82

There are two ways to improve your personal finances: Make more money Spend less money That's literally the secret. To afford the car, you either need more income, or lower expenses. Don't fret, though. It's good that you are learning this lesson early in life because a lot of people live paycheck-to-paycheck their entire lives without realizing that some ...


77

It means the number is negative. It's an alternate way of showing negative numbers versus prefacing with a negative sign (-) In some cases, a negative value also has a different name. For example you'll often see Net Profit (Loss) : (10,000) Where the parentheses means that it was a loss and not a profit. Mathematically it's the same as a "negative ...


69

Rent is not a debt because you have not borrowed any money from the landlord. Your current month's rent is a (very) short term liability, as are other payments for services rendered (like utility bills and maid service). Future rent obligated by a lease agreement can also be considered a liability, or you can consider the cost of breaking the lease to be a ...


68

I’m sorry to hear about your situation. There are a couple of issues at play. Parents are responsible financially for their kids until they turn 18. They are required to provide food, shelter, and clothing for you, and if you cause damages to someone, they are required to pay it. There are two results of this that affect your situation. First, it is not ...


51

$160 a month is less than $40 a week (except in February when it can be exactly $40 a week). At the Ohio minimum wage of $8.55 an hour, you should have something like $8 an hour left after FICA taxes (and not pay income tax until working more than twenty hours a week). That's only five hours a week. Five hours is a single shift, not even a full day (eight ...


38

If this is understood as "irrelevant to investment decisions", then it is plausible because publicly released news is immediately (in less than a second) incorporated into asset prices, according to the efficient market hypothesis. Thus (unless you are one of the big guns of Wall Street trading at light speed) by the time you read that a country or a company ...


37

If you are 100% positive you want to use your money for schooling, it may be worth looking into the Utah Educational Savings Plan (my529) You will need an adult to set it up for you but it does not have to be your mother "The account owner and beneficiary do not need to be related" It looks like you could then contribute directly and possibly even ...


25

About your mental health, I trust that you are seeking professional help about that as others have mentioned. My answer is here to help you with the financial part of your question, which should (hopefully) alleviate some of the stress you're experiencing that comes from debt. It's great that you're looking at your expenses and thinking about how to ...


20

The answer is a certain 'no'. There was a question along the lines of "How can one always be debt-free, given that we get monthly bills?" In that case, we make the distinction between an accumulated debt and regular bills. I'd prefer not to argue word definitions, per se, or semantics. For purposes of such exercises, your highlighted quote helps make the ...


16

But if you are disciplined and you have an emergency basket saved up, is there any other way that "banks can get you", so to speak? Annual fees. But the only people who should be paying annual fees on their cards are those who have special needs and benefit from those fees. The rest of us benefit from "slightly deferred payments" and fraud protection, ...


15

It's not really true to say that having unissued stock means that the company is not 100% owned. It'd be more accurate to say that the unissued shares are assets of the company (and therefore, indirectly, of the current shareholders). The company can issue the stock to others in exchange for something that increases the value of the company by a comparable ...


11

While only the author of that statement can tell you exactly what was meant, I would relate it to a seemingly similar argument made by Nassim Nicholas Taleb in "Fooled by Randomness" that it's pointless to pay attention to the daily (or hourly) updates on what is happening in the news or markets. His assertion is that it's mostly noise and statements from ...


11

Some credit cards will charge an annual fee. If you qualify for a card with no annual fee, don't get cash advances, and pay in full each month, you won't be charged any interest. I think I've been charged a month's interest twice in the last five years, both times because I spaced out and missed the billing due date. The main things are to really know how ...


10

Ok. I have heard several options on here. From "Buy a safe" to "Buy Bitcoins." Some of these are viable options, but they all have down sides. Honestly, I don't see a 100 percent option here until you are 18.....but Buying a safe wont work because Mom will either make you open it at some point or she will get drunk and break the thing and possible even get ...


8

Whenever someone asks about money issues, I refer to the book "America's Cheapest Family". I don't have any affiliation to the book, I'm just another happy customer. (Any referral link was added by SO/SE, as happened in other links I've posted.) This family has several kids and has bought vehicles, home appliances, houses, taken vacations, and more on very ...


