Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-20-2012, 02:02 PM   #21
Thinks s/he gets paid by the post
 
Join Date: Aug 2006
Posts: 1,361
It depends on how you earned that first million.

If you worked an upper middle class job for twenty years, lived below your means, and carefully invested the surplus, you are unlikely to have problems.

However, if you got your first million by incredible earning power, you are not neccesarily good at handling your finances.

The Millionaire Next Door noted that many doctors had serious problems managing their money. They had careers that translated into large earnings, but they were no more likely than the average person to be good at handling money. A good financial planner could really help some of them. A bad financial planner can retire off of a few of them.

Quote:
Originally Posted by GrayHare View Post
I figure most who made their first million on their own have demonstrated a skill to both earn and manage the funds. Extending that skill to cover the second (or more) million is unlikely to be difficult for them. Conversely, people who did not have that learning experience seem more likely to need assistance if wealth is dropped upon them from inheritance, the lottery, etc.
__________________

__________________
Hamlet is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-20-2012, 02:03 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,438
Speaking of bacon, my wife recently bought a package of precooked bacon from Costco. Tastes no different than the bacon you fry yourself, and saves a lot of time.

Eh, the above advantage may be a bad thing. It is so easy to overeat now. Yup. Whatever is good always has a bad side. Yet, whatever is bad may not have a good side at all. Such is life, isn't it?
__________________

__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 08-20-2012, 02:19 PM   #23
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,157
OK Nords. NowI get it. Long story.
__________________
Danmar is offline   Reply With Quote
Old 08-20-2012, 02:47 PM   #24
Recycles dryer sheets
 
Join Date: May 2012
Posts: 89
I would use Bogleheads.org for any financial planning advice. There are tons of users that are also financial planners who do not have conflict of interest and is free.
__________________
hlfo718 is offline   Reply With Quote
Old 08-20-2012, 04:54 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,646
Quote:
Originally Posted by NW-Bound View Post
Speaking of bacon, my wife recently bought a package of precooked bacon from Costco. Tastes no different than the bacon you fry yourself, and saves a lot of time.
Gotta disagree NW. I bought one of those packs thinking I could simplify my bacon and eggs. But I don't think it tastes as good as fresh cooked and it is definitely tougher. I may by another pack since it is a lot easier to microwave a few slices than to defrost a pack to remove a few and then cook them. but it isn't quite perfect yet.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 08-20-2012, 05:22 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,438
About the toughness, I did not see the difference. It could be because my wife tended to overcook the regular bacon to render more fat out, and quite often the bacon got a bit crunchy. But now that you have mentioned the taste...

It could be simply that you have a more discerning palate, but you made me wonder. Being the curious type, I will have to get to the heart of the matter, and have to do a more detailed A/B test for myself.

See the trouble you caused? A minute ago, I was happy with the status quo. Now, I wonder if I miss out on something.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 08-20-2012, 05:50 PM   #27
Thinks s/he gets paid by the post
Lisa99's Avatar
 
Join Date: Aug 2010
Location: The Villages
Posts: 1,327
Quote:
Originally Posted by donheff
Gotta disagree NW. I bought one of those packs thinking I could simplify my bacon and eggs. But I don't think it tastes as good as fresh cooked and it is definitely tougher. I may by another pack since it is a lot easier to microwave a few slices than to defrost a pack to remove a few and then cook them. but it isn't quite perfect yet.
Off topic, but here's how to buy a pack of bacon and freeze it for individual meals without having to thaw the entire pack. You'll need a roll of parchment paper or waxed paper works as well.

Separate the bacon into individual strips. Lay a long sheet of wax paper on the counter and lay a single strip of bacon at the end of the strip. Fold the long strip of wax paper one time over the bacon. Lay your second strip of bacon on the paper (which is now covering the bacon strip below) and fold the paper back over the exposed bacon.

You'll end up with a big accordion of bacon/wax paper. pop in a gallon zip lock bag and freeze. You can take out one or more strips at a time without them sticking to each other.
__________________
Learning how to be still, to really be still and let life happen - that stillness becomes a radiance -
Morgan Freeman
Lisa99 is offline   Reply With Quote
Old 08-20-2012, 06:11 PM   #28
Full time employment: Posting here.
dtbach's Avatar
 
Join Date: Apr 2011
Location: Madison
Posts: 752
Quote:
Originally Posted by Lisa99

Off topic, but here's how to buy a pack of bacon and freeze it for individual meals without having to thaw the entire pack. You'll need a roll of parchment paper or waxed paper works as well.

Separate the bacon into individual strips. Lay a long sheet of wax paper on the counter and lay a single strip of bacon at the end of the strip. Fold the long strip of wax paper one time over the bacon. Lay your second strip of bacon on the paper (which is now covering the bacon strip below) and fold the paper back over the exposed bacon.

