Goal for black men 2014: Save Your Money ( ongoing )
- Thread starter Mr. Met
- Start date
Craigslist is your friend. Go to the jobs/gigs section and you'll find legit part time work to bring in extra cash. Or you could go to the business section and purchase equipment on the low to start a side business. Examples can be a pressure washer to start a car washing business or do what I did and buy some vending routes...
This is some crazy shit i used to do back in the dayz before i learned about "other means".
About 8-9 years ago when i was in my late teens/early 20's i had trouble holding onto money. THe shit was really getting out of hand...especially when it pertained to spending money online. Even if i didnt have the physical cash in my hands...i always had my bank card..so i was stil spending. I was tryna save up for a car and i wanted my first payment to be 7k. But the saving wasnt going to well.
Anyways...
One thing that ive always hated was cashing checks at the neighborhood currency exchanges; because of the big ass bs fee's, long ghetto line during the 1st and 15th, etc etc. I also hate standing in the line at the bank to make deposits. And im too paranoid to put my money in a drop box.
One day I added up all my dislikes and habits and I decided to withdraw large chunks of my money during every payday and put it into money orders. Luckily the currency exchange in my area processed mo's for free. Anyways......after paying bills...giving my moms money etc....i used to put up about $500-1k in money orders every two weeks under my mattress. My guy used to do this hide money/avoid IRS bs...but i did it for a car. After about 5 months i had over 7k in blank mo's under my bed.
Due to my laziness and fears of dealing with my bank and also my dislike for currency exchanges....those mo's under my bed never moved. Even on the days whereas i wanted to go spend....the hassle of cashing those mo's prevented me from doing so.
To this day i still stash mo's...small habit. I got a mo for $1500 under my mattress..made it out to myself..and its been sitting there for over 2 years. They say if u dont cash em after 3 years or so..then they start deducting money. so i plan to deposit in my bank soon..maybe.
About 8-9 years ago when i was in my late teens/early 20's i had trouble holding onto money. THe shit was really getting out of hand...especially when it pertained to spending money online. Even if i didnt have the physical cash in my hands...i always had my bank card..so i was stil spending. I was tryna save up for a car and i wanted my first payment to be 7k. But the saving wasnt going to well.
Anyways...
One thing that ive always hated was cashing checks at the neighborhood currency exchanges; because of the big ass bs fee's, long ghetto line during the 1st and 15th, etc etc. I also hate standing in the line at the bank to make deposits. And im too paranoid to put my money in a drop box.
One day I added up all my dislikes and habits and I decided to withdraw large chunks of my money during every payday and put it into money orders. Luckily the currency exchange in my area processed mo's for free. Anyways......after paying bills...giving my moms money etc....i used to put up about $500-1k in money orders every two weeks under my mattress. My guy used to do this hide money/avoid IRS bs...but i did it for a car. After about 5 months i had over 7k in blank mo's under my bed.
Due to my laziness and fears of dealing with my bank and also my dislike for currency exchanges....those mo's under my bed never moved. Even on the days whereas i wanted to go spend....the hassle of cashing those mo's prevented me from doing so.
To this day i still stash mo's...small habit. I got a mo for $1500 under my mattress..made it out to myself..and its been sitting there for over 2 years. They say if u dont cash em after 3 years or so..then they start deducting money. so i plan to deposit in my bank soon..maybe.
Another tip for saving money is being aware of your tax bracket and reduce your taxable income if you are borderline between two brackets. If you are borderline between being in the 15% tax rate and the 25% tax rate, or borderline between being in the 25% tax rate and the 28% tax rate. Either put some money in a business opportunity or an IRA to reduce your taxable income for the year. That way you have your money invested in something that should be able to make you money in the future and you've also reduce your taxes for the year. Even if you are not borderline between tax brackets, putting your excess cash into business opportunities or an IRA is still smarter than splurging on bullshit at the end of the year and still has tax advantages.
