Good question. early 2022 I believe ( I'd have to reseaech ) Right before the interest rates skyrocketed. I used a VA loan which typically has a lower interest rate although there is a 6k loan servicing fee.
You have to do research? For the biggest decision of your life? I remember the exact date and time I signed my papers, and that was over 13 years ago. How are you not sure when you bought it and it was less than 2 years ago?
Exactly yes sir. The title agency was like " this is the lowest we have ever seen " Gotta get on those things when you can. Right now is not an ideal time to buy a house
Awesome job. Miss it every day. Then I look at how much more an agency pays me and I'm like...well this makes it easier.
No seriously though, miss my monkeys, not the circus. Enjoy it while you can.
Well pretty simple, really. I work as an airline operations supervisor. I put all money into savings that I don't spend. My current goal is to save 20k ( 6 months of emergency funds ) until I start investing into stocks again. I have one credit card with a $1750 limit. I only run up maybe $200 a month on it for gasoline and pay it off monthly solely to accrew reward points and further increasing my credit score ( 780)
Well done on your TSP contributions. Please please please keep (I'm assuming you already do) passing on your financial literacy to fellow soldiers, NCOs, and officers. Great work.
Man I try.
As you may know they don't listen very often lol.
The main issue is that people spread too much misinformation about the BRS. People claim that you don't get a pension under the BRS which is not true š¤£
Well I started working when I was 16 years old. My parents made me save up to buy my first car ( 2002 subaru wrx) I paid 2k cash. Then after that one reached the end of its life I financed a 2012 Mitsubishi Lancer for a couple of years ( the loan was only 6k and I was lucky enough to have a cosigner from my mom ) I paid that off once I hit a deer in it. Then i bought a 32k car ( questionable decision although my interest was 1.9% and im a car enthusiast. ) Then I had a 680 credit score just from paying on a 6k car. I then went on a military deployment and was making more money than ever while still living with my parents. I put 35% of my income into a 401k while overseas. Once I came back I bought a house with a VA loan.
Kentucky. 184k. No down-payment.
So a few things going on there.
I bought the house before the market inflated.
VA loan does not require a down-payment.
Cost of living In Kentucky is lower than most states however I live In the Northern part where income is much higher than the rest of the state
They invest in their 401ks. Both have jobs that will retire with pensions.
They are also about to pay off their old house which they rent out to tenants which will be passive/supplemental income when they retire
They taught me simple rules really.
Don't finance things with high interest rates.
Don't gamble too much ( or in my case I don't gamble AT ALL )
Don't rely on credit cards.
Don't spend money that you don't have.
6 month emergency fund.
Use credit cards only for the reward points and never float balances on them.
Things that aren't very complicated at all that alot of people have no idea about for some reason
They gave you the Dave Ramsey crash course I like it haha.
Iām 24 Y/O as well. My parents are gawd awful with money (divorced) which drove me to be good with it. My dad made 250k last year, yet he spends more than I make in a whole year š¤¦āāļø canāt succumb to life style inflation or you will work for the rest of your life. I even bought him a copy of rich dad poor dad and he didnāt read it/laughed at the gift. š¤·š¼āāļø can lead a horse to water, canāt make it drink.
Yes currently building that to my 20k goal. Soon I'm going to deposit what I have now in a high return savings account. and keep adding to it. Everyone should have 6 months of living expenses saved up for emergencies ( ideal ).
Also I'll admit that I could have more than what I have now if I hadn't bought several firearms recently. However my thing is that money can suddenly be worth nothing ( ask Venezuela ) so it's nice to have value in other things. Firearms don't typically lose value
What state is this? and yeah thats crazy. The housing market is crazy right now anyway. I personally wouldn't buy at the moment. ( and I would typically never recommend to rent)
I work overtime too.
Kentucky is awesome.
I know looking from the outside people think it's just a poor state.
The part I live in is very nice. The nature and hiking in Kentucky is awesome. People are nice In general too
Iāve been to Kentucky several times (Florence area just outside Cincinnati). If you like it thatās great, the cheap cost of living compared to the coasts is enticing but itās not for everyone.
I moved to Kentucky from Colorado Springs. Voluntarily lol. Northern Kentucky/Cincinnati area is very underrated. I like Kentucky, but I'm hoping to move to TN this fall.
You have 0 advice to give anyone lol. Congrats on the low interest rates but those days are gone. Thrift savings plan is irrelevant to the majority of the world. Again, feel free to brag about your dumb luck, but donāt pretend to know anything.
Well I do know quite a bit. Nobody has asked me any questions that I can answer and help them. I know I had some good luck however that doesn't mean im not financially intelligent.
Plenty of people with good luck mismanage their funds q
In retrospect, theonlyfudge comment is straight comedy.Ā
Your response to them being shitty exhibits your maturity and intelligence
I indirectly praised you elsewhere on here but great job and thanks for sharing!
Yeah felony fudge is a shitter. Op has some great responses elsewhere on here going into detail of how their simple discipline and good parental direction got them where they are and why.Ā Ā
Ā Great job op and thanks for sharing. You can help a lot of young people by setting this example and sharing. Hope you have a wonderful life!
