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Old 08-22-2007, 10:34 AM   #41
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I get those kind of comments, too! I figure everyone hears enough of "buy it now, you deserve it!" from the rest of the world, if I can become that nagging voice in their head to make them hesitate on buying that $1,000 blender, well, all the better.
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Old 08-22-2007, 10:54 AM   #42
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Laurence, don't feel bad, I'm both the crazy cat lady AND the one who babbles incessantly about savings, 401k contributions, etc.
I'm inviting a bunch of family and friends over this weekend for a torturous lesson in money skills--our mortgage burning party! Either it will make them more likely to save money, or make them more likely to ask us for money!
Sarah
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Old 08-22-2007, 11:12 AM   #43
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Only family, sons and daughters. Wasted time on sons but much better spent on daughters. Sons will listen but then go do whatever the "friend(s)" tells them; frustrating. Currently, sons do not tell me what stupid things they did lately and I have learned not to ask; much easier on the relationship. Daughters just seem to get it quicker. I try to take no credit, nor any blame, just say it once and hope for the best.
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Old 08-22-2007, 11:57 AM   #44
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I've mostly just mentored my daughters. But they got a life lesson early on when their dad died 10 years ago. We did not suffer a major financial adjustment due to his good planning and my working. I have ingrained in them the idea of FI as you never know what life has in store for you down the road. When the oldest started earning money I opened a Roth for her and matched her earnings to teach her the importance of saving early and always. LBYM and not carrying debt are a given in our house (paid off the mortgage in June ).

With me looking at ER in a few months at the age of 55 at the same time the oldest is entering college, most other parents and coworkers think I must be crazy, but my kids know that we're financially sound and know that it came from lots of planning and the fiscal values we live by. Don't get me wrong, my girls like to buy nice things like any kid, I just insist on explaining to them the realities of how to make and keep the lifestyles to which they have become accustomed .
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Old 08-22-2007, 12:14 PM   #45
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Our response was "We're driving cars that reflect our values, not our bank accounts. We'd rather put the money in our retirement portfolios."
This is a great statement. Definitely going to use it.

When conversation with friends, family, and coworkers drifts toward investing/retirement topics, a passion is ignited from within. However, I am carefull with my words based on the audience and their reception of my knowledge.

I dream of one day being FIRE and starting a financial planning business catering to the middle/lower class. Charge a small hourly fee, work with people coming to you for help, and serve a market whose lives can benefit significantly from the advice.

Has anyone else ever contemplated this? Maybe waiting until FIRE is selfish and pursuit of the dream should begin now...
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Old 08-22-2007, 12:21 PM   #46
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HOVA! PURSUE THE PASSION! This is LIFE, not practice. We only get one shot...it doesn't have to mean that you forgo your income entirely, simply that you'll have the fulfillment of contributing to the benefit of others who need it. WOW, I admire you and join you in that quest! Just start with a simple offering, get it to as many people as you can and know that the impact you have will be great! Being independent, I have the ability to do what's right without answering to an accountant and bottom line - I've given away lots of time when the need is there because perhaps selfishly, the reward is way beyond money! Good for you!!!!
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Old 08-22-2007, 12:25 PM   #47
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nope

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I dream of one day being FIRE and starting a financial planning business catering to the middle/lower class. Charge a small hourly fee, work with people coming to you for help, and serve a market whose lives can benefit significantly from the advice.

Has anyone else ever contemplated this? Maybe waiting until FIRE is selfish and pursuit of the dream should begin now...
Noooooo. This sounds like a nightmare. It would be the most annoying boring job in the world. You would serve people who would never follow up on, much less understand your advice. It would be like beating your head against a wall 8 hours a day.

Maybe 1/10 client would provide any fulfillment.

IMO, This is just a terrible idea.

I hope you don't find that insulting. I am sure you would love doing it just like some people love beating their heads against a wall.

At least its not "conventional."
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Old 08-22-2007, 12:27 PM   #48
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Thank you for the encouragement!...

This is an incredible article on the 'pursue what you love' topic...
How to Do What You Love

Sorry, not intending to hijack the thread, it felt relevant to the financial mentoring topic at hand...
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Old 08-22-2007, 12:31 PM   #49
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hova,
I'm interested in doing something along the same lines, providing college guidance counseling to Latinos in my community. There are so many opportunities for underrepresented minorities, particularly those that come from low income families. The problem is that they are usually unaware of these opportunities and the local high school counselors are not in addressing this sector of the population.

