Financial Advice?
 

Hey guys, just looking for a little bit of guidance.

My current job situation is pretty good for a person(s) of my age, yet I still have a bit of trouble actually saving money, i'm always out doing something, spending/wasting it away on something, that however isn't my issue.

I'm wanting to have a few things done to my car, sooner than later, and rather than saving an extra (roughly) $2,000 for what i'm going to want done, would anybody consider taking out a small personal loan? I know that the Financial % for interest is going to make it so that I'd end up paying another $4-500 overall in which I could've just saved up to begin with, but back to the point I just can't handle saving that much due to my immaturity, among other things.

As well as this small loan, has anybody had experience with it? My parents of course advise against it and just recommend that I save my money if I'm wanting to purchase something, etc,etc; But i'm in the go-go-go mindset and want to have this done ASAP, so what do you guys recommend?

As well as this loan, I may throw in another 800 or so for my old College loan that fell through after being withdrawn from 2 courses two semesters ago.. (They billed me after I got withdrawn which = NO financial Aid)..

Just looking for a little advice, thanks in advance!

Your parents are right. If you cannot handle your own money, the last thing you should consider is borrowing money.

Well, if you can afford to pay the loan back, it's not a bad idea to do stuff like that. Saving and buying everything in one payment isn't ALWAYS the best way to do it. That's how we've been doing things and we haven't built any credit at all.

Well I have been reconsidering my options. Grav you are right on some aspects of it, it's more-so of me being irresponsible with it, but I still end up having enough money between paychecks for basically anything I need, just not enough to where I could have this loan and finish what I'm wanting to do.

I'll keep researching for now, but it's looking unlikely that i'm going to take out a loan now, seems to be the better route.

http://www.prosper.com/

BTW, I've never taken a loan but I heard they really do suck. I haven't did the research either but I hear you pay back alot more than what you took.

That probably depends on a lot of factors, such as how good your credit is, how long you're paying back the loan, and what type of loan it is.

Small loans are a GREAT idea for building credit. Future employers CAN look at your credit history to determine how responsible you are.

See, now. That's how I was looking at it. It's not that I'm necessairily irresponsible with my money, it's just that it would be easier to pay it off and build some credit, in addition to getting what I want with this loan.

My advice is that whatever you're getting the loan for has to be strictly need based, and not a want. This way, you get what you need right away, but then you should have the money to sustain the interest and pay off the loan as soon as possible. If you just want cash to spend on random items you want, I'd suggest not doing it.

I know a guy that used to get paid like 25$ every 2 days and he'd exchange 2$ bills of his check into quarters and he'd leave those quarters at home so he won't spend them. Now he has around $60,000 in quarters.

If you want to save money just save it and stop upgrading your car and stuff. You know you don't need most of that that you're wanting to do to it. Also, whenever possible avoid high interest credit cards and don't buy EVERYTHING on credit. Over extending yourself is a bad thing to do. Live within your means.

That's 240,000 quarters. If he saves eight quarters 2.5 times a week, that's 12000 weeks he's been saving up quarters. That comes out to 229.984 years. Sounds like a long time to save up quarters.

Each quarter weighs 5.670 grams, so that's 1,360,800g or 3000.050 lbs of quarters. 1.5 tons of quarters. PICTURE OR IT DIDN'T HAPPEN!

Honestly, D3v, I'd recommend against the loan. As was stated earlier, if you're going to take it out, it should really be for something that's a need rather than a want. If you get in the habit of borrowing cash everytime you want something expensive you'll run a higher risk of hitting the bottom and finding wonderful, wonderful bankruptcy later on.

While it's not a wholly bad idea, it's not something I really think is a good solution to the problem. I mean, right now there's alot of things I want. A new car, new computer, new console...and sure, I could take out a loan and be able to pull it all off, but at the end of the day all that means is that I have one more monthly bill coming in, and 2 things I don't really need (The car is another story, mine is really starting to show it's age, but that's beside the point).

With all that said, it is a good way to build credit, right now mine is nothing too impressive at around 675, but all I've done to build that is one small $2,000 loan, and paying my bills on time. The latter is what you'll notice does a whole lot more for your credit early on than a loan.

In my experience, paying bills on time does nothing to help your credit, unless it's credit card bills or something.

Not paying bills on time hurts your credit, however, which I think should make paying them on time help your credit, but oh well.

It was either $60,000 or 5-10 thousand dollars. Anyway...How many quarters there was WASN"T the moral of the story.

How the hell can you confuse powers of ten? I still doubt it was more than a few hundred.