tag:blogger.com,1999:blog-32639162.post116553283311490991..comments2023-12-07T01:00:56.264-05:00Comments on My Wealth Builder: My Personal Experience With DebtSuper Saverhttp://www.blogger.com/profile/11172939501208456194noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-32639162.post-1166180498471838912006-12-15T06:01:00.000-05:002006-12-15T06:01:00.000-05:00TJP,Yes, we started contributing to a 529 account ...TJP,<BR/><BR/>Yes, we started contributing to a 529 account last year. We invested in four Vanguard mutual funds. I am impressed with the Vanguard offerings. The 529 account is up 16% this year. I wish all my other investments were doing as well:-)Super Saverhttps://www.blogger.com/profile/11172939501208456194noreply@blogger.comtag:blogger.com,1999:blog-32639162.post-1166162074868952552006-12-15T00:54:00.000-05:002006-12-15T00:54:00.000-05:00Have you opened a 529 Account to for educational c...Have you opened a 529 Account to for educational costs?<BR/><BR/>I opened an account with Upromise, they offer Vanguard mutual funds for investment options.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32639162.post-1165981395970305372006-12-12T22:43:00.000-05:002006-12-12T22:43:00.000-05:00Money Forward,I agree the key reason is the rate o...Money Forward,<BR/><BR/>I agree the key reason is the rate of increase of college tuition. I graduated over 10 years ago. Today, one year's tuition at my alma mater is about 60-65% of the average starting salary for my major.<BR/><BR/>More reason to agressively save for our daughters college fund :-)Super Saverhttps://www.blogger.com/profile/11172939501208456194noreply@blogger.comtag:blogger.com,1999:blog-32639162.post-1165594769836748252006-12-08T11:19:00.000-05:002006-12-08T11:19:00.000-05:00One year's tuition at a private univ that was only...One year's tuition at a private univ that was only 40% of your gross starting salary. I wish I was that lucky. I came out of a private univ with a year's worth of tuition, without room and board, and it was 81% of my gross salary at my first job (3 years ago). I guess it depends on job and major and everything. But this can show how ridiculous college costs are increasing.MoneyFwdhttps://www.blogger.com/profile/07157898777055265459noreply@blogger.comtag:blogger.com,1999:blog-32639162.post-1165576380102751162006-12-08T06:13:00.000-05:002006-12-08T06:13:00.000-05:00GolbGuru,Thanks for your comment and credit card t...GolbGuru,<BR/><BR/>Thanks for your comment and credit card tip.<BR/><BR/>Individually, the mortgage and car loan levels did feel confortable at the time. Even so, I did feel stretched for a short time when I was paying down all three debts simultaneously for a 2-3 year period. Also, I will not likely spend that much of my gross salary for a car again:-)<BR/><BR/>Thanks for the coaching tip on 0% APR credit cards. For investments, it seems that 0% APR credit cards would be best used as a bridge loand - i.e. if I don't have the money now but I will for sure in the near future. The benefit, of course, is zero interest for the short term loan. Still I would want to be careful in using debt:-)Super Saverhttps://www.blogger.com/profile/11172939501208456194noreply@blogger.comtag:blogger.com,1999:blog-32639162.post-1165544838216337782006-12-07T21:27:00.000-05:002006-12-07T21:27:00.000-05:00Super saver, the first thing I notice is your maj...Super saver, the first thing I notice is your major debts have been "manageable": mortgage 2 times the gross salary and car loan 25% of gross salary...you certainly made some good choices there.<BR/><BR/>Use the 0% APR credit card balances with care. If you invest the balance in assets that cannot be easily converted to cash..you run the risk of having to face high interest rates when the 0% offer expires. Also, a single late payment usually brings the rate back to default, in which case you must pay back the entire balance immediately to avoid large finance charges.Anonymousnoreply@blogger.com