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re: Three things that have helped shape your financial independence
Posted on 5/5/16 at 3:02 pm to hungryone
Posted on 5/5/16 at 3:02 pm to hungryone
quote:
+$100K a year in my area puts you into the 1%--a "leadership" position, in essence
In my area you're part of the herd. You can't place a one size fits all outlook on this.
I work hard and have worked hard at saving for retirement. Then last June at age 54 I found out that I had a serious heart issue and could drop dead at any moment. The issue was taken care of but I certainly am making sure that I enjoy every minute now and I will do things that I want to do NOW with a little less regard for what I have at age 80 (if I get there).
2
Posted on 5/5/16 at 7:26 pm to VABuckeye
quote:
en last June at age 54 I found out that I had a serious heart issue and could drop dead at any moment.
Wealth is not just in the form of money. It can be in the form of health also. Money can always be made, but you only get 1 body.
Posted on 5/5/16 at 8:11 pm to lynxcat
1. Socked away a lot of tax free money while I was deployed
2. Started using YNAB to budget
3. Always paid credit cards in full every month
4. Always tried to save something, even when it wasn't very much
I am saving less right now but mainly because the wife and I are trying to live it up, take some trips, before we start having kids in the next few years. My main earning years will be after I graduate business school in 2019.
What's your email? We had a discussion about business schools a few months back and I wanted to ask you a few questions.
2. Started using YNAB to budget
3. Always paid credit cards in full every month
4. Always tried to save something, even when it wasn't very much
I am saving less right now but mainly because the wife and I are trying to live it up, take some trips, before we start having kids in the next few years. My main earning years will be after I graduate business school in 2019.
quote:
lynxcat
What's your email? We had a discussion about business schools a few months back and I wanted to ask you a few questions.
Posted on 5/5/16 at 10:45 pm to hungryone
All "paycheck to paycheck's" are not created equal. Living paycheck to paycheck while having a large amount of expendable income that you simply choose to spend rather than save is quite different from living paycheck to paycheck with no expendable income. People making over $100K generally have quick access to sufficient money (e.g. credit) for emergency situations. The whole "burden" thing is quite a jump - though still not as big as the original one you made about those "irresponsible" people not being friend-worthy. 
This post was edited on 5/5/16 at 10:46 pm
Posted on 5/6/16 at 1:43 am to Azazello
(no message)
This post was edited on 5/6/16 at 11:28 am
Posted on 5/6/16 at 10:21 am to anc
1. The avoidance of interest. I have never financed a car. I simply bought less car. I always put a big down payment on a house so that the mortgage bill was smaller.
2. Knowing the difference between 'a want' and 'a need.' I didn't buy what I wanted. I bought what I needed. It's a result of growing up poor. Now I have money but I still wear inexpensive clothes until they are so tattered that I'm afraid of getting arrested for indecent exposure.
3. Divorce. When I dumped my first wife who was a serious spendaholic my savings skyrocketed. I plowed them into blue chip stocks that have done very well.
2. Knowing the difference between 'a want' and 'a need.' I didn't buy what I wanted. I bought what I needed. It's a result of growing up poor. Now I have money but I still wear inexpensive clothes until they are so tattered that I'm afraid of getting arrested for indecent exposure.
3. Divorce. When I dumped my first wife who was a serious spendaholic my savings skyrocketed. I plowed them into blue chip stocks that have done very well.
Posted on 5/6/16 at 4:48 pm to anc
Good thread.
1. Reading as much Money Board as I could starting in February of 2014. Seriously...
2. Buying an affordable house and having a roommate.
3. I don't really care about stuff. Being fairly frugal in general. The only things I truly enjoy buying are wine, cheese, and equities.
1. Reading as much Money Board as I could starting in February of 2014. Seriously...
2. Buying an affordable house and having a roommate.
3. I don't really care about stuff. Being fairly frugal in general. The only things I truly enjoy buying are wine, cheese, and equities.
Posted on 5/6/16 at 7:12 pm to Zach
quote:
3. Divorce. When I dumped my first wife who was a serious spendaholic my savings skyrocketed. I plowed them into blue chip stocks that have done very well.
Likewise, divorce, even with substantial child support was the beginning of being able to manage my finances in a positive manner that really paid off in the long term.
Posted on 5/6/16 at 8:58 pm to bayoubengals88
quote:
The only things I truly enjoy buying are...equities.
Me too. It's almost like I'm a shopaholic for them
We all have our vices I guess. I keep driving my 2005 SUV because I'd rather buy more VTSAX than a new car.
Posted on 5/6/16 at 9:30 pm to bayoubengals88
quote:
Reading as much Money Board as I could starting in February of 2014. Seriously...
No doubt. Board is constantly teaching me. One of the main reasons I visit TD.
Posted on 5/7/16 at 12:12 pm to lynxcat
quote:
quote: Reading as much Money Board as I could starting in February of 2014. Seriously... No doubt. Board is constantly teaching me. One of the main reasons I visit TD.
