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A place for Get Rich Slowly readers to ask questions
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It is currently Wed Nov 26, 2014 7:02 am




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 Post subject: Moving forward
PostPosted: Fri Mar 08, 2013 2:23 pm 

Joined: Fri Mar 08, 2013 2:08 pm
Posts: 1
Hi!

Some reasons to celebrate
Single mom here, I am 43 so I am a little late on the game, but better late than never

Last year I downsized my rent from 1400 to 675 (Little studio for my son and me.)
This allowed me to:
Last week I paid off my last credit card debt, have not used them in over 2 years.
I have 1.5 months of cash funds (I dont like calling it emergency fund)
yay!

Next steps. In parallel:
Elliminate the only remaining debt to my name: Car loan
I am learning, and I made a mistake. I needed a car and I bought a $18,000 new car.
It was a mistake, I am afraid of used cars, but my next car will be used.
So now I am going after that debt

Build up my cash funds from 1.5 to 3 months

Continue studying how to make money work for me.
Other than a 401k with a distribution selected by the advisor I dont have any other investments.
I know little about money, but I am changing that:
I am learning about: (books, seminars and podcasts)
Commercial Real Estate
Tax lien
Investing for dividends
Investing in bonds
Intellectual property


what do you think? Any advise , insight, word of wisdom?


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 Post subject: Re: Moving forward
PostPosted: Tue Mar 12, 2013 9:34 pm 

Joined: Sun Mar 10, 2013 12:10 pm
Posts: 135
Just wanted to encourage and congratulate you!


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 Post subject: Re: Moving forward
PostPosted: Tue Mar 12, 2013 11:20 pm 

Joined: Tue Jun 30, 2009 9:44 pm
Posts: 321
Location: Atlanta, Georgia
Ditto -- you've made great strides! I would not discourage you from learning all you want, but for someone whose investing experience includes only standard funds in a 401k, moving into tax liens and IP seems pretty exotic, not so much a typical progression into investing. But to each his/her own :-) Keep up the positive outlook and growth. Sounds like you are a great role model for your son!


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 Post subject: Re: Moving forward
PostPosted: Fri Mar 15, 2013 6:51 am 

Joined: Sat Dec 10, 2011 7:25 am
Posts: 812
I strongly you suggest you stay away from tax liens. Stick with some low cost growth and income mutual funds like Vanguard. Simple and low cost is the key..

Keep up the good work you'll do fine.

_________________
RayinPenn

“If you tell the truth, you don't have to remember anything.”
― Mark Twain


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