There has been a lot of great advice in this thread. We, too, use the bank's money by using our credit cards and paying them off in full each month. The only caveat is that it can hurt your credit score to have consistently used a large part of your available credit.

Smart money management is really important. We just bought our 2014 Mustang and are selling our '07 Honda S2000. The interest rate on our auto loan is WAY lower than on our mortgage, so we will take a large part of the money received from the sale of the S2000 and pay down the principal on the mortgage. Make your money work for you every way you can.

It is really encouraging seeing someone like you trying to do the best he can for his future rather than sitting back and expecting the social safety net to take care of him. It won't and it can't. Best of luck to you.

 

Thanks for the advice guys, I appreciate the help.

 

Take advantage of your 401k, too bad your company doesnt match anything. Depending on how well you like your job - you might want to eventually look to work for a company that does match, maybe one that has better benefits.

On your 401k question - if you make 60,000 for example. and you put 5000 in your 401k, you your w2 will report that your taxable income is 55,000(box1), it will show that you have 5000 in deferred retirement savings box 12. Box3 and 5 will SSN and medicare will show your full 60k salary, but you get to report the 55k from box 1. I believe that is close to correct.

I see 2 things in your post, I think that you are looking for what is success, and how can I be successful/make more $$.

You need to define what success looks like, write it down. Dont forget to review it once a year or 2 times a year and update it. What are is your skill set? Both physical and softskills write those down. They are probably on your resume. Do you have any development areas that you need work on?

What drives you, what is your motivation?

Make goals short and long term, and what you think it will take to achieve those goals. Where do I want to be in 5 years, 10, 15 etc? Share that with your boss. Can you advance in your company? If not then it may be time to move on. Ask them what it will take for you to advance - extra assignments, or a project that no one else wants to tackle?

Do you have a degree? Or do you need one in your profession? If you do then get one. Do you need an advanced degree? Masters etc. It may not help you in your current job but it will in your next one.

I have some friends that started buying houses during the crisis and they are "slumlords" I think they own a dozen, maybe more now - they seem to be doing very well. My buddy he ended up quitting his day job to manage his properties. This isnt for everyone and not for me. I've known a few people to do this and they seem to do quite well.

Hope this helps - Good luck.

 

Too true. People nowadays are largely sheep and blindly go the direction the rest of the flock dictates. Understanding the mechanisms of finance and markets is a prerequisite for investing.

Just like understanding the issues and the ramifications SHOULD be a prerequisite for voting in Amurica. I honestly think a poll tax should be brought back as the great unwashed majority who elect our officials do not even grasp the basics and end up voting for "free ice cream," without understanding who will PAY for that ice cream.

 

That's a huge reason why our country is going down the crapper. Too many people wanting to put their hand in the cookie jar, while not putting anything back. Eventually the cookies run out, and we go bankrupt.

 

Poll tax is a great idea and Jim Crow would agree.

I have mixed feelings about elections because of the people that jump on the bandwagon and vote because its "cool" or "something to do that day." Meanwhile, they feel empowered all day that they exercised their right to vote. In addition know nothing about who they actually voted for but what a party!

In addition, minorities come out of the woodwork and can barely speak English, let alone understand the "true posture" of each candidate but vote away because of the "promise of the enabler." Thats all they hear and nothing else matters. (welfare, medicaid, food stamps, assisted living, and earned income credits are powerful motivations to vote)

Plus, they get to wear a colorful sticker on their shirt. In essence, they are taking back America! But are they really?

In a nation if enablers, these minorities sweep elections because of "the promise."

Should these minorities decide to continue to pop out kids without financial regard, or working and holding a job sucks, or health care is just too expensive...well, no worries!

We got you covered!

(We, the working middle class getting hammered on everything from property to farting taxes.)

Yes, paying to vote might actually weed out these trendy people at the polls... Or maybe they will just use some of their financial aid?

 

We will never have a poll tax again unfortunately. Although, I think if you have been collecting welfare for a certain amount of time, then you get no vote since you are already a burden to the country. I also believe in random drug testing for welfare recipients.