Loaded-Gun.Com - Anti-Social.Com's Rejects!
General Category => Discontempt => Topic started by: bagman on February 18, 2009, 04:35:29 AM
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I am a fucking millionaire in the making. Even CNN believes it.
Out of 71 "Millionaire in the Making" iReport entries (http://www.ireport.com/ir-topic-stories.jspa?start=60&topicId=9548), 5 of them actually ended up on CNN. I was one of those 5!
http://www.ireport.com/docs/DOC-47965 (Check on the "On CNN" stamp)
Hah. The girl who interviewed me over the phone from CNN's iReport said she loved my shirt. Niiiiice.
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You should hit her up for a 3way with your current sextoy.
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Good goal, but you're drifting along too much. I love talking investing with people so below is my mindset when it comes to investing and how I came to think this way... if any of it's useful feel free to run with it or post back here. Also if you bought the condo in 2006 you probably don't have $2,500 equity now.
1. Set three very clear goals
a) How much will you make?
b) deadline
c) why are you doing this?
For me (a) is $50,000 NZD per year in passive income because I could retire off that should I so choose. I prefer to make hard cash from assets rather than rely on capital gains so I don't care if I'm a millionaire or not. If you've held shares for the last 6 months you will understand how quickly paper-profits can evaporate. I may use capital-gain deals to facilitate cash-flow but my goal is not to hold a ton of shares. (b) is by July 4 2011, my 30th birthday and (c) is because I don't like working for the man. Life's too short to be in an office. I want to take some time out and figure what work I really want to do.
2. Figure out how you can achieve these goals.
You seem to be messing around with credit cards, a condo, stocks, a 401K. Make sure the game you're playing with the credit cards works out. If you're putting a little into stocks, a little into real-estate etc could you get more returns just by focussing on 1 asset-class and becoming a master there? There are very few wealthy people with 1-2 houses, a few stocks and a 401K they've put some money into. Right now, I can't help feel you'd be better to save as much as you can and wait for a real bargain to appear.
I wanted passive income so I chose real-estate.
3. Patience and timing
Don't buy every month as the market is falling, what a waste of time. Save your resources and pounce when a real deal comes up.
I started saving in 2006 but the NZD was expensive (I earn yen) so I waited and read dozens of books on property.
NZD crashed late last year so I bought a duplex, then it crashed even further so I've just signed on a four-plex. I'm about 2/3 towards my goal and because I bought well my "break-even" point is 50% occupancy. If the NZD stays down until October this year I will probably get another duplex and from there I can start paying down debt from the income to increase cash flow further and lower risk.
I don't care if property values drop another 5-10%, I'm saving 40% on the currency transaction and the cash flow from rents will mitigate some of that. Other people will have difference circumstances.
4. Add a zero to what you think of as the unit that means "a lot of money to have". I trained myself to feel that what I was making and had as inadequate and I automatically busted ass and moved up a rung. Reading your article you're mentioning things like $2,500 equity.... that's pretty meaningless. Aim for $25K equity and $350 per month in income from the place, now you're talking some numbers. You could then buy 3 more condo's and be making $500+ a week. 3 more after that and you could play golf all day.
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Stock advice, anyone?
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Under, you're dead on about needing concrete plans. Some of mine are (short term mostly - 1 year goals) and some aren't. I'd "like" to have my condo paid off by the time I am 30 (Oct. 2010), but unfortunately I am not giving it my all and being truly aggressive enough to accomplish that. In addition, with the mortgage rates dropping (4.5% or lower will really excite me) and me having a fairly substantial savings account and brokerage account (can we say down payment), I have thought about investing in real estate as well. However, I don't know if I'm cut out to be a landlord. I have this book by Robert G. Allen titled "Creating Wealth" that is all about buying real estate and it's pretty tight.
Focus. I need it. Right now $500/month are going into stocks, 8% of my salary to my 401K and I should be putting the finishing touches on hitting $20k in my savings account by summer. If I did put everything all in one I could probably get better returns, but the 401k feels like a safety net for me in case other endeavors don't end up well, I still have that when I'm older. But I'm getting my balls smashed in the 401k. I am very risk-tolerant so have almost 100% of my portfolio in stocks, so in one year I am down pretty heftily. (-47%). It'll come back. Plus I'm able to get more shares on the cheap right now.
Over the past 3 months I've added to my stocks... bought GE, APPL (Apple), MCD (McDonald's), and BAC (Bank of America). Unfortunately, I thought when I bought them there could be no possible way they'd drop more than they already had. I learned a valuable lesson. You can't time shit. Don't even try. Just ride it out and hope nobody goes chapter 11 on yo ass.
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I'd be interested to hear what you think about this topic now, Kyle :P
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Living life with no real plan or goal is always fun. I used to have plans and goals buit now I just don't fucking care anymore!
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(http://www.gravelstudios.com/articles/tengames/lemmings1.jpg)
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I love that game
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(http://www.gravelstudios.com/articles/tengames/lemmings1.jpg)
@ Tricky
It's probably not my place but I recommend a plan. I only say this because I like you.
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Blah.
Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.
I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.
I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.
/end emo
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I don't know if youlike the idea of being normal. I read the above as normal.
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I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.
It's very dumb.
I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.
See, I thought the same thing, but the latter happened. I just sat and stared at the wall when I had no internet or anything. It was gay. I managed to pick up a book though (the last one I managed to read was Seventh Son).
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Blah.
Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.
I feel like I need a partner to get certain things out of life. I don't know why I feel like that but I do. It's kind of dumb.
I think the only way I might ever be productive is if I got rid of the internet and cable TV at my apartment. Or, I'd still be unproductive but I'd also be really bored.
/end emo
The following may be unwelcome, please ignore if so...
Getting rid of your television is not a bad idea. I haven't watched anything more than a baseball game in 4 years and the only reason I watch baseball is because I'm trying to learn how to play it. I haven't missed anything. Sure, a bunch of shows are recommended to me, but my life is no worse off for not having watched lost, prison break or any of that stuff.
This is totally patronizing, but I feel you're not looking for a partner, you're looking for someone to come along with a plan because you're either too timid, too lazy or too scared to commit to something by yourself. You're fifteen of my ex-girlfriends :-)
Achieve something on your own, and then you start to respect and be drawn to others who do the same. Not because you or he are going to paint over the other's insecurities either. My wife and I regularly pick apart the other's companies, investments and plans. Not because we're obsessed with making cash, but because we like challenging each other on shit that most people avoid at the dinner table.
OK, end of slightly drunk post. Flame away.
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Maybe trick just needs a muse. One she could fuck would be a bonus.
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Christ on a stick I must have been drunk last night to post that.
I mean all of it, but in slightly easier to digest prose broken down over several weeks :P
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Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.
I would give anything to erase the past nine years of my life
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I mean all of it, but in slightly easier to digest prose broken down over several weeks :P
So what you're saying is, you'll be able to help tricky in November.
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What he means is, he thinkingof a way to package it into a seminar he can franchise.
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I would give anything to erase the past nine years of my life
Me too. *sigh*
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I mean all of it, but in slightly easier to digest prose broken down over several weeks :P
So what you're saying is, you'll be able to help tricky in November.
Fuck I hope so. Anyone who will convince me to be motivated will get a fat check from me one day.
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Well, it's hard to care about stuff anymore after realizing the last 5 years of your life were worthless, and you put a lot of time & energy into something that failed miserably.
I would give anything to erase the past nine years of my life
I never fail. I just successfully not achieve whatever it was I set out to do. But usually, that works out fine for me, anyways.
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Anyone who has to "learn to play baseball" is:
Definitely not American. We are born with this ability.
Most likely a flaming effeminate homosexual.
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definitely not american.
however, i can hit like an immigrant
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Anyone who has to "learn to play baseball" is:
Definitely not American. We are born with this ability.
But not the ability to win the WBC, huh?
Wait, who was it that won both WBC's so far? Hmm...
(http://www.mapsofworld.com/images/world-countries-flags/japan-flag.gif)
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Anyone who has to "learn to play baseball" is:
Definitely not American. We are born with this ability.
Most likely a flaming effeminate homosexual.
That shit's ingrained, son. Even in most females.
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The corruption of forieign concepts being part of Americans DNA is a truth.
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"The question of the origins of baseball has been the subject of debate and controversy for more than a century. Baseball (and softball), as well as the other modern bat, ball and running games, cricket and rounders, developed from earlier folk games."
Explain how it's a corruption of a foreign concept.
http://en.wikipedia.org/wiki/Origins_of_baseball (http://en.wikipedia.org/wiki/Origins_of_baseball)
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"That baseball is based on English and Gaelic games such as cat, cricket, and rounders is difficult to dispute"
"Although the roots of baseball are English,"
"Americans played a version of the English game rounders in the early 1800s which they called "Town Ball". "
~blink.
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I guess it's like kiwi's being able to pass and kick a rugby ball. Anyone can do it.
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Im not sure England is the dominant nation.
http://en.wikipedia.org/wiki/History_of_Immigration_to_the_United_States (http://en.wikipedia.org/wiki/History_of_Immigration_to_the_United_States)
There are periods where the Brits do have numbers...
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stop teasing danzig. :)
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"Between 1850 and 1930, about 5 million Germans emigrated to the United States with a peak in the years between 1881 and 1885, when a million Germans left Germany and settled mostly in the Midwest. Between 1820 and 1930, 3.5 million British and 4.5 million Irish entered America. Before the 1840s most Irish immigrants were Irish or Scots-Irish Presbyterians."
aww come on, just one more post....
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What about all teh niggers?
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yeah, they win several periods.
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Update.
First thing - I have been mulling over the thought of paying off the first of my two mortgages on the condo soon. (I have one for $75K and the one I am thinking of paying off is $23k). I had the thought in the very back of my head for a while, but Nick really got me thinking about it some more.
Positives:
- instant $23k equity in my condo (on top of the ~$17k I already have in it) bringing it up to about $40k in equity.
- $250 less a month that I will have to pay on the mortgage
Negatives:
- My savings would be completely wiped out.
- Potential to have less tax reductions at the end of the year, due to not paying interest on that loan any more.
I need to sit down with myself one night, and actually do some number crunching to find out exactly how much I will save, the exact tax consequences, how quickly I could get a savings account back up, etc.
These past two months have not been good with regards to monthly outflow. Starting last month the firm decided not to pay for parking anymore due to the economic situation. So that is $120/month I now have to pay to park downtown. I just received a statement from Wells Fargo and they are upping my monthly mortgage payment with them, $60/month, due to projected property taxes owed at the end of the year. (Wells Fargo is my $75k loan - CitiMortgage is my $23k). Just Monday, I received a quote for my Esurance 6-month policy. Rapists. I have been paying $631 every 6 months, and now they want me to pay $950 every 6 months, which equates to about a $60/month increase. I called them last night to find out what the deal is, and they said it is nothing I did -- this is some sort of Esurance Texas "blanket" rise in insurance costs. So within the past two months, my monthly bills have gone up $240/month. Blah.
In better news, my 401K now is up 16% YTD, and so I am recouping some losses, albeit slowly. I should have about $33K in it, but currently stand abount $24k.
My stocks were down nearly 45% about the same time (February) and now I am only down 7% (this is total from when I bought the stocks - not based on a particular time period). I have $1500 I am waiting to throw into some more stocks, but haven't read about anything worth a shit lately. Already own GE and Bank of America, so don't want any more banking/finance related companies. Apple and Visa are my shining portfolio stars right now.
Anyway, I guess I am still figuring things out. More, like gliding along with occasional spurts of activity, than actively investing in my future.
I have the potential for so much more; I just need motivation.
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You get a tax deduction for interest on a non-investment loan over there ? I now understand why America is fucked.
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I have the potential for so much more; I just need motivation.
Lamest excuse ever. Anyone could do near anything with motivation, everyone has potential.
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You get a tax deduction for interest on a non-investment loan over there ? I now understand why America is fucked.
Dude we are SOOOO fucked. We pay 46 cents for a liter of gasoline, we pay 15 cents for a banana, we get a $500 deduction for each child, we get deductions for interest paid on mortgages and car loans...
...and still we complain.
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if people ate more bananas and less lard it'd be a start
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You get a tax deduction for interest on a non-investment loan over there ? I now understand why America is fucked.
Dude we are SOOOO fucked. We pay 46 cents for a liter of gasoline, we pay 15 cents for a banana, we get a $500 deduction for each child, we get deductions for interest paid on mortgages and car loans...
...and still we complain.
See, that's why its pointless to point out just how good youse have it.
Mind you, we aint got it so bad here either. So I dont bitch. How can you bitch that its a bad day when you've never had a bad one?
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How can you bitch that its a bad day when you've never had a good one?
That makes a lot of sense. I rarely bitch about bad days, I thought all days WERE bad days.
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If I dont bitch now, I might have one of them bad days your talking about in the future.
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Except me. I'd think the ball was a Sherrin.
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You get a tax deduction for interest on a non-investment loan over there ? I now understand why America is fucked.
People in the US think their home is an investment.
And somewhere along the way, the idea of a home as a their "savings" took grip too.
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The home you live in is a liability, not an investment.
The property you derive income from, may or may not be an investment.
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I cant get my head around the deduction at all.
Dose the USA give deductions for loans to buy shares and other tradtional investments ?
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No we actually have to PAY tax on most investment returns.
The first thing we have to do is get away from the idea that a home is an investment. A home is a place to live and they are expensive to purchase and maintain. But necessary to our self worth and security.
The second thing we have to do is look at how the rest of the world lives and realize that all the other bubbles are about to burst, starting with energy. And get used to it.
The third thing we have to do is stop wasting money on foreign soil. North Korea doesn't have a chance in hell of defeating South Korea as things stand today, so why are we still pumping money into a machine that is proven and doesn't need us anymore? And that's only one example.
And I'll end this post here before I get wound up and type all night.
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First things first Zoomie. Take a deep breath... and calm down...
Now, get your keys, and drive down the street for a bottle of liquor. After that you can have a proper tirade.
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Dude, it's me. I haven't gone a moment without at least a half 750 of Makers in the house this year. I'm fine.
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I'm pretty thankful that my industry has taken a relatively small hit compared to so many others in this economy.
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Compulsive gambling tends to ride these things out
I'm stunned that I'm still employed - financial IT systems? I should be on the street right now. Hence I'm pouring all my income into high-yield low-med income housing until I get the boot. Assuming this is like any other downturn then I'll eventually make some money out of it, but at present its just a survival tactic.
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Compulsive gambling tends to ride these things out
and most liquor stores.
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Yep. I mean, we've been affected, of course. But not nearly as much as other wastes of people's money. Gambling, booze, and smokes tend to be the last things people give up.
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My company hasn't really been hit yet. We were lucky that the management was pretty smart and didn't hop on the condo money and stuck to other more stable markets. I've heard tale of companies that were heavily into the condo/retail market having lay-offs, at least on the architectural side. Hopefully there's enough work to ride it out for a while longer, until the "green economy" stimulus dollars start coming our way.
I'm looking at taking a part-time job anyway, to pay off debt more rapidly. Plus, pending passing a physical I should start my EMT training courses soon. And I put together a three year plan to move back to Idaho (or Washington/Oregon). Three years to a cabin in the middle of nowhere, if things break the way I hope they do.
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Yep. I mean, we've been affected, of course. But not nearly as much as other wastes of people's money. Gambling, booze, and smokes tend to be the last things people give up.
You would of been hit by the US rule change in offshore online gambling/banking a few years back ? or was that just casino sites ?
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It was all of us. And we were, but not drastically. Where there's a will there's a way.
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And by "a will" you mean money/greed. Which I dont condem at all.
I'm in an interesting situ here, Stock acquisition is harder so I put my prices up but demand has increased (slightly) so I slow sell, im up on same time last year but just due to the margin increase...and Australia doesnt need to painc right now, fucking media made my demo paranoid, I feel we are begining to hurt ourselves by holding back on purchases. This of course is happening after the gov has handed out 000's of $ directly to my demo. (used clothing btw).
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I'm flat out.
And even if I do get the arse, I'm gonna walk with a handsome amount of money anyways.
That means an extended world tour!
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Update! Finances get me hard every time. I just watched Nightline and it was about how 7-11 is doing pretty damn amazing during these trying times, picking up properties for 20 - 30% cheaper than that could have a year or two ago.
I really enjoy articles on finance, money, investing, speculating, entrepreneurship, small-business owners, and reading other people's stories of success and failure. I am the way I am with money, because I knew I never wanted to have money troubles like my mother had when bringing me up as a single parent in Houston. (one time when we didn't have electricity for a couple of months I walked by a candle and caught my hair on fire). Also, when my mother did marry my step-father we were still living paycheck to paycheck and I remember all through my teenage years, countless fights about money, and bounced checks almost weekly. Piece of shit cars that barely ran, and no help from either parents for any of my college tuition or really, much else.
It's funny what your parents unintentionally teach you. I have never bounced a check in my life, and my credit score is impeccable. 800+ last I checked.
So for this year I basically had three fairly lofty goals.
1. To double my stock account
2. To double my savings account
3. To double my 401K account
And then a larger, more encompassing goal of having a net worth of $100k by 12/31/2009.
