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Thread: If You Had $20k and No Savings...

  1. #31

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    Quote Originally Posted by Pauls' Revere View Post
    pay off debt(s)
    Not being in debt is awesome. I only work part time and I've already saved up almost $3k in savings even while keeping my car in perfect running condition and eating out a good bit. That's after only being on the workforce for less than a year with a $8/hour job. Imagine what happens when I get a promotion/raise. Here's to beating the economy with very few responsibilities.
    "If you study science deep enough and long enough, it will force you to believe in God." ~Lord Kelvin



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  3. #32
    Master Skeptic Brian4Liberty's Avatar
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    Quote Originally Posted by botounami View Post
    Thank you guys for the help so far. I really appreciate it.

    To give you more details - I have no debt and no home. I currently rent a house with 3 other people. My monthly bills are $400 (rent, cable, gas, electric, phone). I am steadily employed at $800 a month in order to grow my business as much as possible (it's a tabletop gaming retail store, growing steadily) but could bump that up to $900-$1000 at the start of next year. I have my bachelors degree in Philosophy (Asian). I've taken and taught wilderness survival classes for about 8 years. I have no food or water stockpiled and do not own a gun or ammo. I own a Plymouth Neon with over 200k miles on it.

    I'm looking to put a good chunk of my money toward more of a long-term savings and will keep the rest as an emergency fund. Hopefully that helps!
    If you are very long term, you should look into a Roth IRA or a Roth 401(k) brokerage account for a portion of your savings. The benefit there is that you can buy and sell as much as you want with no tax implications (or annual tax prep headaches), and when you take the money out when you retire, there will be no taxes.

    For your emergency cash, you should shop around at Credit Unions. They often have better rates and services than banks.

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  4. #33

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    Quote Originally Posted by PierzStyx View Post
    Use it to invest in the precious metals market asap, gold, silver, even copper. All of them are accumulating wealth and will continue to do so. I(nvest in any thing else and you'll only see what you invested in become worth less and less as the Federal Reserve manipulates and tanks the market and devalues the dollar.
    That's not true. There are several investments that beat inflation. In fact, the fortune 500 companies almost always beat inflation, and that's a relatively safe investment. Small business also has potentially much better returns for long-term investors while being somewhat more risky. Real estate is always a good investment because returns are almost guaranteed for renters. It's like operating a mini-business that takes up almost none of your time so that you can have another job along with it.

    The metals market will not make you any money, they only keep up with inflation, they don't beat it. Silver might be beating it right now, but long-term it's really only a safe-store for value, not a big retuns investment. Metals are not accumulating wealth, they're accumulating dollars and keeping roughly the same value they had before. The only reason they keep going up is because of inflation.
    Last edited by PaulConventionWV; 11-08-2012 at 09:31 AM.
    "If you study science deep enough and long enough, it will force you to believe in God." ~Lord Kelvin

  5. #34

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    Quote Originally Posted by botounami View Post
    Thank you guys for the help so far. I really appreciate it.

    To give you more details - I have no debt and no home. I currently rent a house with 3 other people. My monthly bills are $400 (rent, cable, gas, electric, phone). I am steadily employed at $800 a month in order to grow my business as much as possible (it's a tabletop gaming retail store, growing steadily) but could bump that up to $900-$1000 at the start of next year. I have my bachelors degree in Philosophy (Asian). I've taken and taught wilderness survival classes for about 8 years. I have no food or water stockpiled and do not own a gun or ammo. I own a Plymouth Neon with over 200k miles on it.

    I'm looking to put a good chunk of my money toward more of a long-term savings and will keep the rest as an emergency fund. Hopefully that helps!
    By long-term savings, you mean what? Just keeping the money and letting it collect dust and lose value? The other guy had a good idea. Find a cheap duplex, triplex, or quadriplex, buy it (even if you have to get a mortgage) and rent out the other apartments. I saw a quadruplex for $31,000 not too long ago, and another one for $15,000 which I could have easily gotten an immediate additional $800/month from. Keep a small amount of emergency savings and use the rest to either grow your business or get some real estate.
    "If you study science deep enough and long enough, it will force you to believe in God." ~Lord Kelvin

  6. #35

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    Quote Originally Posted by bxm042 View Post
    Do you own a home yet? If not get a duplex/triplex/quad and take advantage of the government's FHA program, and make money by renting out the other unit(s)

    <= 3.5% interest rates
    3.5% money down
    270k max loan for single family, up to I think ~500k max loan for a quadplex property.

