every black man should have multiple streams of income. 
Goal for black men 2014: Save Your Money ( ongoing )
- Thread starter Mr. Met
- Start date
I guess this is one way to save.
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This dude needs to man the fuck up and quit acting like a bitch. Fuck I wish my chick would yell at me to get out of the shower after two minutes....that's some prison level shit; a free man should be able to bathe as long as he feels necessary to get the job done, to relax, whatever. Allowing oneself to be emasculated like that on a national TV show; what a manbitch.
And reusing boiled water, sauces, salad dressing, is disgusting AND dangerous. This broad is way over the top.
every black man should have multiple streams of income.
Close thread please
Good idea... Might try it that way...
Trust me, having 5 figures or more saved up helps you sleep better at night.
YOu aint neva lied about that one!!
I plan to save and invest more this year myself.
Im already planning to stop smoking weed for a while.. deleted a few connects off my burner. That alone will save me hundreds..maybe thousands a month.
Thanks for this Thread.
I would like to have another income. Currently I have an ok passive income, I am thinking about getting a job (that involves no stress and health risk). My 5 year goal is to open a laundry mat (due to low start up and no real inventory).
I just need to raise more capital without risking my retirement income.
I would like to have another income. Currently I have an ok passive income, I am thinking about getting a job (that involves no stress and health risk). My 5 year goal is to open a laundry mat (due to low start up and no real inventory).
I just need to raise more capital without risking my retirement income.
Actually there is no damage and my credit score is only down from debt to income ratio i believe not because of missed payments/defaults/bankruptcy etc
I would like it to go up to high 700s if i pay it off..........if it wont go up much then it may not be worth it.
I would like it to go up to high 700s if i pay it off..........if it wont go up much then it may not be worth it.
oh ok..it hasnt escalated yet.
well just pay it off.
I would pay it off just to get it out the way. u say u have the money to pay if off now....what if something happens and you dont have it later? Then u cant keep up with the payments... they start calling u..then your score takes a hit...etc etc.
That c.c.debt ain't going nowhere bruh, the question is are you making a car payment every month if so how much to pay it off i'd rather pay monthly payments of c.c. debt to show you have a high line of open credit then a car payment.
Also pay for your services in a lump sum and kill as many monthly bills as possible like car insurance, cell phone bill, and car note if possible makes going to your 9-5 almost laughable.
i'd bet he's paying a ton of interest on a balance that large.
if he paid that off all at once, he'd save a lot of money immediately.
Thanx for advice!
Only other bills i have is mortgage, cable, phone , electric etc...car paid off
Was thinking of waiting to i get the income tax refund and use that and whatever else i have to pay it off!
The problem i had was when the recession started i had like a 12k credit limit on 1 amex, a 10 k on another Amex card then they suddenly lowered my credit limits to whatever i owed!! So if i only owed 2500 my new limit was now 2700 which makes me look like i maxed out my cards!!
The i bout a bunch of stuff from Home depot, signed up for a card to get no interest for 24 months plus 10% which is dumb because as soon as you open that new acct you are now pretty much maxed out!!
Live and learn! I feel like paying it off while i have it is a good move and hopefully my credit score jumps up!!! If it would only jump a few pts then it wouldnt be worth it..........my credit score been pretty much the same for a few years now lol
Anyone did anything similar?
Only other bills i have is mortgage, cable, phone , electric etc...car paid off
Was thinking of waiting to i get the income tax refund and use that and whatever else i have to pay it off!
The problem i had was when the recession started i had like a 12k credit limit on 1 amex, a 10 k on another Amex card then they suddenly lowered my credit limits to whatever i owed!! So if i only owed 2500 my new limit was now 2700 which makes me look like i maxed out my cards!!
The i bout a bunch of stuff from Home depot, signed up for a card to get no interest for 24 months plus 10% which is dumb because as soon as you open that new acct you are now pretty much maxed out!!
Live and learn! I feel like paying it off while i have it is a good move and hopefully my credit score jumps up!!! If it would only jump a few pts then it wouldnt be worth it..........my credit score been pretty much the same for a few years now lol
Anyone did anything similar?
that cc debt is revolving debt that compounds every month.
i'm not sure what the interest is on his auto but i'd bet it's not compounded interest every month.
i'd bet he's paying a ton of interest on a balance that large.
if he paid that off all at once, he'd save a lot of money immediately.
