How many of you plan on taking your financial future into your own hands as a 2011 goal? (pay, taxes)

[Croye22]

I am. I'm a college student, I have several loans out already, which is really the only thing I have out in terms of credit. Only have one credit cart(don't use the other and I got rid of Capital One). Don't have the best of clothes but I have a decent car and quite a few electronic gadgets.

But I recently discovered something that with a little hard work, will benefit me in the long run financially. Won't make me rich or anything, but it'll give me a much better chance of handling my financial future than putting it in the hands of a job.

First thing I'm going to do is start saving more money. Maybe a $1/day :P

What about you guys? I know from reading several topics that some of you have your own financial things to handle.

[Charles]

Originally Posted by Croye22

I am. I'm a college student, I have several loans out already, which is really the only thing I have out in terms of credit. Only have one credit cart(don't use the other and I got rid of Capital One). Don't have the best of clothes but I have a decent car and quite a few electronic gadgets.

But I recently discovered something that with a little hard work, will benefit me in the long run financially. Won't make me rich or anything, but it'll give me a much better chance of handling my financial future than putting it in the hands of a job.

First thing I'm going to do is start saving more money. Maybe a $1/day :P

What about you guys? I know from reading several topics that some of you have your own financial things to handle.

You haven't written anything of substance. Unless you have specific goals (I'm assuming $1/day is a joke), then you don't have goals.
Goals don't have "try" in them.
What does "a little hard work" mean?

My goals are the same as last year except I am turning 50 this year so I can contribute more.
Max 401(k) (to the government limit) (I turn 50 in July so I can contribute $22K this year.), so $22,000
Two roth iras ($5000 + $6000) = $11,000 ($5000 for wife even though she has no income, $6000 for me up from $5000 no that I'm 50)
Four Ediucation savings accounts 4 X $2000 = $8000
Pay off credit cards monthly

[mccarley]

I have always had Black Eyed peas and Greens on New Years day. This is what my Mother said to do and you would always have money and it has worked for me.

[Charles]

Originally Posted by mccarley

I have always had Black Eyed peas and Greens on New Years day. This is what my Mother said to do and you would always have money and it has worked for me.

She also told you to go to church and pray and so far those haven't accomplished anything.

[alphamale]

I do and always have.

The recipient class is going to wait for obama's help.

[BramH]

I do that every year. And I always fail having enough.

[mccarley]

Originally Posted by BramH

I do that every year. And I always fail having enough.

What kind of peas and greens? You have got to have the black eyed pea. The greens can be collard or turnip, mixed is better.

[Tallysmom]

Originally Posted by mccarley

I have always had Black Eyed peas and Greens on New Years day. This is what my Mother said to do and you would always have money and it has worked for me.

In our family, it's pork and sauerkraut. And it's worked for us, too....

To the OP -- we took our financial ship into our own steering soon after we married 28 years ago in 1983.

It's been about the accumulation of money and investing it, after we bought our house in 1987.

Charles is right. You need more specific reachable goals.

First things first, you need to see where your money goes. Every penny. Write it down. You need to see where your leaks are. Money's like water, it flows. Right out of your hands.

You then need to see how much you are supposed to have "left over" -- that's a budget. Your rent, utilities, food, bills. And since you know where your money is going, you know where you can cut. Turn the heat down to save money on your electric. You're never home, why pay for cable. Writing every penny down shows you where your left over money is going.... it's easy to fritter away money.

Now you a goal amount to save. Let's say it really is only 30 dollars a month. Every paycheck, you put away that "left over" money you now call savings FIRST. You'll hear a lot of people say Pay Yourself First? That's what that means. So if you get paid twice a month, take 15 bucks off the top and put it into a savings account. Don't worry about the interest rate.

The next thing -- a raise comes your way. Add that to your 30 bucks. Your car is paid off -- keep paying that payment -- to yourself. Think about every purchase.

Never think in terms of black and white. Credit cards are deemed as evil. Debt is evil. Neither are. Hardly anyone will buy a house with cash. A lot of people can't buy a car with cash. Debt is a tool. A tool you can use to your advantage.

Now -- you don't want to buy everything on time. We use our credit card for everything, but it's our budgeting tool, and we pay it off monthly. BUT -- there were times, back in the day when we first bought our house we couldn't. Buying the house took everything we had, and we had to build our savings back up. And our fridge died. And property taxes were due. I didn't have the money for both. So we bought a new fridge on credit, and budgeted to pay it off in three months. As I recall, the interest we paid in total on the card was about 15 bucks.

And we decided that 15 bucks was worth paying to not derail our savings program (we actually called it our wealth building) And we did the same thing for each appliance purchase we had to make over the years.

And, as your savings grow, you can read up on investing.... a whole other facet of wealth building....

[tropolis]

my financial future is looking decent. im going to start a roth this year, and going to begin saving for a home. I wont be eligible for 401k until this summer.

[mccarley]

Originally Posted by Tallysmom

Every paycheck, you put away that "left over" money you now call savings FIRST. You'll hear a lot of people say Pay Yourself First? That's what that means.
Pay your self first





Credit cards are deemed as evil. Debt is evil. Neither are. Hardly anyone will buy a house with cash. A lot of people can't buy a car with cash. Debt is a tool. A tool you can use to your advantage.


....

Pay your self first. RULE NO 1

Get a credit card that gives a 1 % cash rebate, pay it off every month. Save the rebate.