I guess this is one way to save.
<iframe width="560" height="315" src="//www.youtube.com/embed/I8iVTtNM-ds" frameborder="0" allowfullscreen></iframe>
Wow.. I got cheap family members, but I've never seen no shit like that..
that's a fucking joke. u wont be saving anything meaningful with that chart.
the number one advice from that video is the diversification of your main income source (or as the guy in the video said, multiple sources of income), NOT saving. the key thing is NOT side hustles, but mutiple ways of making money from your primary source of income: YOUR CAREER (or in my case, something VERY complimentary to your main career.) here's another example: an oral surgeon who also knows about chin implants for accident victims. these 2 are very complimentary and money-making areas.
this is a 3 way CPA partnership that I am a partner in. i'm the youngest one (with mostly real estate and corp tax experience), the other has 18 years (a real seller), and the other has 35 years experience (the real heavy hitter who streamlines everything; the visionary). here's is the QuickBooks screenshot. We look at it monthly to see where we are at, since some of us have another time-consuming careers. as i progress more into my main career, i'll delegate some of this shit to my brother, who is also a CPA but works in industry rather than public accounting.
we are planning to bring on 2 or 3 more partners
- one who specializes in audits, especially real estate audits. we also need him to focus on peer-review engagement clients. (on a related note, we might team up with another CPA firm and do a cross-referral: we do the bookkeeping and taxes, and they do the audits. if they have audit clients who need their books cleaned up, they refer to us. in case you didnt know, a CPA firm cannot audit their own bookkeeping, so that is why there is a separation of those functions).
- one who specializes in tax projections/planning., especially ASC740 and FIN48.
- one who specializes in expatriate tax. (not really too sure about this one since this is not really complimentary)
i specialize in corporate taxes, most of which are real estate related. i do about 25% of the hardest taxes, and delegate the 75% cookie-cutter ones.
the key thing is time and time-mgmt.
- i am awake at night sometimes reviewing these returns. (i usually ass out at 8pm and sleep till 2am, wake up and handle this shit.)
- we do not advertise. we focus on "captive clients." all the individual tax clients are the owners of the business tax returns, so they cant just leave.
- we handle all their tax payments. if we let them pay their own taxes (let them write out the checks), it never gets paid. what ends up happening is letters start flowing, calls need to be made, interest and penalties start piling up and makes it hard for us to track what needs to be paid; effectively 5x the work for the same revenue from the client. this is absolutely key.
- we purge 10 to 15% of our clients each year since the time committed does not justify our time.
- if we do not know certain tax areas, such as local payroll taxes, we outsource it to ADP/PayChex. we do not waste 5-10 hours researching it, especially if the client pays us only $200 a month.
- we pay people slightly above market, and we do NOT train people from the ground up. we rather pay the extra $15k for the experience than spend x hours training them up. when you slightly overpay someone, especially someone who is hungry, they dont slack off and they over-produce.
- except for bookkeeping functions, we generally do not hire females since they are less hungry.
- we lease new shit so we don't have to deal with old shit breaking down and to increase efficiency. (e.g. bought an ultrawidescreen monitor so that i can have more desktop space on my monitor. hated moving shit between dual monitors.)
- we use voice-to-text emails. typing takes too long.
some other pointers:
- if you have your own business, you get to deduct (within reason) some of yuor personal expenses as business expenses.
- if you pay for business expenses, make sure it's through the various company credit cards, which racks up the rewards ($2,000 Amazon gift cards each month is no joke).
- do NOT penny-pinch. it's stupid and it's a waste of time and energy.
- don't be unethical, and don't hire unethical people. referrals are the main "business development" techniques of most firms.
- eat bananas, which are high in glucose, which allows you to think for long periods of time. also eat purified fish oil capsules, flax seed oil capsules, dark chocolate almonds, wheatgrass shots/powder, and tea.