    These loans are guaranteed by our wonderfully generous government, so if you have anything better than terrible credit you instantly qualify.
    I just lost my car in Hurricane sandy and Im set to get a fat check from Insurance. Anyone have anymore information on this? Sounds like a interesting idea. I cant seem to find quadplex properties online....

  7. #36

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    In secular bull markets, assets accumulate purchasing power - they do not simply keep up with infltion.

    Those who purchased gold/silver over the last 10 years have seen their purchasing power increase (WEALTH) by A LOT.

    This bull market in precious metals is a super sized secular bull market. The metals are absolutely gaining wealth/purchasing power.

    What you said about top producing companies is very true, however. A quality producer is a fantastic way to expand your wealth, especially if you recognize the value of the company earlier on.

    Quote Originally Posted by PaulConventionWV View Post
    That's not true. There are several investments that beat inflation. In fact, the fortune 500 companies almost always beat inflation, and that's a relatively safe investment. Small business also has potentially much better returns for long-term investors while being somewhat more risky. Real estate is always a good investment because returns are almost guaranteed for renters. It's like operating a mini-business that takes up almost none of your time so that you can have another job along with it.

    The metals market will not make you any money, they only keep up with inflation, they don't beat it. Silver might be beating it right now, but long-term it's really only a safe-store for value, not a big retuns investment. Metals are not accumulating wealth, they're accumulating dollars and keeping roughly the same value they had before. The only reason they keep going up is because of inflation.
    Last edited by Seraphim; 11-08-2012 at 10:28 AM.
    "Like an army falling, one by one by one" - Linkin Park

  8. #37

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    Quote Originally Posted by botounami View Post
    Thank you guys for the help so far. I really appreciate it.

    To give you more details - I have no debt and no home. I currently rent a house with 3 other people. My monthly bills are $400 (rent, cable, gas, electric, phone). I am steadily employed at $800 a month in order to grow my business as much as possible (it's a tabletop gaming retail store, growing steadily) but could bump that up to $900-$1000 at the start of next year. I have my bachelors degree in Philosophy (Asian). I've taken and taught wilderness survival classes for about 8 years. I have no food or water stockpiled and do not own a gun or ammo. I own a Plymouth Neon with over 200k miles on it.

    I'm looking to put a good chunk of my money toward more of a long-term savings and will keep the rest as an emergency fund. Hopefully that helps!
    Unless you either just want a degree or it's close to free, I wouldn't waste time on a philo degree, it will not increase your income.

    You car has a year or 2 to live, so keep at least 5k for the next car.

  9. #38

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    Quote Originally Posted by PaulConventionWV View Post
    That's not true. There are several investments that beat inflation. In fact, the fortune 500 companies almost always beat inflation, and that's a relatively safe investment. Small business also has potentially much better returns for long-term investors while being somewhat more risky. Real estate is always a good investment because returns are almost guaranteed for renters. It's like operating a mini-business that takes up almost none of your time so that you can have another job along with it.

    The metals market will not make you any money, they only keep up with inflation, they don't beat it. Silver might be beating it right now, but long-term it's really only a safe-store for value, not a big retuns investment. Metals are not accumulating wealth, they're accumulating dollars and keeping roughly the same value they had before. The only reason they keep going up is because of inflation.
    You don't sound like somebody who has been a landlord, have you not heard of the housing bubble and foreclosure explosion?

    In your very next post you say there are houses selling for 30k, how is that a guaranteed investment to the current seller?

