Quote from: HurtfulTurkey on August 04, 2015, 08:50:48 PMInvest at least 10% of your salary in your retirement plan. I use a Roth IRA; others prefer Traditional IRAs. Once you get established and start making raises or bonuses, consider investing those amounts amounts and living off of your original salary. For instance, I make an extra $150 for flight pay, so I put that into my savings plan instead. How can I apply this as an actor, since I won't be making a consistent salary, but rather be payed for each production I am casted in?
Invest at least 10% of your salary in your retirement plan. I use a Roth IRA; others prefer Traditional IRAs. Once you get established and start making raises or bonuses, consider investing those amounts amounts and living off of your original salary. For instance, I make an extra $150 for flight pay, so I put that into my savings plan instead.
My personal believe on this, is fuck waiting. Do it now. The sooner I get a place up that I'm comfortable with, that is my space to both live in and enjoy, the stronger my future security will be no matter what happens to me.
Quote from: Sandtrap on August 05, 2015, 01:21:53 PMMy personal believe on this, is fuck waiting. Do it now. The sooner I get a place up that I'm comfortable with, that is my space to both live in and enjoy, the stronger my future security will be no matter what happens to me.You can't just buy a home now. It takes decades to pay off a mortgage, and then you have property taxes and upkeep. It's just not feasible to think you can accomplish such a goal without planning for it.
I'm aware that you can't just "buy a home now." It does take a little bit of planning. But generally, you try to get there as quickly as possible.
And no, you don't absolutely need a mortgage. A mortgage is just a rat-trap. I'm not saying that they don't have their uses but it's not an impossibility to buy a house without using a mortgage. That's another thing I tend to operate on.
No credit or loans. If you can't buy it yourself in cash then you don't and shouldn't be going after it in the first place.
The sooner you have a home that's yours, that's paid off, the more secure your future is. That should always be your number one priority.
Quote from: Sandtrap on August 05, 2015, 09:15:07 PMI'm aware that you can't just "buy a home now." It does take a little bit of planning. But generally, you try to get there as quickly as possible. I really disagree with this. A house isn't going to pay dividends, send my kids to college, or pay for trips and hobbies in my retirement.QuoteAnd no, you don't absolutely need a mortgage. A mortgage is just a rat-trap. I'm not saying that they don't have their uses but it's not an impossibility to buy a house without using a mortgage. That's another thing I tend to operate on.QuoteNo credit or loans. If you can't buy it yourself in cash then you don't and shouldn't be going after it in the first place. It is highly unusual for someone that has no made significant investments into retirement to be able to pay for a house with cash. Unless you were born with money, it doesn't make sense to let $500,000 (or whatever) accumulate in a savings account or money market. You'd put it into stocks or an IRA and then you can withdraw that in retirement and then eschew a mortgage.QuoteThe sooner you have a home that's yours, that's paid off, the more secure your future is. That should always be your number one priority.Again, I really disagree. Real estate can be a very risky investment, and it's dangerous to think that once you have it paid for that you're secure, especially if you're not prepared for loss in equity or property taxes.
So therefore, make the money required to do so on top of having a secured home base to work off of. I know I sound like an asshat right now saying, "just do it," but so far in my life from personal experience I've proven to myself that if I need money I can find it, and I can do it quickly. Again.
Quote from: Verbatim on August 05, 2015, 01:35:36 PMThinking about the distant future is probably my least favorite thing ever, so. Fuck that.I prefer to just go with the flow. If I could just set my brain to auto-pilot, I so would.In 20 years time you'll have a wife and kids and a mortgage you can barely afford to pay with your job you hate that you wasted years in college for and your wife is cheating on you and you never get to see your kids so they don't really like you or care about you and then you die from pancreatic cancer.
Thinking about the distant future is probably my least favorite thing ever, so. Fuck that.I prefer to just go with the flow. If I could just set my brain to auto-pilot, I so would.
Quote from: Sandtrap on August 05, 2015, 10:05:34 PMSo therefore, make the money required to do so on top of having a secured home base to work off of. I know I sound like an asshat right now saying, "just do it," but so far in my life from personal experience I've proven to myself that if I need money I can find it, and I can do it quickly. Again.Jesus, and you're saying I live in an upper class area? (Btw, I don't; I live in the deep south.) Like I said, unless you're old money, there's really no feasible way to buy a house with cash outside of a very lucrative job, which you're probably not going to have away from urban centers. I'm not trying to shit on your dreams, I just want you to be realistic about your expectations.
Invest at least 10% of your salary in your retirement plan. I use a Roth IRA; others prefer Traditional IRAs. Don't buy a performance car; get something that is reliable. There are still plenty of fun, good-looking cars that will be low in maintenance costs, sticker price, and mileage. Once you get established and start making raises or bonuses, consider investing those amounts amounts and living off of your original salary. For instance, I make an extra $150 for flight pay, so I put that into my savings plan instead. Don't attempt to pay off student loans too quickly, but also consider paying it off 1/4 earlier than estimated. Make essential purchases for a household on a zero-interest credit card and pay it off in a year. Essentials would include basic furniture, and a washer and dryer. Open new credit cards to take advantage of zero interest for a year, and pay attention to what those cards give you in terms of cash rewards (usually high at gas stations or air travel). Don't let a credit card sit unused after the no-interest period has expired, and try to pay off the balance for those each month so you don't get hit with interest. Slowly accumulate a 6-month 'rainy day' fund in case you lose your job; this is especially important for contract workers.Don't be afraid of growing up, severing ties with immature friends, and letting go of habits that are keeping you stuck in an old life. Life isn't a party when you're 26 making $10 an hour, no long-term relationship, drowning in debt and living in a crappy apartment.Get a puppy.