+- Madison Motorsports (https://forum.mmsports.org)
+-- Forum: Madison Motorsports (https://forum.mmsports.org/forumdisplay.php?fid=3)
+--- Forum: Lounge (https://forum.mmsports.org/forumdisplay.php?fid=6)
+--- Thread: Madison MoneySports - Personal Finance Thread (/showthread.php?tid=11501)
Re: Madison MoneySports - Personal Finance Thread - Apoc - 08-02-2017
My dad has made a lot of money flipping cars, but he's retired and obsessively watches the market every single day.
Don't be like my dad.
Re: Madison MoneySports - Personal Finance Thread - WRXtranceformed - 08-02-2017
V1GiLaNtE Wrote:I tend to shy away from CD's. I haven't found their interest rates all that appealing. :dunno:Agreed, it's just another option because CDs tend to pay out much higher than savings accounts. But the end result is still gonna be not much moneys
I don't keep more than my monthly expenses + some available in checking and savings sits with Barclays paying about 1.2% which is pretty darn close to a 12 month CD.
Re: Madison MoneySports - Personal Finance Thread - ScottyB - 08-03-2017
flipping cars also assumes you have the ~$1k in tools required to actually fix the stuff that's broken so you can sell a running car, and a box/garage to store them in. you're not making anything off of that kind of work on a constant basis unless you already do it for a living or have incredible amounts of free time.
i found investopedia.com very helpful for advice on stocks. that's not the kind of thing you want to rely on for long term savings, but it could be of interest and make you some money if you understand what you're doing. it helped me understand a lot about the terms and forms of buying and selling. i've never made big bucks in stocks, or done any kind of exotic trading but i've held and sold a few stocks that made me a couple grand and even though others lost some, i cashed out higher than i put in overall.
get yourself a subscription to a magazine too so you can grab some ideas on the throne. i actually found a couple excellent mutual funds through Money Magazine a couple years back. just another way to stay informed from another channel of information.
Re: Madison MoneySports - Personal Finance Thread - .RJ - 08-03-2017
Flipping cars can be profitable but you have to be very honest with your costs. If you enjoy wrenching, and making a little money, without hte expectation that you need it to pay your rent, then go for it but remember its a hobby.
I got lucky buying several non-running motorcycles in a row and then selling them in the spring/summer when people will buy anything that runs and has 2 tires. I could have taken home bikes with fragged engines. I figured if I didnt make $1000/bike it wasnt worth my time. It was fun but being able to FIND the bikes that need some minor repair is the hard part and you have to factor that into your 'profit'.
Re: Madison MoneySports - Personal Finance Thread - ScottyB - 08-03-2017
.RJ Wrote:remember its a hobby.
there it is. thank you for saying this better than i could
Re: Madison MoneySports - Personal Finance Thread - RhyminSimon27 - 08-03-2017
If anyone has any questions about this topic, I'm happy to help. I'm a financial consultant and I sorta do this type of planning for people for a living. It's definitely not something most people consider early enough, but it's cool to see how some of it can work to your advantage. Seriously, let me know if you're interested!
Re: Madison MoneySports - Personal Finance Thread - Senor_Taylor - 08-03-2017
RhyminSimon27 Wrote:If anyone has any questions about this topic, I'm happy to help. I'm a financial consultant and I sorta do this type of planning for people for a living. It's definitely not something most people consider early enough, but it's cool to see how some of it can work to your advantage. Seriously, let me know if you're interested!Will do! I'll give you a call soon.
Sent from my Pixel using Tapatalk
Re: Madison MoneySports - Personal Finance Thread - Ryan T - 08-03-2017
JustinG Wrote:Apoc Wrote:My goal is to retire when my kid graduates HS; I'll be 57
Damn you are old.
Can't say much about the kid graduating business, but I'm a mandatory retirement at 57, and I'm eligible for full retirement benefits at 51. I'm pumping the maximum into my TSP fund as well as putting some away in a personal investment account. I'm hoping that at 51 my TSP, plus my pension and other investments will allow me to work part time somewhere and live the same lifestyle.
Re: Madison MoneySports - Personal Finance Thread - JustinG - 08-03-2017
Ryan T Wrote:JustinG Wrote:Apoc Wrote:My goal is to retire when my kid graduates HS; I'll be 57
Damn you are old.