- try not to go to clients unless they have an in-house bookkeeper. have them send the info to you via email, which is highly efficient and u can bill the client less. our going rate is $1,750 per day at a client, but if they send us their information and we do it at our own office, we bill them $500.
- unless the client insists on going to our office, we tell them to email/mail/fax their documents. they love talking, which takes up our time, and more importantly our energy since we have to be alert 100% of the time they are talking.
- if you have your own business, you get to deduct (within reason) some of yuor personal expenses as business expenses.
- if you pay for business expenses, make sure it's through the various company credit cards, which racks up the rewards ($2,000 Amazon gift cards each month is no joke).
- do NOT penny-pinch. it's stupid and it's a waste of time and energy.
- don't be unethical, and don't hire unethical people. referrals are the main "business development" techniques of most firms.
- eat bananas, which are high in glucose, which allows you to think for long periods of time. also eat purified fish oil capsules, flax seed oil capsules, dark chocolate almonds, wheatgrass shots/powder, and tea.
- try not to go to clients unless they have an in-house bookkeeper. have them send the info to you via email, which is highly efficient and u can bill the client less. our going rate is $1,750 per day at a client, but if they send us their information and we do it at our own office, we bill them $500.
- unless the client insists on going to our office, we tell them to email/mail/fax their documents. they love talking, which takes up our time, and more importantly our energy since we have to be alert 100% of the time they are talking.
lol. that advice is for the birds. i paid off my student loans before anything. it took me 5 months, and i was so focused that i accidentally overpaid the loan (and got the money back). did'nt do shit those 5 months (no hanging out, traveling, hobbies, etc).
I was there .... I got a second job at a hardware store and did taxes during tax season while working full time.... was able to save and pay off a lot of debt. After a year and change, maybe 2 I purchased a house and had some rental income.
Shit broke in one of the rental units, had some family issues, tax issues and a layoff.... to make a long story short, I am climbing out of that hole again by starting some internet shit part time. Bruh, if I could do it, you could do it.
You moving around more than a cheap escort bruh, wassup?
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Did this with my car. I basically paid off 15k balance in under 4 months. Jail almost had me fucked up... inadvertently taught a great financial lesson. I save about 1500/month now... My girl have about 18k saved already. Business is good so I'm hoarding cash like an apocalypse is coming or sum shit.
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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.
Since you pay off your credit card every month then there's nothing wrong with using it. In addition, you are earning points. I don't think most people pay off their credit cards like you.
That's smart to use money orders to save money.
Sometimes you have to be creative. A financial guy recommended that people invest 15% of their gross income (before taxes). At first I thought, 15% wasn't a lot until I multiplied it times my gross income. It comes to about $500 a month! First, I plan to pay off my student loans before I invest 15% of my income because I am tired of paying Sallie Mae each month.
I am doing this also but in reverse as it will make easier and easier during the year and motivate me to add extras!
So I started the first week and put in 55$ (No coins lol)
Thanks, Im really gonna try this too
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I second this. Can anyone give any suggestions on doing this?
No bullshit get rich quick, pyramid shit either...
I've recommended this a few times here and live by it... Read this book, apply it, and read it again. Also use http://dripinvesting.org/tools/tools.asp which the book also is based on. Get loot!
Mr met...beautiful post....
Exchange Traded Funds
http://www.xtf.com/EducationCenter/
http://www.investopedia.com/terms/e/etf.asp
http://www.investopedia.com/articles/mutualfund/05/060605.asp
Investing in Bonds-Education
http://www.investinginbonds.com/
http://www.investinginbonds.com/learnmore.asp?catid=12
http://www.minyanville.com/edu/2013/11/21/how-to-invest/bond-basics-part-2-types
What Are Bonds?
A bond is a debt security, similar to an I.O.U. When you purchase a bond, you are lending money to a government, municipality, corporation, federal agency or other entity known as an issuer.* In return for that money, the issuer provides you with a bond in which it promises to pay a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it matures, or comes due.
