Comments for Money Under 30

Comment on The Best Financial iPhone Apps by Geckobit

Geckobit — Tue, 21 Feb 2012 14:53:11 +0000

Take a look at “Your Money”.
Easy-to-use app for tracking your budget.
It has detailed and customizable graphics.

http://itunes.apple.com/app/your-money/id454135764?&mt=8

Comment on 5 Big Car Buying Mistakes by Sean H

Sean H — Tue, 21 Feb 2012 01:33:18 +0000

Good article! I’ll keep these in mind when I go to buy a new car in a couple months!!!

Comment on Need a Tax Break? Here’s a List by Emily

Emily — Tue, 21 Feb 2012 01:14:40 +0000

No, you can’t take both the tuition deduction and an education (American Opportunity or Lifetime Learning) credit for the same student. See IRS Publication 970.

Comment on Need a Tax Break? Here’s a List by Gecko22

Gecko22 — Mon, 20 Feb 2012 16:12:12 +0000

Can you take both the tuition deduction and the lifetime learning credit?

Comment on Need a Tax Break? Here’s a List by Dave@50plusfinance

Dave@50plusfinance — Sun, 19 Feb 2012 19:41:37 +0000

I am glad to see the tuition and college costs deduction still there. It helps a little. Thanks for the post. We tend to forget some deductions over the year. I hope my accountant remembers them.

Comment on Auto Financing for Smart People: Tips for Saving on Your Car Loan by Chase

Chase — Sat, 18 Feb 2012 03:53:59 +0000

Ultimately, I think buying a used car with cash is always the best alternative.

If you must have a new car, then I think paying with cash will always get you a better deal than financing because you should be able to get the sale price of the car lower than you would if you were financing.

If you must buy a new car and finance it, I think Joe, here has the right idea. Obviously, weigh the incentives first. Before I understood the beauty of buying a used car, my wife and I bought a new car on a loan. Her uncle works for Nissan so we qualified for the “Family discount” and didn’t have to haggle the price to get the best they could give me (supposedly). I took a few finance classes in college and knew how to calculate NPVs and such. I also had really good credit. The dealership had two incentives, either 0% interest or $2000 cashback (something like that). The standard rates I was qualified for were something around 3.5-4.5% depending on the term of the loan. We eventually decided to take the cashback with a 5-year loan. The $2000 cashback gave us instant equity in the car and we paid at the 4-year rate. Eventually we picked up steam and paid it off in about 2.5 years.

Comment on Time Management for Freelancers: How To Find Extra Hours for Earning More by Peter

Peter — Fri, 17 Feb 2012 23:07:24 +0000

Getting organized and cutting out time sucks from your life is so important! I like to bunch similar tasks together so that I can really get into it with my mindset and get a rhythm going.

Comment on 5 Big Car Buying Mistakes by Aaron

Aaron — Fri, 17 Feb 2012 20:48:16 +0000

Great article, David. Look forward to the upcoming post on negotiating skills!

Comment on 5 Big Car Buying Mistakes by tom

tom — Wed, 15 Feb 2012 23:16:17 +0000

Never, ever trade in a car you owe money on. I’ve done it twice without realizing what I was doing. They roll what you owe into your next loan so you start your next loan upside down…some times by several thousands of dollars.

Before the internet exploded dealers in different areas could sell a car for whatever they wanted. I think they have a lot less room for markup now that we can compare car price fast and easy.

I understand they have to make a profit. One dealership in my area tells you up front that all the sales people don’t get commission, they get a standard salary. They call it their “true value pricing” and say it’s “haggle-free” meaning they’re not negotiating. Does this mean you shouldn’t try?

It seems to me the average consumer wouldn’t even know if they got a good deal because the dealers have tricks to makeup for losses in the negotiation process.

Comment on 5 Big Car Buying Mistakes by Luis Hernandez Jr

Luis Hernandez Jr — Wed, 15 Feb 2012 12:33:24 +0000

I think that buyers should invest time and a few dollars on a service such as http://www.fightingchance.com. I’ve used them several times over the years and, with the actual costs of what the dealer paid for the car, shipping charges, cost of the accessories and/or trim packages, plus the holdback info, you can get a good idea as to what to offer for a vehicle.

And yes, the dealer has to make a profit. No argument on that, but no dealer will sell you a vehicle unless they are making some money on it, and holdbacks are one way for them to insure they will make a profit, even if they sell you a vehicle at cost. Most buyers are not even aware of that fact.

My advice is to avoid trading in your old car, that will only complicate things. Sell that one yourself. Research and determine exactly what vehicle you want. Then negotiate with several dealership managers over fax or email.