As for the stock account, I began the year in the red -14% and with $4500 in the account. I currently am in the black at +9.65% for the year, and my account is now at $8700. Since buying Apple it's gone up 86%. So I've got a little ways to go to hit my goal of doubling the $4500, but that should be doable by the end of the year.
My savings account is going well. I paid off the credit cards that I was using to collect "stoozing" interest from a few months ago so I don't have to worry about missing a payment on those bad boys anymore. I have all my savings at a small bank that is giving 4.44% APY. Started the year with $10,700 in it and I currently have $17,500. This goal is probably going to be hard to reach by the end of the year, but it will feel amazing if I can accomplish it.
The only goal that has actually been met so far, is my 401k. At one point this year I was down over 50% during the 12-months prior to that time. I have already gained that back because I have almost all of my funds in the most aggressive funds, and it's in nearly 100% stocks. Throughout the year I tweaked my percentages between the various funds, and accepted the advice that the company provides us every quarter. I surpassed my goal of doubling what I had at the beginning of the year, a couple of weeks ago. As of yesterday:
(http://img198.imageshack.us/img198/2825/401um.jpg)
I would like to replace my 401K with another goal now, so that I always have 3 goals I am working on, but I haven't yet decided on a replacement goal.
As for the all encompassing year-long goal, I don't think it's going to be possible due to various circumstances, but I will definitely hit it next year sometime.
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Kyle, if you didn't pay for your condo in full the day you bought it then it isn't yours, it belongs to the bank.
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Obviously you don't know how to calculate net worth. I am only counting the market value of my condo minus the amount I still own on the condo. (Already have paid $4000 of it off.) Obviously the value has depreciated some. Year before last my appraisal was $116,000. This year is $111,000. I do see somebody has posted a unit in the complex for $114,00 - be interesting to see if it sells at that. Still, I bought it at a great price for $98,500 using low-income status because I made under $37,000 working part-time that year.
Anyway I use Bankrate's Net Worth calculator to determine my worth.
"The value of your assets exceeds your obligations by $85,686.00". So I have $15K to go before hitting the $100k mark. Some of that will be easy, such as paying off the last bit of credit card debit I have ($2000).
My condo is only about 20% of my current $85,686 net worth.
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I have only intrinsic worth.
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Ok, this is all fucked up now but I am replying to 13chem and Balor's replies from the wrong thread in Sex.
I wasn't talking about net worth when I said your condo didn't belong to you, but rather that it belonged to the bank. I just think that people screw themselves over when they start thinking about things as assets when they don't own them outright. If your condo is only 20% of your current net worth then what do you own that equals the other 80%? Since I have been studying accounting I have noticed that the only asset you can really count on counting is cash... that is in your pocket or under your mattress.
Yeah, I completely understand my condo is owned by "the bank." (In my case there are two loans so it's two different banks.) In figuring net worth though, in practice, you do count the value of your house minus the amount owed as an asset, albeit "on paper." I can see calling a home a liability in general, especially until you actually go to sell it. The loan is the liability. Sure, money in the bank is worth more than value in a home because of the liquidity factor. But when figuring net worth, you count it.
"To figure your own net worth, you add the value of the assets you own, including but not limited to cash, securities, personal property, real estate, and retirement accounts, and subtract your liabilities, or what you owe in loans and other obligations.
If your assets are larger than your liabilities, you have a positive net worth. But if your liabilities are more than your assets, you have a negative net worth. When you apply for a loan, potential lenders are likely to ask for a statement of your net worth." - http://financial-dictionary.thefreedictionary.com/Net+worth (http://financial-dictionary.thefreedictionary.com/Net+worth)
My net worth broken down:
$19,000 in cash/savings
$8,700 in stocks
$30,400 in 401k
$11,000 for RX-8 (I understand this is being very generous, but this is how I am counting it. This is less than the KBB value for private party sale. Also, since I have no loan on it - it's been paid off for years, it's pure value.)
$16,500 in home value/equity ($111,000 - $94,500)
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You sure you want to post that shit for the world to see?
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I have only intrinsic worth.
I only have sentimental value.
Kyle, we're proud you finally got laid and got an STD. You can stop attention whoring now, no one cares about how thick and veiny your portfolio is.
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I have a lot of net debt. No stocks unfortunately, I had all my money tied up for the first half of this year and missed the rally, worst luck.
My advice to Kyle is to cash in whatever has gone up since march & pay 30% - 40% of your loan on your condo off. Put the savings you are making on interest back into shares and stuff and start accumulating again. That lets you hedge against any drop-offs in the market following the recent stock price increase. Then I would buy a foreclosed property in need of repair, renovate it and either sell or rent it out.
You'll be increasing your net-worth on three fronts:
Stocks like you are doing now
Property - higher equity in your condo and a renovation project
Cash/Savings - paying less interest = more for you.
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How does Kyle have so much fucking money yet he eats out for every meal?
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He doesnt buy condoms.
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I have only intrinsic worth.
I only have sentimental value.
Awww, both of you guys are so precious. :) :-*
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hey, recommend dropping the apple stock in the next year, since it's going to take a beating when jobs dies.
also, they're starting to have some product launched which are conceptually strange & without focus.
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He doesnt buy condoms.
those things are too fucking expensive. $14.99 for a box of 16 or something? christ. .
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They still have big baskets of free condoms at university health clinics. And I still have a grad school ID!
Man, some things I do are super cheap.
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I just tell coeds that if they want to fuck me, bring a handful.
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They still have big baskets of free condoms at university health clinics. And I still have a grad school ID!
Man, some things I do are super cheap.
they do have the free NYC condoms out here, but people always complain about how shitty they are.
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But if you wanted to have a party, think how cheap the balloons would be!
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Update.
First thing - I have been mulling over the thought of paying off the first of my two mortgages on the condo soon. (I have one for $75K and the one I am thinking of paying off is $23k). I had the thought in the very back of my head for a while, but Nick really got me thinking about it some more.
Positives:
- instant $23k equity in my condo (on top of the ~$17k I already have in it) bringing it up to about $40k in equity.
- $250 less a month that I will have to pay on the mortgage
Negatives:
- My savings would be completely wiped out.
- Potential to have less tax reductions at the end of the year, due to not paying interest on that loan any more.
I need to sit down with myself one night, and actually do some number crunching to find out exactly how much I will save, the exact tax consequences, how quickly I could get a savings account back up, etc.
These past two months have not been good with regards to monthly outflow. Starting last month the firm decided not to pay for parking anymore due to the economic situation. So that is $120/month I now have to pay to park downtown. I just received a statement from Wells Fargo and they are upping my monthly mortgage payment with them, $60/month, due to projected property taxes owed at the end of the year. (Wells Fargo is my $75k loan - CitiMortgage is my $23k). Just Monday, I received a quote for my Esurance 6-month policy. Rapists. I have been paying $631 every 6 months, and now they want me to pay $950 every 6 months, which equates to about a $60/month increase. I called them last night to find out what the deal is, and they said it is nothing I did -- this is some sort of Esurance Texas "blanket" rise in insurance costs. So within the past two months, my monthly bills have gone up $240/month. Blah.
In better news, my 401K now is up 16% YTD, and so I am recouping some losses, albeit slowly. I should have about $33K in it, but currently stand abount $24k.
My stocks were down nearly 45% about the same time (February) and now I am only down 7% (this is total from when I bought the stocks - not based on a particular time period). I have $1500 I am waiting to throw into some more stocks, but haven't read about anything worth a shit lately. Already own GE and Bank of America, so don't want any more banking/finance related companies. Apple and Visa are my shining portfolio stars right now.
Anyway, I guess I am still figuring things out. More, like gliding along with occasional spurts of activity, than actively investing in my future.
I have the potential for so much more; I just need motivation.
You'd be a catch if you weren't so creepy.
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... and taller, and less whiny, and more masculine, and not Kyle.
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Well, that goes without saying.
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So what you girls are saying is, although his mind and body are horrible, there's still a certain legal tenderness about him.
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Yeah and he's got money, too.
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You sure you want to post that shit for the world to see?
Meh. It's on CNN man.
How does Kyle have so much fucking money yet he eats out for every meal?
Eating out is my biggest weakness; fucking kryptonite. I am throwing away so much money each month on bullshit. I did go shopping a few months ago and $60 lasted me a week and a half which was a significant savings, but spending my time grocery shopping is not appealing at all. I bet I could hit savings goal for the year if I started grocery shopping. Hmm. Tricky, if you were here you could go shopping for me and I'd pay you for it, as long as it ended up being cheaper overall than me eating out every day.
hey, recommend dropping the apple stock in the next year, since it's going to take a beating when jobs dies.
also, they're starting to have some product launched which are conceptually strange & without focus.
I was fairly disappointed at the 9/9/9 event that Apple held. (Other than the fact that Steve Jobs showed). No mention of the oft-rumored tablet-pod, no cameras in the iPod Touch (I do understand from a business point why they didn't do this), and just generally getting a feeling that iPods are getting pretty stale. I wouldn't say the market is saturated yet, and I do like how they are pushing the iPod Touch as a gaming platform now. I have downloaded some pretty sick games on mine. iTunes 9 is pretty cool - specifically the ability to arrange your apps much more easily! Argh. It's a good company, an exciting and forward-looking company, but I do worry about the longevity.
Hey I have condoms! Tons in fact, because I was trying all various kinds with "J" to see which felt best. (My conclusion: none). I have LifeStyles SKYN, Trojan Her Pleasure, and Trojan Thintensity (the best of the bunch) in a drawer along with my cock-rings and lube.
Whiny? Hmm, that's a new one.
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You sure you want to post that shit for the world to see?
Meh. It's on CNN man.
Your personal net worth is on CNN? You happy for the world to see that you can rub 2 coins together?
Good luck with that.
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I was answering your question and that is that obviously no, I don't care that the world sees my finances if I have the shit up on CNN. I was interviewed and asked if I had any problems having my story out in the public arena, and I told the lady I did not.
I enjoy reading other people's tales of successes and failures, like some of the "Makeover" stories in Money magazine where families go into great detail about their finances and folks at Money magazine give their thoughts on how the families can reach their goals. The familes have no problem with it. I don't either. It's not like it is some super secret data.
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Fair enough... I just prefer to keep my net worth to myself. I dont need to advertise the likelyhood that I may or may not be worth attention.
The only user here who has any idea is Nick. And like the true champion that he is, he keeps that to himself.
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How does Kyle have so much fucking money yet he eats out for every meal?
He's an engineer. if you can do a job not many others can or want to, you generally make bank
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The only user here who has any idea is Nick. And like the true champion that he is, he keeps that to himself.
Ian is worth more than his AFL team this year.
I'm happy, my bank offered me another house with 100% financing and I almost bought it but at the last minute called a land agent and asked about rental properties. 250 rentals are vacant in this city. I ran like hell, pissed a few people off and am glad I did.
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Good call... where abouts?
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Rotorua, 3 days ago this all went down. I angered some folk, but I'm happy not to own the 251st vacant rental in this town
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I really don't have a plan, but that's only due to my expected short life span. Everything I make now is going to my son for when he is older. He'll have a nice place to start once I die.
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Rotorua, 3 days ago this all went down. I angered some folk, but I'm happy not to own the 251st vacant rental in this town
Oh well stiff shit, the bank should be working for you, not the other way around.
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I really don't have a plan, but that's only due to my expected short life span. Everything I make now is going to my son for when he is older. He'll have a nice place to start once I die.
I've never had a plan, just done what seemed right at the time.
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No matter what I attain in this life, Death won't let me hold on to it. So, I just try to enjoy what I can while I am alive.
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So what you girls are saying is, although his mind and body are horrible, there's still a certain legal tenderness about him.
Cha-ching!
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Kyle, please take my advice. The only reason you're "up" a little at the moment is because you were either too smart or too slow to sel your stock holdings in the crash. You had a moment of good fortune, not astute buying, lock that good luck in.
I wish I had put the money I plowed into real-estate into stocks, I could sell out now and buy 3 times as much property. Lesson for me is to think outside the books I've been reading. I'm opening an e*trade account to make sure this doesn't happen again.
Ian - banks don't care. It were lawyers, accountants and property finders that were in line to make some cash. Disappointing them doesn't upset me too much.
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I've done well out of the recovery, I'm up roughly 75%...
Again, they should be working for you, not for themselves.
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Yeah, don't get me wrong... I'm happy to have the real-estate with the 30% deposit on both locations. What I'm not happy is that buying the second one in Feb hamstrung me from buying any shares or options during the biggest share bounce in a generation. I could see it coming and was stuck on the side-line.
However, considering what has happened to a lot of folk, including some members here, coming out of this recession with a couple of blocks of flats is a result I will take. Especially considering what my wife is up to.
The bigger lesson I've learned is paying off my Mac. I bought a souped up Mac Book Pro for about $4K, split over 24 months. I could have paid cash but decided on the split payments for some reason. I'm glad I did because it rubbed a few lessons in:
1. It feels stupid to be paying $250 per month for an asset 20 months after buying it when I could rig up a linux box for free
2. #1 when I'm watching the biggest share rally in 40 years.
3. Paying a premium for an asset that depreciates is retarded. Kyle knows this.
4. All of the above again and again.
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3. Paying a premium for an asset that depreciates is retarded. Kyle knows this.
Hence my purchase of a 2 year old car. Most of the savage depreciation is done... I'll have it paid off next year, and it'll do me for a decade.
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I bought a souped up Mac Book Pro
There goes my appreciation for your manly heterosexuality. Right out the window...
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Nick - I was in your situation, I went ultra risk and chose 120 day CFDs. made less than I would have it I had the credit free. Now I have the cred there's only long term stocks left to buy.
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There was a point to this, I started a company that was doing small-business IT, one of the main things was Filemaker pro development. Filemaker is at it's best on a mac, and the company founder is a huge apple-head. In my entrepreneurial glee I let myself be persuaded into buying this thing.
The company still exists, and has a couple of clients but I'll likely never see the $25K I plowed into it. Yet another failure, Nicholas.
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Nick - I was in your situation, I went ultra risk and chose 120 day CFDs. made less than I would have it I had the credit free. Now I have the cred there's only long term stocks left to buy.
at the time you feel soooo smart, right?
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Hell no !
wait...You mean smart being in RE ? or smart doing CFD ? no matter. I felt safe in RE (still do) and I knew the lenders would give me time to pay is the CFD gamble went south. But its still a huge risk...I had no guarantee the lenders wouldnt hit me hard. yeah anyway. that will do for an answer.
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not sure what RE is, some kind of margin?
and I haven't really checked out how CDF's move, are they any different from a warrant?
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Real Estate. Your game.
And fuck CFD's. They be the sort of shit that got us into trouble in the first place.
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thought it meant that, but I didn't know he was in RE.
CFD - certificate for difference. I guess it's leveraged margin trading huh. I prefer vanilla options.
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and I haven't really checked out how CDF's move, are they any different from a warrant?
Yep. Full obligation to buy on expire.
but wiki is better at this than I am.
http://en.wikipedia.org/wiki/Contract_for_difference (http://en.wikipedia.org/wiki/Contract_for_difference)
and Ian is right. 'cept I would add it was people that didnt have the assets to cover their investments is the ture root of the cfd issue...almost all fiscal issues infact.
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I was having a go at derivative financial instruments in general... But it's a personal preference of mine to know I actually own a piece of something outright instead of a vauge concept. Yeah yeah, very 20th century of me.
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@banal
not so different, a lot of warrants available by retail are essentially CFD.
The margin part is scary, I assume you protected yourself with stop-losses etc. The thing I don't like is you can be triggered to sell by a bounce that has nothing to do with the value of the underlyer. I prefer an option because a) no margin, b) unless you're writing you know your maximum loss (and you can hedge if you are writing) so stop-loss isn't needed so much and c) you can exercise at any time you want.
@mosh
Good way to be.
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I day traded with a stop loss inplace incase of internet dropouts. Crazy ? In my case not really. I spent a few weeks doing the math and only exposed a 1/3 of the gravy I had made durring the housing boom. Which is still kicking for Oz.
I chose cfd due to its easy set up and my bank managers ignorace to the real risk. He hated the idea of borrowing for 'traditional' derivatives. Didnt have a clue about cfd.
and I admit knowing next to fuck all about call/put trading.
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I invest pretty much all my money into living well and taking nice holidays.
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Yeah man, I'm about that too, but I need a future where I can go to NZ at the drop of a hat incase something happens back home.
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Yeah like OMGZ IT'S A SHEEP EMERGENCY!
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Nick, I didn't sell my stocks during the crash, because then you lock in your losses. With the potential for a rebound I kept everything I held before it. It's money I don't need right now, so I might as well keep it in stocks. I also of course acquired more stocks as the shockwaves hit the markets and it dropped. It dropped some more after I bought, but then I bought more. Now that it's going back up, I'm happy I stuck it out. I have a tough stomach for the ups and downs. I also only invest what I can afford to lose, that won't make me want to kill myself for becoming a destitute schmuck.
