Tips for Starting Out My Life On My Own

Get laid a lot!!!! Don't have a steady girl friend. Don't have kids young...Save money until you are ready to have a family and wife...play play play...save save save 30-35 wife kids family

 

You can do allot with ramen noodles...............you be amazed ........

 

when ur ready to settle, test drive the car before you buy it! in this case, taco.

 

Oh hell yes! Throw some Kim-chi in there! Soo good. And healthy too!

 

Plan, plan, plan.....
Plan ahead.
Make plans and stick with them.
Have goals and plan out how to achieve them. (short term and long term)

 

Something else, dont go spending money on stuff. Look at what you want, do some research and wait a week or two, if you still need it, get it. Throw fun money in your budget for each month ( I do 20-30 bucks a week) and thats normally suffecient for my entertainment.

 

In order to determine your budget you should take 100 US dollars or the equivalent and attempt to survive (food) solely on that for a week. If you can do that easily then knock it down to 80 dollars a week. Until you are basically at a 0 balance at the end of the week. Remember surviving on Ramen Noodles is tasty but you will hate yourself for it later. Your bills will always be the same hopefully, so you know what to budget there.

My biggest expense right now that is basically useless is buying lunch everyday. I have a lot of young professionals like myself that are friends and they love to go eat lunch. 20 bucks 3x a week is already 60% of the fore-mentioned budget.

Another lesson that I learned from a budget consultant is that your rent/mortgage should not be more then 30% of your monthly take home. So if you make 1,000 a month, 300 of that should be rent. 25% of your income should go to another asset that is being paid for ex. car or rented appliances etc. The rest consists of bills for utilities and your food allowance.

I hope this helps

 

Wear a condom and don't do drugs.



Oh yeah, and pay off your credit card in full every month.

 

Always live below your means. You can be "happy" and "live to the fullest" without spending more than you bring in.

I've been in the financial services industry for 12 years now and I've never heard anyone say "Man, I've just been saving too much money!"

www.mint.com great website for setting up budgets, tracking spending, and being able to see all of your accounts in one place (both asset and liability accounts)

 

Here is what worked for me. If your place of employment has direct deposit use it. I have a few bank accounts however to keep it simple I have three. Two checking accounts and one savings account. I figured out what my fixed bills where for the year (taxes, insurance, rent, untilities, student loans, truck payment). I figured out how much I needed to put in to one checking account each pay to cover my fixed expenses each month and I use direct deposit to put that money in the "bills" account. I only use the bills account for bills. Whats nice about that is I always have the money to cover the bills so when my insurance comes up every six months i have the cash ready to go. My savings account is what gets the second cut from my pay check which is around $150 each pay. This used to be much more but the truck payment/wedding has put a stop to that for the time being. The savings account I do not touch unless I really need to. The second checking account is for gas, food, and entertainment and this is whatever funds are left after the first two accounts have gotten there cut. I always have an extra cushion in here for unexpected expenses so this account never goes to a zero balance.

So to make that simple.

1. Checking account for bills only
2. Savings account for exactly that savings
3. Checking account for weekly expenses.

pay in that order. Make sure you "pay yourself" before you spend money on fun. When you need to make a major purchase buy used if possilbe. I bought my truck used and save a bunch of cash. Im a bowhunter and also an target shooter so I own a couple of bows and I have bought them all used at about 50% of retail and they where only a year or less old. Remember with most major purchases in most cases everything is negotiable all you have to do is ask.

 

Someone told me this general rule as far as how much to save, You should have enough money in savings to support yourself for 6 months. Obviously, this doesn't apply to everyone, just a general guideline or goal to shoot for.

Ideally, plan for the worst and hope for the best but make sure you leave some money to do things you enjoy otherwise you'll just be miserable.

I think the fact that you're even asking means you're at least thinking about it so I'm sure you'll be fine.

Good luck!

 

Dude, please don’t listen to or act on any advice given thus far. This is what you HAVE to do. Stock your apartment with more beer than your beer store does. Drive to BC and get a crap load of BC bud. Invite any body and every body you know, including us but don’t invite Chris4x4. He is not normal. Have a fumigation party with the weed followed by unlimited beer . Play sub woofer busting loud music and freak the fcuk out. Don’t stop. Get evicted. Move back-in with your parents and convince them the apartment they gave you is evil and it made you do all that.

Now, you are in business. Ask you mother to cook with cheese and tell her you like the laundry done just like all those years gone by. Make as much $$$ as you can. Build credit and save $$$. Remember, it’s not about how much you make. It’s all about, how much you keep (or what you don’t spend that matters) Invest in real estate. Check out and taste the babe’s. Refuse to move out of the parents’ home till they agree to sell the apartment complex to you. Don’t pay rent to anybody. NOBODY! Get a mortgage instead, as small as you can afford/manage. If you must pay rent to your parents, negotiate part ownership of (20%—30%) their house to equate the rent money. Help them with home maintenance etc.

Once settled, tell your parents you are “thinking about” another fumigation party to out do the last one you had and would appreciate if they would cater.

Good luck.

 

I agree with this...especially that every account should have a purpose. For me...
Checking acct - for transactions/bills only, always transfer everything into short term savings account after paying bills, etc
Short Term Savings - keep at same bank as checking and maintain a balance of $5000 or more. This is for emergencies, unforeseen events, etc. if balance is dipping, you know you are spending too much.
Long Term Savings - I keep this account at a brokerage firm and try to treat this one as a "enter only acct"...in other words I try to never take money out, only put money in.

 

I agree. I have two long term savings accounts that takes a few days to get the money out of. Which is a huge deterrent for buying something expensive and stupid.

 

Exactly...if it is too accessible, it makes it too easy to dip into on a whim. If it takes a while to get it out, you have time to think things through.

 

hmmmm. i didnt think of the multiple accounts. i knew i was gonna need 2, but 3 is a good idea as well.

 

i was surprised to discover that when i moved out of my folks house, food did not appear on the table every night at 6:00. so out of desperation i began eating only fast food. when i first moved out i was 200lbs and an avid lifter with almost no fat. thousands of double cheeseburgers later i look like the rest of this fat ass country

my advice, learn to cook! its way easier to keep it off than to lose it once its attached.

 

I would heat it up and throw some eggs in it for breakfast........

 

Haven't tried that one.

 

Know your priorities..... Rent, truck payment, utilities, groceries, extra items (cable, phone, taxes, water/sewer, bla bla bla)

Get hand-me-downs (furniture, pots & pans, untensils, cups, mugs, whatever)

Get hand-me-downs (TV's, computer table, bla bla bla)

In terms of bedding / mattresses / and even coaches & stuffed chairs....DO NOT get used stuff unless it comes from a family member. You never know what's hiding inside those cushions.

Get a vacuum cleaner and a cheap BBQ grill.

Be VERY cautious of your spending - again, LOOK AT THOSE PRIORITIES. Put money into a separate account to save. Out of site, out of mind and less tempted to spend it.

RENTERS INSURANCE