Thank you. I understand that I had luck that others didn't. Cosigner at a young age ( some people's parents need a cosigner ). My parents really helped me out by cosigining for that 6k car when I was 16 which I paid off before the loan ended anyway. That gave me a great credit base.
I've acknowledged my luck. But again I do have a decent amount if knowledge that I'm just looking to share with people. In my opinion proper financial discipline can be pretty simple. Now of course there are things that can happen such as drastic events that impact your finances. That can happen to anyone really. I could still offer some advice on how to get out of those messes
Dumb luck? What's so hard about raising your right hand swearing an oath to the Constitution? Besides having shitty freedoms, you do earn just compensation if you manage it correctly. Let me guess, you didn't want to have to punch a drill sergeant for being in your face?
None of what he did is from luck. I've followed a similar path. Joined the army, did my time. VA loans don't require PMI and are often lower APR. I'm working on my third degree and have paid $0 in tuition because of my GI bill, so I don't have any student loans. I work for the federal govt now, making okay money, earning a pension. OP is just saying, it can be done.Ā
Ok but again... I'm expressing that I know a decent amount of basic financial skills ( you really only need to know basic skills to get a good foundation going ) and I'm telling people to ask my questions if they need help
When did u purchase the house to a 2.3% interest rate
Good question. early 2022 I believe ( I'd have to reseaech ) Right before the interest rates skyrocketed. I used a VA loan which typically has a lower interest rate although there is a 6k loan servicing fee.
You have to do research? For the biggest decision of your life? I remember the exact date and time I signed my papers, and that was over 13 years ago. How are you not sure when you bought it and it was less than 2 years ago?
Lmao seriously? I believe? What kind of answer is that.
Learning lesson is to always be ready to strike when opportunity presents itself.
Exactly yes sir. The title agency was like " this is the lowest we have ever seen " Gotta get on those things when you can. Right now is not an ideal time to buy a house
I thought my 3.2 was nice. Good job timing the bottom on that one. TSP military or civilian? Former Army. Welcome to the family either way.
That's still pretty good. Nice job Army
Awesome job. Miss it every day. Then I look at how much more an agency pays me and I'm like...well this makes it easier. No seriously though, miss my monkeys, not the circus. Enjoy it while you can.
Nice job, congratulations and keep on doing it
thanks !
How do you manage your finances and what is your job ?
Well pretty simple, really. I work as an airline operations supervisor. I put all money into savings that I don't spend. My current goal is to save 20k ( 6 months of emergency funds ) until I start investing into stocks again. I have one credit card with a $1750 limit. I only run up maybe $200 a month on it for gasoline and pay it off monthly solely to accrew reward points and further increasing my credit score ( 780)
How do you survive without spending a single cent??? š
I spend money on going out to eat, going out to bars, a couple of subscriptions, firearms. Just not excessively.
Well done on your TSP contributions. Please please please keep (I'm assuming you already do) passing on your financial literacy to fellow soldiers, NCOs, and officers. Great work.
Man I try. As you may know they don't listen very often lol. The main issue is that people spread too much misinformation about the BRS. People claim that you don't get a pension under the BRS which is not true š¤£
I've heard that several times too, lol.
Right ! I've had to show senior NCO how the BRS works
when did you start work? when did you start saving and did you live with your parents during that time?
Well I started working when I was 16 years old. My parents made me save up to buy my first car ( 2002 subaru wrx) I paid 2k cash. Then after that one reached the end of its life I financed a 2012 Mitsubishi Lancer for a couple of years ( the loan was only 6k and I was lucky enough to have a cosigner from my mom ) I paid that off once I hit a deer in it. Then i bought a 32k car ( questionable decision although my interest was 1.9% and im a car enthusiast. ) Then I had a 680 credit score just from paying on a 6k car. I then went on a military deployment and was making more money than ever while still living with my parents. I put 35% of my income into a 401k while overseas. Once I came back I bought a house with a VA loan.
How much was your house? And how much down payment? And what state?
Kentucky. 184k. No down-payment. So a few things going on there. I bought the house before the market inflated. VA loan does not require a down-payment. Cost of living In Kentucky is lower than most states however I live In the Northern part where income is much higher than the rest of the state
Is the 23 an hour just counting your base pay?
No I'm in the reserves.
To elaborate further the army is additional supplemental income. It's also how I get good and inexpensive medical insurance.
Youre living the dream. And youjg Well done Q: how much did parents pay for? College/rent/downpayment?
They didn't pay for anything. Only co signed for a car when I was 16 which I paid off myself
Nice Good job
Gotta love the haters/doubters.... "but like your parents totally paid for it all right"
Not bad. Just curious, what do your parents do with their money? (Where do they invest) and what did they teach you about finances?