Can't say much about the kid graduating business, but I'm a mandatory retirement at 57, and I'm eligible for full retirement benefits at 51. I'm pumping the maximum into my TSP fund as well as putting some away in a personal investment account. I'm hoping that at 51 my TSP, plus my pension and other investments will allow me to work part time somewhere and live the same lifestyle.
Sheetz is always hiring quality people
Re: Madison MoneySports - Personal Finance Thread - WRXtranceformed - 08-09-2017
<!-- m --><a class="postlink" href="http://www.marketwatch.com/story/us-households-will-soon-have-as-much-debt-as-they-had-in-2008-2017-04-03">http://www.marketwatch.com/story/us-hou ... 2017-04-03</a><!-- m -->
Not a surprise when the job market stabilizes and the economy improves that people spend more (or spend what they don't have yet). What stood out to me was the predatory lending that financial institutions are doing again targeting lower income / low credit score individuals. It also has to be really discouraging for students who are graduating with or have graduated and are dealing with student loans. I was very, very fortunate to have parents with the foresight to put money aside for me for college when I was born despite not making a ton of money as a family and living in a super expensive area. I hope I can provide my children with the same leg up, it just gives me anxiety when I think about how fast the cost of higher education is spiraling upward.
Re: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 08-09-2017
WRXtranceformed Wrote:http://www.marketwatch.com/story/us-households-will-soon-have-as-much-debt-as-they-had-in-2008-2017-04-03
I hope I can provide my children with the same leg up, it just gives me anxiety when I think about how fast the cost of higher education is spiraling upward.
OR we should stop buying into the nonsense that everybody needs to go to college. I'm totally onboard with affording my kids the luxury of not having to pay for school, but you also have to look at the bigger picture. Because eventually having a college degree is going to be worth absolutely nothing. Which will only drive education costs to an even more ridiculous level because then the status quo will be a masters, a PHD, etc.
In summary: I agree with you, but would like the world to keep an open mind about all your options. Also, this guys videos are hilarious and scary true.
[youtube]8utmmWoBSBY[/youtube]
Re: Madison MoneySports - Personal Finance Thread - Apoc - 08-09-2017
A Masters or higher is all but required for many jobs at Amazon.
Re: Madison MoneySports - Personal Finance Thread - Jewels - 08-09-2017
Cabel makes a great point. We've made it so college is the be all end all for kids. We make ink at my company. You do not need a college degree to make ink. If you want to work in our lab, you do not need a college degree. You can't be color blind (sorry Kaan!). But you know we have trouble finding people who don't feel over qualified to work in an ink plant. Its not lucrative at all. But we only run 1 shift, you are off weekends, collect over time, and pay and benefits aren't bad because we are an international company. The ink we make here is non toxic and other than it being hot as the dickens in the plant during the summer, there isn't a giant amount of hazard. But again.... we have trouble getting younger people to come to work, and most of these guys are starting to enter into retirement territory.
Re: Madison MoneySports - Personal Finance Thread - WRXtranceformed - 08-09-2017
I couldn't agree more that you don't need a 4 year college degree to be successful. Some of the wealthiest people I know don't have a college degree (most of them work in residential or commercial real estate). Not having one is certainly a barrier for employment though and a pretty sizable one that probably won't go away any time soon for most of the white collar world.
What I really debate on the value of is an MBA. I see a LOT of people who don't have them get promoted over others that do and I see a lot of people with them who struggle to find a good job or are underemployed.
Re: Madison MoneySports - Personal Finance Thread - V1GiLaNtE - 08-09-2017
WRXtranceformed Wrote:What I really debate on the value of is an MBA. I see a LOT of people who don't have them get promoted over others that do and I see a lot of people with them who struggle to find a good job or are underemployed.
This. I see a lot of people leaving Deloitte to pursue an MBA as part of a rotational program, but it's so hit or miss it's scary to to think the potential debt you incur could leave you struggling for a job if you took the burden on yourself.
Re: Madison MoneySports - Personal Finance Thread - .RJ - 08-09-2017
You don't need a bachelors degree but having one gives you a better chance of bigger earnings and better health in the long run.
Re: Madison MoneySports - Personal Finance Thread - Apoc - 08-09-2017
V1GiLaNtE Wrote:WRXtranceformed Wrote:What I really debate on the value of is an MBA. I see a LOT of people who don't have them get promoted over others that do and I see a lot of people with them who struggle to find a good job or are underemployed.