  10. #39
    Member Zippyjuan's Avatar
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    Quote Originally Posted by PaulConventionWV View Post
    By long-term savings, you mean what? Just keeping the money and letting it collect dust and lose value? The other guy had a good idea. Find a cheap duplex, triplex, or quadriplex, buy it (even if you have to get a mortgage) and rent out the other apartments. I saw a quadruplex for $31,000 not too long ago, and another one for $15,000 which I could have easily gotten an immediate additional $800/month from. Keep a small amount of emergency savings and use the rest to either grow your business or get some real estate.
    Some questions a potential investor in rental property should ask. What is the condition of the property? What would it cost to make it good enough to rent out? Get an inspection- especially of the roof- the most expensive to fix or replace. A cheap complex is probably priced low because it will cost a lot to bring it up to code. What are your costs and what can you rent it out at (you should be able to get enough rent in nine months to cover all of your expenses for the year)- what rent are similar units in the area getting? Do you want to be the landlord- fix everything and collect the rent. Kick out problem renters. Or would you pay somebody to do all of that (include that in your costs). Can you get a mortgage on the property? Don't forget property taxes in the expenses as well. You will need down payment and money to do initial fixing up of the place.
    I am Zippy and I approve of this message. But you don't have to.

  11. #40

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    Quote Originally Posted by botounami View Post
    Thank you guys for the help so far. I really appreciate it.

    To give you more details - I have no debt and no home. I currently rent a house with 3 other people. My monthly bills are $400 (rent, cable, gas, electric, phone). I am steadily employed at $800 a month in order to grow my business as much as possible (it's a tabletop gaming retail store, growing steadily) but could bump that up to $900-$1000 at the start of next year. I have my bachelors degree in Philosophy (Asian). I've taken and taught wilderness survival classes for about 8 years. I have no food or water stockpiled and do not own a gun or ammo. I own a Plymouth Neon with over 200k miles on it.

    I'm looking to put a good chunk of my money toward more of a long-term savings and will keep the rest as an emergency fund. Hopefully that helps!
    Sell your business.
    Sell everything in your apartment
    Get out of the apartment, start car camping
    Buy passport, visas, plane ticket to Asian country of your choice
    Sell your car, start backpacking, living at friends houses, couch surfing. Upgrade your backpacking equipment
    Open a discount brokerage account, put all leftover money into stocks: Google, Tencent.
    Hop on the plane to Asia
    $19,000 is 5 years of backpacking around Southeast Asia/India/China getting market research for the international expansion of your tabletop gaming business.

    You studied Asian philosophy and enjoy wilderness survival too.
    Last edited by LibertyCitrus; 11-08-2012 at 10:12 PM.

  12. #41

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    Quote Originally Posted by botounami View Post
    Thank you guys for the help so far. I really appreciate it.

    To give you more details - I have no debt and no home. I currently rent a house with 3 other people. My monthly bills are $400 (rent, cable, gas, electric, phone). I am steadily employed at $800 a month in order to grow my business as much as possible (it's a tabletop gaming retail store, growing steadily) but could bump that up to $900-$1000 at the start of next year. I have my bachelors degree in Philosophy (Asian). I've taken and taught wilderness survival classes for about 8 years. I have no food or water stockpiled and do not own a gun or ammo. I own a Plymouth Neon with over 200k miles on it.

    I'm looking to put a good chunk of my money toward more of a long-term savings and will keep the rest as an emergency fund. Hopefully that helps!
    Asia is definitely your oyster, and your laughing place. Move to Vietnam to begin with (I'll be there in January, lived in China for five years and love it). Because of your degree, and the fact that you're a native English speaker (I assume) means that you are already qualified for and can easily get a teaching position at a university there, making around $30 an hourówith benefits. Even then, medical and dental are cheap as dirt. Some of the healthiest, best tasting food on Earth, thanks to a perfect mix of Southeast Asian with a hundred years of French influence. Rent for a really nice place there, (if you want to REALLY splurge) is about $300 a month. And I don't care how old you are, or what you look like, your romantic prospects, if interested, are enormous. And what a place to continue your Asian philosophy studies.

    ...and you'll never come back. And why would you want to?

  13. #42

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    Quote Originally Posted by Steven Douglas View Post
    Asia is definitely your oyster, and your laughing place. Move to Vietnam to begin with (I'll be there in January, lived in China for five years and love it). Because of your degree, and the fact that you're a native English speaker (I assume) means that you are already qualified for and can easily get a teaching position at a university there, making around $30 an hour—with benefits. Even then, medical and dental are cheap as dirt. Some of the healthiest, best tasting food on Earth, thanks to a perfect mix of Southeast Asian with a hundred years of French influence. Rent for a really nice place there, (if you want to REALLY splurge) is about $300 a month. And I don't care how old you are, or what you look like, your romantic prospects, if interested, are enormous. And what a place to continue your Asian philosophy studies.