I do like your ideas about real estate, and many things I have read say it's THE WAY to create huge wealth and your fortune, but I am also afraid of having my money locked up in something like property. I don't know what the fuck I am doing with real estate, so I am afraid of venturing too far into it with little knowledge. Paying my condo down is a good idea, and I have thought about it, but I don't want to wipe out my savings completely, when paying off the chunk of it. You know the motivation problems I have, and owning more rental property... fuck that scares me.
3. Paying a premium for an asset that depreciates is retarded. Kyle knows this.
Yes. That was a big $37,500 mistake. I can only imagine what that would be worth now if I had done something else with that money 5 years ago, instead of buying the car.
I invest pretty much all my money into living well and taking nice holidays.
Me too. I don't barely get by because of the money I throw into stocks, 401k, savings, whatever. I still enjoy life, while saving. I mean two trips to Japan this year, a whole range of new gadgets and electronics, going to as many concerts as I can stand, eating out nearly 100% of the time. Taking my gal pal out. :D
A monetarily stress-fee life is good for your health.
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Black Sheep - The Movie (http://www.youtube.com/watch?v=eXO3BF-D-E4#normal)
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So Kyle, what is the % of mortgage that you pay vs. your salary?
mine is like 37% from take home pay.
i'm really not sure what i can do to save more money. it seems impossible to be able to save a significant amount of money out here and also be able to have a good social life. just to go out one night here, probably will set you back $60-$100.
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I used to go out all the time, and still put money away. Carolyn can witness how much I used to blow in bars on whiskey and whatever my friends were drinking. If you're spending only a third of your income on shelter living in North Jersey, you are doing good in that regard.
Google "pay yourself first" and try that for awhile.
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Will do.
Oh yeah, C says, when is the wedding?
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Saturday, October 17th.
The wedding is in Scotch Plains, and I think the reception is in Berkley Heights.
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k. i'll let her know.
the pay yourself thing, i already do that, i put 5% into my 401K, but that still doesnt seem like i'm saving as much as i'd like to.
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Google "pay yourself first" and try that for awhile.
This is a great idea. I recommend it to everyone.
If you can squirrel away 10% of your pre-tax income into something other than a 401K, and not touch it for say 12 months, you'll be surprised how much accumulates.
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i should set up my roth ira so 5% of my check goes into that as well... i wonder if i can do that on their website. i suppose so. i hate having to talk to those people on the phone.
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So Kyle, what is the % of mortgage that you pay vs. your salary?
mine is like 37% from take home pay.
i'm really not sure what i can do to save more money. it seems impossible to be able to save a significant amount of money out here and also be able to have a good social life. just to go out one night here, probably will set you back $60-$100.
31%. That includes the mortgage and monthly HOA fees, which are pretty high due to this being a condo community.
If you do want to start socking away funds in a savings account, I would have recommended Emigrantdirect a few years ago because they had pretty high interest rates, but they suck now. You get can 4.44% APY at First Arkansas Bank and Trust. https://www.firstarkansasbank.com/index.html (https://www.firstarkansasbank.com/index.html)
All you have to do is: Use the debit card 10 times a month, get electronic statements, log into your account online once a month, and do a transfer of some sort or electronic bill pay once a month. Piece of cake for a fairly outrageous interest rate for our times.
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Have a look at ING direct or something similar. Something where the money is deducted automatically so you dont notice it, and deposited in an interest bearing account. And then forget you even set it up for 12 months.
Go back in a year, and you'll probably be surprised.
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The "pay yourself first" mantra is a good one, check out The Richest Man in Babylon. While I was paying down the deposit on the flats I would send home money the day I got paid, it didn't make for a lot of fun the rest of the month, but I got it done.
Kyle - how about you pay down your larger loan, but before you do negotiate with the bank that you want to be able to draw down on that money if needed?
As for increasing your savings, you'll get more from increasing your income, either through your day-job or an extra source. Easier said than done though...
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i started a 403-B recently.
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I have a 1700-J.
At 1700hrs I crack a bottle of Jameson.
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If you can squirrel away 10% of your pre-tax income into something other than a 401K, and not touch it for say 12 months, you'll be surprised how much accumulates.
My new job? 20% 401K matching.
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man and here everyone thought *I* was the millionaire!
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My new job? 60% of what I was earning two years ago. Weeee Recession!
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My new job? I don't have one.
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My new job? I don't have one. Whiskey QA Engineer.
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There is that. And sailboat test driver.
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Big week ahead: http://money.cnn.com/2009/09/12/markets/sunday_lookahead/index.htm?postversion=2009091206 (http://money.cnn.com/2009/09/12/markets/sunday_lookahead/index.htm?postversion=2009091206)
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If you can squirrel away 10% of your pre-tax income into something other than a 401K, and not touch it for say 12 months, you'll be surprised how much accumulates.
My new job? 20% 401K matching.
i hate you.
my new job? oh wait i dont have a new job.
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Who's fault is that? :)
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My job matches 7% then kicks in something for profit sharing. I think last year that put me at 10% match, maybe.
I hate 401ks though, as I'm sure I have posted about many times previously.
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Who's fault is that? :)
i've more or less concluded that for now i'd rather focus on doing my own thing and get that going in different ways than look for a new job. not a great time to look for a new job anyways. yes, i'm full of excuses. but there is truth to these excuses.
also, Balor- C said she no can do, she has a wedding the previous week and can't do two weddings in a row like that. lolz
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The Japanese government takes a chunk of my salary to pay for their trips to Hawaii. I get what's left when I'm 65
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Who's fault is that? :)
"Whose"
Sorry.
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Nazi of grammar!!
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Nazi of grammar!!
Yes?
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Tell Carolyn I said that "C" is for "Coward".
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Hey Kyle, do you have a target date for this millionaire status?
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Tomorrow... today!
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LOTTERY!
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My motivation for this topic increases as work drags on
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I decided to stop buying $200 worth of new clothes every two weeks, (until Jan. 1). Yay me!
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wtf? What do you do, throw them away after wearing them?
I'm lucky if I spend $200 a year on clothes, and I'm a suit
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A year? My clothes come from the thrift store and get recycled every 6-8 weeks. I got new shoes like a year ago. With my luck I've been wearing the death shroud of some Filipino leper this week...
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You obviously cannot comprehend the concept of shoes.
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I comprehend the concept of comfort and protection of footwear.
Women should be barefoot all the time, or at least only wear flipflops, so I may judge their inner beauty based on the shape of their toes and instep.
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I have:
- 1 pair suit shoes
- 1 pair flip-flops which are into their 10th season. They cost $50, and are industrial strength. Best purchase ever.
- 1 pair trainers
- 1 pair of of casual shoes
- 1 pair of baseball cleats
I guess it averages out to $300 per year when you factor in replacing suit shoes and shirts, underwear and stuff. I got my suits made in Thailand. When I'm not at work I wear T-shirt and shorts or T-shirt and jeans depending on how cold it is. When a T-shirt falls apart I buy a new one.
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My yearly spending on clothes is well under a hundred dollars, which I'm sure surprises no one who has met me.
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I now have 3 pairs of trainers and 2 pairs of shoes.
1 of my pairs of trainers I've had for more than 5 years. 1 pair I've had for about 2/3 years. 1 pair I've had for about 2 months.
Other shoes, 1 pair is my regular scruffy school ones, I've had 1 or 2 years, the other pair is new, I've never worn them, 'dolly shoes' for wearing with skirt.
Other than that clothes shopping never used to cost too much for me considering I wore school uniform 5 days a week for the past however many years.
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My yearly spending on clothes is well under a hundred dollars, which I'm sure surprises no one who has met me.
Yes but you have a new (or new to me) Stryper tour shirt on every time I see you...
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Underclass is a one suit - seven ties kind of man.
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I have a shitload of pairs of trainers, the vast majority of which I never wear anymore cuz they're pretty much trashed. For some reason I find it hard to throw shoes out.
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My yearly spending on clothes is well under a hundred dollars, which I'm sure surprises no one who has met me.
Yes but you have a new (or new to me) Stryper tour shirt on every time I see you...
Well, my two passions in life are Jesus & heavy metal music.
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In his own way Jesus was Headbangin'
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http://www.youtube.com/watch?v=KubgMDSMXfI&feature=player_embedded#t=61 (http://www.youtube.com/watch?v=KubgMDSMXfI&feature=player_embedded#t=61)
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Hey Kyle, do you have a target date for this millionaire status?
Ideally, by the time I am 35. (10/2015) Understand that for that to happen, there has to be some sort of miracle but still, it's my goal.
Yearly, I spend about $300 - $400 on clothes. Though admittedly last year I was an idiot and got an account at Barney's New York, and spent over $500 in 30 minutes (buying one pair of pants, a vest, and two undershirts which were fucking $30/each but really soft). I also wasted $1000 on correspondence classes that I never did. I have been good this year, with the exception of eating out.
But you know what, sitting at work today I decided that fuck it. I AM going to hit all three goals, no matter what this year. Already doubled the 401k, the stocks are almost double and with the way things are going they should most certainly be past $9000 by the end of the year. In fact, as of today I up now up 91.8% with Apple. I am getting a little weak-kneed because the stock hit it's 52-week high today, but I'm not selling. Cramer moved his price target from $200/share to $264 if these new accounting rules are passed. But I know analysts are shmucks sometimes. I'll just play it by gut. (http://www.thestreet.com/story/10598771/1/cramers-mad-money-recap-apple-could-soar-on-accounting-rule-change-final.html (http://www.thestreet.com/story/10598771/1/cramers-mad-money-recap-apple-could-soar-on-accounting-rule-change-final.html)) Also, Visa hit it's 52-week high today. I am up nearly 24% on that bad boy.
Anyway, as I said earlier the hardest of the three goals to get is going to be my savings. But at work, I DECIDED that I am throwing in $500 per paycheck (not month -- so that's twice a month) into savings. I have 7 paychecks (today...err yesterday was payday and I just threw in $500) left this year. So 7 x $500 = $3500. $18,000 + $3,500 = $21500. Doubling my savings from 1/1/2009 of $10,700 would be $21,400. So I'll be $100 over. However, in Nov, with the trip to Japan I will probably be using that $500 for the vacation instead of throwing it into my savings. So that brings me back down to $21,000. BUT, I haven't yet counted the interest I am making in my savings account. That is about $65/month right now. So $65 x Sept, Oct, Nov, Dec = $260. So, that equals ~$21,260. I think I can manage to throw in an extra $150 somehow in the next 3.5 months. Also, we may still get a bonus at work this year. I am not counting on that at all though, but it'd be a nice surprise.
Who knows, if I can manage those 3 goals, maybe I'll hit my all-encompassing goal too.
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Who knows, if I can manage those 3 goals, maybe I'll hit my all-encompassing goal too.
To be a real boy?
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So for this year I basically had three fairly lofty goals.
1. To double my stock account
2. To double my savings account
3. To double my 401K account
And then a larger, more encompassing goal of having a net worth of $100k by 12/31/2009.
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Siko gets all the good lines.
Anyway, I would do four things right if I were in your case. All I think would have an equally huge impact on your bottom line.
1. Set a goal to cut your food budget by 2/3 per month. That means you'll have to cook, make sandwiches & cut out the Starbucks but you still get to eat out. By the way, buying her a dinner counts against your food budget.
2. Go to see your banker. You want him to agree in writing that IF you pay $20,000 off your condo, you'll be able to draw it down again any time in the next 3 years if something happens.
3. Talk to your boss, tell him you want to look at doing some extra IT courses and ask if the company would be willing to cover or part-cover the cost of those. The idea is to increase your worth to a future employer on someone else's dime.
4. Look at writing off the RX-7 and getting an economic vehicle.
I guess you'll save about $3,500 per year from cooking a little. $1,500 per year from paying down your loan. Since you're saving $13,000 extra now that will give you $18,000 extra a year. You could pay more off your loan, put that in stocks or do a mix. Good times.
OK, so we're both targeting 35. You have a head start in stocks, I have a lead in property. Wanna race?
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2. Go to see your banker. You want him to agree in writing that IF you pay $20,000 off your condo, you'll be able to draw it down again any time in the next 3 years if something happens.
This is a biggie. You should be able to swing borrowing to buy whatever shares you want, if you have equity in your house. Or better yet, buy the shares with a vanilla margin account, which only taps that equity if the shares drop (no leverage multiples).
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However, in Nov, with the trip to Japan I will probably be using that $500 for the vacation instead of throwing it into my savings.
Please tell me you are bringing more than that for the trip. I mean really. I'm pretty sure Sasha and I will be milking you for alcoholic beverages. That right there will probably be $500.
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Have you been deemed worthy? He's fairly specific about that. Maybe you should bring extra cash...
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http://www.zerohedge.com/article/thousands-rusting-ship-hulls-are-fitting-tribute-speculative-market-bubble (http://www.zerohedge.com/article/thousands-rusting-ship-hulls-are-fitting-tribute-speculative-market-bubble)
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Ain't no sailboats in there. I only do sailboat. I answer only to the wind on the water. But I am shopping for a small, reliable used outboard. Preferably Asian made, since these damn Mercuries are known to fall to shit in three years on a sailboat.
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It's a story that needs before pics.
and
Ain't no sailboats in there. I only do sailboat. I answer only to the wind on the water. I am shopping for a small, reliable used Asian male, since these damn Niggers are known to fall to shit in three years on a sailboat.
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However, in Nov, with the trip to Japan I will probably be using that $500 for the vacation instead of throwing it into my savings.
Please tell me you are bringing more than that for the trip. I mean really. I'm pretty sure Sasha and I will be milking you for alcoholic beverages. That right there will probably be $500.
Hahahaha seriously! He can't possibly have meant he was only taking a nickel on holiday with him.
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Trade hasn't recovered to the pre-bubble levels - I hope it doesn't for at least a decade.
What would you prefer your commander to say? "We're fucked. You idiots borrowed and spent for the last 12 years and it's all fallen down. We're trying to prop up enough lives until businesses and entrepreneurs figure out how to earn enough money, to pay some taxes and rebalance this thing"
Just thank your lucky stars AIG didn't reveal it's balance sheet while Bush was still in office, that guy didn't command enough respect to get his ass wiped last year.
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Ain't no sailboats in there. I only do sailboat. I answer only to the wind on the water. I am shopping for a small, reliable used Asian male, since these damn Niggers are known to fall to shit in three years on a sailboat.
Well Mercuries are painted black and if the Asian will row my boat it will work out.
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I would race ya, if you didn't have the unfair advantage of two streams of income coming into your household.
Too tired to write anything lengthy but I am really getting gung ho about this. That is one reason why I posted the goals, etc - to push myself some. To prove I can do it.
On a whim tonight, I decided to go grocery shopping. I spent $63 ($11 was on this anti-scar cream shit that has good reviews online -- my Molloscum has been gone for about two weeks, but I am not left with small red scars from where I tore them off, so I need to do something to get rid of those). So $52 on food. Looks like it will last me two weeks pretty easily. If it does, that is HUGE. Cause right now I am averaging $15 per DAY (probably higher now that I have somebody else to take out to dinner). So 14days x $15 = $210. I'll be saving $150+ every two weeks. $300 a month or so, if I can keep it up.
The other reason I decided to START eating at home tonight, is because recently I have felt my tits "jiggling". Today when I ran upstairs, I really felt my pecs were "heavy". Sometimes when I drive down a bumpy street I feel the tits bounce some. I'm skinny, but all that fast food is started to finally accumulate somewhere -- man boob alert + slight belly. I don't want to me a skinny dude with a big ass belly and man titties. That was pretty good motivation in addition to the monetary gains.
Also, I am now $30 away from my goal of doubling stocks this year. Great day for all of my holdings. Could hit that goal by end of week.
zzzz..
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The other reason I decided to START eating at home tonight, is because recently I have felt my tits "jiggling". Today when I ran upstairs, I really felt my pecs were "heavy". Sometimes when I drive down a bumpy street I feel the tits bounce some. I'm skinny, but all that fast food is started to finally accumulate somewhere -- man boob alert + slight belly. I don't want to me a skinny dude with a big ass belly and man titties.
Ahahahahaha... get to the gym, Fatty McBurgerass,
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The other reason I decided to START eating at home tonight, is because recently I have felt my tits "jiggling". Today when I ran upstairs, I really felt my pecs were "heavy". Sometimes when I drive down a bumpy street I feel the tits bounce some. I'm skinny, but all that fast food is started to finally accumulate somewhere -- man boob alert + slight belly. I don't want to me a skinny dude with a big ass belly and man titties. That was pretty good motivation in addition to the monetary gains.
lolz
also you didn't comment on the $500 of booze you are going to be spending on Sasha and I in Japan.
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I suspect that there's a reason the Jew is mum on this booze issue...
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...and the cost of the pill to put in it.
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No need for me to buy you drinks Tricky. It sounds like Lucas enjoys buying you and Sasha dinner and drinks. I will leave that in his capable hands.
First day bringing my lunch to work:
(http://img36.imageshack.us/img36/7864/luncha.jpg)
It was pretty damn tasty, though not sure I'd go as far as greasy-burger and fries tasty.
Sharp cheddar and Genoa salami on Oat and Honey, with mayo and pickles. Bag of those small carrots. Pina Colada Yogurt. Bag of generic brand BBQ ruffles. Couple of fresh mozzarella balls. Free Dr. Pepper from work. (Our fridges are stock with various drinks). Not bad.