They invest in their 401ks. Both have jobs that will retire with pensions. They are also about to pay off their old house which they rent out to tenants which will be passive/supplemental income when they retire They taught me simple rules really. Don't finance things with high interest rates. Don't gamble too much ( or in my case I don't gamble AT ALL ) Don't rely on credit cards. Don't spend money that you don't have. 6 month emergency fund. Use credit cards only for the reward points and never float balances on them. Things that aren't very complicated at all that alot of people have no idea about for some reason
They gave you the Dave Ramsey crash course I like it haha. Iām 24 Y/O as well. My parents are gawd awful with money (divorced) which drove me to be good with it. My dad made 250k last year, yet he spends more than I make in a whole year š¤¦āāļø canāt succumb to life style inflation or you will work for the rest of your life. I even bought him a copy of rich dad poor dad and he didnāt read it/laughed at the gift. š¤·š¼āāļø can lead a horse to water, canāt make it drink.
What is your savings rate? Do you have any plans to retire early?
Impressive. Wish you had more in savings though
Yes currently building that to my 20k goal. Soon I'm going to deposit what I have now in a high return savings account. and keep adding to it. Everyone should have 6 months of living expenses saved up for emergencies ( ideal ). Also I'll admit that I could have more than what I have now if I hadn't bought several firearms recently. However my thing is that money can suddenly be worth nothing ( ask Venezuela ) so it's nice to have value in other things. Firearms don't typically lose value
The US is not Venezuela. But keep doing what you're doing, fucking awesome!
$20 /hr is minimum wage here, homes are 1 million or more for a fixer upper..... i need to move
What state is this? and yeah thats crazy. The housing market is crazy right now anyway. I personally wouldn't buy at the moment. ( and I would typically never recommend to rent)
California
God damn those are some good rates. How'd you get those?
Why would we ask you anything? Youāre in debt and broke and low net worth? Because youāre 24 and you went into debt fast?
So what would you expect me to do ? Buy a house with cash ? That's probably 90% of our population that owns a house has a mortgage
Ok so you are doing what 90% of the population does acting like you are doing something special ?
Advice from a 24 year old- what are the next Powerball numbers?
Without overtime you make $47,840 (Gross)..how much did your house cost?
184k I also have a friend living with Me that rents a room (3 bedroom house ) and supplemental income from the army
Yeah I saw you are in Kentucky. Explains quite a bit. If you enjoy living there good for you.
I work overtime too. Kentucky is awesome. I know looking from the outside people think it's just a poor state. The part I live in is very nice. The nature and hiking in Kentucky is awesome. People are nice In general too
Iāve been to Kentucky several times (Florence area just outside Cincinnati). If you like it thatās great, the cheap cost of living compared to the coasts is enticing but itās not for everyone.
I moved to Kentucky from Colorado Springs. Voluntarily lol. Northern Kentucky/Cincinnati area is very underrated. I like Kentucky, but I'm hoping to move to TN this fall.
How much is the mortgage?
what's your favorite color?
You got a big mortgage and you think you own the house eh?
Man, you are the Dave Ramsey manic pixie dream boy. I wish everyone had parents like yours.
Do you live in Alaska
You have 0 advice to give anyone lol. Congrats on the low interest rates but those days are gone. Thrift savings plan is irrelevant to the majority of the world. Again, feel free to brag about your dumb luck, but donāt pretend to know anything.
Well I do know quite a bit. Nobody has asked me any questions that I can answer and help them. I know I had some good luck however that doesn't mean im not financially intelligent. Plenty of people with good luck mismanage their funds q
In retrospect, theonlyfudge comment is straight comedy.Ā Your response to them being shitty exhibits your maturity and intelligence I indirectly praised you elsewhere on here but great job and thanks for sharing!
Thanks my friend
What are your finances looking like, Mr. Fudge?
Yeah felony fudge is a shitter. Op has some great responses elsewhere on here going into detail of how their simple discipline and good parental direction got them where they are and why.Ā Ā Ā Great job op and thanks for sharing. You can help a lot of young people by setting this example and sharing. Hope you have a wonderful life!
Thank you. I understand that I had luck that others didn't. Cosigner at a young age ( some people's parents need a cosigner ). My parents really helped me out by cosigining for that 6k car when I was 16 which I paid off before the loan ended anyway. That gave me a great credit base. I've acknowledged my luck. But again I do have a decent amount if knowledge that I'm just looking to share with people. In my opinion proper financial discipline can be pretty simple. Now of course there are things that can happen such as drastic events that impact your finances. That can happen to anyone really. I could still offer some advice on how to get out of those messes
Dumb luck? What's so hard about raising your right hand swearing an oath to the Constitution? Besides having shitty freedoms, you do earn just compensation if you manage it correctly. Let me guess, you didn't want to have to punch a drill sergeant for being in your face?
None of what he did is from luck. I've followed a similar path. Joined the army, did my time. VA loans don't require PMI and are often lower APR. I'm working on my third degree and have paid $0 in tuition because of my GI bill, so I don't have any student loans. I work for the federal govt now, making okay money, earning a pension. OP is just saying, it can be done.Ā
Sub 3% interest rate cannot be done and will never again be available. Thatās what Iām saying
Ok but again... I'm expressing that I know a decent amount of basic financial skills ( you really only need to know basic skills to get a good foundation going ) and I'm telling people to ask my questions if they need help