My rule of thumb is to hurry and pay off the debt with the highest interest.Have as little liabilities as possible, imo. Once you pay it off, that money you're paying to your credit card could be going towards investments, plus you're losing money every month by paying the interest.
Think about it, you have 20k in savings that the banks are charging you interest on at a high rate, while you're probably make a very small amount of interest on your savings account. They are basically coming up by lending you your own money
Unless you are using credit for leverage, expansion or paying an zero or low interest, it doesn't make sense to pay interest on money you already have instead of seeking to start keeping more of your income and earning interest on it or investing it.
Well that clarifies things it's always good to have a open line of credit on a card but the key is having a low card utilization under 75% just pay it down say like 9 grand and make the payments after that your credit score should move upward if you keep your card/cards usage under 75%.
No car payment is good, this is just my opinion i'd rather have a 10k crad just in case something crazy or unforeseen comes up
Have as little liabilities as possible, imo. Once you pay it off, that money you're paying to your credit card could be going towards investments, plus you're losing money every month by paying the interest.
Think about it, you have 20k in savings that the banks are charging you interest on at a high rate, while you're probably make a very small amount of interest on your savings account. They are basically coming up by lending you your own money
Unless you are using credit for leverage, expansion or paying an zero or low interest, it doesn't make sense to pay interest on money you already have instead of seeking to start keeping more of your income and earning interest on it or investing it.
http://www.nerdwallet.com/blog/banking/nerdwallets-top-high-yield-online-savings-accounts/
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*edit*
Read the link wrong, but most people pay a higher rate of interest on their credit cards than they earn on their savings account... as I said, unless he's paying zero to low interest (meaning lower than his saving interest rate) on the credit card, it makes sense to pay it off
pay yourself FIRST..save 10% from every paycheck..BEFORE you pay your bills...if you have online banking..you can set a plan where a certain amount of money every month is transferred from your checking account to your savings account..
if you have direct deposit.. you should be able to split your paycheck into multiple accounts...have 10% of your paycheck diverted to your savings account..and the rest put into your checking account..
if you have mutual funds .. you should be able to set up an automatic draft..from your checking account into your mutual fund account...
that shit adds up quick...you'll have 10 or 15 or 20,000 saved up before you know it...
if you have direct deposit.. you should be able to split your paycheck into multiple accounts...have 10% of your paycheck diverted to your savings account..and the rest put into your checking account..
if you have mutual funds .. you should be able to set up an automatic draft..from your checking account into your mutual fund account...
that shit adds up quick...you'll have 10 or 15 or 20,000 saved up before you know it...
This can't be a serious question. If by chance it is then pay that credit card debt tomorrow.
I've found one of the biggest keys I've found to stacking as far as myself, is not necessarily spending nothing, but in keeping bills low. Going on vacation, going out to party and treating yourself are not bad in moderation and can bring joy to your life.
The biggest enemies of saving money and building wealth is accumulating too many bills. Even though I make more money than the average person, my bills are just as low if not lower than many of the people that I know. Going out and getting yourself an expensive car note, a big mortgage, high cell phone bills, tons of services that you barely use that bill you regularly and all other types of unnecessary recurring payments you need to make will keep you in the poor house and strangle you from being able to save. To make it worse, the worth a lot of things that people are still paying money on have depreciated substantially after being bought.
On the other hand, if you consciously work to keep your monthly payment obligations low, you can splurge on yourself when you want to...and if your income drops the next month, you're not panicking, because you've kept your bills low.
This thread should be ongoing.
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save 50-100 bucks a week.
good habit and can save you in an unexpected pinch
good habit and can save you in an unexpected pinch
Here are my thoughts about investing, saving, and expenses.
