Made my bed, and now I must sleep in it.

[2+2]

Originally Posted by wiirenet

Thanks for posting this. I'm trying really really hard to pay off my credit cards and not use them once their down. Or just use one and keep the balance low.

With my car, when I got it, I paid about $50 extra monthly, I started paying ahead so much that it told me my next due date was in 3 months so I stopped paying and enjoyed not worrying about the payment. Now my due date is up and I forgot what it felt like to have almost $300 go towards one thing from one paycheck >.< I'm only paying the minimum this month but hopefully I'll start paying minimum+extra again and I'll try not to stop paying if I pay ahead.

I'm 22, and I know I should start saving or open a 401k at my job, but I just can't get myself to do it yet. How old are/were most of you when you started your 401, or just general saving for the future? I feel like that money should go toward paying off credit or loans before savings, but I don't know. Plus at 22, I feel like I have forever to save for when I'm 60. I know that's a bad way of thinking though, its hard to shake though. I feel like I will 'lose' the money if I put it away instead of using it to pay something off or buy something.

Concentrate on paying off your credit cards first for sure. Paying money on an 18% credit card gives you a guaranteed 18% return on your invested dollar. Try to top that on wall st.

You're 22 and I'm not so the sages say I should tell you to start your 401k now because you'll be 65 before you know it. Horseshit! You'll be 65 in 43 years! Get yourself debt free and do it yesterday. Invest time into building relationships with loved ones. Take a vacation! Money spent on doing things is usually money well spent. Save up some money and take the love of your life somewhere special, somewhere they'll never forget. Buy a house if you don't already have one.

When you're 30 start trickling a little money into a 401k. By the time you're 35 or 40 it's time to get serious about it.

Just my 2 cents based on my own experience (or lack thereof).

[wiirenet]

Thanks =) That's pretty much what my opinion is, its good to see it validated hehe. My parents are riding me to start setting money aside.. but everytime I have over $500 in my account I'm like... okk, I rather put that toward a loan/credit I owe, not retirement in 43 years!

I suppose if I had no parents to help me if I lose my job, or a family to take care of, I would worry more about setting money aside. I also don't think my credit cards are *that* high, I owe less than $2,500 and I see people talk about oweing $25,000... and my payments are higher than what I'm putting on credit right now.

My plan right now is to start saving for movement out of the parents' house after I pay off my credit cards and at least one large loan (i have two school, one car) I know 22 is kind of old to still be at home, most people my age are away in college, but I'm ok with staying here for a few years paying off things and saving up.

And yea, I am enjoying life.. I am a total geek and have started a habit of taking yearly vacations to convention spots :P My way of thinking is this... at what age will I enjoy a convention more.. in my early 20s or my 50s/60s when I'm retired?? Ummm.. I think I'm going to enjoy traveling now more than when I'm 60.. even if its not the 'adult' 'responsible' thing to spend money on right now..

Originally Posted by 2+2

Concentrate on paying off your credit cards first for sure. Paying money on an 18% credit card gives you a guaranteed 18% return on your invested dollar. Try to top that on wall st.

You're 22 and I'm not so the sages say I should tell you to start your 401k now because you'll be 65 before you know it. Horseshit! You'll be 65 in 43 years! Get yourself debt free and do it yesterday. Invest time into building relationships with loved ones. Take a vacation! Money spent on doing things is usually money well spent. Save up some money and take the love of your life somewhere special, somewhere they'll never forget. Buy a house if you don't already have one.

When you're 30 start trickling a little money into a 401k. By the time you're 35 or 40 it's time to get serious about it.

Just my 2 cents based on my own experience (or lack thereof).