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What do you think?

May 24th, 2008 at 06:15 pm

I am 23 year old male.
This is a a description of my financial situation.

Bank of america- regular savings- $324.27
$30 goes directly into my ing account.
Debt- Owe my world points credit card-$566.76
platinum plus- $589.48


Ing direct
Electric orange- $46.09
Orange savings- 1,945.74

roth ira- $20.08

3 Responses to “What do you think?”

  1. gmckenzie1993 Says:

    Actually this only one half of your financial situation. If you are unemployed, then this situation is not very good at all. If you are making fifty thou a year, then it looks pretty good. Also, you don't mention the interest on your savings or expect growth in your IRA. In order to get a good picture of a person's financial situation, you have to see their cashflow, not just their savings and their debt. Also, you need to determine whether or not a persons assets are producing income. For instance, if you have an IRA that's pulling 6%, the growth in the IRA is not considered income for the purposes of cashflow. If you have a mortgage, you have an asset which contributes negative cashflow. Based on your numbers, you are better off than many I have met, but if you don't pay attention to cashflow, you could end up in a world of hurt without even realizing it.

    Just my $0.02, take it or leave it as you wish.

  2. pjmama Says:

    To answer your post on my blog, I think it really depends on what you want in life. There are some professions that people could get into that college would have little-no value. It is, however, difficult to find a well-paid job without a college degree these days (though it is possible). I think the important question to ask yourself is what you want to do. This is probably the hardest question I've ever had to answer, and seems to pop up all the time. I'm not sure we ever really answer it, but you really need to get a good idea of what your goals are before you assess what to do about them. If you were failing all your classes was it because it was difficult or because you just did want to be there? I know I changed my mind a half-million times, and I've finally figured (at least to some extent) what kind of career I want to pursue. But I by no means have all the answers. I just know that if nothing else I need to finish my degree. And in order to do that I need to make some sacrifices. Part of me would much rather just work and not have to worry about all the hassle of paying for it, but I had to assess my situation and weigh the pros and cons. Sounds like, perhaps, this could be your first step. I hope that answers some of your questions or gives you some insight. I'm very flattered that you asked my opinion in the first place, and appreciate your comments. Hope you have a great weekend.

  3. veronak Says:

    I would definately need a little bit more information in order to make a sound judgement. I agree though it depends on where you want to be (financially in the future)

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