I'm Broke

[tobz173]

Lost a 5 thousand dollar bet on blackjack :puppydog: now i have 0 dollars. Time to file for bankruptcy?

[Jarid332]

Damn..... :puppydog:

[IGASAURUS]

Holy **** why the hell'd you do that? :lol:

[tobz173]

Holy **** why the hell'd you do that? :lol:

The dealer said "do you feel lucky, punk?" i was going for 10 grand, heh.

[IGASAURUS]

Dealer = :bait:

[offspring22]

ITT: Epic failure.

[jnickell]

Just think if you would have just dumped that money into a mutual fund. In 10 years, at 10% compounded interest, it'd be worth $13k. Or, you could do what you did. All you kiddies need to lookup "compound interest" to see what your money can do for you.

[DC323]

Just think if you would have just dumped that money into a mutual fund. In 10 years, at 10% compounded interest, it'd be worth $13k. Or, you could do what you did. All you kiddies need to lookup "compound interest" to see what your money can do for you.

One of my teachers talked about this in high school. Sounds like a very good idea. It's almost dumb not to do it. :-/

[Tubesteak Cowboy]

Just think if you would have just dumped that money into a mutual fund. In 10 years, at 10% compounded interest, it'd be worth $13k. Or, you could do what you did. All you kiddies need to lookup "compound interest" to see what your money can do for you.Yeah yeah up hill both ways in the snow. vCash, not real money.

[jnickell]

Yeah yeah up hill both ways in the snow. vCash, not real money.

So it was vMoney? In that case, who gives a rip. :lol:

Regardless though, if he had put $5k in a mutul fund he could expect to earn around 10% yearly. Compoud that accross 10 years and it's $12968.71. Let it go for 20 and it turns into $33637.50. Then it realllllly starts to grow. At 30 years, it hits $87247.01. At 40 years, which would be retirement age if the person dropped the money in the account at 25 years old, the value would be $226296.30. And that's if you just dump $5k in there and just leave it alone. It's actually insane if you youngins don't start this ASAP. Regardless of how far off retirement seems, you WILL get there.

[motogrady]

good tip jnick. Another, make 1 extra payment a year on a 30 year fixed mortage
and pay it off in about half the time.

[CRSpeedy]

I'd love to have a mutual fund that earned 10% yearly, especially in this economy.

As it stands, I have money under the mattress, in a money market account, a checking account, various CDs, various stocks and various mutual funds, but none of them have ever come close to turning 10%. I've been in the stock market since I was 12 years old (now 20 years old) but I'm not seeing these magical numbers in any of my accounts.

I must be doing something wrong. Any advice for a youngin' more than willing to listen to it?

[tobz173]

Just think if you would have just dumped that money into a mutual fund. In 10 years, at 10% compounded interest, it'd be worth $13k. Or, you could do what you did. All you kiddies need to lookup "compound interest" to see what your money can do for you.


A vMutalFund?

10% compound would be great, i think we just played with percentages at about <5% when we were doing compound interest in high school. I'm thinking of selling my bike when i get this job soon, might be a good place to put the funds for that. :rockon:

[jnickell]

I'd love to have a mutual fund that earned 10% yearly, especially in this economy.

As it stands, I have money under the mattress, in a money market account, a checking account, various CDs, various stocks and various mutual funds, but none of them have ever come close to turning 10%. I've been in the stock market since I was 12 years old (now 20 years old) but I'm not seeing these magical numbers in any of my accounts.

I must be doing something wrong. Any advice for a youngin' more than willing to listen to it?

My advice is that 10% isn't something you'll earn all the time. But over 40 years it should work out in the wash.

[odeezie]

A vMutalFund?

10% compound would be great, i think we just played with percentages at about <5% when we were doing compound interest in high school. I'm thinking of selling my bike when i get this job soon, might be a good place to put the funds for that. :rockon:

Actually I am testing out a new modification that lets us do that kind of stuff here with our vCash. You can put it in the bank, make loans, etc. All with fees and interest...:lol:

[tobz173]

I'll be able to borrow from the bank to take to the blackjack table? Are there vDebtCollectors? :-D

[odeezie]

vLoan Sharks!! You pay or you end up with wearing concrete shoes off the coast of North Jersey! :upset:

:lol:

[Kenny]

North Jersey? :uhoh:

[Jarid332]

That's right North Jersey... That ronronmx mafia are slick sons of a guns...

[Demon]

I would uh highly advise yous to consider another such financial arrangement as these can be ehhh hazardous to ones health.
http://www.tlntv.com/sopranos/cast/castimgs/PAULIEWALNUTS.jpg

[MX113]

An increasing trend I've noticed among my generation: We are horrible at budgeting. I don't know if this is an age-specific thing that abates when you get older or if it some sort of societal defect our generation has inherited.

No offense to anyone who is currently broke; we've all been there.