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Old 02-08-2011, 10:29 AM   #161
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Jay, my DH gets the same deal--and all the free advice he can stand!
LOL!
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Old 02-08-2011, 03:51 PM   #162
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Jay, my DH gets the same deal--and all the free advice he can stand!
LOL!
My DW just humors me when I come up with an investment suggestion. After letting me show how brilliant I am, she tells me that it would have been a good idea to get into that area six months earlier.....
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Old 02-08-2011, 06:15 PM   #163
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I hope my relatives aren't planning on any money from me...
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Old 02-09-2011, 01:08 AM   #164
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Just a question on the second one... is she the one earning this amount of money And is that total spending or just on herself

It is amazing how much some people can spend without even trying...
Well, she earns a lot since she is high up in the ladder in one of the big investment banks. I think it is not her total spending as she still stays with her rich parents. So, if she were to move out, expenditure might increase if she does not curb her lavish lifestyle. It is really quite easy to spend a lot in the city - when I was working, I always see my colleagues wear clothes that are from big brand names and order limited edition handbags before bonus come. Once you start buying, you just have to keep up with fashion. I try to fit in by wearing black most of the time. Black clothes can look expensive even though they may not be.
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Old 02-09-2011, 09:36 AM   #165
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Well, she earns a lot since she is high up in the ladder in one of the big investment banks. I think it is not her total spending as she still stays with her rich parents. So, if she were to move out, expenditure might increase if she does not curb her lavish lifestyle. It is really quite easy to spend a lot in the city - when I was working, I always see my colleagues wear clothes that are from big brand names and order limited edition handbags before bonus come. Once you start buying, you just have to keep up with fashion. I try to fit in by wearing black most of the time. Black clothes can look expensive even though they may not be.
I've always been of the mindset when it comes to fashion that it's not the clothes you put on your body, but the body on which you put your clothes. A fat guy in an Armani suit is still fat, and he'll look terrible if his suit isn't tailored just right.

Spend money on a gym membership, personal trainer (if needed) and supplements. Your body will thank you, and you'll get far more attention from the opposite sex (or the same, depending on your persuasion) than wearing the latest fashion.
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Old 02-09-2011, 10:29 AM   #166
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The "children" have borrowed a hundred thousand dollars per child to attend incredibly lackluster colleges and universities where they seem to major in surfing.
Would that be UH's Manoa campus or at Hilo?

I understand your point, but I'm not sure that I agree "surfing" correlates with "a waste of college fund". The "Millionaire Next Door" author mentioned one of his students who majored in "college socializing" and minimized his GPA yet went on to a very successful sales career. Even "wasting" time at college seems like a better education than living with one's parents and working in a department store.

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Once you start buying, you just have to keep up with fashion. I try to fit in by wearing black most of the time. Black clothes can look expensive even though they may not be.
I think one of the biggest financial benefits of a military career was that I could "keep up with fashion" and "fit in" by wearing khakis or blue coveralls. Today my ER attire clearly demonstrates that I have no idea how to keep up with fashion, let alone fit in.

Good thing, too. Shortly after I ER'd and started surfing & taekwondo, most of my civilian "business attire" became too baggy in the butt and too tight in the shoulders/chest.
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Old 02-09-2011, 06:30 PM   #167
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My 12 and 10 yo are now particapating in a "updated" marshmellow test. Signed $5 bills were given to them after tonights dinner. If they can produce the same 5 bucks 3 months from today ... they DOUBLE thier money.

I expect my 12 yo will keep his eye on the prize ... the 10 yo already has his eye on a video game he's been saving for . We'll see.

Thanx for the video!
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Old 02-09-2011, 09:53 PM   #168
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My 12 and 10 yo are now particapating in a "updated" marshmellow test. Signed $5 bills were given to them after tonights dinner. If they can produce the same 5 bucks 3 months from today ... they DOUBLE thier money.

I expect my 12 yo will keep his eye on the prize ... the 10 yo already has his eye on a video game he's been saving for . We'll see.

Thanx for the video!
I trust you'll report back on the experiment.
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Old 02-10-2011, 08:44 AM   #169
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Would that be UH's Manoa campus or at Hilo?

I understand your point, but I'm not sure that I agree "surfing" correlates with "a waste of college fund". The "Millionaire Next Door" author mentioned one of his students who majored in "college socializing" and minimized his GPA yet went on to a very successful sales career. Even "wasting" time at college seems like a better education than living with one's parents and working in a department store.
It would be a certain private university -- not USC -- in Los Angeles. Surfing is not the curriculum, but it's how they spend their time. They are graduating, sequentially, with no honors or useful skills, and, as Jay remarks, they are all in for a rude surprise because their debt is non-dischargeable in bankruptcy. I pointed this out to their parents, who've been bankrupt once already, and was met with deer-in-the-headlights stares from them.