Unfortunately I went out drinking tonight and spend about $20, so haha I really didn't save anything today.
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No need for me to buy you drinks Tricky. It sounds like Lucas enjoys buying you and Sasha dinner and drinks. I will leave that in his capable hands.
Nope, the drinks in Japan taste better if bagman buys them, I've heard.
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this is true
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You lunch was full of sugar so it wasn't healthy at all, no vegetables (carrots are just sugar). You need to add a salad to that meal with a vinegarette dressing, replace the DP with a bottle of water, and just completely leave out the yogurt.
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Compared with the usual McGreasy with fries it's a step in the right direction.
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Dr Pepper is pure horror.
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(http://www.mattresspolice.com/images/dr_pepper_moore.jpg)
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OK, so we're both targeting 35. You have a head start in stocks, I have a lead in property. Wanna race?
I would race ya, if you didn't have the unfair advantage of two streams of income coming into your household.
I would also race you, Nick, but I'm already across the goal line. :(
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He who dies with the most toys, still dies.
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Maybe Lucas inherited toys. I inherited issues
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Dr Pepper is pure horror.
YES ! Fucks me why Amercians can drink the shit.
He who dies with the most toys, still dies.
but its how your relatives/family sucks up to you that counts.
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Maybe Lucas inherited toys. I inherited issues
all earned, bub!
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Quit ignoring my computer thread, Lucas!
went out drinking ... about $20
WTF? How does that work?
Compared with the usual McGreasy with fries it's a step in the right direction.
For sure.
(http://www.mattresspolice.com/images/dr_pepper_moore.jpg)
Hahaha!
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OK, so we're both targeting 35. You have a head start in stocks, I have a lead in property. Wanna race?
I would race ya, if you didn't have the unfair advantage of two streams of income coming into your household.
I would also race you, Nick, but I'm already across the goal line. :(
What?
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I'm not the only one, I I I I I'm not the only one, I I I I I'm not the only one.
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what that means is I have a wife who runs her own company and is doing well. And Lucas has made bling over the years and has managed to separate himself from the rest of the US population by not blowing it somehow.
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I don't think Luke spends his money on anything really. He doesn't have cable, he doesn't really have any furniture. He doesn't dress ..... expensively. I want a penny pincher make over.
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Furniture is overrated.
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I like all of my furniture. You can't take all that wealth with you when you die. Might as well blow it on things you like while you still have it.
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I don't think Luke spends his money on anything really. He doesn't have cable, he doesn't really have any furniture. He doesn't dress ..... expensively. I want a penny pincher make over.
Pets aint cheap.
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I need lots of uncluttered space for when I'm pacing.
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He doesn't have cable,
this is partially true. I have an unlocked cable modem, but no cable TV. OTA broadcasts are sufficient for me.
he doesn't really have any furniture.
this is untrue. I just have 3 rooms worth of furniture in a 6 room house.
He doesn't dress ..... expensively.
this is partially true. I have the clothing, in my closet, from when I decided to dress well (and did, for 3 or 4 months). I'll pick up some of those shirts you recommended to me, though.
I want a penny pincher make over.
Didn't you get that awesome red dress this weekend for cheap?
Besides, I don't think I'm a penny-pincher. I'll spend money just fine, when it's worthwhile to do so. :P
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You mean when it has value to you.
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You mean when it has value to you.
LOL - yes, that's right. :)
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What would you prefer your commander to say? "We're fucked. You idiots borrowed and spent for the last 12 years and it's all fallen down. We're trying to prop up enough lives until businesses and entrepreneurs figure out how to earn enough money, to pay some taxes and rebalance this thing"
I wish he would say exactly that, since it's the truth. I think he should be working harder to reset expectations, not letting people think that we're going to be able to return to the excesses of the past couple of decades ever again.
I don't like furniture.
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Today, I have realized goal #1. Mind you stocks will be fluctuating, but today is the first time I have hit the goal this year.
(http://img3.imageshack.us/img3/7135/yeszo.jpg)
So for this year I basically had three fairly lofty goals.
1. To double my stock account DONE 09/2009
2. To double my savings account
3. To double my 401K account DONE 09/2009
And then a larger, more encompassing goal of having a net worth of $100k by 12/31/2009.
Also, I have only eaten out one time since last Thursday. Saturday night dinner for two.
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(http://img3.imageshack.us/img3/7135/yeszo.jpg)
Only $990947.72 more dollars to collect before you pass go.
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You might as well be wearing this shirt:
(http://rlv.zcache.com/im_not_paying_attention_tshirt-p235966084203006483qw9y_400.jpg)
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I'm just giving you shit. But since that bores me now....
(http://feministing.com/imageStorage/sinkladies.jpg)
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I want to see some crazy restrooms in Tokyo. My mom's husband has this book with weird toilets of the world in it and there are some awesome ones in Japan, but we didn't get to see any last time. There's apparently a place with this giant that looks at you and laughs (assuming at your small puny weiner) as you're pissing.
Here's a weird one...
Japanese toilet for kids (http://www.youtube.com/watch?v=TR24M6wuF-c&feature=player_embedded#normal)
Even weirder!!
Japanese toilet experience 1 (http://www.youtube.com/watch?v=_TP-ZzKbXJk#normal)
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You know more about Japan than I do.
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When I said, earlier in the year, "I'd like to go to Japan", I never once followed that up with "...to see some crazy toilets".
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thank christ
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Does anyone know if they still have those weird motorway toilets in France?
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weird motorway toilets?
you're going to have to elaborate, the only ones I've seen in there are normal ones.
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(http://upload.wikimedia.org/wikipedia/commons/9/9e/French_Squatter_Toilet.jpg)
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Ohhh right.
Yeah, they still have those kinda things.
And they're all over the place in India too.
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I have no desire to play musical toilet in Japan. I think it would catch me completely off guard.
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(http://www.movinglikewater.com/Images/japan_japanese_style_toilet.jpg)
I forgot to mention this...
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Haha. I hate those.
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its week two, you still cooking, champ?
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Yeah today it's been exactly one week. I've done well, except for two times. I took my woman out on Saturday evening to an Italian restaurant and I was craving a burger so badly yesterday at lunch I gave in. I think I'll have to have a burger or something at least once a week for a while to wean myself off. Sandwiches get very boring for lunch, very quickly.
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Leftovers are a good lunch. I used to make 3 meals at one time. One for dinner, one for the next lunch and one to freeze.
I think my wife and I will move out of the city soon. The extra $1,000 per month we're paying for the convenience could be paying off my loans instead.
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Back to Shinkoiwa?
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Nah - other direction I think. Place called Mitaka. Her Mother lives out there and a lot of her recording equipment is there too, that's more of a reason to move than the cost. I LOVE where I live now though... big, convenient and a great neighborhood. Argh
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Is that where they make the powertools ?
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Haha, maybe
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Instead of moving just get a better paying job and a new wife who could bring a dowry to the table.
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Goal met 03/15/2010: 100k in net worth! Didn't quite make 12/31/2009, but not bad anyway.
Apple is helping. In at $92/share. Currently ~$240/share.
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Oddly enough, I should have listened to you back then ...
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Nice work Kyle.
Can I offer some advice? Ok I will anyway... Get your condo loan down to 60-70% of the purchase price as soon as you can mate. Even if you have to sell some of your shares to get to that point it's worth it. If you then want to get a loan for anything, be it emergency, investment or something else you can clear most hurdles. Whatever you invest in next you'll want to do it in a down market, and your assets will also be down, might as well position yourself when times are good.
Personally I'm stuck trying to get a house converted to a yen loan, if I can swing it the interest savings will pay the place off in 10 years. We'll see, the bank wants some rediculous guarantees. It looks like I'll need to build up liquid assets like shares too, better get that thinkorswim account rolling. I haven't looked at shares in months and have no idea what's cheap now. Also want to do a renovation project for a change. All this is taking too long, it's hard to leverage when the rest of the world is trying to do the opposite.
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I hate to say this, but I think Kyle is doing better than all of us financially.
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Look how long he held onto his virginity. It's no wonder he can hold onto a buck.
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Nick, I haven't paid down my condo yet. There's a new community of apartments-converted-to-condos right next door to my condo community, and I've been mulling over purchasing one, paying it down some, and then renting it out. The only way I'd do it is if I can get positive cash flow right off the bat though. The area I live in is pretty high-occupancy due to students. (Universty of Texas, St. Edwards Unversity, Austin Community College) We'll see. The units are still under construction. (http://theriversidegrove.com/ (http://theriversidegrove.com/))
I was just re-reading my original CNN entry, and incredibly I have doubled my 401k, doubled my stocks, and doubled my savings in less than 2 years. (I submitted the entry in July 2008).
This rate probably won't continue, because most of it is due to the "recovery" we've been having. But I would love to be able to continue to double each of those 3 accounts every 2 years.
For the past couple of months I have been grocery shopping and eating at home exclusively for lunches and dinners during the week. On weekends we'll eat out, but I try to use coupons when I can. In fact I had some good Steak and Shake coupons I used today. Also http://www.restaurant.com/index.asp? (http://www.restaurant.com/index.asp?) is pretty awesome. My buddy told me about it a couple of weeks ago. He got a $25 gift certificate to this place called the Highball, for $4.
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Damn, we need to take advice from you ...
... it's getting weirder and weirder to live in this world
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I hate to say this, but I think Kyle is doing better than all of us financially.
not all of us
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Lets hope Bag's double up was not in US $.
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Fucking sweet Kyle, regardless of how your short term moves pan out you'll make more over time because you have some decent spending habits now.
Real-estate is all good, especially if you can get it CF positive in a dowmarket. I don't like 100% loans unless the CF differential is paying it off for you, but if you're comfortable at that debt range then more power to you.
I gotta get onto my bank about this yen loan, no news is bad news I guess...
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Yeah, I myself prefer the straight-up "FUCK OFF!" ...
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true, but I'll make $15K per year for every property I can get on a yen loan. 2-3 of those and goodbye jobski
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Fuckin' WERD!
Skrate up!
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What would your new title be if you got rid of all of your jobs? "Student of Life"?
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My title would be "Asshole"
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I thought your title IS asshole...
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splitting hairs...
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Both apply ...
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I could handle being a student of life for six months or so...
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I'm about close to fucked ....
... I WILL BE FUCKED in about a year with this healthcare shit
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Go on.....
I can't wait to get health care! It seems so exciting to be able to find out what that lingering pain is or why I get such bad panic attacks... or even maybe, just maybe, find out why my periods are two weeks long! :D
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It'll never happen ...
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true, but I'll make $15K per year for every property I can get on a yen loan. 2-3 of those and goodbye jobski
Got it
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Congrats!
There's more to renting than that, but, you're on your way ...
(IE: It's actually almost twice that to "retire from your jobski")
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Addendum for Dave - I own a block of 4 flats and another block of two (by own, I mean owe the bank 70% of the purchase price for). Both yield between 8-10% depending on what the rental market is like. Interest rates in NZ are 6-7% (I'm fixed at 6%). With management costs, taxes, the odd vacancy etc I might make 1% on a property if I'm lucky. Now I've just lowered my interest costs to 1.4% on one of the properties, the difference goes straight into my pocket. This led to a sense of happiness and opportunity. I'm waiting a little to switch my other property over because it's a hedge against FX risk but in the meantime the interest savings are going to pay it down. In the meantime I have offers on two other duplexes that I want to renovate, up the equity and flip to yen.
It's a long-term project, and the roadside is littered with two many burnt-out wrecks to rush this.
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true, but I'll make $15K per year for every property I can get on a yen loan. 2-3 of those and goodbye jobski
Got it
Excellent, I'll be watching your progress with interest...
BTW, my own experment in this field comes off interest only in June, and the rate decends to 6%. That's an extra 400 South Pacific Peso's in my pocket each month.
I love student rentals.
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I need to buy this building that has 6 apartments in it ...
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So, NZ does not have investment loan deductions ? or maybe it's linked to residency or something ?
hmm, if residency link... Is this why you wanted the yen swap ? if not, I understand the math of it. well, I understand it is math.
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We do, but except for the rentals I don't have income in NZ. I can declare the income in japan and use depreciation here, also I can build up losses in nz to offset against future income tax.
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I need to buy this building that has 6 apartments in it ...
Fucking wagon hoppers
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It's just really cheap ...
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And you don't have to pay healthcare
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*sigh*
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hehehehe
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I'll take it!
Dave lives in an awesome part of JAX, it's just a pity the locals dont see it that way.
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Right ...
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is it on the way up or down?
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Dude, the whole fucking country is on the way down. My house is about $45K underwater and still falling.
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And everyone is assuming that people are going to work hard & pay their mortgages for another 10 years to make back all of that lost value.
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Yeah well fuck that.
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I'm watching land prices in NC, VA, and WV. The end game of my 5 year plan is pretty much dropping out (Thrash was close, but Montana is too far away from my family & friends).
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Yep ...
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And everyone is assuming that people are going to work hard & pay their mortgages for another 10 years to make back all of that lost value.
That's a waste of effort. Value isnt something you can work to build up, it is perception.
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Like I needed another reason to not watch home reno shows.
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I'm having fun forecasting with spreadsheets, running standard Japanese interest rates across scenarios assuming standard NZ property yields seems too good to be true. Something is going to go wrong.
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Always bet on black.
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Whats the hedge made of ?
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The earth does not belong to us. We belong to the earth. Foo'.
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Praise Xenu !
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(http://jaquelineviza.files.wordpress.com/2009/03/xena_138a1.jpg)
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Uhhhhhh... no. And no. Chief Seattle.
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look at that dumb slunt. like warrior amazon women had perfectly trimmed bangs. psshh.
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She's far from a fantasy of mine, but bangs aside, I prefer to see depictions of amazon women with nicely shaven legs and not looking like they smell like a can of tuna that's been left in the sun.
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Wholeheartedly agree.
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(http://2.bp.blogspot.com/_AHxKqmmTUfg/SZh7AZkyX1I/AAAAAAAAA7w/jg-QnC_XZH8/s400/clan-of-the-cave-bear_l.jpg)
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look at that dumb slunt. like warrior amazon women had perfectly trimmed bangs. psshh.
And two tits!
This is a completely unrealistic portrayal.
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I'm not sure, did Xena ever claim to be an Amazon? I don't think so, she was the leader of a band of outlaws but not really considered an Amazon..
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look at that dumb slunt. like warrior amazon women had perfectly trimmed bangs. psshh.
And two tits!
This is a completely unrealistic portrayal.
Also true! Yet another reason why I prefer the lack of realism!
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Goal met 03/15/2010: 100k in net worth! Didn't quite make 12/31/2009, but not bad anyway.
Apple is helping. In at $92/share. Currently ~$240/share.
This year and the second half of last year weren't that great. I dropped under 100k in net worth when I had to purchase my new car mid last year, and things just kept piling on. I decided, with the help of my girlfriend nagging me, to go back to school and finish my degree in CIS. I just finished my first semester back in about 4 years and it feels great to be back in school. The only downside is I took out a student loan. So pile that on top of the car loan, and some credit card debt I accrued over the year (having a girlfriend is EXPENSIVE) and I now have roughly $15,700 in debt.
That debt coupled with some fairly significant drops in my 401K for the year, and the value of my condo and I have been under 100k in net worth for the year.
But! Today, at 11:00pm when my 401K value is updated, I should be at or above 100k again even despite all the negative things mentioned above.
Part of the problem is that this year I really didn't have many goals, financially. My focus was on my relationship. I am proud I am going back to school, but I have fallen back a bit financially.
Three shining lights are Apple, Visa, and McDonald's. 65% gain on McDonald's, 336% on Apple and 73% on Visa. GE is finally back in the positive for me now. 5%. The pharmaceutical company I speculated on was indeed finally bought out and I made a nice chunk on that. I put in a chunk of some of my leftover student loan money into Zynga last week as well.
I also invested in the .xxx domains, and am willing to lose a year's worth of registration fees if they don't work out. I hope to be able to sell at least one of them for a nice amount to a porn company, if .xxx domains take off.
I also started buying first edition books over the year and I have about 12 now, including a signed first edition of both Stephen King's The Stand, and the British edition of Anne Rice's Interview with a Vampire. I bought myself a nifty bookcase with a glass door to protect them
My goals for 2012 are:
- To pay off my credit card debt by Valentine's Day. I have $3,700 to pay off.
- To add another 1% of my salary to my 401k. That means 11% going into my retirement for 2012. I started at 25, in 2006 at 5% and have added 1% since then.
- To have my car paid off by the 2 year mark of owning it. That is by Memorial Day, 5/30/2012. I have $5,500 to pay off.
Once the debts are paid, I can move onto other things.
THRASH EDIT: Corrected an extra "list" tag that made this appear really odd in FireFox ...
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I flipped a property in NZ and made out well.
Then I went all in on a block of apartments in Japan. I'm about $2.5mil in the hole now
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bagman, the sad part is that in order to retire comfortably at a decent age you will need FAR MORE than $100k. tack on two more zeros and you might come close.
not that i have so much money to speak of, myself.
our generation is so fucked. we'll all be working until we're dead.