Among the types of bonds available for investment are: U.S. government securities, municipal bonds, corporate bonds, mortgage- and asset-backed securities, federal agency securities and foreign government bonds. The characteristics of several different types of U.S. bonds are described in the Bond Basics Glossary at the end of this section. Market practices described here apply to the U.S. bond market, and may differ from those in other countries.
Bonds can be also called bills, notes, debt securities, or debt obligations. To simplify matters, we will refer to all of these as "bonds."
Why Invest in Bonds?
Many personal financial advisors recommend that investors maintain a diversified investment portfolio consisting of bonds, stocks and cash in varying percentages, depending upon individual circumstances and objectives. Whatever your investment goals, your investment advisor can help explain the investment options available, taking into account your income needs and tolerance for risk.
Typically, bonds pay interest semiannually, which means they can provide a predictable income stream. Many people invest in bonds for that expected interest income and also to preserve their capital investment. Understanding the role bonds play in a diversified investment portfolio is especially important for retirement planning. During the past decade, the traditional defined-benefit retirement plans (pensions) have increasingly been replaced by defined contribution programs such as 401(k) plans or IRAs. Because these plans offer greater individual freedom in selecting from a range of investment options, investors must be increasingly self-reliant in securing their retirement.
Whatever the purpose—saving for your children’s college education or a new home, increasing retirement income or any of a number of other financial goals—investing in bonds may help you achieve your objectives.
Minyanville
http://www.minyanville.com/trading-and-investing/
http://www.minyanville.com/edu/
http://www.xtf.com/EducationCenter/
http://www.investopedia.com/terms/e/etf.asp
http://www.investopedia.com/articles/mutualfund/05/060605.asp
Investing in Bonds-Education
http://www.investinginbonds.com/
http://www.investinginbonds.com/learnmore.asp?catid=12
http://www.minyanville.com/edu/2013/11/21/how-to-invest/bond-basics-part-2-types
What Are Bonds?
A bond is a debt security, similar to an I.O.U. When you purchase a bond, you are lending money to a government, municipality, corporation, federal agency or other entity known as an issuer.* In return for that money, the issuer provides you with a bond in which it promises to pay a specified rate of interest during the life of the bond and to repay the face value of the bond (the principal) when it matures, or comes due.
Among the types of bonds available for investment are: U.S. government securities, municipal bonds, corporate bonds, mortgage- and asset-backed securities, federal agency securities and foreign government bonds. The characteristics of several different types of U.S. bonds are described in the Bond Basics Glossary at the end of this section. Market practices described here apply to the U.S. bond market, and may differ from those in other countries.
Bonds can be also called bills, notes, debt securities, or debt obligations. To simplify matters, we will refer to all of these as "bonds."
Why Invest in Bonds?
Many personal financial advisors recommend that investors maintain a diversified investment portfolio consisting of bonds, stocks and cash in varying percentages, depending upon individual circumstances and objectives. Whatever your investment goals, your investment advisor can help explain the investment options available, taking into account your income needs and tolerance for risk.
Typically, bonds pay interest semiannually, which means they can provide a predictable income stream. Many people invest in bonds for that expected interest income and also to preserve their capital investment. Understanding the role bonds play in a diversified investment portfolio is especially important for retirement planning. During the past decade, the traditional defined-benefit retirement plans (pensions) have increasingly been replaced by defined contribution programs such as 401(k) plans or IRAs. Because these plans offer greater individual freedom in selecting from a range of investment options, investors must be increasingly self-reliant in securing their retirement.
Whatever the purpose—saving for your children’s college education or a new home, increasing retirement income or any of a number of other financial goals—investing in bonds may help you achieve your objectives.
Minyanville
http://www.minyanville.com/trading-and-investing/
http://www.minyanville.com/edu/
you should have been paying it off while you were saving. You have been giving money away in interest. I use my amex card for everything and pay it off by the due date in full. I never buy what I dont have the cash to pay for, with a few exceptions. Last month I put close to 7k on my card and paid it off.
