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Road to Financial Independence 500K

 
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talia View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote talia Quote  Post ReplyReply Direct Link To This Post Posted: May 18 2013 at 5:26pm
Originally posted by zolloh zolloh wrote:

Originally posted by reashairjourney reashairjourney wrote:

I need some advice! I have bad credit and im only 20. Most of them are from medical bills. I know i can't pay them any time soon.   1 is a $1000+ student loan that i haven't paid for like 2 years. A 300+ for a clothing store. They sent me a letter staying i can pay half. I read that you should never settle but then i also heard if your credit is really bad it doesn't matter if you settle. I just want to be able to buy a house and car one day and not have to worry about my credit.
The answer to this question is not straight forward. It depends on how many items of debt you have, the amount owed on each, the date of your last delinquency, whether you currently have the ability and discipline to pay off some/any/none of the items and what your short term goals are (e.g.how soon do you plan to buy car etc).


ITA with this.  Also remember that any activity (positive/negative) stays on your report for 7 to 10 years...I think bankruptcy stays on for 10 years.  Actually I just googled this....and it's from Wiki answer:

Under the Fair Credit Reporting Act information can be included in your credit reports for seven years. But there are exceptions to this rule:
  • Information about criminal convictions may be reported without any time limitation.
  • Bankruptcy information may be reported for 10 years.
  • Information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
  • Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
  • Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Here is more input:
  • The seven year statute of limitations on information listed on your credit report figures from the date of last activity.
  • According to the FCR Act Section 605 a debt can remain on a credit report for 7 years and 180 days after the delinquency that caused the account to go bad. Sometimes creditors will sell their bad accounts or post information on the credit report to show an activity date that is less than 7 years. THIS IS PROHIBITED. (I ended up having a judgment removed, the collection accounts removed, and the original creditor account removed.) In short, the time clock starts on the month the original delinquency started by the original account, regardless of whether the account has been sold to a collection agency, was paid at a later date, or a judgment was placed. The FTC has ruled this to be the law when it comes to time periods. If the credit reporting agencies are showing an account on your record that originally went bad more than seven years ago, regardless of date of last activity, dispute the information and they will have to remove it. The reasoning behind this is similar to chapter 13 bankruptcy which stays on your credit for just 7 years instead of chapter 7. The courts have ruled if you did not file a bankruptcy and had several bad credit items they would strictly fall in under the chapter 13 guidelines. I ended up paying on debts that were less than 7 years old and had all the collections, judgments, and original creditors of more than 7 years removed. Even though the judgment was only 2 years old and unpaid and the collection account was only 3 years old, they were still bound to the time line of the original creditor. This regulation prevents accounts from staying on your credit forever.
Hope this helps.  
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PurplePhase View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: May 18 2013 at 5:41pm
Originally posted by smaison smaison wrote:

So I've accepted a job back home instead of moving out of state and I'm moving back with mommy. Most people cringe when they have to move back home but this is not about finances for me; I can afford to live on my own which I've been doing for 3 years now but since I'm gonna be in the same city as my family, why not? Why pay rent when I could be saving up to purchase a home. I have no car payment and the only debt I have (a student loan) will be paid off in a couple months. I'm going to thoroughly enjoy saving and investing even more than I do now.


congrats on the new job.

I bet your mom is so happy you're moving home
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Post Options Post Options   Thanks (0) Thanks(0)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: May 18 2013 at 8:47pm
Originally posted by smaison smaison wrote:

So I've accepted a job back home instead of moving out of state and I'm moving back with mommy. Most people cringe when they have to move back home but this is not about finances for me; I can afford to live on my own which I've been doing for 3 years now but since I'm gonna be in the same city as my family, why not? Why pay rent when I could be saving up to purchase a home. I have no car payment and the only debt I have (a student loan) will be paid off in a couple months. I'm going to thoroughly enjoy saving and investing even more than I do now.

is it that job you interviewed for and made a thread about?
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talia View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote talia Quote  Post ReplyReply Direct Link To This Post Posted: May 19 2013 at 6:51am
Originally posted by talia talia wrote:

Originally posted by .hott.pink. .hott.pink. wrote:

I'm coming to realize that saving more money has a lot to do with my mentality.