    ...and you'll never come back. And why would you want to?
    what do you do in China?

  14. #43

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    Quote Originally Posted by Tpoints View Post
    what do you do in China?
    Other than have the time of my life in a strangely wonderful alternate universe, most of what butters my bread and funds my fun is semiconductor industry related.

  15. #44

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    ignore.
    Last edited by Jordan; 11-09-2012 at 09:34 PM.

  16. #45

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    Quote Originally Posted by Steven Douglas View Post
    Asia is definitely your oyster, and your laughing place. Move to Vietnam to begin with (I'll be there in January, lived in China for five years and love it). Because of your degree, and the fact that you're a native English speaker (I assume) means that you are already qualified for and can easily get a teaching position at a university there, making around $30 an hourówith benefits. Even then, medical and dental are cheap as dirt. Some of the healthiest, best tasting food on Earth, thanks to a perfect mix of Southeast Asian with a hundred years of French influence. Rent for a really nice place there, (if you want to REALLY splurge) is about $300 a month. And I don't care how old you are, or what you look like, your romantic prospects, if interested, are enormous. And what a place to continue your Asian philosophy studies.

    ...and you'll never come back. And why would you want to?
    I've been thinking about going to Penang, Malaysia (Anthony Bourdain sold me) for awhile, and maybe even living there if I like it. But if I do, I'll need to leave occasionally for visa purposes. Vietnam sounded like a good in between country to visit, both culture, and costwise. Which cities do you recommend there for a semi-extended stay? Also, is it possible to bounce indefinitely between, lets say, Malaysia, Thailand, and Vietnam? Or at some point, would immigration in any of the respective countries go "No entry. You no go home to United States since 2012.' Or would they totally not care so long as I haven't overstayed in any of the aforementioned countries?
    Last edited by DFF; 11-09-2012 at 03:10 AM.

  17. #46

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    Quote Originally Posted by DFF View Post
    I've been thinking about going to Penang, Malaysia (Anthony Bourdain sold me) for awhile, and maybe even living there if I like it. But if I do, I'll need to leave occasionally for visa purposes. Vietnam sounded like a good in between country to visit, both culture, and costwise. Which cities do you recommend there for a semi-extended stay?
    I only really know China, and mostly mid to northern. I don't know Vietnam that well, I've only visited myself. Even though I prefer smaller cities, I'll be living in Ho Chi Minh to begin with, and decide where I want to go from there.

    Quote Originally Posted by DFF View Post
    Also, is it possible to bounce indefinitely between, lets say, Malaysia, Thailand, and Vietnam? Or at some point, would immigration in any of the respective countries go "No entry. You no go home to United States since 2012.' Or would they totally not care so long as I haven't overstayed in any of the aforementioned countries?
    You can bounce around all you want. Each country has its own rules for entry and exit, with different requirements depending on the type of stay each time, but as long as you abide by them, you can pretty much do it indefinitely with just tourist visas. I'll be working there on a work visa, so I'll get a Temporary Residence Card (TRC) to begin with (for stays over one year), and will likely get a leasehold somewhere and apply for a Permanent Residence Card (PRC) at some point, so I can come and go as I please without restrictions or time limits.

  18. #47

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    Quote Originally Posted by Czolgosz View Post
    Consumerism is a bitch. It creeps up on you pretty quickly. I learned a lot about it the first time I moved from my house to an apartment...couldn't believe how much crap I've purchased and only use irregularly.
    Wow I hear you. I've spent the last week cleaning out closets, garage, attic and basement. They're going to need another Goodwill store for my shit when I'm done.
    "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
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  19. #48
    Member newbitech's Avatar
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    I'd find a way to make more than 800 a month with my small biz. That is less than 30 dollars a day. 30 dollars a day into 20k is almost 2 years. So I'd put half of it into probably precious metals, something that will hold value, and the other half would go right into my small biz.

    I can put out 500 postcards on a targeted list for $600 bucks. Nice double sided color glossy ink, pre-addressed, and a list I filter. Drum up some more business with low cost advertising. Do this every other month and im sure your sales will increase. If you are able to double that $800 a month in 1 year with 10k, Then in 2 years, you will have 20k in the bank making $1600 a month, by investing half your money and double your current income.

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