What are your financial goals? What financial advice would you give your younger self? Feel free to share

[MarathonMike]

No one needs to start their day with that, but let's remember that is not sending anyone to the poor house, nor is it derailing their long term savings goals.

One could just as easily reprogram their mind to making this their one "splurge' option of their day, cutting out other wasteful spending. Poor Starbucks should be attacked for selling those frappe/latte's loaded with a crazy amount of sugar.

My point is dollars add up. Daily spending habits can add up to thousands of dollars per year that could have been put into an appreciating asset. I didn't say "boycott Starbucks". That was just one example.

 

[rightwinger]

My point is dollars add up. Daily spending habits can add up to thousands of dollars per year that could have been put into an appreciating asset. I didn't say "boycott Starbucks". That was just one example.

Everyone has their vices
Expensive coffees, smoking, drinking

As long as you keep within your budget

Some people do takeout or eat out every night. Others home cook

Depends on preferences and budget

 

[MarathonMike]

Everyone has their vices
Expensive coffees, smoking, drinking

As long as you keep within your budget

Some people do takeout or eat out every night. Others home cook

Depends on preferences and budget

Unless you make way more than your monthly expenses, eating takeout every night is a really bad habit. It's all about priorities and being disciplined.. My parents never understood that and they were poor all of their life.

 

[rightwinger]

Unless you make way more than your monthly expenses, eating takeout every night is a really bad habit. It's all about priorities and being disciplined.. My parents never understood that and they were poor all of their life.

My brother and his wife do takeout every night. Gets expensive
My wife and I eat out maybe once a week

I like home cooking better

 

[MarathonMike]

My brother and his wife do takeout every night. Gets expensive
My wife and I eat out maybe once a week

I like home cooking better

My brother is just like my parents. He not only eats out often he has to be the big shot and pick up the tab for everyone else. Needless to say he has little in savings but fortunately he has his military retirement and SS.

 

[Woodznutz]

that's no longer true, according to CBS News. you used to be able to buy a house and make a profit selling it at a higher price. you now have to pay taxes on that profit and May owe money to the government and be in debt after selling your house.

The average person won't face any taxes on the sale of their home.

 

[Woodznutz]

My only advice to my younger self would be, get more sleep.

 

[MarathonMike]

that's no longer true, according to CBS News. you used to be able to buy a house and make a profit selling it at a higher price. you now have to pay taxes on that profit and May owe money to the government and be in debt after selling your house.

Go to IRS.gov to get the facts on sale of a primary residence. I have no idea what CBS news was saying, but if you make less than $500K profit on the sale of your PRIMARY RESIDENCE, there is no capital gains tax.

The $250,000/$500,000 home sale tax exclusion - If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets. Topic no. 409 covers general capital gain and loss information.

 

[Woodznutz]

Learn a trade right out of high school, something you like to do and are good at. Pay off any debts, live within your means.
Then, have fun while you're young and single. Worry about saving later.

 

[WorldWatcher]

that's no longer true, according to CBS News. you used to be able to buy a house and make a profit selling it at a higher price. you now have to pay taxes on that profit and May owe money to the government and be in debt after selling your house.

Go to IRS.gov to get the facts on sale of a primary residence. I have no idea what CBS news was saying, but if you make less than $500K profit on the sale of your PRIMARY RESIDENCE, there is no capital gains tax.

The $250,000/$500,000 home sale tax exclusion - If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets. Topic no. 409 covers general capital gain and loss information.

Just for clarification, both of you can be correct.

My SIL/BIL used to flip houes in the 1980's/90's. Buy a place that needed a lot of work, put materials and sweat equity into it and sell it a year later. Typically they would make a pretty decend profit, even after paying the income tax.

On the other and there is an income tax exclusion for the profits mention regarding the sale of a primary residence (there are occupancy rules that apply).

WW

 

[Mr Natural]

Put at least 10% of your take home in your savings without fail.

If you can’t live on 90% of your take home, chances are you can’t live on 100% of it so you may as well save the 10%.

 

[MarathonMike]

Put at least 10% of your take home in your savings without fail.

If you can’t live on 90% of your take home, chances are you can’t live on 100% of it so you may as well save the 10%.

And the earlier you start that habit, the better off you will be. Compounding interest and increasing dividends are truly beautiful things.

 

[initforme]

Honestly, in today's america...
1) get a degree in a field there's a high need in. Whether it's tech school or 4 year.
2) work incessantly and save save save. Put $ away towards retirement big time.
3) STAY SINGLE. Marriage today is risky at best. And no kids to get caught in messy divorce.
4) Invest wisely.

RETIRE at 55. Thats winning.

 

[DGS49]

The basics are not complicated. Don't do stupid shit. Live on less than you make. Get a House as early as you can. Divorce is a killer and can ruin your financial plans utterly, through no fault of your own.

My wife and I are set for life, not through anything good or wise that we did, we just had two good incomes, only one kid, and no expensive hobbies.

Optimize the 401k.

 

[Anathema]

At this point in life, my goal is to have enough money to cover next weeks bills.

As for the advice I’d give my younger self… If you don’t need it to survive, don’t buy it. Rent an apartment. Buy a used car. Don’t eat out. Nothing extra. See it all until you can afford to move to the middle of nowhere and live totally off the grid.

 

[iamwhatiseem]

Honestly, in today's america...
1) get a degree in a field there's a high need in. Whether it's tech school or 4 year.
2) work incessantly and save save save. Put $ away towards retirement big time.
3) STAY SINGLE. Marriage today is risky at best. And no kids to get caught in messy divorce.
4) Invest wisely.

RETIRE at 55. Thats winning.

And be a bitter, lonely old man who is a bit creepy... no thanks

 

[iamwhatiseem]

Retirement starts at about 50. Not talking about when to start saving for retirement, but the age where you really need to set your financial situation in stone and begin the mindset.

1) Drop out of the consumer market. Stop spending money on anything you do not need. Don't remodel your house, don't buy a new car (hell no), don't spend money.
2) Take that money and build up serious liquid cash. Pop it into CDs at each $10k level.

 

[initforme]

And be a bitter, lonely old man who is a bit creepy... no thanks

Well then keep at it until 75...well done.