Comments on: Is Now the Right Time to Invest? http://freelancefinances.com/the-right-time-to-invest/ it's amazing how easy it is to save money when you just stop throwing it away. Thu, 06 May 2010 06:11:40 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Lyshhttp://freelancefinances.com/the-right-time-to-invest/comment-page-1/#comment-80 Lysh Tue, 17 Nov 2009 23:24:03 +0000 http://freelancefinances.com/?p=107#comment-80 The ad under the post title is tripping me out because it's something I Googled once. o_OI need to pick up this Dave Ramsey book sometime. Although I like reading about finances by Alan. The ad under the post title is tripping me out because it’s something I Googled once. o_O

I need to pick up this Dave Ramsey book sometime. Although I like reading about finances by Alan.

]]> By: Nathanhttp://freelancefinances.com/the-right-time-to-invest/comment-page-1/#comment-79 Nathan Tue, 17 Nov 2009 22:43:17 +0000 http://freelancefinances.com/?p=107#comment-79 I've been reading you for a while, and I have to say, I'm learning a lot that I honestly never knew. Now, I'm only 16, I'll be 17 in 5 months, and I've had a job since 14, and slowly been saving up my money for things I wanted. I've finally come to the point when I'm just going to start saving up, and I felt this post really connected with me the most. At this point, I haven't accrued debt, per se, but I am currently paying off my laptop, which I financed with my parents' help, and some of the things I've learned here will go towards paying that off quickly. Can't wait for more! I’ve been reading you for a while, and I have to say, I’m learning a lot that I honestly never knew. Now, I’m only 16, I’ll be 17 in 5 months, and I’ve had a job since 14, and slowly been saving up my money for things I wanted. I’ve finally come to the point when I’m just going to start saving up, and I felt this post really connected with me the most. At this point, I haven’t accrued debt, per se, but I am currently paying off my laptop, which I financed with my parents’ help, and some of the things I’ve learned here will go towards paying that off quickly. Can’t wait for more!

]]> By: Julie Herrickhttp://freelancefinances.com/the-right-time-to-invest/comment-page-1/#comment-78 Julie Herrick Tue, 17 Nov 2009 17:35:13 +0000 http://freelancefinances.com/?p=107#comment-78 I read a great book by Dave Ramsey (which I notice is in the sidebar). I'll summarize it quickly here. They key is to do these things in THIS ORDER. #0.5) Get a job. (The book presupposes that you have some income.) #1) Save $1000 as fast as you can. This is your starter emergency fund. Keep it in savings or someplace accessible. Do not tie it up in stocks or even CDs. Work two jobs, save all your Christmas money, sell stuff, get a roommate, whatever it takes. #2) Get out of debt. (I concur with Alan: DO NOT take on the additional debt of a 10k car. Buy a cheap used car. If you buy a 3k car instead of a 10k car, think about that decision like getting a 7k jump-start on your debt payoff process. Doesn't that feel good? If you stick to the plan, pretty soon you'll be able to save up for a car you really like.) #3) Finish your Emergency Fund. Now that you're out of debt, you're not making those monthly loan payments anymore. Save that same amount of money monthly until you have 3-6 months of living expenses in savings. [Here my advice differs slightly from Alan's in terms of the order of events. I recommend you just save the $1000 starter emergency fund, and then start attacking your debt before you finish the emergency fund with the 3-6 months expenses.] #4) Save for Retirement. Now, and only now, can you think about investing.Lastly, I so highly recommend "The Total Money Makeover" by Dave Ramsey for more details. There's more steps after this, and tons of details about how to do Step #2, (getting out of debt.) Better yet, borrow it from a friend or from your local library. Put the money you would have spent on the book into your starter emergency fund. Best of luck. I read a great book by Dave Ramsey (which I notice is in the sidebar). I’ll summarize it quickly here. They key is to do these things in THIS ORDER.
#0.5) Get a job. (The book presupposes that you have some income.)
#1) Save $1000 as fast as you can. This is your starter emergency fund. Keep it in savings or someplace accessible. Do not tie it up in stocks or even CDs. Work two jobs, save all your Christmas money, sell stuff, get a roommate, whatever it takes.
#2) Get out of debt. (I concur with Alan: DO NOT take on the additional debt of a 10k car. Buy a cheap used car. If you buy a 3k car instead of a 10k car, think about that decision like getting a 7k jump-start on your debt payoff process. Doesn’t that feel good? If you stick to the plan, pretty soon you’ll be able to save up for a car you really like.)
#3) Finish your Emergency Fund. Now that you’re out of debt, you’re not making those monthly loan payments anymore. Save that same amount of money monthly until you have 3-6 months of living expenses in savings. [Here my advice differs slightly from Alan's in terms of the order of events. I recommend you just save the $1000 starter emergency fund, and then start attacking your debt before you finish the emergency fund with the 3-6 months expenses.]
#4) Save for Retirement. Now, and only now, can you think about investing.

Lastly, I so highly recommend “The Total Money Makeover” by Dave Ramsey for more details. There’s more steps after this, and tons of details about how to do Step #2, (getting out of debt.) Better yet, borrow it from a friend or from your local library. Put the money you would have spent on the book into your starter emergency fund. Best of luck.

]]> By: PaulSaysThingshttp://freelancefinances.com/the-right-time-to-invest/comment-page-1/#comment-77 PaulSaysThings Tue, 17 Nov 2009 16:34:41 +0000 http://freelancefinances.com/?p=107#comment-77 I drive my grandma's old '89 Ford Escort that I inherited when she passed away. It's very reliable, gets great gas mileage and since it's really old and it's a 4 door, my insurance on it is very cheap. That's one of the best things ive got going for my budget at the moment: the cheap insurance, plus the car was FREE! I drive my grandma’s old ‘89 Ford Escort that I inherited when she passed away. It’s very reliable, gets great gas mileage and since it’s really old and it’s a 4 door, my insurance on it is very cheap. That’s one of the best things ive got going for my budget at the moment: the cheap insurance, plus the car was FREE!

]]>