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re: Three things that have helped shape your financial independence
Posted on 5/3/16 at 3:36 pm to anc
Posted on 5/3/16 at 3:36 pm to anc
1. Started reading about real estate investing when I was fifteen thanks to my dad giving me "Rich Dad Poor Dad" as a gift.
2. Bought real estate during the housing crash.
3. Surrounded myself with people who were more successful than myself. I really don't think I can stress enough how important this is.
2. Bought real estate during the housing crash.
3. Surrounded myself with people who were more successful than myself. I really don't think I can stress enough how important this is.
3
Posted on 5/3/16 at 4:06 pm to I Love Bama
quote:
3. Surrounded myself with people who were more successful than myself. I really don't think I can stress enough how important this is.
/thread. This is gold. It's been my experience that successful people, most of whom came from nothing, are very willing to share their experiences and give advice
Posted on 5/3/16 at 4:19 pm to ThatsAFactJack
quote:
Sometimes the struggle is the learning experience.
quote:
ThatsAFactJack
As a relatively young guy who is $40k in debt (15 student loans and a truck).
1. Cooking at home is the best first date.
2. Getting a dog has saved me money.
3. Few feelings are better than paying off a loan.
Posted on 5/3/16 at 5:58 pm to anc
1, yes
2, yes
3, nope, love cars, got upside down once, lesson learned,
4, fairly modest lifestyle
5, inheritance from parents, modest but very helpful,
6, who are the Jones that some speak of
2, yes
3, nope, love cars, got upside down once, lesson learned,
4, fairly modest lifestyle
5, inheritance from parents, modest but very helpful,
6, who are the Jones that some speak of
Posted on 5/3/16 at 6:14 pm to anc
1 wife
1 house
drive cars until they die
1 house
drive cars until they die
Posted on 5/3/16 at 9:21 pm to I Love Bama
What city are you located? Would be happy to take you to lunch and pick your brain on real estate.
Posted on 5/3/16 at 10:45 pm to anc
1. I drive a 2005 Toyita Camry (I have a work vehicle as well)
2. I max out my 401k no matter what
3. I graduated college debt free
4. I bust my arse at work to always learn and improve myself - make myself a valuable employee - that mindset has paid huge dividends
Edit - I have one major money expenditure - I love golf and can afford to be a member at a nice golf club - love my time there....but I busted my arse for 20 years after graduating from college to get comfortable enough to commit to the club.
2. I max out my 401k no matter what
3. I graduated college debt free
4. I bust my arse at work to always learn and improve myself - make myself a valuable employee - that mindset has paid huge dividends
Edit - I have one major money expenditure - I love golf and can afford to be a member at a nice golf club - love my time there....but I busted my arse for 20 years after graduating from college to get comfortable enough to commit to the club.
This post was edited on 5/3/16 at 10:52 pm
Posted on 5/4/16 at 7:01 am to theoldwiseone33
quote:
What city are you located? Would be happy to take you to lunch and pick your brain on real estate.
Medellin, Colombia
Not kidding....
Posted on 5/4/16 at 7:41 am to anc
1. Learning what money is and isn't. What it can do and can't do.
2. Paid off student loan.
3. Reading and learning from people's mistakes.
2. Paid off student loan.
3. Reading and learning from people's mistakes.
Posted on 5/4/16 at 10:12 am to I Love Bama
quote:
3. Surrounded myself with people who were more successful than myself. I really don't think I can stress enough how important this is.
Most of my friends are paycheck to paycheck, even those making 6 figures plus.
Posted on 5/4/16 at 10:28 am to Hawkeye95
quote:
Most of my friends are paycheck to paycheck, even those making 6 figures plus.
Ouch. I'd be thinking long and hard about such friends...what drives the excessive spending? Are you all secretly competing with one another? Find some more responsible friends. Live long enough, and you'll appreciate that some folks grow & change, while others get stuck in neutral. Nothing wrong with seeking out like minded people who share similar goals....
Posted on 5/4/16 at 11:38 am to anc
1. Live within your means. Don't go into debt to live a certain "lifestyle".
2. Get out of debt and save for cars and rainy day funds.
3. Invest for a great retirement.
2. Get out of debt and save for cars and rainy day funds.
3. Invest for a great retirement.
Posted on 5/4/16 at 11:54 am to hungryone
quote:
Ouch. I'd be thinking long and hard about such friend
I am not going to stop being friends with someone just b.c they are bad at money.
And I think I might have been exaggerating on the most part. Most of my friends aren't paycheck to paycheck, but I do have several friends that fall into that bucket. And yes, several of them make over 6 figures.
I did a bit of thinking, and I do have a fair amount of friends that are ok money wise, but only 1 good friend that is a big time saver/investor.
quote:
Nothing wrong with seeking out like minded people who share similar goals....
absolutely. The thing is most of my friends do not believe that financial independence is an achieveable goal. Even my good friend above, said realistically he is looking at 55 or so before he can retire. We do have some couple friends that are trying, but they are 15-20 years off from the goal where we are 3 or 4.
I do have family members with similar goals.
Posted on 5/4/16 at 12:34 pm to anc
1. No wife ever
2. No kids ever
3. Smarter than most people (see #1 & #2)
2. No kids ever
3. Smarter than most people (see #1 & #2)
Posted on 5/5/16 at 12:08 am to hungryone
quote:
Find some more responsible friends
Wow. What a pompous, boneheaded statement. What makes his friends "irresponsible" just because they choose to live life to the fullest and enjoy every day instead of hoarding money. This may come as a surprise to you, but you can't take it with you when you die. Having a different financial philosophy doesn't make one irresponsible.
Posted on 5/5/16 at 7:17 am to theoldwiseone33
quote:
100% completely agree. The avg millionaire invests 20% of their income so if you can do 30% you are well on your way, if not already there.
So when we talk about % of investing, how would you break down 401k vs brokerage if you are saving 25% of monthly income?
Posted on 5/5/16 at 10:06 am to 911Moto
quote:
Having a different financial philosophy doesn't make one irresponsible.
Living paycheck to paycheck when you make over $100K isn't responsible, imho. I'm no fan of "hoarding" money, but I am a fan of personal responsibility. When you don't have any cash reserves yet make decent money (the definition of living paycheck to paycheck); when you are one health crisis/economic bump/fender-bender away from insolvency; when you can't delay immediate gratification long enough to save even a little bit, it's a problem. +$100K a year in my area puts you into the 1%--a "leadership" position, in essence. A place where you can possibly help others, enjoy life, and not become a burden to your family, children, or friends because you refuse to plan for the future.
There is plenty of room between "hoarding money" and failing to take responsibility for one's own future.
Posted on 5/5/16 at 12:02 pm to hungryone
quote:
+$100K a year in my area puts you into the 1%--a "leadership" position, in essence
Well there you go, depending on where the guy lives 100k can go fast. While I do think as a single person making 100k you can live anywhere comfortably. But comfortable does not mean average in your social circle.
Posted on 5/5/16 at 2:28 pm to reb13
100k is good but not amazing in large cities. For a single person it goes a long way unless you are in NYC or San Francisco. For a family in those areas, I can understand them being tight.
$100k in Memphis is living like $200k in NYC.
$100k in Memphis is living like $200k in NYC.
Posted on 5/5/16 at 2:37 pm to lynxcat
Right, but as a single person you can live comfortably off 100k anywhere in the world. But also, if the company you keep's comfortable lifestyle is borderline exorbitant than 100k won't fit that mold.
This post was edited on 5/5/16 at 2:39 pm
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