You'll end up with a big accordion of bacon/wax paper. pop in a gallon zip lock bag and freeze. You can take out one or more strips at a time without them sticking to each other.
Te things you learn on this forum stagger the imagination. . . . .
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
dtbach is offline   Reply With Quote
Old 08-20-2012, 08:20 PM   #29
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,619
Quote:
Originally Posted by GrayHare View Post
I figure most who made their first million on their own have demonstrated a skill to both earn and manage the funds.
Quote:
Originally Posted by NW-Bound View Post
I suspect that people who inherit money would need a lot of hand holding.
Like Hamlet said, knowing how to earn lots of money is not the same as knowing how to manage it. [Insert name of professional sports figure here.] In fact, I believe that knowing how to earn lots of money actively discourages you from learning how to manage it. Why would you need to do the latter if you're already nailing the former?

We used to have a financial advisor posting here who said most of his new customers came to him in a panic when they realized that they were earning high six figures, had 90% of their net worth in company stock, didn't understand the exercise/taxation of their stock options, and had learned that they might be laid off during the upcoming corporate merger.

Quote:
Originally Posted by donheff View Post
Gotta disagree NW. I bought one of those packs thinking I could simplify my bacon and eggs. But I don't think it tastes as good as fresh cooked and it is definitely tougher. I may by another pack since it is a lot easier to microwave a few slices than to defrost a pack to remove a few and then cook them. but it isn't quite perfect yet.
We use the Costco bacon slices for our Haleakala Crater trips. It's lighter than packing in a slab of uncooked bacon, and my palate is much less discriminating after I've taken it hiking 5-10 miles at altitude with a 30-pound pack...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 08-20-2012, 10:47 PM   #30
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Quote:
Originally Posted by GrayHare View Post
I figure most who made their first million on their own have demonstrated a skill to both earn and manage the funds. Extending that skill to cover the second (or more) million is unlikely to be difficult for them. Conversely, people who did not have that learning experience seem more likely to need assistance if wealth is dropped upon them from inheritance, the lottery, etc.
While I certainly share Nords' cynicism of 'a poor heiress college student who was simply torn between hiding her wealth and helping others feel good about theirs', I also understand (a bit from personal observation) how some financially successful people can have a very clueless nature when it comes to the nuances of portfolio management.

A vast majority of the members of this forum are self-motivated - and mentally wired to be able - to, at the bare minimum, understand the game that the finance world plays...and in most cases, self-manage our own portfolios. However, it might surprise us to learn that there are quite a few people who have been very financially successful at running various businesses (or upper management positions within companies), and who have accumulated some financial wealth, yet remain mostly clueless when it comes to finances.

You might assume "If someone can manage to keep their customers paying their bills, and knows how to charge people more than it costs to perform the service or build the product, then surely they can teach themselves about what the stock market is, and learn how many financial 'advisors' are merely trying to separate them from their money".

But there are quite a bit more of them out there than we realize.

Just because someone is a whiz at programming in-demand computer code, or successfully managing a construction company, or sourcing cheap manufacturers for in-demand products has absolutely nothing to do with being able to understand the nuances of portfolio management, optimization, and having the patience to learn such things. Some of the forum members who are successful former entrepreneurs are also successful portfolio managers....but I'd say they are definitely a minority. Many concepts in running a business are more on the qualitative side, and can be understood with a little common sense, even if they do involve some numbers...but when it comes to portfolio management, it can quickly become a quantitative nightmare for those who don't have as firm of a mental grasp of numbers and comparisons as many on this board do.

And let's not forget that the internet is still, what, maybe 15 years old from when information on investments really started to become 'available' for the masses? Think of how many successful people had already been well on their way by the time 1995 or 2000 rolled around, and some information was available on the net to truly understand the unbiased background of the finance industry. For a 50 or 55 year old who never turned on a computer before, it's not the easiest to suddenly get the motivation to learn what a computer is, and then randomly surf the net and become a self-taught Jack Bogle.

There have been some sources before the internet information revolution - such as a library - but many successful people merely kept their nose to the grindstone and kept plowing their business along, rather than distracting themselves with yet another thing to take up their limited time.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 08-21-2012, 07:18 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,646
Quote:
Originally Posted by NW-Bound View Post
I will have to get to the heart of the matter, and have to do a more detailed A/B test for myself.

See the trouble you caused? A minute ago, I was happy with the status quo. Now, I wonder if I miss out on something.
It is good to live in the real world but you may have noticed that I said I am planning to get more. It is convenient.

Quote:
Originally Posted by Lisa99 View Post
Off topic, but here's how to buy a pack of bacon and freeze it for individual meals without having to thaw the entire pack. You'll need a roll of parchment paper or waxed paper
I will try this but NW's solution involves no cooking. The meal is ready in the three minutes it takes to fry the eggs (or the few minutes it takes to toast bread and apply peanut butter for the bacon PB sandwich).
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 08-21-2012, 09:45 AM   #32
Full time employment: Posting here.
Koogie's Avatar
 
Join Date: Nov 2007
Location: GTA
Posts: 855
Quote:
Originally Posted by MooreBonds View Post
- but many successful people merely kept their nose to the grindstone and kept plowing their business along, rather than distracting themselves with yet another thing to take up their limited time.
+1 here. I would hesitate to call myself successful but I certainly find I don't have the time to compare vastly different portfolio options and taxation strategies while still running a business full time. I console myself by comparing the net return on the business every year against the "pile" and calling that my "rate of return" Not strictly true but it does offset the guilt I feel from my "analysis paralysis"
__________________
"No one's interested in something you didn't do"
Tragically Hip - Wheat Kings
Koogie is offline   Reply With Quote
Old 08-21-2012, 12:38 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by unclemick View Post