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Umm-yeah, really sorry about that.
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I'll accept YOUR apology, Mike ...
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Our generation is pretty well fucked. THANKS Tru.
Yeah, I know it will take a lot more and that's why I am plowing away, adding 1% more of my salary per year to retirement + the 5-6% firm match. At this rate in 2013 I will max out the amount you can contribute to a 401k per year. I only started really investing in my future 6 years ago at 25, so I feel like I'm doing ok considering. I have 80% of my 401k in stocks, very aggressive. I feel the pains and gains as the market goes up and down. Lost 70% between 2008 - 2009, gained back that plus 35% by early this year, but now back down to -12% YTD.
I really really don't want to have to work until I'm dead ;(. I don't think anybody should have to.
Then I went all in on a block of apartments in Japan. I'm about $2.5mil in the hole now
Nick, say what?! What's your occupancy rate? Are you taking in rental income? How long do you think it will take to break even on that? Still working on millionaire status by 35?
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Kyle, my superannuation receives 20% of my gross salary (10% by me, 10% by my employer), 12% is only going to provide you with the absolute bare minimum to live @ age 65. I plan to increase my contribution to 15% in 2013, assuming that the world doesn't end by then.
I'm not so sure your generation is all that fucked. The trick will be to react to opportunity when it arisies, sort the duds from the good ones, and focus on implementing a plan. It really isnt that hard, the way I see it, just in real estate in the US alone at the minute, the opportunities are there in a big way.
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Trick is boys... There is no generation. It's always been the same.
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I've lost almost $3/4mil over the last 5 years ...
I'm still just "keeping on keeping on" ...
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Amateur.
-
just in real estate in the US alone at the minute, the opportunities are there in a big way.
do you think US real estate will come back up in value? i'm guessing it will, but it'll take 20 years or so (i think).
i'm really not good with money. i don't follow stocks and such like bagman does. i've had my old 401k in the same stocks/ bond mix for a while now. i suuuuck.
now i'm so broke that i can't afford to save any money after all my bills are paid. my current job doesn't do any 401k matching, anyways.
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I used to make great money and blew it on all sorts of stupid shit. Now I make ok money and have at least learned to not blow it, but I'm not exactly able to put lots away now either.
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>>do you think US real estate will come back up in value? i'm guessing it will, but it'll take 20 years or so (i think).<<
They will come back up some within the next 5-10 years but you have to understand that the prices just before the fall were extremely inflated and completely unrealistic. Still, right now is a really good time to buy as long as you think the government will remain stable. If not then it's anyone's guess but owning property means you have the right to protect it in any event and you can't be evicted except under imminent domain.
But even then you still get current assessed value.
If you have a chance to buy from a private owner go for it because you can often get really good deals this way and you don't have to deal with a lot of the crap from financial corporations.
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just in real estate in the US alone at the minute, the opportunities are there in a big way.
do you think US real estate will come back up in value? i'm guessing it will, but it'll take 20 years or so (i think).
No. You wont see nation wide recovery. and 90 something % of areas will never see the prices they did ever again.
You can find undervalued property in huge numbers atm. and you can find them in places that need rentals. You make your profits from tax deductions until that area starts having growth.
Look at the situations vacant section then check the real estate in that area focusing on bank repos.
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So, Flint, Mi?
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Man, I actually looked up crime maps in that area when Sarah posted those ridiculously priced $500 and $600 homes. There is no way in hell, even for those prices I would invest in Flint, MI. House would turn into a crack den.
I hate banks and financial institutions too. I don't put up with shit and I take my money elsewhere immediately. Case in point. Today I deposited a large check that I received from closing out my Bank Direct account early in the week. I've had all my savings in Bank Direct earning 100 American Airline miles on every 1k, per month. I've had the account about a year, trying to get enough miles to take my now ex-girlfriend and I to Paris and back round-trip on miles. I have 140,000 miles (almost enough for three round-trips to Tokyo) and more miles than I know what to do with now that Paris is off. Anyway, Bank Direct sent me a notice saying they will start charging $12/month come January for any amount you have in your account. I said fuck that and immediately called and cancelled my account. They didn't even try to keep me on as a customer. Prior to Bank Direct I had my money in an Arkansas bank account, and prior to that Emigrant Direct. When the interest rate got too low I moved the money elsewhere.
I was at Bank of America depositing the check and of course the teller was like wow this is a big amount with a regular checking account, we can set you up with something that earns you more interest. Come in and talk to us about our Money Market or higher-interest checking accounts. Blah blah. I told them I am only using them as a placeholder, so I can then transfer it back to my Arkansas checking account, which I will be earning 3.03% APY on. I told the teller there's no way they could touch 3.03% but he said well you should talk to one of our specialists, blah blah. I made an appointment for Saturday so I can laugh in their face when they give me some paltry interest rate or an OK rate but the money wouldn't be liquid.
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Huh huh huh huh. He's a nerd.
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I can get 6.1X apy if i dont make any withdrawals.
of course, i would need money to do that.
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I heard about this financial whiz who can give me some crazy percentage on my money. Bernie something. As soon as I have enough saved up I'm totally gonna invest with that guy.
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I'll point out that my Bernie is a bank and all banks here are offering over 4% and most at least one option over 5%.
and the money i would need is at least 1 cent.
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Wow, that's a nice rape...rate.
Bernie..
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Well, here the economy hasnt fallen off a cliff, so official interest rates are around 4.75%. Banks charge about 6.5% for a mortgage, and if you shop around you can get 6.11% in a web saver acount. Most TD's are around 5%-5.5%, personal loans (secured) are about 10%, and of course CC's are anywhere north of 20%.
Again, its about what you do with your money. Over-extend, and the first macro economic sneeze will be black plague for you. I'm just about in a position to clear all my debt (about $200K), so that'll see my net worth sky rocket.
Any one want to send me some money for me to bank for you?
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I have one credit card with a 9.99% rate and a gas card with something like 20%. Of course, I don't pay any interest on them regardless of the rate because I pay the full balance on the statement monthly. My car is paid off, so I only have student loans. I'm hoping to be able to pay cash from my next car - banking the old payment, so as long as there aren't any major repairs I should be able to pull it off.
I've just got to convince my fiance that it's better to buy a house that needs a little work and spend a few weekends painting, and redoing the bathrooms and kitchen in a few years rather than shelling out too much up front. That'll keep the debt load fairly low.
I need to get moving on some of the supplemental income streams, so I can get rid of my student loans a little faster and pay the mortgage down faster.
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I have no credit cards, no car loans, no student loans, no debt of any kind except a defaulted mortgage. My friend who works for the state's attorney in Annapolis says not to worry about it, they are basically telling the banks to go fuck themselves. So I got that going for me...
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>>My friend who works for the state's attorney in Annapolis says not to worry about it, they are basically telling the banks to go fuck themselves. So I got that going for me...<<
Yeah, I hope that works out for you.
Need any raccoon pelts for that new yurt?
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No I'm thinking of going vegan again. Send me all your hemp.
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I been eating hemp seed for the last few months, mix it with some cereal, works a treat.
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They are tasty.
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My goals for 2012 are:
To pay off my credit card debt by Valentine's Day. I have $3,700 to pay off. - done 2/11/12
To add another 1% of my salary to my 401k. That means 11% going into my retirement for 2012. I started at 25, in 2006 at 5% and have added 1% since then. done 1/1/12
- To have my car paid off by the 2 year mark of owning it. That is by Memorial Day, 5/30/2012. I have $5,500 to pay off.
Once the debts are paid, I can move onto other things.
While paying down my debts, I have also decided that I am too diversified in my stock holdings. I owned stock in 10 companies, with about half of those being purely speculative (Silicon Image Inc, Sprint, Bank of America, Take Two, Zipcar and Zynga) and half of them being good companies, with strong balance sheets, strong or steady growth, and good fundamentals. (Apple, GE, McDonald's, Visa). Zynga has made me ~$2k since I bought it right after it's IPO. Last week I put a whole lot of money (80% of my savings account) into another company, with huge growth potential. So now those 10 stocks I had before make up 50% of my total investments, and this single other stock I bought makes up the other 50%. The company I've made a Hail Mary in is Zagg. Research it if you feel so inclined. Just to put in perspective how much I put in, I either make or lose $18.50 per 1 cent movement of the stock price.
It's a little scary, but I have decided that I am willing to put more risk in for the potential for more reward. If all goes well, I believe I can potentially hit $200k net worth by the end of the year.
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Damn, way to go ...
... now I need to look into this/these companies
I've been looking at it's 5yr history, as well as it's recent history; why are you so confident in it?
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I'll toss a little bit in and see where it grows/falls ...
I never put in money I'm not comfortable with losing;
... same as when I go to a casino
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Or the strippers...
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... ESPECIALLY the strippers!
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Dave, did you end up putting anything in to Zagg? Just curious because today they posted earnings and they did wonderfully the last quarter, as expected with Apple's blow-out quarter. More people buying devices = more people buying protective cases, accessories and screen protectors. Zagg is up a little over 12% today between normal trading hours and the after-hours spike. I would expect Zagg to continue to go higher as the HUGE percentage of investors short on the stock (~50%) start having to cover their short sales. The thing could slingshot up tomorrow. Who knows.
Hope you got in for the ride, my man!!
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(http://images.wikia.com/en.futurama/images/8/8b/ThatGuy.jpg)
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I'm going to now ...
Thanks for the update ...
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I know nothing about stocks. Kyle can you pick some for me?
I do know something about property. Ian, it's time I looped you into these kiwi reno projects I think.
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I'm about to jump into Kyle's suggestion ....
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Be careful, the shorts still have control of the stock. The fundamentals are there for a great growth stock story, but the percentage of short sellers in Zagg is ridiculous.
Apple is still a buy in my opinion, but the shares are expensive (you can buy an iPad for less than 1 share of Apple's stock!), so you may not be able to get many shares and it might not be worth the trouble. I own 10 shares of Apple, which is all I could afford at $92.50/share in 2009. I've made ~490% in those 3 and a half years.
I think McDonald's has come pretty far but I probably wouldn't buy anymore unless there is a pullback. I bought McDonald's at $60.67 and I am up 64% on it, in a couple of years. BUT I have been looking into the largest franchisee of McDonald's restaurants in the world as a potential buy. The company is Arcos Dorados (Ticker: ARCO). It is the exclusive operator and franchisor of McDonald's restaurants in 19 countries and territories in Latin America and the Caribbean. (Including big boys, Brazil, Mexcio, Argentina). There is potential for large growth there, but this stock would be a long-term one that you aren't going to see big money being made for a couple or few years. They currently own ~1,800 franchised restaurants. The company actually posts earnings on Monday, so it should be an interesting day for Arcos Dorados AND for McDonald's.
Another one I would look into is Visa, or Mastercard. Who the fuck uses cash anymore? Or checks? The world is going paperless and Visa and Mastercard are on the forefront. (I've owned Visa since the day it IPOed and am up a little over 95%). I believe there is still some room for the stock to grow. Mastercard is a good buy as well, but you may not be able to get many shares considering the price.
Another area that many people seem to be watching carefully is the whole "social media and internet-related" area. LinkedIn, Groupon, Yelp (IPOed on Friday and had a 60% pop), Zynga (I bought this a couple days after the IPO as a speculative play, held two months and sold for a 37% gain - but since then it has gone on to make more huge gains) and of course Facebook which could probably IPO in the next few months. I believe this is the new "bubble" and is why I got out of Zynga so quickly. Be careful with these stocks, but the potential to make big gains are there, if you are also very willing to make big losses. Don't get greedy with these, if you end up buying. Make a goal of "I want to make/willing to lose x%" and when it hits that, get out. Facebook is the only one of the bunch that I could see holding on to for long-term.
Microsoft would be a buy if it has a pullback. I had it on my watch list about a month ago, when it was at ~$26/share (it's traded in a pretty tight range for nearly a decade), and last week it hit over $32/share just purely on the excitement of Windows 8 and the Windows Phone 7 Nokias coming out. Who knows if it will be a hit, but if it is, expect MSFT to finally make some moves that it hasn't been able to make in a decade. (Already seeing it.)
I have $6K sitting in my brokerage account doing absolutely nothing for me right now that I have been looking around trying to find where to invest, but nothing has jumped at me yet. I have invested, speculated and traded, and prefer investing of the 3 because investing has made me the most. I never short stocks, and I don't like the idea of betting against companies. I NEVER buy on margin. I set my LIMIT high on stocks (like ZAGG) that short sellers are heavily in, so that my shares won't be loaned out to those fucking slimy sharks. I've researched and read some on options trading, but haven't actually made any puts/calls yet.
Others you might want to check out that I also have on my watch list:
Zipcar
Broadcom
Qualcomm
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Qualcomm?
I haven't hear shit from them in YEARS as being "profitable" with any major gain ...
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Yeah, people don't understand that Qualcomm is heavy into mobile nowadays. They make chips for the iPhone 4s, Samsung phones, and a variety of others. Two recent articles (I constantly scour news sites nightly.). I have so much free time now without a girlfriend haha.
http://www.forbes.com/sites/briancaulfield/2012/03/05/as-apple-fights-samsung-qualcomm-wins-rim-htc-lose/ (http://www.forbes.com/sites/briancaulfield/2012/03/05/as-apple-fights-samsung-qualcomm-wins-rim-htc-lose/) - Last night
http://www.ft.com/intl/cms/s/3/5c8f7380-67bc-11e1-978e-00144feabdc0.html#axzz1oPLEwJpK (http://www.ft.com/intl/cms/s/3/5c8f7380-67bc-11e1-978e-00144feabdc0.html#axzz1oPLEwJpK) - Just posted a few hours ago.
Today was a nice pullback for the market. Biggest down day this year and first triple digit loss for the Dow. About time people start taking some profits, and let a little of this bullish steam out. It would have been a good day to buy. Apple dipped all the way down to 516!! (It's high was just last week at 548). By the end of today it was back up to 530. That was about a 3% gain. If somehow you snagged it at the low at 516 and it gets back to 548 next week, it would be over a 6% gain. I enjoy watching Apple's stock on product introduction days. Tomorrow will be the iPad 3/iPad HD/whatever they're going to call it. Usually the stock sells off on product introduction days and for the next day or two after. It's the old adage "buy the rumor, sell the news."
Stock futures are already in the green for tomorrow. Futures don't always predict what the day will be like but they are a good indication.
http://money.cnn.com/data/premarket/ (http://money.cnn.com/data/premarket/)
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Hey Kyle, any info on NB Power, Canada? I may have a chance to help develop a training station for nuclear power plant operators this summer. Heard there is some controversy about them though. Wondering what the stock values are saying, or if that is even applicable.
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My IBM stock is up nicely since I started working for them, some $30 a share. Just sayin'.
The rest of my portfolio hasnt moved much of anywhere in years, sittng on a smallish loss overall. I need to get into foreign markets, ASX is too small.
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Kyle - why not trade options if you're looking at short term swings?
I bought and sold a property in the last 10 days. I think I can move to NZ, I only need to do 2 of these a year to get by and we're coming up on 2 in the first month of trying.
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Tru, sorry I don't know anything about NB Power, Canada.
Nick, did you buy and sell the same property in 10 days? If so, that's unbelievable! I'd like to start investing in property, but I'm just a bit scared to have that much debt.
90% of the stock trades I do are long-term investments, so I'm not actually looking at the short term for myself. I was just pointing out the short-term fluctuations in my last post (was pretty close to dead on with Apple - it's just about back to $548 again) for people who might be interested in getting in and out. I did get out of Zynga quickly because I don't think it's a great long term investment. If I wanted actually start trading instead of investing, I'll read more about options trading.
On a separate note, last week I was arguing with my boss about how it'd be a good investment to pick up some iPad 3s to re-sell on eBay because based on the previous two models, they are sold out in days and prices spike on eBay as shipping times gets pushed back. On Friday morning I decided to pre-order two Black 16gb WiFi iPad 3s. The shipping time was still 3/16 for that model but a couple of other models had already been pushed back to 3/19. By the end of the work day Friday, all models had been pushed back to 3/19. I just logged into Apple.com and FUCK YES, all models now show 2-3 weeks. I got my pre-orders in just in time to get them shipped to me on the day they actually come out. This Friday 3/16. I'm also going to wait in line Friday morning to pick up a 32gb iPad Black Wifi for myself and maybe one more to re-sell. I'm hoping for $200 - $300 profit per iPad, but I'll be watching the market this week to see how high prices are going. In addition if on Friday, all units are sold out across the country, that's going to make it even more worthwhile.
I love supply and demand.
http://www.pcworld.com/article/251629/apple_already_out_of_new_ipads_for_debut.html (http://www.pcworld.com/article/251629/apple_already_out_of_new_ipads_for_debut.html)
UPDATED: I decided that forgoing eBay and Paypal fees, plus the hassle of shipping it, I'll take a $150 profit instead of $200. So I turned to Craigslist to post an ad.
http://austin.craigslist.org/ele/2897492894.html (http://austin.craigslist.org/ele/2897492894.html)
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(http://forum.macworld.se/blogg/wp-content/uploads/apple_fanboy_baddrakt.jpg)
This guy has a boner for Apple too.