Your idea is wonderful, go for it!
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Old 08-22-2007, 12:37 PM   #50
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HOVA! PURSUE THE PASSION! This is LIFE, not practice. We only get one shot...it doesn't have to mean that you forgo your income entirely, simply that you'll have the fulfillment of contributing to the benefit of others who need it. WOW, I admire you and join you in that quest! Just start with a simple offering, get it to as many people as you can and know that the impact you have will be great! Being independent, I have the ability to do what's right without answering to an accountant and bottom line - I've given away lots of time when the need is there because perhaps selfishly, the reward is way beyond money! Good for you!!!!
It sounds like someone is about to get a PMed with details on an exciting opportunity with Primerica Financial.

(just kidding)
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Old 08-22-2007, 12:41 PM   #51
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It sounds like someone is about to get a PMed with details on an exciting opportunity with Primerica Financial.

(just kidding)
I know, but that is how Primerica "ropes in" their victims, telling them they can "grow a business along with family and friends"...........
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Old 08-22-2007, 02:22 PM   #52
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My husband is always being asked for assistance in a general kind of way about budgeting, finances, etc. He has shared a generic version of his Life Book and spreadsheets to younger employees who sought him out.

No way would I push frugality and savings on people who are not interested or are more into a material lifestyle.

He usually talks to them over a lunch at work and answers questions. No specific questions like which stock to buy, but more general how to do it type questions.

He is always amazed at the ones who have not started the 401K to even get the matching funds.
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Old 08-22-2007, 03:16 PM   #53
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I'm 28 and am going to FI RE in 17 years. I've been advising my younger brother on what he should be doing to prepare himself to be FI in the future. He's 22 and he's already begun saving for retirement by putting away 15% in his 401k which is a HUGE step for someone his age.

Aside from him, I would hesitate to give out unsolicited financial advice. You never know how it'll be received.
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Old 08-22-2007, 03:57 PM   #54
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An update for me: I was mentioned in an article of a national financial newspaper. Since then, friends and family who saw the article have asked "round-about" advice. I give them my point of view and point them to books and web sites that they can read. From a couple of them, I have received "thank-you's" a little while later.
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Old 08-22-2007, 04:20 PM   #55
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I can't help it, I'm the financial advice equivalent of the crazy cat lady down the street. I can't stop babbling about it. I've even given "4 pillars" as a wedding present (along with a Home Depot Gift Card - I'm not that bad). At first I was discuraged by the lack of response, but I think a lot of people have made little changes due to me. Getting out of or not buying crazy annuities, consolidating debt, increasing 401k contributions a % or two, finally enrolling in the pension at work, that type of thing.
The hundred that do not listen do not matter.

The one that does makes it worthwhile. One day they will look back and realize that funny money saver person changed their life and their children
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Old 08-23-2007, 01:59 PM   #56
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I mentor every day. Folks on here would be AMAZED to see how little the average American knows.......

Money matters are NOT taught in the educational system, and I wish that would change........
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Old 08-23-2007, 03:29 PM   #57
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..........Money matters are NOT taught in the educational system, and I wish that would change........
I totally agree. Why teach kid logarithms but not compound interest? Even a one day class would make a lifetime of difference.
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Old 08-23-2007, 05:28 PM   #58
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I bet they don't even teach logarithms anymore.
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Old 08-23-2007, 06:42 PM   #59
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I've even given "4 pillars" as a wedding present (along with a Home Depot Gift Card - I'm not that bad).
I give copies of "Work Less, Live More" as military retirement gifts. But we go surfing too.

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I bet they don't even teach logarithms anymore.
Our kid learned about them at Kumon. The instructors, bless their hearts, had no idea of a practical application. I finally had to drag out Grandpa's slide rule to talk about pH and decibels and power conversion and stock-market charts. I'm pretty sure she'll never ask me again...

The high school's started a new required (pass/fail) class called "Career & Life Planning", a semester squeezed into other required topics like health education. It talked about vocational programs (especially the construction trades, a big shortage on Oahu), job searches, interviewing, budgeting, checkbook balancing, and investing. Our kid had a wonderful time.

I came along for the field trip to the local business college and ended up swapping a lot of e-mail with the teachers. The young man is heavily enamored of multi-level marketing (Quixtar) and the woman in her mid-20s is working on her master's degree while raising four kids. (Guys, have you registered at E-R.org yet?) The good news is that they have a keen appreciation for the importance of teaching the financial fundamentals, and they're young enough that the kids can see their own futures in their examples.

The bad news... well, there isn't any. (The one teacher will figure out Quixtar soon enough.) The president of the business school does a Hawaiian-pidgin imitation of Sherman Helmsley that simultaneously had everyone laughing to tears and scared the kids straight.
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