User talk:Badboysbadoyswhatugonnado

From Wikipedia, the free encyclopedia

[edit] Young Fab

An analysis on ‘For the Yung Fabulous & Broke’. The following pages are my thoughts on this video as I watch it. Earlier I informed you that I have the DVD for the book (the one I’m watching now) and asked if I can do a report on that, you said it was fine.

I find it interesting how she ran into a problem in her “8 month emergency fund” plan and her advice in getting by without credit card debt. How the younger generation, the generation in which she coined the “Y, F, AND B” is indeed “broke”. She’ll gain massive points in my book if she can figure out a way to help resolve this issue.

She’s now talking about all the problems for this generation: High real estate prices, tuition for college education costs them more then their grandparents paid for ever single home they ever bought, high gas prices…Which makes it harder to afford a car, high health insurance, the horrific job market, starting salaries today for those jobs are what they used to be ten or twenty years ago, lack of pension, funding your health insurance when you retire, to name a few.

I like how she explains what a credit score is: “The time to start building it is when you are young. Your credit score happens to range from five hundred to eight hundred and fifty. The higher you score the lower interest rate you will pay on car loans, home mortgages, and on credit cards. Land lords might not let you rent an apartment with a low credit score. Job employers may even determine if they will higher you or not if you have a very low credit score” In recent years I’ve been hearing a lot about it but never really had a good understanding on it.

I was surprised that if I decide to close down a credit card I actually hurt my credit score rather than help my credit score. Apparently 30% or so of my credits core is made up of my credit history and my ‘debit to credit limit ratio’. If I close down my credit cards I’m also closing down my credit history, which then dings my credit score. This is all very informative information, information in which I was absolutely clueless of prior to this film.

She’s now telling us that the credit score is information based on the credit report. Apparently 25% of the people today who apply for a loan are turned down because of incorrect info on their credit reports. If the incorrect info is corrected we would see a jump in our credit score. To get the right information on our credit report we have to send for our credit reports, we get three a year that that’s free. We have to check our city and state to understand when that can happen for us and make sure the info on it is correct, which then would give us lower interest rates, etc.

She’s now telling us to go after a job we really, really want. Rather than going for a monotonous job that pays well but constantly gives us a headache. She says a friend of hers is into designing shoes, but she found a job that would pay her around 60,000 dollars a year to help design toys. suze orman told he to decline the offer, which she did, and instead find a lesser paying job designing toys. She did indeed do so. Her toy job initially gave her less than 25,000 a year, but doing a lot of extra tasks and what not soon gave her a lot of good recognition. Less than two years later she was promoted to one of the head designers of the shoe company, and is now making ‘seriously good salary’.

She’s now explaining to us the bad use and good use of a credit card. She says a good use of a credit card would be to simply go to a grocery store to buy food, putting gasoline in your car to go to work, A bad use would be to go out to a restaurant and buy food for multiple people with your credit card, putting gasoline into your car to go on a skiing trip with your friends.

She’s now encouraging us to sign up for a 401K plan. She says if our employer matches our contribution they only match up to a specific amount of money, therefore we are to contribute to our 401K up to the point of the match. If our employer no longer matches we are stop our contributions to the 401K totally.

If we work for a corporation that does not match the 401K at all we are not to contribute to that 401K. Also, if we happen to have credit card debt we would be far better off contributing to that 401K plan that does not match, to take that money and pay off our credit card debt.

Also, if we don’t have any credit card debt, etc. and have a 401K plant hat doesn’t match, or rather putting money in your 401K plan after the point of the match, we’re far better off doing a ROTH IRA than 401K plan. One of the reasons for this is because in 401K plans we are limited to the mutual funds that are within that 401K along with our employers stock, if they happen to offer one. As long as the money that we put into an IRA sits there, all of that is...Until we’re 59 ½ and for five years, after 59 ½ we can take 100% of the money out – tax free. I’m about 30 min. into the video now, if I continued on like this, the paper would reach ten pages or more so I think it’s wise that I end this now.

[edit] May 2008

Hi, the recent edit you made to Walter Gropius has been reverted, as it appears to be unconstructive. Use the sandbox for testing; if you believe the edit was constructive, ensure that you provide an informative edit summary. You may also wish to read the introduction to editing. Thanks. Midorihana^{contribs~ userpage} 05:04, 18 May 2008 (UTC)