well, it *is* Bank of America.........

They don't make all that money by giving it away in interest to its depositors.....

-S.S.-

SkaredShtles · Jan 20, 2005

I Are Baboon said:
Stosh, 10-12k is a lot of money. You might want to consider talking to someone who actually does this kind of thing for a living, instead of asking a bunch of mountain bikers with opinions. Nothing against the mountain bikers mind you, but there are professionals that get paid pretty good money to advise people like yourself.

Hmmmmm........ and here I was thinking that 10-12k was chicken feed.

In the greater scheme of things (mortgages, cars, kids.......) 10-12k is not even emergency money.

Of course to a young, single guy.........

-S.S.-

SkaredShtles · Jan 20, 2005

stosh said:
Yeah and I guess I will need to talk to someone at my bank. I guess I just wanted to see if I was snopping in the right direction and it appears I am.

Be careful about talking to somebody at the bank - they will *not* generally steer you in the direction of things they don't sell.

Your best bet might be a fee-only financial planner (read: doesn't sell anything).

-S.S.-

I Are Baboon · Jan 20, 2005

SkaredShtles said:
Hmmmmm........ and here I was thinking that 10-12k was chicken feed.

In the greater scheme of things (mortgages, cars, kids.......) 10-12k is not even emergency money.

Of course to a young, single guy.........

-S.S.-

No matter how you look at it, $12,000 is a lot of money. If it's only chicken feed, give me $12,000 and see if you miss it.

SkaredShtles · Jan 20, 2005

stosh said:
Here's another weird questing slightly off topic.... what's the best way to pay for a ring while trying to save for a house?

Buy a really cheap one that you can afford...........

I was lucky - my wife and I bought hers in Antwerp while we were on our 4-month European holiday. We had a couple months yet to go, so she opted for a very modest, basic ring. :thumb:

-S.S.-

SkaredShtles · Jan 20, 2005

I Are Baboon said:
No matter how you look at it, $12,000 is a lot of money. If it's only chicken feed, give me $12,000 and see if you miss it.

I guess I was looking at it in relation to the Big Picture. You're right - 12k is a bunch of money.

Of course, when talking about a down payment on a house, it's barely closing costs. :mumble:

-S.S.-

N8 v2.0 · Jan 20, 2005

stosh said:
Here's another weird questing slightly off topic.... what's the best way to pay for a ring while trying to save for a house?

Save your ring money... at least until you and your wife hit your 5th year of marriage.

I Are Baboon · Jan 20, 2005

SkaredShtles said:
Of course, when talking about a down payment on a house, it's barely closing costs. :mumble:

-S.S.-

This is true. But for Mr Stosh who is just trying to get the ball rolling, $12k would be a decent start.

N8 v2.0 · Jan 20, 2005

SkaredShtles said:
I guess I was looking at it in relation to the Big Picture. You're right - 12k is a bunch of money.

Of course, when talking about a down payment on a house, it's barely closing costs. :mumble:

-S.S.-

Oh that's more than closing costs... but a $12k down payment will avoid the PMI penalty on a house costing only $60,000.

SkaredShtles · Jan 20, 2005

stosh said:
I bank thru a very very good credit union!

That's probably a good bet, then..........

-S.S.-

N8 v2.0 · Jan 20, 2005

stosh said:
I need 3% down + closing costs on a 150-175k home.

..and you'll pay a hefty monthly PMI payment until you hit the 20% mark... right?

Ok need banking help....

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