Agreed. I make sure to read at least once a day before bed.
This post was edited on 5/7/16 at 12:14 pm
Posted on 5/7/16 at 3:02 pm to rocket31
quote:
1. No wife ever
2. No kids ever
3. Smarter than most people (see #1 & #2)
yet still a loser and a shitty poster. congrats kid.
Posted on 5/7/16 at 3:09 pm to VABuckeye
quote:
I work hard and have worked hard at saving for retirement. Then last June at age 54 I found out that I had a serious heart issue and could drop dead at any moment. The issue was taken care of but I certainly am making sure that I enjoy every minute now and I will do things that I want to do NOW with a little less regard for what I have at age 80 (if I get there).
One of the first threads that I started when I got here dealt with finding a balance in life... financial and emotional. From the time that I was about 5 and learned that my dad "selling" me a steer meant that I could have more toys later on, I've been very (overly?) money oriented. And it's served me well... financially. But there are a lot of things that I've missed out on. I don't have and won't have kids or grandkids. I've just got money and things.
Between what I asked in that original thread and reading your comments above, along with some comments by 911Moto that I've read, my desire to be more balanced is stronger than ever. Being the wealthiest guy in my section of the nursing home or the graveyard doesn't seem so appealing now.
Just want to keep things a bit better balanced, in light of my current reality. So, maybe I'll hang up full time working and watch my spending in 4-5 years... or maybe I'll buy a Porsche 911 or a Cayman GTS next year and keep working for awhile. I have a doctor's appointment on Monday. Maybe I'll decide after we have our chat.
Posted on 5/8/16 at 8:25 am to Jag_Warrior
You are right about balance. I don't understand the workaholics that never take time for themselves or their families. I'm just not wired that way. I work to achieve financial and personal goals. I love to experience new places and things as much as I love to grow my business.
Posted on 5/8/16 at 11:45 am to anc
I agree to not buy more house than you can afford, but I also think as a new homeowner, you should be thinking about long term investment opportunity.
Sometimes spending a little more on a house that is in the right area, at the right time, can make a huge impact to your financial goals, if you aren't planning on settling there forever.
There is some luck involved of course, like in the stock market, but if you know the area and development plans well enough, you can make an educated decision.
For example, many people in the Dallas area just saw their house values boom $40-50k after Jerry Jones put in the new Dallas Cowboys practice facility.
Lots of people looked to move to the Frisco area, knowing this was going to add value to their home (along with the stellar schools in the area)
My wife and I are looking at making $40k on our home in only a few years living here, if we decide to sell.
Sometimes spending a little more on a house that is in the right area, at the right time, can make a huge impact to your financial goals, if you aren't planning on settling there forever.
There is some luck involved of course, like in the stock market, but if you know the area and development plans well enough, you can make an educated decision.
For example, many people in the Dallas area just saw their house values boom $40-50k after Jerry Jones put in the new Dallas Cowboys practice facility.
Lots of people looked to move to the Frisco area, knowing this was going to add value to their home (along with the stellar schools in the area)
My wife and I are looking at making $40k on our home in only a few years living here, if we decide to sell.
Posted on 5/8/16 at 4:58 pm to KittenKuddler
Being single and staying single. Women are expensive but then again, this thing aint gonna suck itself.
Posted on 5/8/16 at 7:42 pm to anc
Nice thread!
One thing I wanted to add to the many good responses.
From an early age, I viewed my college education as an investment. I wanted a degree that would make me more valuable to business. I suspect few on this board graduated with only a liberal arts degree, but I am curious.
I had a similar view of my first property, and after several years of saving I purchased a multi-unit home. Live in 1/2 and rent the other. After several years in the home, I'm refinancing to a 20 year. I'll likely rent out both sides soon and look for another property.
One thing I wanted to add to the many good responses.
From an early age, I viewed my college education as an investment. I wanted a degree that would make me more valuable to business. I suspect few on this board graduated with only a liberal arts degree, but I am curious.
I had a similar view of my first property, and after several years of saving I purchased a multi-unit home. Live in 1/2 and rent the other. After several years in the home, I'm refinancing to a 20 year. I'll likely rent out both sides soon and look for another property.
Posted on 5/8/16 at 8:18 pm to Oenophile Brah
quote:
I wanted a degree that would make me more valuable to business. I suspect few on this board graduated with only a liberal arts degree, but I am curious.
I'm one of them. Liberal arts is who I am so I went with what I love...and of course I discovered a new love two years ago. All things related to personal finance...
Posted on 5/9/16 at 6:45 am to bayoubengals88
There are more liberal arts/humanities/social sciences success stories than you think, even on this board.
Posted on 5/9/16 at 8:11 am to hungryone
quote:
There are more liberal arts/humanities/social sciences success stories than you think, even on this board.
But they are diluted in a pool of starbucks baristas.
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