? Is Turkey bacon like the index fund of Bacon or is there something else out there?
Expand your horzons. Duck bacon is simply wonderful: Duck Bacon, Uncured Smoked Duck Bacon, Buy Natural and Organic Smoked Meat Online
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 08-21-2012, 12:53 PM   #34
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,988
Quote:
Originally Posted by donheff View Post
Gotta disagree NW. I bought one of those packs thinking I could simplify my bacon and eggs. But I don't think it tastes as good as fresh cooked and it is definitely tougher. I may by another pack since it is a lot easier to microwave a few slices than to defrost a pack to remove a few and then cook them. but it isn't quite perfect yet.
donheff,

Here's my solution to the problem of defrosting a pack of bacon just to retrieve a few slices.

Whenever I buy bacon, I get out a sheet of saran wrap or plastic wrap (about 2 feet long) which I lay flat on the counter. After opening up the package of bacon, I pull out 3 strips (as a unit) at a time, which I place on the saran wrap, fold over the saran wrap and add another 3 strips, etc. until I have the bacon interleaved in the saran wrap. I then place this saran/bacon bundle in a ziplock baggie in the freezer. When I want bacon, I pull out the number of 3-strip units that I want. These thaw very quickly (especially if held under some warm running water, if you're in a real hurry).

omni
__________________
omni550 is offline   Reply With Quote
Old 08-21-2012, 12:59 PM   #35
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,487
Quote:
Originally Posted by unclemick View Post

? Is Turkey bacon like the index fund of Bacon or is there something else out there?
unclemick, turkey bacon is like bacon without the taste or texture of bacon.

Quote:
Originally Posted by brewer12345 View Post
Haven't tried this, but will. We get wild boar bacon when the family gets together.
__________________
MichaelB is offline   Reply With Quote
Old 08-21-2012, 01:18 PM   #36
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Quote:
Originally Posted by MichaelB View Post
unclemick, turkey bacon is like bacon without the taste or texture of bacon.
DW likes the idea of turkey bacon but wasn't thrilled with the taste. I accept no imitations and want only the real thing. DW also does not like the lingering smell of cooked bacon in the kitchen.

I volunteered to cook up a pound of the real thing for me and a pound of turkey bacon for her outside on the grill. That way we avoid the smell and freeze it to use whenever needed.

Using an old baking pan, I fried up the real stuff, then fried the turkey bacon in the drippings. DW had no idea what I'd done but raves about much better turkey bacon is cooked on the grill...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 08-21-2012, 03:42 PM   #37
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,619
Quote:
Originally Posted by REWahoo View Post
DW had no idea what I'd done but raves about much better turkey bacon is cooked on the grill...
Maybe she's referring not to the flavor but the labor...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 08-21-2012, 03:48 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,461
Quote:
Originally Posted by donheff View Post
......I will try this but NW's solution involves no cooking. The meal is ready in the three minutes it takes to fry the eggs (or the few minutes it takes to toast bread and apply peanut butter for the bacon PB sandwich).
I learned a trick from my Mom. Cook a pound at a time and put the cooked bacon strips in a zip-lock baggie in the fridge. Then take out slices as you need them, nuke for about 10 seconds and you're done. EZ and economical. And it keeps for a long time.

Only downside is that it makes having bacon much easier.
__________________
pb4uski is offline   Reply With Quote
Old 08-21-2012, 03:52 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,438
Quote:
Originally Posted by donheff View Post
It is good to live in the real world but you may have noticed that I said I am planning to get more. It is convenient.

I will try this but NW's solution involves no cooking. The meal is ready in the three minutes it takes to fry the eggs (or the few minutes it takes to toast bread and apply peanut butter for the bacon PB sandwich).
My wife just tried the precooked bacon recently. The nice thing about the real bacon is that we can fry the eggs in the fat afterwards. I also save off the fat to use in cooking later. For example, I would use a tablespoon or two to saute soffritto for bolognese sauce.

Perhaps my wife has been overcooking bacon all these years, and renders too much fat out. I could hardly use up all the bacon fat that I saved, and we do not eat bacon and egg all that often.

PS. By the way, we have an additional outside electric stove top when cooking something that we do not want the lingering smell inside the house. Very worthwhile addition to the home. Wife said we could have put in a complete stove so that we would have two ovens for big parties.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is online now   Reply With Quote
Old 08-21-2012, 03:59 PM   #40
Full time employment: Posting here.
Koogie's Avatar
 
Join Date: Nov 2007
Location: GTA
Posts: 855
lol... "When Moderators Hijack Threads" or "Good Moderators Gone Bad"
just kidding. i LOVE bacon too
__________________

__________________
"No one's interested in something you didn't do"
Tragically Hip - Wheat Kings
Koogie is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 10:32 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.