Payday loan no credit checks
With in-house property management, their Turnkey model allows you to passively grow your rental portfolio with properties in one of the best cash flowing markets in the country. As you go further along in your career, you should (hopefully) make more and more money, but does that justify spending more unsecured loans for poor credit money? Tracy has had a bit of a struggle with payday loan no credit checks spending and expense tracking.
A purchase here, some grocery shopping there, and by the time she added up her payments, she was consistently overspending by close to a thousand dollars, every month! Quite the contrary, Tracy has a very respectable amount of money stored between her different retirement accounts.
Now the question is: does she limit her contributions so she can save payday loan no credit checks up for a rental property or does she continue to max out her retirement accounts so she has a big cushion when she decides to stop working? This is a very common question we get from listeners and members of the BiggerPockets community. You may be in the exact same position, all we can suggest is to tune in to hear what Mindy and Scott have to say! Mindy:Welcome to the BiggerPockets Money podcast show number 162, Finance Friday edition, where we interview Tracy and talk about reining in spending. Tracy:And honestly guys, I did not just have this knock the ball out of the park year in terms of savings because every other day the boxes are showing up at the door from Amazon with something, from Target with something. So as much as I would like to have thought that this year of any other years would have been the year that I could save, it really put a mirror up to my spending habits. Because even sitting at home I did not just pile up and stack up everyday low payday loan no credit checks interest loans loan lots of money in cash. My Name is Mindy Jensen and with me as always is my coming in with the record of four and nine, definitely not the champion of the office fantasy football league, cohost, Scott Trench. Except on of the BiggerPockets fantasy football league Scott. So not such a great year for fantasy football this year but thank you for pointing that out Mindy. Mindy:Scott and I are here to make financial independence less scary, less just for somebody else. I think Mindy really has the meat of the tips on how to manage those kinds of decisions here so thank you. I am going to go way back old school and suggest an old fashioned pen payday loan no credit checks and paper to help Tracy out. Before we bring in Tracy, Scott, I do need to tell you because my payday loan no credit checks attorney makes me, the contents of this podcast are informational in nature and are not legal or tax advice and neither Scott nor I, nor BiggerPockets is engaged in the prevision of legal tax or any other advice.
Mindy:Tracy, welcome to the BiggerPockets Money Podcast Finance Review. I am super excited for you to come on the show today.
Mindy:Tracy is a single woman in her late 30s with an impressive payday loans with no upfront fees six figure salary in a low cost of living area. Tracy, I am super excited about your story because I can totally relate to it and I would like you to share with our listeners a little bit of your background.
Your salary, your expenses, your debts, your investments, that sort of thing. So yeah, just base salary payday advance loans online direct lenders is in the range of over 150. So how much would you say … What does that translate to payday loan no credit checks per month in take home pay after taxes would you say?
As Mindy alluded to, my company is very generous with 401K.
Now, do you know how that … How are you investing that within the 401K? Do you have an index fund option or something like that? My company actually … I say used to because unfortunately they just pulled most of them. But they used to have a very generous amount of mutual funds and index funds to choose from. And so I have a financial advisor who was personal loan with poor credit taking advantage of that and using their expertise to diversify direct lender payday loans my portfolio using the options that we had and it was well over 100 options.
But just this year they decided to pull back the number of options they offer. Do you have a home, cash accounts or any investments outside of the 401K? So outside of my 401k, which currently the balance is sitting at around 690,000-ish. I say unfortunately because this year has not been good to my industry. So a portfolio that would normally be worth probably about 20,000 is only worth about 11 right now in terms of stocks. And then I have about another 10,000 or so in stocks. I have some really awesome friends who have really gotten into this this summer. And then in terms of cash, I have about another 15,000. I love how the majority of your net worth is invested over the long run under the guidance of a financial advisor.
Personally, I just use index funds but I think that approach is wonderful with your financial advisor with that.