7

Investing involves the purchase of assets with the intent of holding them for the long term, while speculation involves attempting to capitalize on market inefficiencies for short-term profit. Ownership is generally not a goal of speculators, while investors often look to build the number of assets in their portfolios over time. Here's an article from ...


7

Aside from the already mentioned Cash Advances, which typically trigger fees and immediate interest accumulation, also for previous 'normal' credit card payments, this applies also to some 'hidden' cash advances, depending on your credit card: Some count gambling (including lottery tickets), gift cards, and similar buys the same way (gift cards are a kind of ...


6

If you want to save and don't mind taking a slight loss, money orders are worth a look. They behave just like a check, but anyone can buy them. You make them out to a particular recipient, and both recipient and payer must sign it. Banks accept them, and you can self-sign them to cash them out. There's usually a limit of around $1000, and they cost around a ...


5

The one day change in the SPY from 11/29 to 11/30 is + $1.67 (+0.61%). It is not the return for the period of March 1 - Nov 30, 2018. Yahoo provides the actual close and the adjusted close. For example, if you bought 100 share of SPY at the 9/20 close of $293.58 then close on 9/21 would be $291.99. 9/21 was the ex-div date for $1.323. Your equity ...


5

A "balance transfer" is when you use one credit card to pay off another. Say you get credit card A with a 24% interest rate. You put $5,000 on this credit card. Later you get credit card B with an interest rate of only 12%. So you get company B to pay off what you owe on card A and put that amount on card B. Now you are paying only 12% on your $5,000 ...


5

You might be interested in a financial advisor, specifically a Certified Financial Planner (CFP). Advisor is kind of a catchall term, while financial planners are a subset that typically are focused on helping you create and adhere to a financial plan. There are some advisors that are interested in your investment as they profit when you invest through them. ...


5

You've stopped the drawdown projection after 15 years, but you could easily live longer than that, and in just a few more years you'd run out of money. Your initial withdrawal rate of >7% is very high. You haven't considered the need to grow your withdrawals with inflation. As a result of the above, most people cannot rely purely on "conservative portfolios" ...


4

At the top of page 50 it states: Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market to another. Their program built in delays so that orders reached the exchanges at the same time. On pages 51-52: But now there was a tool for gauging not just how orders ...


4

You could do what littleadv said above but there are also other methods to protect yourself which could be more beneficial. Firstly, addressing you point about sort of a gut feeling or reading articles about predicting if a company is going to beat earnings or not, earnings is simply an estimate made by some "educated" analysts. Anyone who can make more ...


4

Imagine two companies - one worth $1 Million that has 10 shares outstanding, and one worth $10 Million that has 10 Million shares outstanding. The shares of the first company will be worth $100,000, each while the shares of the second company will be worth $1. Is the first company 100,000 times "better" than the second? Prices are not directly comparable ...


4

A call is out-of-the-money (OTM) if the strike price is higher than the market price of the underlying. A put is out-of-the-money if the strike price is lower than the market price of the underlying. If an option is OTM, all of its premium is time premium. Your put has a strike price below $74 so all of it is time value.


4

APR == Annual Percentage Rate. Investopedia definition. If you intend for using your card for purchases, then no, the balance transfer fee would not apply. Even if you were not under the promotional rate, if you pay the balance off, in full, each month you will not incur interest rate expenses. For example, if you make a bunch of charges over the next ...


4

So there are two issues here, and the first is a bit broad. You claim to have mental issues. If you have a mental disorder that cannot be overcome then perhaps disability is in order and that needs to be your main focus. There are other mental disorders that can be addressed with medication and/or counseling. Which kind you have is beyond the scope of ...


4

The answer that seems to be missing from this list of answers (so far) is "talk with your parents." Get them in on this. You list yourself as earning $160/month, with on the order of $150 in expenses, and that you are a high-school student. If I may read between the lines, this strongly suggests to me that you are a full time student living at home. ...


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