In one week I'm up another 50% (see last week - I said I was up 490%). As of now, in a little over 3 years, at the current after-hours price of $592.65 I am up 540%. This is unsustainable without a hefty correction. I think we will bounce off $600 and people will start locking in profits.
You know, I might just start playing a little with options. I really want to know what I'm doing before getting into options, and I need to see if I need to upgrade my Zecco account to allow me to trade options.
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I bet you have that poster on your closet door.
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He stole it from Mosh; I gave it to him his last time through here ...
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Well, in addition to getting the two tomorrow that I pre-ordered right before shipping times got pushed back two weeks, I waited in line an hour at Walmart tonight and got a 32GB White Wifi iPad (3rd generation) at 12:21am and have it right now. I have been sending e-mails to people who posted on CL and a couple of guys said they flipped theirs for $1000. We'll see. Total cost for the 32GB + tax = $648. Total cost of my time waiting = $200/hour.
I almost sold my "ticket" to this couple who came in and wanted my model. Walmart only had 16 units total and there were 12 of us in line already and no more 32 GB Wifi Whites. I would have my ticket for $120 but the Walmart employees were all uptight already, so I decided not to try and sell my spot in line.
(http://s14.postimage.org/psyhaqjm7/IMG_2502.jpg)
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Update: I'm swapping the white out with a black tomorrow and getting $25 for purely the color swap out from a guy. I told him I'm writing down his license plate number, had him send me a photo of his receipt and his phone number, because I don't want to go home and find an iPad box filled with sand, rocks, or a brick.
+$25 without even selling anything yet. Score.
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because I don't want to go home and find an iPad box filled with sand, rocks, or a brick.
...or you could, you know, check inside the box?
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He stole it from Mosh; I gave it to him his last time through here ...
Since when did I become an Apple fanboy nerd? It's Commodore, or it's nothing.
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Good luck with that on your future endeavors ...
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http://www.commodoreusa.net/CUSA_Home.aspx (http://www.commodoreusa.net/CUSA_Home.aspx)
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Good luck with that on your future endeavors ...
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http://www.commodoreusa.net/CUSA_Home.aspx (http://www.commodoreusa.net/CUSA_Home.aspx)
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Good luck with that on your future endeavors ...
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http://www.commodoreusa.net/CUSA_Home.aspx (http://www.commodoreusa.net/CUSA_Home.aspx)
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Good luck with that on your future endeavors ...
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Those Commodores are really sweet, I would love to have one. But the good version is 2k, a little to much when a typical self build windows tower able to run all the newest games can be had for $500 or less.
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Agreed ...
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New pick: Lions Gate Entertainment. I scooped up 200 shares this morning. Will hold long-term. Hunger Games is quickly growing out of it's "indie" style franchise, and the Hunger Games trilogy will be so huge it's going to turn Lions Gate into a major studio powerhouse. The writing is on the wall. It is the most commercially successful independent film and television distribution company in North America, already. They also bought out Summit in January, who of course, produced and distributed the Twilight films. There's one more Twilight film coming out. Lions Gate also does Mad Men. They are also producing a remake of Leprechaun, which excites me and is really the only reason I bought stock in Lions Gate.
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Ha, I'm watching Leprechauns Revenge right this moment.
That might be a good tip on Lions Gate, they have produced lots of popular movies.
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That's just for the other day ...
I'll watch it over a week and invest some in it as deemed necessary ...
I think that, over all, it's a good pick though ...
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Another area that many people seem to be watching carefully is the whole "social media and internet-related" area. LinkedIn, Groupon, Yelp (IPOed on Friday and had a 60% pop), Zynga (I bought this a couple days after the IPO as a speculative play, held two months and sold for a 37% gain - but since then it has gone on to make more huge gains) and of course Facebook which could probably IPO in the next few months. I believe this is the new "bubble" and is why I got out of Zynga so quickly. Be careful with these stocks, but the potential to make big gains are there, if you are also very willing to make big losses. Don't get greedy with these, if you end up buying. Make a goal of "I want to make/willing to lose x%" and when it hits that, get out. Facebook is the only one of the bunch that I could see holding on to for long-term.
See quote above. I decided to dip back into these "hot" stocks since Zynga was a good play for me. So a day after I posted that quote above I bought 70 shares of LinkedIn at $87.67. I set my limit to sell all once I hit a 20% gain, and today at lunch I sold at $105.35 for a 20% gain in three weeks. So between Zynga and Linkedin I'm up $3k total on those two trades. If I continue doing these shorter term trades (swing trading not day trading), I need to look into my tax implications. Stocks sold when being held less than a year = taxed at my federal tax rate. I could bump up my 401K contribution to 12 or 13% from the current 11% to lower my taxable income.
So now I have the original amount I invested in Zynga, the profit from Zynga, and the profit from Linkedin sitting in my brokerage account begging me to go in again. I've had my eye on a company that has it's IPO this week. (No date set yet.)
"Millennial Media." Mobile advertising. Nearly 200% revenue growth in 2009 - 2010, and over 100% growth from 2010 - 2011. 2nd largest mobile advertising platform behind Google. (Apple's iAd is 3rd).
http://techcrunch.com/2012/03/27/millennial-media-sets-price-range-for-ipo-at-11-to-13-per-share-valued-at-974m/ (http://techcrunch.com/2012/03/27/millennial-media-sets-price-range-for-ipo-at-11-to-13-per-share-valued-at-974m/)
Never buy an IPO stock on the first day, unless it tanks. You have to wait patiently watching the ticker, until a pull back and then pounce. It's really a game of timing. The one time I have gone against this IPO buying on the first-day rule, is with Visa. I've held on since IPO day and am up 100%.
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Loin's Gate keeps getting lower and hovering around the $14 mark ...
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Yeah, but since I am holding LGF long-term I can handle the fluctuations. The Hunger Game sequels aren't coming out until next year and the year after. I am in at 14.52. I could have sold on Monday for a 6% gain, but again I am holding on to this one for years.
Millennial Media is debuting on the NYSE tomorrow as ticker MM. http://seekingalpha.com/article/464831-millennial-media-s-ipo-offers-growth-and-opportunity (http://seekingalpha.com/article/464831-millennial-media-s-ipo-offers-growth-and-opportunity)
I will be watching this like a hawk and will buy in when I feel it's the right time. This one I will hold short to medium term. It would be a great long term investment too, but i will have everything locked up long term if I keep it.
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Good point(s) ...
I'll keep a look at it as well ...
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LGF is a good buy.
I'm impressed by your wins but you should be going bigger. Can't you trade on margin? Less than 20K when you're calling it right isn't worth the effort. Put your apple hares up as collateral?
I actually bought and sold the house on the same day, the deals were sorted out earlier but they settled 2 hrs apart. Made 50k. That's less than I've lost over the last 4 years on the crash but it felt good to get back to even in one afternoon. So I took that money and have two more in the pipe now. If they work out I'm seriously thinking of taking 6 months off to focus on property. It's risky but one day I'll be dead so fuck it.
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>>I actually bought and sold the house on the same day, <<
Thats where the real value is, but I've always wanted to renovate the properties and lease them out myself and be a landlord.
Thanks to the wife I have no balls now and no power to leverage so we are stuck with the handful of shit we originally purchased with no hope of leveraging it on to a larger market.
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Property is where it's at! That is a fantastic return, Nick. Yeah, no risk, no reward. I have to get over my fears of fucking up. That's what's holding me back from property, from buying on margin, and from options trading. Austin was never hit terribly by the home devaluation over the past couple of years. This city is hot. A little too. So many tech firms coming here (we already have many, many tech firms) but for instance Apple is proposing building a campus here and adding 3,600 Apple employees. Samsung, Google, AMD, Dell, etc on and on. We're dubbed "Silicon Hills". A huge Tokyo Electron facility is just half a mile up the road from me.
I am able to trade on my margin. My margin buying power is currently $56k. The margin interest rate if I used that entire amount is 6.75%.
So Millenial Media was up nearly 100% (from the IPO price of $13/share) on Thursday. Us small folk can't get into the actual IPO pricing. You have to have BIG BIG dollas for anybody to even give you the time of the day. But Friday, Millenial sunk 6.5% which is a good start. It's at $23.39. I'd probably bite if it gets in the $19.50 area.
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Tru - renovations are good. One of the two I'm working on now needs a reno, there's a trades person going in Monday, hopefully he's done before settlement date and I can move it quickly. The other place is hopefully just a quick and easy 30-40K. I'll count it when it's sold, not before.
Why can't you leverage your assets? You have no debt, right?
Kyle - just do it mate. Be careful of course but unless you can really leverage up you'll never be able to accelerate.
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Leverage is your friend. You're right, I need to take advantage of that.
As a complete aside, I think earlier in this thread I talked about how I am collecting first edition books now. There is a local book chain, called Half Price Books, that has a pretty large assortment of first edition books, signed books, etc. Once or sometimes twice a year they have week where Mon - Tues are 40%, Wed - Thurs 30%, Fri - Sat 20% and Sun a whopping 50%. That includes their first edition books which I just can't believe they allow, and I wonder how long they are going to keep doing it.
So you can technically make nearly a 100% profit on a single purchase, instantly. Now it does depend on whether their pricing is correct on the book, depending on the condition, value, etc. It's a large, local bookstore so I am pretty sure they do their research before pricing the books.
Last Sunday was their 50% off day. I went in and found an incredible, first edition Isaac Asimov - The Naked Sun (signed by Isaac as well) priced at $500. I'd actually looked at it multiple times over the past year or two. I bought it out the door with tax, for $270. If it really is worth $500 it's nearly a 100% gain, but I believe this could be worth a lot more. It's a very scarce book and the dustcover is in great shape, plus it's signed! The book is an ex-library book so there are some markings consistent with a library, but I still am amazed I was able to pick this up. I am not reselling these books, but starting a nice collection. The others I have picked up in this same manner for either 40% or 50% off at Half Price Books over the past two years are, Stephen King's The Stand 1st Edition (Signed), Anne Rice's Interview with the Vampire 1st Edition (Bookplate signed), and F. John Fitzgerald's The Beautiful and the Damned 1st Edition. Anne Rice was in town about two weeks ago at a different book store, signing copies of her new book, The Wolf Gift, and I picked one up and had her sign it. I want to stick with collecting what I enjoy reading - mainly horror and sci-fi.
I need to contact an appraiser soon, and also probably bump up my home insurance coverage.
(http://s16.postimage.org/bhk6146k3/IMG_20120401_00010.jpg)
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Tru - renovations are good. One of the two I'm working on now needs a reno, there's a trades person going in Monday, hopefully he's done before settlement date and I can move it quickly.
Why can't you leverage your assets? You have no debt, right?
I wanted to do all the work myself. Thought as a poor useless person when I was young that idea might maximize my profits, saving on labor and all. I'm not fast, but I do good solid work. On one property I did everything, fully replaced all of the plumbing, (cut and threaded every piece of pipe myself, water service and waste, as well as gas) electrical wiring, (moved the entire electrical entrance from one side of the building to another divided the house up over a dozen separate breakers (it originally had 1, ONE 30A fuse!) all fixtures, all windows, all drywall, painting, tile work in the bathroom and the kitchen counter. Even made new doors for all the kitchen cabinets. A complete hand fabricated re-skin of the original carcasses. It's almost like I built the house from scratch.( that would have been easier!) Replaced half of the roof on the house and all of the garage last summer, ran out of money and good weather so decided to wait until this summer to finish that. The only thing I didn't do myself was install the new carpets in the bed rooms and living room and the new lino in the kitchen. I can't stand the new renters but they are her friends so I don't really even want to finish the work.
While I'm busy doing all that I'm not a mover or shaker as the term goes.
As to why I'm currently fucked is because I have no real resources of my own except the real estate (I make a few K a year on short outside tech projects which have been few these past few years) BUT, all of the real estate is in both our names! And all of the rental income goes to her, she holds the property accounts. I fucked up at the start and let her be the banker-because I am the builder and don't like dealing with people.
When I started out I fully expected to be able to use our holdings as leverage to move on to bigger projects, that was the whole deal from the start.
But once the proprieties were paid off, as a fifty percent owner she refused to allow any of them to be used in any way as collateral.
When I had a chance to buy a decent property for 55k some years ago she refused to allow it. Told me to get a real job and save the money for the down payment and renovations myself.
Like I could go find a job and save any money in time, and then get any work done on it while working 40 hours a week for someone else.
That property sold for 126k the very next year.
That is actually why I went to jail a few years back on so called domestic abuse and why I still feel completely broken today. Shit I don't really even care about sex or life itself anymore.
But I'm still living in the same house (she moved out and took over one of the rentals) and I really do have little debt, the basic bills are covered so I'm not quite homeless.
Just poor stupid and sad.
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Why don't you divorce her? You live in a community property state, so the assets should be easy to divide. And she wouldn't be able to hold the purse strings over you, she'd have to split the cash too. She may also have to pay spousal support, depending on both of your working situations.
It'd at least be worth consulting a lawyer over, if you're truly unhappy.
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Well I'm not happy or really unhappy, I just am.
All of my basic needs are taken care of, the insurances, taxes and vehicle registrations get paid and I have good health care.
The problem with forcing a confrontation is it would force the properties to be sold so while in the short term I would have some money in the bank there would no longer be any steady income from the properties and the lawyers would take a big chunk of any profits.
The properties would be gone and I would still have no real regular income. The way I party any short term profit wouldn't last long so I just go along from day to day with little change to look forward to and not feeling much of anything.
Ah hell, maybe I should try to get a full time job and move on that way but the way the job market is there isn't much opportunity for a broken down oldtimer with a sketchy employment history like myself.
I could still stumble into something so I have some hope.
I was asked if I wanted to go to Alaska and mine for gold a while back! LOL
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damn, that sucks... I guess. Can you not even borrow against a house to do something?
50-100K houses. Want. In NZ everything is at least 2-3x that, Auckland is the new Sydney is the new San Francisco. On the other hand if you pick your spots at the foreclosure sales stuff is really cheap so that's my vulture target for this year.
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Good plan ...
Flint, Mi (the whole town) iis still for sale!
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Auckland is the new Sydney is the new San Francisco.
Does that mean Auckland will be thick with homosexuals soon?
Good plan ...
Flint, Mi (the whole town) iis still for sale!
There's good reason why no one wants to by in Flint.
1. Its too cold.
2. There's no work.
3. It's too cold.
4. There's no work.
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They're about to auction off the whole state soon enough ...
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My goals for 2012 are:
To pay off my credit card debt by Valentine's Day. I have $3,700 to pay off. - done 2/11/12
To add another 1% of my salary to my 401k. That means 11% going into my retirement for 2012. I started at 25, in 2006 at 5% and have added 1% since then. done 1/1/12
- To have my car paid off by the 2 year mark of owning it. That is by Memorial Day, 5/30/2012. I have $5,500 to pay off.
Once the debts are paid, I can move onto other things.
I'm really excited. I only have 3 payments left until the car is completely mine! I will make my goal above and it will be only 2 years of owning it and it will be fully paid off. Making financial goals and achieving them is like a natural high. May 30, 2012 I will have paid off a total of $9200 in debt, in 5 months. I need to start thinking of new financial goals for when I'm done with these.
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I'm still looking at your investment ideas ...
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I'm still looking at your investment ideas ... while doing the crosswords and wondering where the finance section got to.
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W3rd ...
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My goals for 2012 are:
To pay off my credit card debt by Valentine's Day. I have $3,700 to pay off. - done 2/11/12
To add another 1% of my salary to my 401k. That means 11% going into my retirement for 2012. I started at 25, in 2006 at 5% and have added 1% since then. done 1/1/12
- To have my car paid off by the 2 year mark of owning it. That is by Memorial Day, 5/30/2012. I have $5,500 to pay off.
Once the debts are paid, I can move onto other things.
I'm really excited. I only have 3 payments left until the car is completely mine! I will make my goal above and it will be only 2 years of owning it and it will be fully paid off. Making financial goals and achieving them is like a natural high. May 30, 2012 I will have paid off a total of $9200 in debt, in 5 months. I need to start thinking of new financial goals for when I'm done with these.
Start a business to generate passive income and have that money buy your investments. Trust me when I say this is an addictive way to structure things.
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Kyle, build up some capital and come build us a bowling alley!
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Fuck that; a waterpark!
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Kyle, build up some capital and come build us a bowling alley!
And a Lawn Bowls club... for 35 years down the track
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Bocci all the way, bitches!
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Kyle, build up some capital and come build us a bowling alley!
Caine's Arcade (http://www.youtube.com/watch?v=faIFNkdq96U#)
Do it yourself. If 9 yr old Caine can do it so can you : P
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Si, is the demand there for a bowling alley? Or is it just you wanting one? Whatever the case that is a total travesty that you guys are that neglected.
