Best money advice you've ever received?

[kumquat]

Cautious lot so far,any one into the "he who dies with the most toys wins"philosophy?. (flame suit on)

Or "Who wants to be the richest huy in the graveyard?"

 

[W2R]

Cautious lot so far,any one into the "he who dies with the most toys wins"philosophy?. (flame suit on)

Other than my ex? NO.....

 

[jambo101]

Or "Who wants to be the richest huy in the graveyard?"

I'm not saying spend every dime you have but financial caution can be taken a bit too far as in the case of my father in law who ran a beef farm and for 45yrs got up at 3 am and did his barn chores then at 7 am went to work at the local telephone company for 8hrs then came home had supper and another 3hrs of barn chores,never took a vacation,never bought anything new and died with basically nothing to show for it except a million bucks in the bank.

 

[Gearhead Jim]

What is the best advice relating to money/finances you have ever received?
...

From an old captain, when I was a very young, single, copilot:
"Keep your first wife"

 

[unclemick]

Never let the boring stuff in life prevent the chance to party - or something like that.

Being a dam Yankee - took me 30 years to get the 'let the good times roll' skill mastered so I could shift gears at the drop of a hat and still LYBM, work, etc without missing a beat.

I suspect it might be a little harder to come by today.

heh heh heh - haven't seen that in Kansas City - no Jazz funerals, Second Lines, throw me something mister - other than the middle digit in traffic.

 

[Meadbh]

Look out for #1 (Mom)
Get an education (Mom & Dad)
Always buy quality: it pays in the end (Mom)
Never borrow to pay for things you can't afford (Dad)
Save something every month (Mom & Dad)
Start planning for retirement NOW! (medical group orientation)
Watch the MER! (medical group orientation)
Japanese economy fundamentals risk recession (Time, 1991 or 1992)
Time to get out of dot.coms (David Dreman, 1999)
Canadian dollar may reach parity with US dollar by 2010 (Financial Post, 2005)
Property value appreciation to slow (Bank of Ireland economics, 2005)

 

[Alan]

Study hard, get a degree, and get out of here (Parents - we grew up in a small pit village where everyone left school early to work - usually in the mines)

 

[Callie]

LBYM definitely. I don't ever remember anyone telling me this, my family just had these behaviors. For example, no upgrading to larger houses. We've all lived in our houses for a long time.

 

[Khan]

LBYM definitely. I don't ever remember anyone telling me this, my family just had these behaviors. For example, no upgrading to larger houses. We've all lived in our houses for a long time.

Use it up,
Wear it out,
Make it do,
Do without.

 

[GladToBeFree]

Don't spend your money on worthless crap that won't make you happy and requires you to dedicate your life to "The Man". That worthless crap just ain't worth it for your worthwhile worthy lifestyle.

We were in Costa Rica last month and ran into a delightful lady (65) who is doing a world tour (> 1 year) with her 20 something son. I got the feeling she isn't hurting for money since she owns rental property in Miami.

Anyway, her quote on this subject was "You don't realize you don't need any of it until you've had it all". While I'm sure most of us haven't had it all, we can probably relate to the message.

Jim.

 

[larry]

Save early and often.

 

[pj86]

Not money specific advice but I think it flies anyway;

1. "The hardest way is always the best way."
2. "Make sure everybody wins in every transaction you make."

 

[Grizz]

From my grandfather ,"Be a nurse ,you'll always have a job ".

My dad had a similar one. "Get a trade, you may never need to use it, but if things fall apart, you'll always have a marketable skill to fall back on"

 

[JustCurious]

Never allow your wife and girlfriend to meet.

 

[CyclingInvestor]

Get a vasectomy as young as possible

 

[shootnstar]

if I owe a million dollars, I must be worth a millon dollars. Just kidding

Its not how much you make, its how much you spend that matters

 

[Puzzley]

Since I work for a major corporation, (soon to retire) the best advice I ever got was " use every investment and savings plan offered by your company, contribute the absolute maximum, and don't be too conservative in your investment choices...."

 

[FinanceDude]

Get a vasectomy as young as possible

 

[kumquat]

Get a vasectomy as young as possible

Be gay and you won't need one.

 

[FinanceDude]

Be gay and you won't need one.

 

[CuppaJoe]

I'm not saying spend every dime you have but financial caution can be taken a bit too far as in the case of my father in law who ran a beef farm and for 45yrs got up at 3 am and did his barn chores then at 7 am went to work at the local telephone company for 8hrs then came home had supper and another 3hrs of barn chores,never took a vacation,never bought anything new and died with basically nothing to show for it except a million bucks in the bank.

Yeah, Jambo, and the flip side of this is two close friends (like brothers) from the old neighborhood: both died at the age of 33 after having basically "swam mountains and climbed oceans" while young. I've taken much inspiration from guys who say they reversed it: (semi)-retired young and started w*rking full-time in middle age; I would hire those kinds of guys in a New York minute, heck, I have.

 

[FinanceDude]

I've taken much inspiration from guys who say they reversed it: (semi)-retired young and started w*rking full-time in middle age; I would hire those kinds of guys in a New York minute, heck, I have.

That's kinda what I did to some extent. I started working at age 16, and saved so much money I was able to take off 3 years and do whatever after college. Although my parents thought I was being irresponsible, I had a great time, and I don't regret what I did........basically did a bunch of "stuff" that I was going to do when I was retired..........

It set me back in the FIRE department, so 56 is more the age versus 50, but I'm at peace with it.........

 

[jambo101]

I agree about working hard through life but there has to at some point be some fun involved like taking time off on vacations,buying toys like bikes,boats,cars,campers or whatever but to just work hard all your life and having the toil of the work be the reward,i just dont get it.

 

[JustCurious]

I know someone who died when she was 78 with a seven figure portfolio and no children. She had lived very frugally her whole life, and saved. She lived a simple life, and I suppose she didn't feel deprived, but I always wondered why she didn't do more because I knew she had means. After she died, the money was distributed among various nieces and nephews who lived on the other side of the country, and who hardly saw her. I'm sure they are having fun now.

 

[retire@40]

I know someone who died when she was 78 with a seven figure portfolio and no children. She had lived very frugally her whole life, and saved. She lived a simple life, and I suppose she didn't feel deprived, but I always wondered why she didn't do more because I knew she had means. After she died, the money was distributed among various nieces and nephews who lived on the other side of the country, and who hardly saw her. I'm sure they are having fun now.

It's a form of self-conditioning that is hard to break away from, especially the older they get.