So I think your asset distribution is actually really strong in a lot of ways. We talk a lot about residual income and we have a lot of conversations about having diverse portfolios and now the whole fire model and concept comes into conversations that my friends and I have.
But I think that you are starting to realize that you maybe need to curb that payday loan no credit checks back a little bit. So I can tell you what my light bill was in December of 2008. Because fortunately we talked about the cost of living where I live in Pittsburgh. But it was a newer condo when I got it in the sense that it was less than 10 years old. So when it came to purchasing a new vehicle I decided to put down a substantial down payment. So this was a couple of years ago before we kind of had the low interest rates we have now.
And so when you add those things in and utilities, cell phone, subscriptions, all those things kind of start adding up. And again, I end up with about 3,000 to 3,500 a month in expenses. All of those things are supposed to fall … Back pre COVID, getting nails done and things like that.
And the issue is that I have the Chase family of credit cards where the points system is pretty amazing. And so I justified using my card to earn the points. All that kind of stuff that you need to run your household in a general sense. Are you still saving a few hundred or a thousand or so a month after this in a general sense?
So all of that money that comes home, I do put some of that into savings. I would say the 3,000 that goes towards the home expenses and then I have another 800 that I put into a savings account, another 600 that I put into a travel allowance account.
Do you have additional money in January that you can put into your Roth IRA to max that out? I think I would be left with … When I did the math I think I would be left with enough to still have probably close to six to 10,000 in cash to where I could either fund a Roth or I can leave it as my six month living expense or whatever the case may be. So it would not leave me cash poor so to speak to pay my car off. The value of the car … I would guess I could probably sell it for at least 25 to 28.
And that is also one of the reasons I find myself at this age and stage of life with a car note is because I got bit by the bug or wanting the nice fancy and so I leased a really expensive vehicle for six years. So the Audi is a big problem for somebody who is just getting started and is trying to build that first 50 or 100 grand in wealth. I was just wondering because it is an opportunity but it is not the … You can choose one of or a few of several levers here.
You do not have to choose cutting back on your travel budget or whatever. We do have something on the car payment that will free up cash flow. Mindy:Yeah, so my go to recommendation is track your spending. What I want you to do is get some really old school notebook. And start running every time you spend a dime on your credit card, write it down. Anytime you do any money out of your pocket, goes on this page. I know everybody listening is young and super hip and cool and they use all these apps on their phones.
I put it on the kitchen counter which is where I came into the house. So I would love to see you do something super old school and just watch what happens. I wonder if I can go again today and spend no money. Recording it down on a piece of paper- Mindy:In your face is so powerful. Whenever you go to the store come home and check that balance. Take that and put that on your Amazon account and put all the other credit cards off your Amazon account. I think that doing it in realtime in your case will be very helpful because I do the same thing as you. I track them arrears, and that results in poor financial controls over my spending.
And then they added back in the things that they really missed. But I would consider renting a newer Corolla or a Civic or something like that and driving it to work for three days. And shoot, I should probably buy one of these and sell the Audi.
And then after that we will talk about the car payment and what we think is the right move there, whether paying that off or continuing with the payments in a general sense. Tracy:Yeah, a friend of mine before I got the Audi had definitely advised me, "Just get something that you can pay for in cash. And I definitely have other friends who have done that.
They purchase their vehicles in cash and are happy and content.
And so I do know that if I look back over the last 10 years in terms of some of the bigger money pits for me, it has definitely been the vehicles that I have chosen to drive through the years. That way you can just choose which ones you want to layer back in or keep with those. And I think that that might be a helpful exercise alongside the writing down of all the expenses that Mindy says. I would definitely write down the expenses first and then kind of potentially think about that extra month. The car payment, if you just choose to pay it off kind of slides out over the next year or two no matter what, regardless which path you use. And the why behind this, which might help as well in the context of some of these puts and takes on which expenses to keep and which to forgo.
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