Everyone needs hobbies and passtimes. Nothing wrong with surfing in that regard. But only a foolish young adult, abetted by foolish parents, would borrow $100,000 to obtain a four-year degree at a lackluster school simply because it's "private" and "on the beach" when suitable state colleges and universities are available with little or no borrowing involved.

My wife and I attended private colleges and universities. Most of our children did, too. In hindsight, all were either good or great decisions. But we did not waste time or money.
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Old 02-10-2011, 08:50 AM   #170
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I trust you'll report back on the experiment.
Will do!
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Old 02-10-2011, 10:20 AM   #171
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It would be a certain private university -- not USC -- in Los Angeles. Surfing is not the curriculum, but it's how they spend their time. They are graduating, sequentially, with no honors or useful skills, and, as Jay remarks, they are all in for a rude surprise because their debt is non-dischargeable in bankruptcy. I pointed this out to their parents, who've been bankrupt once already, and was met with deer-in-the-headlights stares from them.
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Old 02-10-2011, 06:17 PM   #172
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Old 02-10-2011, 06:31 PM   #173
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Old 02-10-2011, 07:19 PM   #174
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Old 02-11-2011, 09:51 AM   #175
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It would be a certain private university -- not USC -- in Los Angeles. Surfing is not the curriculum, but it's how they spend their time. They are graduating, sequentially, with no honors or useful skills, and, as Jay remarks, they are all in for a rude surprise because their debt is non-dischargeable in bankruptcy. I pointed this out to their parents, who've been bankrupt once already, and was met with deer-in-the-headlights stares from them.

Everyone needs hobbies and passtimes. Nothing wrong with surfing in that regard. But only a foolish young adult, abetted by foolish parents, would borrow $100,000 to obtain a four-year degree at a lackluster school simply because it's "private" and "on the beach" when suitable state colleges and universities are available with little or no borrowing involved.

My wife and I attended private colleges and universities. Most of our children did, too. In hindsight, all were either good or great decisions. But we did not waste time or money.
Arguably the universities charging outrageous tuition for useless degrees and the lenders who enable the students who attend such institutions are the next "sub prime" lender types. Very similar parallels, except for the fact that you can walk away from your mortgage and discharge the debt in bankruptcy.
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Old 02-11-2011, 10:04 AM   #176
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My older brother who receives a pension from Fortune 500 after over 25 years there, full SS, and he also works parttime presently in clinical counseling. Has no kids, no expensive house repairs, no health issues, etc. just called me yesterday to borrow $2000 from me so his wife can go overseas to see her family (some kind of emergency). I am sending him $1000 instead of the full $2000 that he asked for because I don't want to set precedent that I would send whatever amount he happens to ask for. What are everybody's thoughts on this, please share candidly. I am a little disappointed at my older brother's inability to manage his own money. Back in 2001 he already had a nest egg of over $2 Mils. Now he is completely broke. Should I lend him money when my older brother asks for it? Or should I lie? Tell him that I have financial problems of my own (saving for FIRE!)? Any thoughts/advice would be greatly appreciated.
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Old 02-11-2011, 10:10 AM   #177
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.......... Should I lend him money when my older brother asks for it?.........
If you want to help him, give him the money. If you make it a loan you will second guess every purchase he makes until it is paid back ...............which may well be forever.
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Old 02-11-2011, 10:16 AM   #178
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He asked for a loan, but in my handwritten letter to him, I explained to him that it's a gift, that he does not need to pay me back. I consider the money gone. Thanks, Travelover. We think alike.
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Old 02-11-2011, 10:36 AM   #179
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We need to take an emergency cruise in the Caribbean.

Can you send me $2000.
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Old 02-11-2011, 10:37 AM   #180
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My older brother who receives a pension from Fortune 500 after over 25 years there, full SS, and he also works parttime presently in clinical counseling. Has no kids, no expensive house repairs, no health issues, etc. just called me yesterday to borrow $2000 from me so his wife can go overseas to see her family (some kind of emergency). I am sending him $1000 instead of the full $2000 that he asked for because I don't want to set precedent that I would send whatever amount he happens to ask for. What are everybody's thoughts on this, please share candidly. I am a little disappointed at my older brother's inability to manage his own money. Back in 2001 he already had a nest egg of over $2 Mils. Now he is completely broke. Should I lend him money when my older brother asks for it? Or should I lie? Tell him that I have financial problems of my own (saving for FIRE!)? Any thoughts/advice would be greatly appreciated.

To me lending money to family is OK... as long as they pay it back...

Now, if I did lend to any of them I would not worry if I got it back or not... and I would not second guess their purchases..

Fortunately for me, all of my siblings are good with money... even the one who never made much...
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