Comments on: Friday 5: Virgin Money

By: J. Money

J. Money — Wed, 07 Jan 2015 19:47:17 +0000

In reply to BrokeSLP. You've had a few new financial firsts recently - thanks for playing along and commenting! :)

By: BrokeSLP

BrokeSLP — Thu, 01 Jan 2015 02:15:53 +0000

I’ve been stalking this blog for a while, but this is my second post. So, I’m almost a sexy virgin commenter , right? Anyway:

1. First checking account: I was 14 kind of working possibly maybe underage for Mcdonalds. I socked away my pennies into that account from my first job.

2. First credit card– Recent! As in not even 2 years ago. But kind of late in terms of age maybe? I was 22. Got a Bank of America Travel rewards card and a Discover card at the same time (I didn’t think they’d BOTH approve me) and I love them.

3. First Loan: About 2 1/2 years ago, when I started grad school.

4. First Investment: I had a $1k laying around in 2008 that I wasn’t in desperate need of, and I thought it would be fun to try. So, I set up a tradeking account and I bought Bank of America, Fannie Mae, Freddie Mac, Amylin, and a penny stock. Up and down, across the portfolio, but I think I did pretty well :)

4. First mortgage– uh.. can I count my student loans? They might as well be a down payment. Otherwise, none yet.

By: J. Money

J. Money — Tue, 23 Dec 2014 17:39:18 +0000

In reply to Justin Murphy. Hah! Good for you!! And funny about PanAm. I used to collect old paper stock certificates and my favorite ones were of PanAm :) They were pink and kinda cool looking!

By: J. Money

J. Money — Tue, 23 Dec 2014 17:37:23 +0000

In reply to James@StartingNegative.

Oh man, the timeshare thing is a whole other ballgame… it’s a hit or miss thing, but more often than not a miss. I used to be a timeshare salesman and I learned quite a bit! Didn’t realize how shady some of them were since we had been using ours for years growing up (my father had one) and we loved it… But talk about the worst type of sales techniques, bleh! But no where near as bad as pay day loans, so I’m glad you’re over that one ;)

By: Steve Kobrin

Steve Kobrin — Mon, 22 Dec 2014 21:22:17 +0000

In reply to Darrell. Thank you. This is a sweet memory for me.

By: Justin Murphy

Justin Murphy — Mon, 22 Dec 2014 00:25:59 +0000

First checking account
In High School (Mid 80s) but I think it was a passbook savings technically. May have had an ATM linked account when I went to college.
First credit card
After college. Cash and carry until then.
First loan
Mom lent me the price of my first new car after graduating college. Would have qualified for a bank loan but this was less hassle. Paid her back in 4 years (~$10,000 for a 1990 VW Jetta)
First investment (stock)
During college I bought some shares of PanAm stock. Can’t remember why I picked that company or how many shares I bought. It was just a few hundred dollars worth. Terrible choice, and commissions probably ate most of any return, but you have to start somewhere. Lol
First mortgage
First home in 1993 after 1 year of marriage. $337,500 against $375,000 price. I remember saying: “If they’re stupid enough to lend me the money, I’ll be stupid enough to take it.” Sold that house in 2009 for $790,000 and have been mortgage free ever since.

Happy holidays!

By: Megan @ Megan And Eggs

Megan @ Megan And Eggs — Sun, 21 Dec 2014 23:47:04 +0000

1.First checking account: I was going into my freshman year of college and it was all of my graduation money. Before that I used a passbook savings account.

2.First credit card: It was an American Eagle credit card my mom cosigned for my sister and I. I must have been 16. We only used it like 2 times so we clearly got it for the sign on discount.

3.First loan: My student loans.

4.First investment (stock): I was 23 and opened my first 401k. I let the big man do my investing.

5.First mortgage: Still renting, probably won’t be looking into buying for another 5 years or so.

By: C@thesingledollar

C@thesingledollar — Sun, 21 Dec 2014 18:41:01 +0000

In reply to J. Money. Put it in savings, of course! (OK, I'm also going to buy some boots.)

By: James@StartingNegative

James@StartingNegative — Sun, 21 Dec 2014 18:20:08 +0000

1) First checking account: Freshman year of college. Ended up at US Bank because it was on campus and I needed a place for my scholarship stipend. Also, they gave me free stuff to sign up, and off-campus was scary and new.

2) First credit card: Ah, my path to financial delinquency. Got a Capital One card I think when I was 20 or so. Maxed it out pretty quickly and kept a balance for years.

3) First loan: If we don’t count the timeshare, my first loan was my student loans that I took when I came back to finish my degree in my 30s. I did get some payday loans in my early 20s, though. Eesh.

4) First investment (stock): My first attempts at gaining financial literacy resulted in me opening a Sharebuilder account in 2007 or so. Bought some big name tech company with $100, but I can’t quite remember which.

5) First mortgage: Timeshare in 2004. If we don’t count that (I wish!), then I’ve never had one.

By: J. Money

J. Money — Sat, 20 Dec 2014 19:50:04 +0000

In reply to Brittany. I never had the privilege of having my own paper route but I remember playing that Nintendo game and loving it! :)