I never realize how lazy I'm being about not packing my lunch or eating breakfast at home until I look up and see that in a week's time, I've spent about $65 on eating out.  That's $260 a month.

That's a car payment.

So I have to find ways to curb unnecessary spending like that.

So far, I love my SmartyPig account.  Kinda hard to spend emergency cash or savings when it takes 2 days to transfer back to your bank account.



We figured it out to be $4,320 that we'd spent a year by not taking our lunches.  At an average of $6.00 per person, family of 3 = $18.00 a day, x 5 days a week = $90 a day, x 4 weeks = $360 a month.
$360 a month x 10 months = $3,600.  $3,600 + $720 = $4,320 a year

I only work 10 months, but then he works a full year....


I just had to come back to this thread and say that due to my making these ridiculous salads and having us take our lunches to work, my SO has lost 17 lb as to today.  He went from 200 to 183!!  

*Added health benefit to not spending our money at lunchtime.....a leaner waistLOLLOLLOLLOL and a fatter wallet.


Edited by talia - May 19 2013 at 7:00am
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.hott.pink. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote .hott.pink. Quote  Post ReplyReply Direct Link To This Post Posted: May 19 2013 at 6:52am
LOL! 

Does he have a weight loss goal? 
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talia View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote talia Quote  Post ReplyReply Direct Link To This Post Posted: May 19 2013 at 7:04am
Originally posted by .hott.pink. .hott.pink. wrote:

LOL! 

Does he have a weight loss goal? 


Not really but he wants to get his six pack on....lol.  So now he's motivated to stick with eating like a rabbit at lunchtime.  He also liked the idea of coming home to pre-made meals...took the temptation out of eating out / or bringing home take out.  

I'd like to get to 128-129 (current 135 lb) in time for our trip this fall...once I'm done with school (work) and school (higher certification)....I'm hitting the gym consistently.  I won't be tethered to my daggone laptop typing papers and escaping to BHM for a break...lol.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote smaison Quote  Post ReplyReply Direct Link To This Post Posted: May 19 2013 at 9:23am
Originally posted by PurpleHaze PurpleHaze wrote:

Originally posted by smaison smaison wrote:

So I've accepted a job back home instead of moving out of state and I'm moving back with mommy. Most people cringe when they have to move back home but this is not about finances for me; I can afford to live on my own which I've been doing for 3 years now but since I'm gonna be in the same city as my family, why not? Why pay rent when I could be saving up to purchase a home. I have no car payment and the only debt I have (a student loan) will be paid off in a couple months. I'm going to thoroughly enjoy saving and investing even more than I do now.


congrats on the new job.

I bet your mom is so happy you're moving home



Thanks purp.

Yes she's excited to have me back after seven years. She suggested it and I got on board.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote smaison Quote  Post ReplyReply Direct Link To This Post Posted: May 19 2013 at 9:25am
Originally posted by EPITOME EPITOME wrote:

Originally posted by smaison smaison wrote:

So I've accepted a job back home instead of moving out of state and I'm moving back with mommy. Most people cringe when they have to move back home but this is not about finances for me; I can afford to live on my own which I've been doing for 3 years now but since I'm gonna be in the same city as my family, why not? Why pay rent when I could be saving up to purchase a home. I have no car payment and the only debt I have (a student loan) will be paid off in a couple months. I'm going to thoroughly enjoy saving and investing even more than I do now.


is it that job you interviewed for and made a thread about?



No, that job was in Chigaco; I turned it down, didn't feel like moving to Chigaco after all and this one is much better and better pay.
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talia View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote talia Quote  Post ReplyReply Direct Link To This Post Posted: May 20 2013 at 2:30pm
Nice little article.....

By the way the earlier one starts saving for retirement, the earlier one can walk away from the having to punch the clock....and follow that dream or do something you really wanted to do .....just a thought.....