INVESTING
The experts suggest that you invest in mutual funds, but I find that they fail to tell others you need to know what you are investing in. If you do invest in mutual funds or exchange traded funds (similar to mutual funds) then you need to learn what each fund does e.g. Value funds or Growth funds. Check out the site below to help you with the terminology. If your company offers matching 401k then contribute up to the match. People have said this for years, but you all would be surprised at how many people do not contribute up to the match. I think the biggest reason is that people have too many expenses and contributing to a 401k reduces your take home pay. Finally, the experts that tell you to invest your money into risky investments probably DO not invest their own money into those investments because they understand the risks of the market. If they do then fine but I usually invest in funds tracking the S&P 500 (widely used). I try to invest with Vanguard (if offered through my employer) because of its low expenses. I also included a second link and this is why I am a fan of 401k investments (dollar cost averaging). Of course, you could open up your own investment account and do the same thing.
www.investopedia.com
http://www.investopedia.com/terms/d/dollarcostaveraging.asp
NEW CARS
I do not think people should buy the newest vehicle in the market. First of all, cars depreciate TOO fast. Why can’t consumers buy an used vehicle such as a 2009, 2010, 2011, 2012, or 2013. You will save a lot of money on your car payment and the car should still run just as well as the 2014. Back in the early 2000’s, Suze Orman who is worth over $25M mentioned that she drives two vehicles from the 1990’s. A 2014 vehicle might have a car payment of $400, but a 2011 vehicle might cost you $300. That’s a savings of $100/month or $1,2000/year. Just think if you invest or save that amount.
SAVINGS ACCOUNTS
Others have stated in this thread that you should automatically deduct money from you paycheck and this is great advice. Just make sure you do not have easy access to it.
EMERGENCY FUND
Numerous people have recommended an emergency fund and I agree with them. I base my emergency fund on necessities such as food, rent, and utilities. For example, when I started saving for my emergency fund I did not include cable, internet, gym, hair cut, etc because if I lose my job then those expenses will be eliminated. I excluded student loans from my emergency fund because I would file for forbearance or deferment. I can't pay them if I do not have any money.
SPREADSHEET
This is how I keep up with my expenses and it works great. I use an Excel spreadsheet to keep track of ALL my expenses. I keep all my receipts until I enter them into my spreadsheet. If a store does not give me a receipt then I enter the amount as soon as I get home. For the technology generation, you could just text yourself or something. Excel spreadsheets are great tools because multi-million dollar companies use them to track expenses or to use for budgets so it will definitely work for the average person. If you do use an Excel spreadsheet then make sure you utilize the “insert comment” feature because it will allow you to write a description for the cell. For example, if you purchased a TV from Amazon then you can enter the expense in your spreadsheet and then type in TV into the “insert comment”. One mistake that I made with my spreadsheet was not reviewing my expenses each month ( we live and we learn). I realized I was spending too much on dining out and buying unnecessary items. The only way I was able to realize my mistake was the “comments” that I inserted in my spreadsheet. We all make mistakes, but we have to learn from them.
STUDENT LOANS
I fell for the same trap as others. The experts say that student loans have very low interest rates (not the private loans) and you should not pay them off right away. Well, my student loan balance seems to be the same when I graduated.The recession is part of the reason, but I was paying the minimum and then saving and investing. This year I plan to decrease my student loans dramatically because I could be saving those payments.
CREDIT CARDS
I only use credit cards for large payments just in case I have an issue with the company. I was in credit card debt some years ago when I was searching for employment. I used them for expenses but when I found employment I had to pay off over $7,000 in debt. I am a HUGE fan of using cash. When I go grocery shopping (with my grocery list), I use cash. If I spend too much then I have to put some items back but I usually forecast the amounts correctly or I will add everything up before I check out. Since I use an Excel spreadsheet, I am able to take out the cash for each expense such as a haircut, going out, clothes, or household items.
INVESTING
The experts suggest that you invest in mutual funds, but I find that they fail to tell others you need to know what you are investing in. If you do invest in mutual funds or exchange traded funds (similar to mutual funds) then you need to learn what each fund does e.g. Value funds or Growth funds. Check out the site below to help you with the terminology. If your company offers matching 401k then contribute up to the match. People have said this for years, but you all would be surprised at how many people do not contribute up to the match. I think the biggest reason is that people have too many expenses and contributing to a 401k reduces your take home pay. Finally, the experts that tell you to invest your money into risky investments probably DO not invest their own money into those investments because they understand the risks of the market. If they do then fine but I usually invest in funds tracking the S&P 500 (widely used). I try to invest with Vanguard (if offered through my employer) because of its low expenses. I also included a second link and this is why I am a fan of 401k investments (dollar cost averaging). Of course, you could open up your own investment account and do the same thing.
