Finances of 2+2ers

[darkcore]

25, finishing university (europe), getting there, lot less worries than most of my peers...

life is good.

[img]/images/graemlins/smirk.gif[/img]

[Zeno]

Balla. Not bad considering I went through a divorce, but bad considering my age.

-Zeno

PS: More to life than money - but it does make things easier in a practical sense to have enough to keep the wolfs at bay.

[cbloom]

[ QUOTE ]
24, balla. Busto in under a year if I don't stop buying [censored] like $300 jeans now that I am no longer playing poker.

[/ QUOTE ]

This is my problem; I'm currently Balla but my income is now $0 since I've stopped playing poker. No more caviar on stripper's boobs [img]/images/graemlins/frown.gif[/img]

[astroglide]

daryn, everyone yaps about roth iras but you can't contribute if you make more than like 100k. they also work better if you'll be making more money later in life, which might not be the case for a lot of poker players. maybe a regular ira is worth looking into for retirement though.

money market bank accounts often suck. if they're not around 5% look into "no risk CDs". i hadn't heard of these either, but bank of america has 9 month CDs for around 5 points with no withdrawal limits or penalty.

fwiw i tend to just dump money into index funds, which are like stock market versions of mutual funds. SPY is where i put the most, it simply tracks the s&p 500. i use sharebuilder as my brokerage because they have easy automatic investment stuff (e.g. "take $X/month and split it among the following stocks"), allow ownership of partial shares (which makes fixed dollar amt investing easier), low fees, etc.

[kidcolin]

24 (almost 25).. bubbling, but I'm getting close to that 50K mark.

[captZEEbo]

[ QUOTE ]
daryn, everyone yaps about roth iras but you can't contribute if you make more than like 100k. they also work better if you'll be making more money later in life, which might not be the case for a lot of poker players. maybe a regular ira is worth looking into for retirement though.

money market bank accounts often suck. if they're not around 5% look into "no risk CDs". i hadn't heard of these either, but bank of america has 9 month CDs for around 5 points with no withdrawal limits or penalty.

fwiw i tend to just dump money into index funds, which are like stock market versions of mutual funds. SPY is where i put the most, it simply tracks the s&p 500. i use sharebuilder as my brokerage because they have easy automatic investment stuff (e.g. "take $X/month and split it among the following stocks"), allow ownership of partial shares (which makes fixed dollar amt investing easier), low fees, etc.

[/ QUOTE ]"5% cd investments"? yuck. Try hsbc online, gets 5.05% and completely liquid.


also if you're still making money from poker and filing as a pro, you want a sep ira, not a regular ira

[Billy Bibbit]

I'm 23 and I'm debt-free with about 20K in savings accounts. I've also quit playing poker, and I'm in grad school with more than half of my fellowship going toward rent, so I don't see myself getting any wealthier any time soon. I'm extremely cheap though, and my modest success at poker didn't change that. It'll be interesting to see whether some of the people who made 100K+ go busto before low-limit players like me, because they never learned how to manage their money.

[astroglide]

[ QUOTE ]
"5% cd investments"? yuck. Try hsbc online, gets 5.05% and completely liquid.

[/ QUOTE ]

zeebo, "with no withdrawal limits or penalty". they are liquid CDs.

[Zeno]

Daryn,

Don't listen to those other crackpots [img]/images/graemlins/wink.gif[/img]- Consider this: GE Interest Plus. If you have more than 15k this is not a bad way to keep some money (5.05%), completely liquid and you can write checks and wiring service from the account (there is an amount limit) and very solid, also NO FEES. Perfect for poker players. Sure the hell beats putting money in a bank at 0.1 % or whatever most now pay.


GE ain’t caving so this is as good as a bank for stability.

Trust Me. I've got more than 25k in my account at GE.

-Zeno

[prohornblower]

27, Getting There