This. I see a lot of people leaving Deloitte to pursue an MBA as part of a rotational program, but it's so hit or miss it's scary to to think the potential debt you incur could leave you struggling for a job if you took the burden on yourself.
MBAs are kinda a joke. Other master degrees are valuable, but not MBAs. At least, that's how we treat them at Amazon.
Re: Madison MoneySports - Personal Finance Thread - G.Irish - 08-09-2017
The thing about college is that a lot of people think about it rather crudely. "You have to go to college to get a good job." "College is the minimum." "If you don't go to college you're gonna be poor/broke." It reminds of how before 2008 most people would say, "Real estate is always a good investment." or "Renting is wasting money." A lot of those people lost their asses.
Truth is that college has to be viewed pragmatically to determine whether it makes sense for the individual and the lifestyle they want to lead. If someone wants to enter a profession that doesn't pay very well and has limited lifetime earning potential but requires a degree, fine. But that person absolutely should not take out $80k of student loan debt to get a private university education. People have to be realistic about their profession and earning potential. It doesn't make sense to spend a ton of money on college just so you can be underpaid and under crushing student loan debt for most of your life. Maybe your first love isn't accounting or computer science or nursing but life is a lot easier and happier when you can pay the bills. Study art history in your free time if the honest financial outlook isn't ideal.
If you're going to college to get a degree in a field that will allow you to pay off any student loans on a reasonable timescale and you commit to earning that degree then you'll be fine.
For other people, going to college doesn't make sense at all. Vocational training or the military might be a better fit.
Re: Madison MoneySports - Personal Finance Thread - G.Irish - 08-09-2017
V1GiLaNtE Wrote:I think some people think of MBA's as a golden ticket rather than a foot in the door. If you want to get to the C-suite an MBA usually helps but making smart career moves and working hard are a much bigger part of the equation.WRXtranceformed Wrote:What I really debate on the value of is an MBA. I see a LOT of people who don't have them get promoted over others that do and I see a lot of people with them who struggle to find a good job or are underemployed.
This. I see a lot of people leaving Deloitte to pursue an MBA as part of a rotational program, but it's so hit or miss it's scary to to think the potential debt you incur could leave you struggling for a job if you took the burden on yourself.
Re: Madison MoneySports - Personal Finance Thread - WRXtranceformed - 08-09-2017
G.Irish Wrote:The thing about college is that a lot of people think about it rather crudely. "You have to go to college to get a good job." "College is the minimum." "If you don't go to college you're gonna be poor/broke." It reminds of how before 2008 most people would say, "Real estate is always a good investment." or "Renting is wasting money." A lot of those people lost their asses.This is all very true and more people need to hear it.
Truth is that college has to be viewed pragmatically to determine whether it makes sense for the individual and the lifestyle they want to lead. If someone wants to enter a profession that doesn't pay very well and has limited lifetime earning potential but requires a degree, fine. But that person absolutely should not take out $80k of student loan debt to get a private university education. People have to be realistic about their profession and earning potential. It doesn't make sense to spend a ton of money on college just so you can be underpaid and under crushing student loan debt for most of your life. Maybe your first love isn't accounting or computer science or nursing but life is a lot easier and happier when you can pay the bills. Study art history in your free time if the honest financial outlook isn't ideal.
If you're going to college to get a degree in a field that will allow you to pay off any student loans on a reasonable timescale and you commit to earning that degree then you'll be fine.
For other people, going to college doesn't make sense at all. Vocational training or the military might be a better fit.
Our company developed a free website, originally intended for high school students, to help them figure out what they want to do with their lives and use actual workforce data to educate them about their job outlook and earning potential where they live. I wish I had something like this when I was in high school, I mean things ended up fine but who knows where I would be if I could have made a more informed decision about what I want to do with my life:
<!-- m --><a class="postlink" href="https://www.findyourcalling.com/">https://www.findyourcalling.com/</a><!-- m -->
I would encourage anyone who is still in school to sign up and fill out a profile. It makes tailored recommendations for you on career choices and could give you some guidance if you haven't picked a major yet. It then ties the education you need to potential jobs and shows workforce data behind what's out there in your region and how much you can make. Cool stuff! Our CINO presented this at the White House a few years ago.