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Old 01-01-2014, 06:22 PM   #21
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I personally have doubts that more education at his age will pay off. A degree, in and of itself, is no guarantee of higher pay.
I have to agree with this. I hate to see him take on student loan debt for something that probably won't do him much good. I've probably listened to Dave Ramsey too much, but he's not a big fan of doing this to get a better job.

Speaking of Dave Ramsey, I think your dad is a good candidate for Financial Peace University. He's got to believe and embrace this - you can't do all the pushing. Kudos to you though for wanting to help.

Good luck.
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Old 01-01-2014, 06:29 PM   #22
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Ryan,

I agree with the excellent suggestions made by previous posters.

I just want to add that your father raised one heck of a son! He is very fortunate to have you in his corner. You are an impressive young man and obviously have a lot on the ball. Best of luck to you and your father in 2014 and beyond.
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Old 01-01-2014, 06:36 PM   #23
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Ryan,

I agree with the excellent suggestions made by previous posters.

I just want to add that your father raised one heck of a son! He is very fortunate to have you in his corner. You are an impressive young man and obviously have a lot on the ball. Best of luck to you and your father in 2014 and beyond.
Thank you very much! I will pass on every bit of great information to him!
Next.. does anyone know how to close a thread now? Hahaha
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Old 01-01-2014, 06:39 PM   #24
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I actually think your dad might be a candidate to read through Mr. Money Mustache and go to the forum there (he doesn't have to post just read it). I know that Mr. Money Mustache is controversial and I disagree with him on all kinds of things. What I do like though is that reading his blog and the posts on the forum causes me to question my assumptions. There are a lot of ideas of ways to cut expenses. One of the things, for example, that I got from it is how harmful it is to the bottom line to have a long commute to work (I wish I had known that 30 years ago). Also, ideas on how to reduce utility bills, etc.

For your dad, I think that one thing that will help him is to work to cut expenses so he can save more money. I think that he is in a situation where getting more education may help him. However, I would like him to try to end up less or no debt at the end of it. MMM and the forum have lots of ideas to cut expenses.
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Old 01-01-2014, 07:05 PM   #25
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Ryan, your father has time to build his retirement funds, at 42. He should not be at all embarrassed to post here. Some people don't really start until their children are on their own, and he is probably ahead of many people in that he really does not have much debt. His finances sound pretty simple so it should be easy to set up a plan--$x to this, $x to that every paycheck.

He could add the monthly amount he had been paying off his other credit card to his Lowe's payments (I think this is called snowballing by some financial guru) and get the Lowe's paid off much faster with less total interest paid.

Even if he is only planning to be at this job a shortish amount of time, he should still contribute to get the employer match.

I hope you, and your dad if he wants, will keep posting here!
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Old 01-01-2014, 10:33 PM   #26
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If he does want to go to school, it would be best for him to go to the closest state college rather than one of the for-profit universities. The for-profit outfits are very expensive and will not receive much respect from HR and recruiters. They promise big things, but they mostly have abysmal rates of loan repayments because they just don't deliver. Either way, if he's going to school for career advancement, he may be disappointed, however, if it's a goal he wants to achieve on it's own, more power to him.
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Old 01-01-2014, 10:58 PM   #27
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I'll leave the advice on this topic to others, except to say that at 42 it's certainly not too late for him to get on the FIRE train .... I'm also just thinking what a great son you are.
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Old 01-02-2014, 04:46 PM   #28
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If your Dad's health is generally good, he can get back on track. Many his age have done so.
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Old 01-02-2014, 05:15 PM   #29
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Seems to me he's "house poor". Half his net income goes to the mortgage. That's too high. I'd recommend renting out a spare bedroom.
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Old 01-04-2014, 07:11 AM   #30
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You know it's a game of inches at that income level. Maximize all income, reduce all expenses. Every dollar counts.

401k - like others said sign up and get the match. Then start upping the contribution amount till it hurts. Where else can you get 100% of your hard earned income put in your account and save on paying payroll taxes.
(Do not do the Roth 401k)

Roth - open a Roth IRA at vanguard and start to fund it. Pick VWELX or VWINX just to get the feel of how the process works. After a some eduction you can branch out if you want. The point is you will learn enough to decide that yourself.

Taxes - do them yourself. Learn all the ways to minimize taxes at all levels. Equate this to a part time job that makes you maybe 1-2k a year.

Budget - create one so you can reduce expenses, continuous improvement is the goal.

Education - read this forum. At this point in life I would NOT go into debt for education. I would do it if your employer pays the tab.

Misc part time work - go down to the contractor section of lowes and put the word out you are available on short notice for work. HVAC, plumbing, electrical.
In fact I would pick one of these for continuing education. Picking up HVAC skills can lead to your own little side business and will be needed for years to come.
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