Source:
http://news.yahoo.com/retire-1-million-131007033.html

How to Retire With $1 Million

Saving $1 million for retirement is a realistic goal for most workers, but it will take a considerable amount of effort to get there. And there are plenty of fees, taxes and penalties that could make it even more difficult to hit this worthy savings target. These strategies will help you to save $1 million over the course of your career:

[Read: 7 Obstacles to Saving for Retirement.]

Start young. The easiest way to save $1 million is to begin saving at your first job. If you start saving at age 25, you could save just $4,682 per year and reach $1 million by age 65, assuming 7 percent annual returns, according to calculations by David Fernandez, a certified financial planner for Wealth Engineering in Scottsdale, Ariz. "You could do that by maxing out a Roth IRA or saving in a 401(k)," Fernandez says. "If you wait until 35, the amount you need to save more than doubles." Beginning at age 35, you will need to save $9,894 each year to accumulate $1 million at age 65. If you further delay saving, you'll need to tuck away $22,798 annually beginning at 45 or $67,643 at 55 if you hope to be a millionaire upon retirement at 65.

Set intermediate goals. While saving $1 million might be your ultimate retirement goal, it helps if you set some intermediate goals along the way. "If you've gotten to save $50,000 or $100,000, then you can do something significant that is important to you to celebrate," says Mary Brooks, a certified financial planner for Brooks Financial Planning in Colorado Springs, Colo. "Your enthusiasm is renewed because you really feel like you have gotten someplace."

Keep expenses low. Pay attention to the expense ratio of each investment you choose, and try to select those with low fees and expenses. "Always go for low-cost investments. The only thing you can control is what you pay for stuff," says Walter Romatowski, a certified financial planner for Castellan Financial Advisors in Palo Alto, Calif. "For most people, it probably makes sense to invest in index funds because they typically have lower expenses as compared to actively managed funds. You can pay 0.1 percent or 1 percent, and that makes a huge difference over your lifetime."

Minimize taxes. Saving in a traditional 401(k) or IRA can reduce your current tax bill and will allow your savings to grow without the drag of income tax. For example, a worker in the 25 percent tax bracket who contributes $5,000 to a traditional IRA will save $1,250 on his current tax bill, potentially allowing him to save that extra $1,250 for retirement. You won't have to pay the taxes until you withdraw the money in retirement. Alternatively, you could pre-pay the income tax using a Roth IRA or Roth 401(k), and no additional taxes will be due on the growth when you withdraw the money in retirement or leave the money to heirs.

[Read: The Best Tax Breaks for Retirement Savers.]

Get your employer to chip in. If your employer offers a 401(k) match or makes other contributions to your 401(k), you will get to $1 million much faster than by saving on your own. "If you have an employer 401(k) plan or 403(b) plan, get the employer match if your employer matches," Romatowski says. "If you don't do that, you are just giving away free money."

Don't inflate your lifestyle. As you get raises, try not to increase your spending. Instead, save at least a part of the extra income. "Every time you get a raise, bump your company 401(k) contribution up by another percent or two," Fernandez says. "That way, you don't even notice it that you are saving more." Also, consider saving a portion of other windfalls, including inheritances and tax refunds.

Avoid early withdrawals. Obviously, if you tap into your 401(k) and IRA accounts before retirement, it will be more difficult to accumulate a significant nest egg. The negative effects of early withdrawals also include missing out on valuable compound interest, paying the income tax that will be due on the amount withdrawn and incurring a 10 percent early withdrawal penalty if you are under age 59 1/2.

[See 10 Secrets of Successful Retirement Savers]

Don't spend it too quickly. While $1 million may feel like a lot of money, spread over a 30-year retirement, it is likely to provide a modest income. "One million bucks gives you roughly $40,000 of income per year," Romatowski says. "If you save diligently, you can get to $1 million. It just takes a lot of discipline." While becoming a millionaire isn't likely to produce a lavish retirement, gradual withdrawals combined with Social Security payments will likely be enough to provide a comfortable retirement in many parts of the country.




Edited by talia - May 20 2013 at 2:31pm
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.hott.pink. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote .hott.pink. Quote  Post ReplyReply Direct Link To This Post Posted: May 20 2013 at 2:37pm
I'm trying to start saving for retirement (besides just a 401K) within the next year (I'll be 25).
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