Financial Help Please
12-12-2007, 01:10 PM
#1
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Financial Help Please Im 22 yr old and was seeing if i could get some advise or help about what i should try and do with my money. i already have the roth ira set up and everything. i got some stocks im playin with and a few fidelity funds. what do yall recommend i do with my other money? should i invest it in other funds or maybe buy some land? what would be my best bet to start increasing my profits. thanks guys
12-12-2007, 01:29 PM
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Don't forget the tax benefits of owning land/property!! Also, although the housing market is crap right now, it is a great idea to buy some property while they are at record lows..........great long term investments.
Smart guy, best of luck to you sir!
J.R.
Smart guy, best of luck to you sir!
J.R.
12-12-2007, 01:48 PM
#6
I would go with Land, eventually it will raise in Value, and with all this "let's go Green" propaganda they are gonna wanna grow corn or sugar cane for energy reasons which will thus send the land value up. Cause and Effect, if we reduce or dependency on foreign oil there has to be an offset to supply the demand. My theory is that, gas prices are going to go up higher to were it will become varelly profitable for Farmers in the midwest to raise cheap crops and thus will start to sell there land which temporarly affect the value of some land, but in due time some big company will begin to buy it by the bulk and start to grow "green alternative fuel crops" for energy supply reasons, like corn or sugar cane like in Brazil....yeahhh but my point is Buy Land....lol
I should save my theory arguments for the sci-fi blogs..lol
I should save my theory arguments for the sci-fi blogs..lol
12-12-2007, 01:55 PM
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First things first...get rid of money pits known as race cars/boats/toys etc...
If you want to invest in funds etc go big for growth funds as you are young and will hold on to them for a long time. So the downtrends over the next few years I expect to occur really won't hurt because well....you will hold them in 20+ years when they are expected to be much higher etc.
As for holding land/housing, it really just depends on what you want to do. Don't forget with buying the land you will pay property tax on it every year as well, if you can get ag exempt land etc and build on it...I would go with that. but if you aren't ready to settle down and buy/build a house I would prob stick with a few select stocks and get a nice broad portfolio with a lot of growth funds/stocks/etc.
Just my opinion from a recently graduated finance major.
If you want to invest in funds etc go big for growth funds as you are young and will hold on to them for a long time. So the downtrends over the next few years I expect to occur really won't hurt because well....you will hold them in 20+ years when they are expected to be much higher etc.
As for holding land/housing, it really just depends on what you want to do. Don't forget with buying the land you will pay property tax on it every year as well, if you can get ag exempt land etc and build on it...I would go with that. but if you aren't ready to settle down and buy/build a house I would prob stick with a few select stocks and get a nice broad portfolio with a lot of growth funds/stocks/etc.
Just my opinion from a recently graduated finance major.
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12-12-2007, 02:46 PM
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The only poeple that will pay higher rents are those that can not get financing to purchase thier own home, bad credit. Try to get one of them to make a $1200 a month payment (based on a little $120,000 home). It's a lot easier said than done.
Becoming a land lord SUCKS!!! Have you ever heard the saying, "drive it like you rented it"?? When poeple have nothing invested, they tend not to care. You will spend more time and money fixing **** that get neglected or abused by people who don't have anything invested in your property. Trust me on this, it is way more trouble than it is worth.
Cheers!
J.R.
12-12-2007, 03:04 PM
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I am not saying that is a bad idea but there are better ways. When you own rental property you run into 2 major difficulties. Finding people that you can trust to "pay your mortgage payment" and becoming a land lord.
The only poeple that will pay higher rents are those that can not get financing to purchase thier own home, bad credit. Try to get one of them to make a $1200 a month payment (based on a little $120,000 home). It's a lot easier said than done.
Becoming a land lord SUCKS!!! Have you ever heard the saying, "drive it like you rented it"?? When poeple have nothing invested, they tend not to care. You will spend more time and money fixing **** that get neglected or abused by people who don't have anything invested in your property. Trust me on this, it is way more trouble than it is worth.
Cheers!
J.R.
The only poeple that will pay higher rents are those that can not get financing to purchase thier own home, bad credit. Try to get one of them to make a $1200 a month payment (based on a little $120,000 home). It's a lot easier said than done.
Becoming a land lord SUCKS!!! Have you ever heard the saying, "drive it like you rented it"?? When poeple have nothing invested, they tend not to care. You will spend more time and money fixing **** that get neglected or abused by people who don't have anything invested in your property. Trust me on this, it is way more trouble than it is worth.
Cheers!
J.R.
12-12-2007, 08:27 PM
#13
Do you have a 401K? If so, are you contributing the maxallowed? ($ 15K for 2007)
Key things to consider is your tax bracket. The higher you are, the more likely you will want to favor a tax defferred, or tax free investment.
Real estate in texas is pretty cheap and relatively safe. Plus you can write off the interest in a second home.
Key things to consider is your tax bracket. The higher you are, the more likely you will want to favor a tax defferred, or tax free investment.
Real estate in texas is pretty cheap and relatively safe. Plus you can write off the interest in a second home.
12-12-2007, 09:13 PM
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Gold & silver is also a great investment. With the US dollar losing value every day, G&S are great things to add to your portfolio. Both are on the rise and continue in that direction and will never be worth nothing! Just something to think about.