Might I suggest something very simple. For the past year or so, there has been something called the 52 week money challenge floating around the net. I have seen it here also. Me and a bunch of my people on Facebook did it last year and, even though you aren't going to get rich from doing it, you do learn to save. And THAT is the goal...to change people's mindset and show them that they can save money starting with just a dollar. Now..I don't know your situation, and if you are in need of a bunch of cash immediately, then this isn't it. But..let me give you the quick and dirty of the program...which I'm starting again on Monday (Jan.6).
Anyone can do this...you save $1 for each week in the challenge. Week 1 - $1...week 2 - $2...week 3 - $3...and so on. No...not a lot of money saved in the first few months. But, if you can last throughout the entire 52 weeks,you will have an extra $1,378 in your pocket to do what you want with at the end of the year. Buy Christmas gifts...pay a bill...put it in the bank and start again the next year(which is what i am doing). Like I said...not a get rich quick program or anything like that. Just a way to change the perception of saving and show people they don't have to start with a bunch of money. Now, this is just one option of stacking some extra cash. There are others that you can employ along with this...soon you will realize that you aren't even missing that money that you are putting away. You can even double the amounts if you are able to..and have $2,756 at the end of the year. And who doesn't want some extra cash available at the end of the year?? Hell..even if you don't finish the full 52 weeks,at least you will have saved something..and that is ALWAYS better than saving nothing. Here is the chart...try it...couldn't hurt. Good luck...
I've been on this and its working well so far. Pretty damn good strategy
bump
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.
CC companies also make money by charging fees to the store. You pay Visa $500 but Visa only pays the store $485or so. Thus, why some stores(like club stores used to do) wouldn't let you choose credit when checking out because they didn't want to pay the fee. Also why a lot of small neighborhood stores have a minimum purchase requirement when using your CC.
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.
There you go.
Take all the money you spent with Nike(NKE) Shoes,slippers,shirts,sweatshirts,Jordans, etc over the last 5 years & buy some shares of NKE.
5 year chart. Your 2k would be over 7k & your share count would have doubled. 10 grand would be 35. Yeah thats boring.
Its right in front of you everyday.
Keep youR footprint small. Cut out liabilities. Build a cocoon & when you are ready to hatch. You will FLY !
Even better.... do it in reverse, so by the end of the year, you're only throwing in a few bucks...
Might I suggest something very simple. For the past year or so, there has been something called the 52 week money challenge floating around the net. I have seen it here also. Me and a bunch of my people on Facebook did it last year and, even though you aren't going to get rich from doing it, you do learn to save. And THAT is the goal...to change people's mindset and show them that they can save money starting with just a dollar. Now..I don't know your situation, and if you are in need of a bunch of cash immediately, then this isn't it. But..let me give you the quick and dirty of the program...which I'm starting again on Monday (Jan.6).
Anyone can do this...you save $1 for each week in the challenge. Week 1 - $1...week 2 - $2...week 3 - $3...and so on. No...not a lot of money saved in the first few months. But, if you can last throughout the entire 52 weeks,you will have an extra $1,378 in your pocket to do what you want with at the end of the year. Buy Christmas gifts...pay a bill...put it in the bank and start again the next year(which is what i am doing). Like I said...not a get rich quick program or anything like that. Just a way to change the perception of saving and show people they don't have to start with a bunch of money. Now, this is just one option of stacking some extra cash. There are others that you can employ along with this...soon you will realize that you aren't even missing that money that you are putting away. You can even double the amounts if you are able to..and have $2,756 at the end of the year. And who doesn't want some extra cash available at the end of the year?? Hell..even if you don't finish the full 52 weeks,at least you will have saved something..and that is ALWAYS better than saving nothing. Here is the chart...try it...couldn't hurt. Good luck...
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