So, the "hail Mary" I posted about Feb 11 is coming to fruition. As I said I put $20k ( nearly all my savings) into Zagg. Currently I am up ~12% ($2400). They post earnings next Thursday, May 3rd and I'll be holding on to my seat for the rocket ride. The $40k margin I used to buy more Apple shares on Monday of this week has made me ~$2600 as well. I haven't sold either Zagg or Apple yet, so the profit is still on paper. But if I do between my LinkedIn trade, my Zynga trade, Zagg and Apple I will be in the black $9000 this year! So maybe soon I will have some capital I could use for new ventures...
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What about your Lion's Gate and that other one you had the boner for a month or so ago?
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Lion's Gate is at -$420 and Millenial Media is at -$162. Lion's Gate is one I will be holding long-term so am not worried about where it is now, but Millenial is a short to medium term play. Both Zynga and Zagg were as well and you fluctuate between gains and losses and I have the patience to wait them out until I can meet my profit goal. Overall I own stock in 12 companies, with 8 being long-term holds, and the other 4 being swing trades. (short to medium term) I don't day trade though. Total current profits if I were to sell my winners including long term would be ~$13000 and if I sold my losers I would lose ~$3000 on those, to come out with a total of $10k profit. I am not selling: McDonald's, GE, Visa, the 10 shares of Apple I bought in 2009, Lion's Gate, Zipcar, Sprint, or Bank of America because these are the long term stocks. Silicon Image, Take Two Interactive, Zagg, and Millenial are my swing trade holdings along with the 69 shares of Apple I bought on Monday on margin.
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so i'm going to be poor forever and ever and am going to become one of those old ladies sleeping inside the subway station on a piece of cardboard, probably.
yep, that's what happens when you go into fashion design and go to school in fucking Virginia and not NY.
Bagman tell me how to save money when i don't have much money to save to start with. learning about the stock market seems like an impossible task.
i have roughly $300 a month extra. is it smarter to put a portion of that into paying off my mortgage sooner, or put it all into savings & retirement?
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Wait, that depends on the term of your mortgage. The faster you can pay that off the sooner you can relax about being put on the street.
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tricky, I'll be your sugar daddy; sex is required.
The simplest way to save money is to not spend it on shit, like clothes, eating out, cable TV, etc. It's not some magic advice, it's just common sense. Do you have other debt besides your mortgage? Do you own a car? Personally, I am paying an extra $50/month towards my mortgage just for the heck of it. But I am paying much more towards my "bad" debts which need to be eliminated first. If you have credit card debt, pay it off first before worrying about saving much. Mortgage is not a "bad" debt to have so that one can wait. Paying it off faster will save you a lot of interest charges over the 30 years, but again there's no rush. Pay off other debts first, and build up a savings. At some point, you could/should start making money with your savings. Either by buying CDs, earning interest in a "high-yield" savings account (unfortunately there aren't many around right now), investing in the stock market, etc.
Open up an account with http://www.zecco.com (http://www.zecco.com) in your spare time. You can play in the stock market with "funny money" - free fake stock trades and stuff. That's how I started learning back in the early 2000s.
I am glad my parents were complete and utter fuck ups when it came to money and I had the worse childhood because of our money problems. They taught me how lessons on the value of a dollar and that I never want my life to be like it was back then. If your parents didn't teach you money lessons (either directly or indirectly) it's going to be a little tougher to understand it and make decisions.
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Wait, that depends on the term ofPay off your mortgage. The faster you can pay that off the sooner you can relax about being put on the street.
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My parents taught me to be extremely conservative and ignore advice from wealthy friends and not make money. However they taught me how to not spend much of it for which I am grateful.
Trix - if you're not interested in the stock market do not put any money into it. Kyle does ok because he likes it and studies it. I do real estate for the same reason. I haven't owned a stock in 15 years.
Here's the advice I gave my sister, who has similar zero interest in the markets and is a school teacher so doesn't make a lot of money. Steps to be followed somewhat in order but obviously some happen at the same time....
- Pay off all your credit cards and consumer debt
- Replace the cards with ones which get you airline miles
- Cook - try to eat out for lunch at most once a week and dinner once a fortnight
- Pay off school debt
- Buy a cheap home & pay if off as quickly as possible so you can rent it out and buy another one
- Figure out a form of passive income that interests you and start working on that
- About here you could start a family without hurting financially
- If at this point you're interested in the stock market or FX and have some spare cash which is not needed for any of the above, take a holiday first and THEN invest
The reason I put the market last is for her losing $5,000 in shares would be a disaster any earlier.
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Lion's Gate is at -$420 and Millenial Media is at -$162. Lion's Gate is one I will be holding long-term so am not worried about where it is now, but Millenial is a short to medium term play. Both Zynga and Zagg were as well and you fluctuate between gains and losses and I have the patience to wait them out until I can meet my profit goal. Overall I own stock in 12 companies, with 8 being long-term holds, and the other 4 being swing trades. (short to medium term) I don't day trade though. Total current profits if I were to sell my winners including long term would be ~$13000 and if I sold my losers I would lose ~$3000 on those, to come out with a total of $10k profit. I am not selling: McDonald's, GE, Visa, the 10 shares of Apple I bought in 2009, Lion's Gate, Zipcar, Sprint, or Bank of America because these are the long term stocks. Silicon Image, Take Two Interactive, Zagg, and Millenial are my swing trade holdings along with the 69 shares of Apple I bought on Monday on margin.
What's your home debt and interest rate?
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It's structured so that I have two loans, saving me from having to pay PMI (private mortgage insurance) every month.
One loan started at ~$73600 and is now at ~$68000, at 6.5% interest and the 2nd loan started at ~$24500 and is now at ~22500, at 8.6% interest. I bought the condo in 2006 at 25, when interest rates were of course, not nearly as low as they are now. I can't believe this September I will have been living here 6 years and how I've only paid off $2k of the principal on that loan with the higher interest rate in 6 years. That's sick and sobering.
I want to pay off the 2nd loan with higher interest rate pretty quickly, and I thought about just using most of my savings to pay it off. But I am now fully invested in the market (minus $2500 I kept in my savings account for emergencies).
I would love to rent my place out, but our HOA has implemented a cap of 20% on the total number of leased units in my community. Which is good because owner-occupied keeps the value of the units up, but bad because there is a waiting list (I don't even know how many people are on it right now but probably lots) that you have to get on if you want to ever rent your unit out. So I'm kind of stuck right now, with not being able to get a second place unless that second place is actually the place I rent out.
Leasing policy: http://io.dyndns.ws/BLVDHOA/?page_id=312
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1. Pay off all your credit cards and consumer debt (don't have any)
2. Replace the cards with ones which get you airline miles - i get points on my current CC, which can be used towards buying airlines tix, or towards paying the card off, or towards buying gift certificates. so far i've only done the first two. should i still get one that ONLY gives airline miles?
3. Cook - try to eat out for lunch at most once a week and dinner once a fortnight - yeah, i'm pretty bad about this. need to get better at following this advice.
4. Pay off school debt (parents paid for school)
5. Buy a cheap home & pay if off as quickly as possible so you can rent it out and buy another one - i already bought a cheap home which i'm living in now and am paying off. is paying it off quickly more important than saving money or putting it in 401K or roth ira? especially when interest is tax deductable?
6. Figure out a form of passive income that interests you and start working on that - i have some interest in starting a second hand clothing boutique online, but am not sure if that's what you mean here?
7. About here you could start a family without hurting financially (not really interested or concerned about this. haha)
8. If at this point you're interested in the stock market or FX and have some spare cash which is not needed for any of the above, take a holiday first and THEN invest
the good thing about my situation is i'm at a place where i can sustain myself every month and the only debt i have is my mortgage (which is 30yr loan, 5.4% fixed, and i'm in my third year of paying it), so any raises i get from here on out is just extra money. also i put $50 extra into paying down the principle every month which will shave 5 years off the loan, but could put more down on the principle per month.
oh, thanks bagman, definitely going to try out zecco.
my parents taught me about money. i got bank accounts and a CC pretty early on in life (like 17 or 18, i think). they didn't really teach me much about how to make money off of the money that i have, however. :P
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If I'd saved when times were good, I'd be pretty well off. I didn't.
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If my dad had bought several pounds of gold like I wanted him to when it was $32 an Oz I would be pretty well set today. But all he left me were a few old coins an old truck (that I still drive) and massive hospital debt.
Maybe I could have skipped out on the debt but at the time I felt it was my responsibility. Well, that was a long time ago.
Now I have to skip out on my own DUI fines, well sort of, they did confiscate my tax returns this year! I made payments on the fine for over a year and a half but just haven't been able to keep doing it. I still owe a little over 2k.
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Kyle if you sold all your share holdings and put that money and any other savings against your debt how much of a dent would you make in it?
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Trix - I think owning your home outright is the single biggest differentiator you can have. I would set aside an emergency fund of whatever makes you feel comfortable and then just blast that debt.
An online store is exactly what I was thinking. Shopify is your friend.
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I'd have ~$62k in cash to put towards debt. One of my debts is going to be paid off by the end of May - my car, without dipping into any of that cash. Two years exactly, which was my goal when I bought it. I'll then have student loan debt which I just took out this year ($12.5k) and my condo. If I make what my goal is from the Zagg and Apple (margin) trades, I will be able to pay off the student loan by the end of the year, or sooner, as well. I've already paid off $9k of debt since Dec. 11', between credit card (car repairs, iPad) and my accelerated car payments (paying about $1000/month).
I love my Studies in Entrepreunership class that I've been taking this semester. We got into groups the first day of class and we've been working on researching our business plan, creating a feasility study, marketing, legal, initial startup funding, etc. It's been great. In addition every week we get to hear speeches from entrepreuners, such as the Vice President of HEB (biggest grocery chain in Texas), a CEO T3, one of the largest independent agencies in the country, the founder of La Quinta hotel chains, a CEO of a fairly large credit union in Texas, Ray Benson (Asleep at the Wheel), etc.
I'd love to start my own business, but I don't have any plans right now. I am working on my focus. Eating healthier, excerising, trying to get my brain fired up and working. Brook, what do you think of a company called "Indie Cute" or "indiecute", or some combination? The reason I ask is because I own indiecute.com and have for a couple of years. My ex-gf and I were thinking of creating an online storefront kind of like http://modcloth.com (http://modcloth.com). She got a sewing machine and was learning that, and I of course like the business side, the website building, the funding, etc. But it never got off the ground. But I have renewed indiecute.com for years because it's cheap, and because I really like that name. It doesn't have to be specific to clothes. It could be weird/cutesy Japanese toys, etc. I even have a credit card for "Indie Cute" (which got me another 25,000 airline miles haha.) I know Sarah makes all kinds of cute weird dolls and pieces of art, and Sasha does some clothes and stuff I believe, and of course you do fashion design Brook. I'll get you all on board with indie cute!!
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indie cute? haha yeah it's silly but it's a name that could work, as long as there is a way to advertise it. i'd get on board with that, as long as there are other designers and stuff. mostly i'm interested in reselling clothing i find at thrift stores and vintage stores. i'm pretty good at finding stuff at thrift stores, and when you're finding stuff for $3 and can resell it for $15 or so, that's a really good markup.
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My wife and I are going to be putting in an offer on our first house soon.
I might take the first exam in the actuarial series this summer.
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I'd have ~$62k in cash to put towards debt. One of my debts is going to be paid off by the end of May - my car, without dipping into any of that cash. Two years exactly, which was my goal when I bought it. I'll then have student loan debt which I just took out this year ($12.5k) and my condo. If I make what my goal is from the Zagg and Apple (margin) trades, I will be able to pay off the student loan by the end of the year, or sooner, as well. I've already paid off $9k of debt since Dec. 11', between credit card (car repairs, iPad) and my accelerated car payments (paying about $1000/month).
If you have 60K I would pay off the high-interest condo debt right now. Just do it. The school debt also, it doesn't make sense to carry $12,500 of debt around. Then from may I would take that $1,000/mo you're putting on your car and start putting that on your condo. Am I reading this wrong or could you be mortgage free by year-end?
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Tricky, yeah, indie cute! I actually put some time into that name when we were thinking up names. It's simple, easy to remember, descriptive but not too narrow (ie modcloth.com has "cloth" in it so it limits what you can use that name for), kinda silly but not kitsch, and kind of catchy.
Emp, that's exciting dude! Good luck.
Nick, I could get close to paying off m mortgage by the end of the year if: I used the $700 I am putting each month into my 401k, and the $62k in stocks, savings and checking, all towards the mortgage I would be 90% paid off. But the student loan will still be there. Also I am at a great point in my brokerage account right now where I can start making bigger money more easily because of my amount in the market. For instance my available marginale balance was ~$55k before I bought shares in Millenial Media and Used 40k of that available margin for my new Apple shares. As I am holding these shares and they are increasing in value my available marginable balance is increasing even more. Right now My new margin able balance is 10k on top of the 40k outstanding. The more you have the more you can make. If I were to sell all my shares and dump all my stock money into my mortgage I would have to slowly and painfully build back up to nice amounts that allow me to borrow large chunks of money and make money on both my principal amounts and my borrowed funds. It would take quite a while to grow my account up again.
Edit: Anothr thing I am worried about is this lump in my breast area. If by My 11th there is no change from taking the anti-inflammatory, I will need to get a sonogram and maybe a biopsy and maybe even surgery to remove the offending thing. Depending what my insurance will cover, or could start getting pricey. So far, there has been no change in the lump.
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We're putting in a fairly low bid, so I don't have my hopes that high. I've been doing a lot of research to get a feel for how much wiggle room there generally is in the market right now. It's a recent short sale/renovation flip attempt.
They paid $160,000, put in about $30,000 of work, then re-listed for $254,000. We're offering $210,000 - our Realtor thinks it may appraise for somewhere in the low 200s, but certainly not as high as they're asking. We'll see - we have a hard negotiating cap of $230,000 for what we'd be willing to spend on this particular house.
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How old is it and what's the Zillow on it?
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Zestimate says $190,000, with a range from 181 - 258. It sold for $238,000 just before the housing bubble collapsed, so $254,000 is just a pie-in-the sky number they threw at it. Built in 1970. $230,000 would put it in the upper half to third of price estimates for the general community. $254,000 would make it the most expensive house in the community.
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I only have one bit of advice, stay the fuck away from "Home Owner Associations" These are gestapo organizations that completely take the meaning out of "home owner". If you buy into an area controlled by one you will have no control over your own property.
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>>254,000 is just a pie-in-the sky number they threw at it.<<
The house right next door to me I could have had for 45k way back in the day.
It sold during the bubble for $320,000. Needless to say lots of people have took baths in red ink on that property in recent years.
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I haven't seen a property yet that didn't have a HOA. Unfortunately, that seems to be a feature of the Baltimore/DC suburbs.
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(http://s4.hubimg.com/u/544299_f520.jpg)
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What are the HOA dues like in your area? I'm paying $140/month which is fairly low for my area of town and similar condo communities near me, but it feels like wasted money.
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Kyle mate kill the debt - think of it as a free $6-7K per year in income. You'll build back up the equity margin game within months and be rocking and rolling. Plus when you're mortgage free you can start playing a really interesting game called "how much money do I need each year to live? Holy shit that's not much, bye-bye day job".
Emp, why not be the guy who buys a place for $70K under value? You wouldn't even have to spend time looking for it, just find a reno specialist and guarantee him the project if he finds a place which meets your criteria and price point. It could be the quickest $30K you ever make (save) and you'll know that you can sell it for at least what you paid.
I bought a place a month ago for $207K, sunk $10K into it and it's back on the market at $278K I''ll accept $265K. Reno work - someone else. Property finding - someone else.
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My wife isn't really on-board with doing things that way. She is on-board with prepaying principal, though, so we'll pay off whatever we buy early - especially if, as I hope, I can develop a couple of other revenue streams later this year. We're also looking to buy at less than half of what the loan officer would approve us for, so we'll be comfortable even if we don't get the absolute best possible value in the market.
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Wow. You guys are all yupped up with your stocks and your loans and your credit cards... I have zero debt, I own an old Jeep and a little trailer and some tools. I journeyman from job to job, I make enough for me and dog to not starve, I give away anything I don't need and in between jobs I exchange home repairs to my friends for a place to sleep. And I cook for them while I'm there. And if I need quick cash I scour thrift stores for valuable sportswear which I sell on eBayWith the minor inconvenience of getting ripped off by a crackhead on a semi-regular basis, I've not been happier since I quit chasing Asian strippers in 1992.
But good luck. When civilization crumbles I can at least eat my dog...
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Zoomie = Jack Reacher
I'm pretty much the same but without the freedom and I have a small amount of debt. But I do get to live where I do, which makes it worth it most days. Today not being one of them.
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Found the guy has a criminal record for business related stuff - definitely not going to continue negotiations.
I'm not worried about loans in the event of civilization crumbling - who's going to collect them then?
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He's taller, has more scars, and is probably much better looking than I. But I like blues, hate Fundies, and pulling a knife on me will mostly guarantee that someone else will be pulling that knife out of you. So yeah, thanks. I am Jack Reacher.
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You're also less annoyingly written. Go you!
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But good luck. When civilization crumbles I can at least eat my dog...
The three of us would eat for weeks under that circumstance ...
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This thread is a constant reminder to me how old you guys are. D:
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How about you sidle over here and let this old fuck give you a nice pinch on the bum?