www.investopedia.com
http://www.investopedia.com/terms/d/dollarcostaveraging.asp
NEW CARS
I do not think people should buy the newest vehicle in the market. First of all, cars depreciate TOO fast. Why can’t consumers buy an used vehicle such as a 2009, 2010, 2011, 2012, or 2013. You will save a lot of money on your car payment and the car should still run just as well as the 2014. Back in the early 2000’s, Suze Orman who is worth over $25M mentioned that she drives two vehicles from the 1990’s. A 2014 vehicle might have a car payment of $400, but a 2011 vehicle might cost you $300. That’s a savings of $100/month or $1,2000/year. Just think if you invest or save that amount.
SAVINGS ACCOUNTS
Others have stated in this thread that you should automatically deduct money from you paycheck and this is great advice. Just make sure you do not have easy access to it.
EMERGENCY FUND
Numerous people have recommended an emergency fund and I agree with them. I base my emergency fund on necessities such as food, rent, and utilities. For example, when I started saving for my emergency fund I did not include cable, internet, gym, hair cut, etc because if I lose my job then those expenses will be eliminated. I excluded student loans from my emergency fund because I would file for forbearance or deferment. I can't pay them if I do not have any money.
SPREADSHEET
This is how I keep up with my expenses and it works great. I use an Excel spreadsheet to keep track of ALL my expenses. I keep all my receipts until I enter them into my spreadsheet. If a store does not give me a receipt then I enter the amount as soon as I get home. For the technology generation, you could just text yourself or something. Excel spreadsheets are great tools because multi-million dollar companies use them to track expenses or to use for budgets so it will definitely work for the average person. If you do use an Excel spreadsheet then make sure you utilize the “insert comment” feature because it will allow you to write a description for the cell. For example, if you purchased a TV from Amazon then you can enter the expense in your spreadsheet and then type in TV into the “insert comment”. One mistake that I made with my spreadsheet was not reviewing my expenses each month ( we live and we learn). I realized I was spending too much on dining out and buying unnecessary items. The only way I was able to realize my mistake was the “comments” that I inserted in my spreadsheet. We all make mistakes, but we have to learn from them.
STUDENT LOANS
I fell for the same trap as others. The experts say that student loans have very low interest rates (not the private loans) and you should not pay them off right away. Well, my student loan balance seems to be the same when I graduated.
The recession is part of the reason, but I was paying the minimum and then saving and investing. This year I plan to decrease my student loans dramatically because I could be saving those payments. CREDIT CARDS
I only use credit cards for large payments just in case I have an issue with the company. I was in credit card debt some years ago when I was searching for employment. I used them for expenses but when I found employment I had to pay off over $7,000 in debt. I am a HUGE fan of using cash. When I go grocery shopping (with my grocery list), I use cash. If I spend too much then I have to put some items back but I usually forecast the amounts correctly or I will add everything up before I check out. Since I use an Excel spreadsheet, I am able to take out the cash for each expense such as a haircut, going out, clothes, or household items.
I use a credit card the same way you use cash.
I buy ALL of my gas, groceries and just about everything I have to buy, with my CC.
the only thing that I don't use my CC is for utilities like lights and gas.
I even have my cable and cell phone bills automatically taken out of my CC account.
Every month the balance is about $2,000 and I then pay it back to zero.
I've been doing this for about 9 years and my CC company still gives me the cash back points every month!
You would think that they would not pay me the points because I've paid them $0.00 in interest for all these years but they continue to give me about $800.00 cash every year, so I won't argue with them.
Using your credit card this way also boosts your credit scores considerably.
I am doing this also but in reverse as it will make easier and easier during the year and motivate me to add extras!
So I started the first week and put in 55$ (No coins lol)
thanks emailing this out
I guess this is one way to save.
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Putting the used salad dressing back in the container was nasty.
Had my wife watch watch this with me. Very informative.
I would stay liquid, open up a 0% for 18 months card and slowly pay it down
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