LOL
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Way to never be creepy, Tru!
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>>Way to never be creepy, Tru!<<
LOl I'm doing my best!
I think she gets it..
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... at least she's finally over 18 now
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Damn, man!
Hopefully it'll not totally tank on you ...
Shit, hopefully I'LL be ok as well ....
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Sell puts!
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We're selling Kyle's ass; loss pending, of course ....
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Gotta lock in profits if you're a trader
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That ~$10k profit I was sitting on week before last, has bombed rapidly to a ~$2k profit. Loss of ~8k in a week and a half. Tomorrow is another terrible day. Futures are already deep red. Asian markets are going down like a gutter whore. Time to uninstall my iPad, iPod touch and Blackberry stock apps and time to lay off the news and finance sites. I'll have so much free time!
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Short?
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Wow ....
It's still $2k up ...
Good luck ...
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What causes such volatile fluctuations? I mean short of a major war or natural disaster what causes prices to rise and fall so sharply.
I have a theory and that theory is that prices are manipulated by the people who operate the market.
Not a single dime was lost during the great depression, they were all simply transfered from the many to the few.
And that "depression" WAS manufactured btw.
50,000 laws later, does it really seem like the scene is more honest now?
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This is about as close to believing in a conspiracy theory as I get. The entire system is designed to keep the rich rich.
everybody knows that the dice are loaded
everybody rolls with their fingers crossed
everybody knows that the war is over
everybody knows the good guys lost
everybody knows the fight was fixed
the poor stay poor, the rich get rich
that's how it goes
and everybody knows
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Of course the winners write the rules. It's the same as any other society on the planet. The issue I see with Kyles style is he's only playing to win a little and is probably more interested in not losing - sharks love that
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I've seen arguments that the origin of capitalism was basically due to the aristocracy becoming irrelevant and needing to maintain their footing against the rising merchant and craftsman classes.
I personally place more stock in those sort of ideas as opposed to the notion generally bandied about now that capitalism is some sort of inevitable progression of human nature and technology.
But I guess that's part of the nature of building a myth. You have an origin story. You have various heroes like Henry Ford or Andrew Carnegie. You have the villains like the unions or the big bad foreign evils like Mao or Lenin. All of it has a very tenuous relationship to any objective notion of truth, but it's a story that the dominant culture teaches its kids and most members believe to some extent.
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Simple solution; decommission some of the "national parks" that make up Alaska,
drill for oil there, lower foreign dependency on foreign oil, lower all fuel costs,
which lowers ALL costs, from food and good delivery, to utilities, and, in the meantime,
work on finding alternate power sources, and life will be bearable for the masses yet again ...
... oh, yeah; it affects the rich; sorry I made such a suggestion!
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No it doesn't - who do you think will own that business?
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Hmmmm ....
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There's another article in Rolling Stone this month that's sort of related - about the failure of financial reforms. They make mention of the fact that the way wall street runs these shadow markets basically adds a tax to everything anyone buys anywhere - with the price of gas, for instance, being substantially higher because of the speculation and maneuvering in the financial markets, rather than because of actual supply/demand issues.
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After all we went through over the last 5 years, the bailouts, the reforms, the promises, JPMorgan is STILL dicking around and is posting a FOUR BILLION DOLLAR LOSS.
Let 'em burn.
And let the bread lines foment the revolution.
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There was a clear path forward to deal with the too-big-to-fail banks. Congress and the president dodged it in drafting the legislation, then have proceeded to get legislation that was already inadequate. None of this should come as any surprise.
And now banks have their eyes on peoples' 401k savings.
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I'm sure even Marxists can agree that capitalism was a profoundly ingenious way for western civilization to take capital from feudal lords, aristocrats, and tyrants. Although within the past century that system has given innovators a lump of cash reserves that would put those antiquated dynasties to shame. The system that once worked to take the riches of the world and distribute them amongst the able-bodied and ambitious has been usurped by a few of the super-rich that no longer innovate but trivially displace the worlds money into their hands.
Their means of distributing the wealth of the world has left democratically-led governments with no resolvable option. Threaten to tax their billions and they uproot and flee to another country. Ask them for fair employment, benefits, and wages and they lock their doors. We have, in an antithesis to the Hegelian model, backpedaled historically and instead have wound up with another band of rulers, draining resources, crippling the economy, brainwashing the poor, and vilifying any opposition to the established norms.
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Well I'm in the process of launching a trading fund that's going to add a tax on top of stuff. I like to think I'm only hurting the banks however.
The problem with these arguments is they have no weight in the real world because people who understand how to leverage money and influence always win. The only thing that has changed in the last 500 years is the gradulal shift from leveraging influence towards money.
You want to change things? Create a viable system for people to opt out. Like the cheap medical clinics that are opening. It's hard because the system now is the easiest current way of doing things - the status quo.
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I'm primarily intellectually curious and not concerned with system reforms. If governments are incapable of enacting sensible reforms when there's both a popular mandate and a clear impetus to do so, then there's not much reason to hope to change the present course. The entrenched interests will maintain the status quo until there's a major social upheaval.
I am a fan of implementing local currencies, local food production, community health initiatives, etc. - the sorts of things that can contribute to making a community resilient, in spite of the economy at-large.
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Hey Kyle, ya might want to get in on this as an investment.
http://www.juliensauctions.com/ (http://www.juliensauctions.com/)
(http://www.juliensauctions.com/images/auctions/2012/les-paul/les-paul-catalog.jpg)
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I wish I knew more about collectibles. Aside from my signed first edition books I've collected over the past couple of years I haven't looked into collectibles or auctions much. Plus, I think I would just hold on to things forever because they are cool and couldn't really get into it as an investment opportunity. You pay for exclusivity, but if it's an amazing piece you're probably not going to want to get rid of it. I'd get too attached.
I just looked into my brokerage account for the first time in a bit over a week and not surprising, I'm now in the red overall. -$2200. That's an incredible drop in 3 weeks time. I was sitting at +$10,000 3 weeks ago and have lost $12k since then. The market has been horrific. Last week was the worst of the year, and only the week before that it was the worst of the year.
My stomach is hardened steel. I went through the 2008/2009 crash without making any stupid moves, and actually made two of the smartest moves. Scooping up Apple shares at $92/share and continuing to invest in my 401K while everybody around me stopped contributing. I gained back from my losses rapidly. It's going to happen again. I only wish I didn't have all my funds locked into stocks already because Ian, you are right. Now is a time to buy.
Last 3 weeks:
(http://s16.postimage.org/4lb7r772r/Clipboard01.jpg)
Last 5 years, including the crash where I lost 75% of my 401K and was down 40% on my stocks.
(http://s18.postimage.org/fnlt67w5z/doomsday.jpg)
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I wish I knew more about collectibles. Aside from my signed first edition books I've collected over the past couple of years I haven't looked into collectibles or auctions much. Plus, I think I would just hold on to things forever because they are cool and couldn't really get into it as an investment opportunity. You pay for exclusivity, but if it's an amazing piece you're probably not going to want to get rid of it. I'd get too attached.
I just looked into my brokerage account for the first time in a bit over a week and not surprising, I'm now in the red overall. -$2200. That's an incredible drop in 3 weeks time. I was sitting at +$10,000 3 weeks ago and have lost $12k since then. The market has been horrific. Last week was the worst of the year, and only the week before that it was the worst of the year.
My stomach is hardened steel. I went through the 2008/2009 crash without making any stupid moves, and actually made two of the smartest moves. Scooping up Apple shares at $92/share and continuing to invest in my 401K while everybody around me stopped contributing. I gained back from my losses rapidly. It's going to happen again. I only wish I didn't have all my funds locked into stocks already because Ian, you are right. Now is a time to buy.
So, baggie, assuming that the sanctions are completely lifted in Myanmar. Would it be a smart move to buy a shitload of kyat? According to this graph it has depreciated significantly within the past month: http://www.exchange-rates.org/history/USD/MMK/T (http://www.exchange-rates.org/history/USD/MMK/T). I'm betting that when gas and minerals are excavated, then the value of the kyat will double or triple its value.
Now, next question is: How the hell do I get kyat?
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I feel like I should make some dialek-related pun here, but I can't be bothered.
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Inept, a market I am definitely not versed in is Forex trading, but you can open up an account at forex.com and play around with $50k in funny money to try and figure out currency trading. I'm sure Kyat is available there. Just do your own due diligence before throwing money into something.
Very recent articles:
http://www.reuters.com/article/2012/05/18/us-myanmar-economy-idUSBRE84H0E120120518 (http://www.reuters.com/article/2012/05/18/us-myanmar-economy-idUSBRE84H0E120120518)
http://www.reuters.com/article/2012/05/18/usa-myanmar-idUSL4E8GI89L20120518 (http://www.reuters.com/article/2012/05/18/usa-myanmar-idUSL4E8GI89L20120518)
It sounds like the government of Myanmar is going to try and fight the appreciation of the kyat.
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It's one thing to sit tight and hold your losses but why not buy some put options at the start of the drop if you think it's going to be really bad? If it plunges you break even overall and have the payouts there to buy new stocks at cheap prices, if it doesn't then all it costs are your premiums. You were sure it was going to get rough and in response stopped looking at your account for a few weeks? Forget what I said about adding a zero to your trades mate.
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I had no money left in cash, and only a bit left in margin (already riding $40k on margin) so there's not much I can do; I'm pretty much all locked up.
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Sounds like constipation, too bad you can't take a pill for that.
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I'm primarily intellectually curious and not concerned with system reforms. If governments are incapable of enacting sensible reforms when there's both a popular mandate and a clear impetus to do so, then there's not much reason to hope to change the present course. The entrenched interests will maintain the status quo until there's a major social upheaval.
I am a fan of implementing local currencies, local food production, community health initiatives, etc. - the sorts of things that can contribute to making a community resilient, in spite of the economy at-large.
I understand that in certan parts of Detroit, the gangsta's have moved out, a bunch of hippies have moved in and are doing just that. Just rocked up one day, found the place deserted , started planting food and buildng small self sufficient communities.
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I had no money left in cash, and only a bit left in margin (already riding $40k on margin) so there's not much I can do; I'm pretty much all locked up.
If you're trading on leverage you must ALWAYS leave some in cash for just this scenario OR sell early. Wow.
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Selling early is for losers.
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Selling early is for losers.
True. Both a.) selling for a loss (unless it will help your taxes) and b.) selling out before you hit your target/goal.
The market has been crazy the past month. Today I was walking by our break room at work a bit after the market closed and saw "Best day on the NASDAQ this year with 2.5% gain."
So, I logged into my account. I made over $4200k today (unrealized - just like my losses are unrealized). Starting to make up the losses over the past three weeks, in a big way. All it takes is a day to get things back on track.
(http://s17.postimage.org/7xo7sjlgd/may21.jpg)
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... and to crash and burn again
... keep that in mind as well
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Justin:
http://money.cnn.com/2012/05/24/investing/singapore_alphavn_pham/index.htm?iid=HP_LN (http://money.cnn.com/2012/05/24/investing/singapore_alphavn_pham/index.htm?iid=HP_LN)
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Singapore has always been the hub of commerce since the East India Company. Recently, Singapore has done more for trade than any other country in South East Asia. The country will keep advancing as China's economy grows.
I don't know what Singapore's involvement in advancing the kyat is, but I assume that foreign investment will come into Rangoon from primarily Singapore, Thailand, China, the US, and India.
I think its important to understand that oil and gas has not been heavily drilled in the country. After the British left at the turn of the century, leaving a power vacuum and free reign for a military junta, there has been no real mineral extractions other than small efforts by the Chinese and Burmese prison labor.
It would be interesting to see what opens up after Aung San Suu Kyi's National League for Democracy clears the way for American aid and trading. But I do fear that all the anticipation for trade in that country will draw crony capitalists and their cancerous greed.
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Singapore is hot, muggy and beer costs too much there.
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Of course it will draw crony capitalists.
Bribing politicians Developing relationships with politicians/leaders has always been one of the easiest ways to make money (the other big ones being war profiteering, market monopolization, or engaging in organized crime). Almost all of the big fortunes in the US have been built on one or more of those four foundations.
What you have to hope for is that there is enough room for small to medium business to operate after the corrupt companies/individuals at the top of the pyramid have extracted their profits.
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You mean all I gotta do to lay off these dead horses is pay off a bureaucrat? Does the dogcatcher count? Cuz he's all I can afford just now...
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It's a start; if he can put in a good word for you ...
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NEWS FLASH 6/1/2012: DOW CLOSES DOWN NEARLY 280 POINTS, ERASING ALL GAINS FOR CY2012.
Told you fuckers not to be screwing around. Where's yer messiah now?
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WOWZERZ!
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Australian markets: DOWN
Hong Kong markets: DOWN
Japanese Topix: WAY DOWN
Sony Stock: LOWEST SINCE 1983
The end is near...
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Yeah, Greece and Spain are destroying the Euro and the rest of the markets along with it. Not to mention the terrible U.S. jobs report last Friday. I'll be buying more stocks when I have some free funds available. (Hopefully next month).
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I dont know what to do ...
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Invest in whiskey futures
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NEWS FLASH 6/1/2012: DOW CLOSES DOWN NEARLY 280 POINTS, ERASING ALL GAINS FOR CY2012.
That reminds me of something . . .
Oh, yeah, last four years.
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The stock market is largely a crap shoot, as every study on "expert" investors indicates.
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I think of it something like a casino, sometimes you win, sometimes you lose, but the house always wins.
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/me nods *
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Yeah, the stock market is exactly like black jack in my estimation-
If you don't know what you're doing, odds are you will lose over time.
i.e. you're making ~5-7%, actual inflation is running close to 10% over the last decade (as opposed to the doctored numbers the federal government publishes), and trading fees. You're a net loser.
If you play strictly by the rules, the odds are better but you will still come out a net loser over time.
i.e. maybe you're doing research and beating the market overall. You're still probably a net loser after you account for other variables.
If you can count cards (and not get caught), you can come out ahead.
i.e. insider trading - a good way to make a lot of money, if you can get away with it.
If you own the casino, you always win.
i.e. you're the rating agency, brokerage firm, etc. You control the game and as long as you're not incredibly stupid, you win.
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Well put ...
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LOL
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You know what; he's lost a lot, and paid us plenty for it ...
... let's throw in some free shit so he'll feel like a "big dog"!
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LOL
Sadly, I am nowhere close to the two criteria that they base elite account status on. 1.) $250k in all your Zecco accounts and 2.) At least 25 trades in the past 3 months
They check your account every month and your elite account status is good for 6 months.
Somebody either fucked up and gave it to me, or more likely they're trying to make me happy so I spend more money, lose more money, and make them more money.
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I'd say either is a possibility; I'd VOTE ON the latter ...
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You're giving it a hell of a try though.
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Agreed; I'd LOVE to see him come out ahead ...
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There hasn't been this much market turmoil and zig-zagging in two years.
Lose thousands one day, gain thousands then next.
http://money.cnn.com/2012/06/06/investing/stocks-markets/index.htm?iid=A_MKT_News (http://money.cnn.com/2012/06/06/investing/stocks-markets/index.htm?iid=A_MKT_News)
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Hey Kyle - why not focus on automating enough income to cover living costs, then the market can go to hell
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I'm pulling for him; hopefully he'll do well ...
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Completely awesome. http://www.cnbc.com/id/48336908?__source=yahoo (http://www.cnbc.com/id/48336908?__source=yahoo)
I hit both of these stocks, spot on. I bought Sprint in 2010 and have been holding on (at a loss) until I broke even about two weeks ago and now am in the green pretty big. It looks like I'll be able to sell out once I double my profit.
Zynga if you recall I bought as a very short term (held 3 months or so) holding due to my view of the social-media madness/bubble. I bought in December at $9.60 and sold in March at $13.13 for a nice chunk of change. Well today Zynga is at $3.05 and it will never ever get as high as it did when I bought it (much less sold it). It's a broken company that is going to fail (or be bought out).
Today the social-media bubble popped. Facebook provided it's first earnings report as a public traded company, and they merely "met" expectations for the most part. Facebook is going to take an ass-ramming tomorrow along with Yelp, Groupon, LinkedIn and Zynga.
Whoot. Overall I've made some pretty good decisions over the years! Bank of America was my worst - I'm down 70%, BUT I knew it was unbelievably risky so I only put in $500 total into it. So yes the percentage loss is horrid, but the value loss is not much at all.
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I need to check my shit out and see where I am ...
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I thought Microsoft bought yelp.
Are you shorting any of these, Kyle?
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No shorting.
Sprint has gone from $4 a couple of weeks ago to $5.15 at today's close. @ $6.66 (seriously) I'll be 100% profit ($2500) and sell it.
Apple is making my pocket bulge.
Total profit = (79shares x $636/share) - ((10shares x $92/share) + (69shares x $567/share)) - (3months x $210/month in interest) + ($210 in dividends paid today) = $9781.
My 401k is $400 away from $70k. One of my goals was to have $75k in the 401k by EOY. Looks to be on target. (Started the year with $51K).
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Hand over the money bitch, don't make me slap you!
Hahahahahaha