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Re: When did you see the light?
Old 08-02-2006, 03:43 PM   #61
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Re: When did you see the light?

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Originally Posted by LOL!
I was in 8th grade.* I had two paper routes and wanted to go to Mexico.* My parents said, you have a job, save your money and pay for the trip.* * *So I saved and paid for my two week trip to Mexico.* Ever since I have been saving money.
After college (had to pay for that myself thanks to my parents), I set up a systematic plan to have enough investments by age 40 such that ROI on those investments could replace my salary.* I exceeded that goal by a wide margin thanks to a working spouse whose salary we could live off of.
It sounds like the less your parents did for you, the more you learned...
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Re: When did you see the light?
Old 08-02-2006, 03:54 PM   #62
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Re: When did you see the light?


My light grew slowly over the years...raised in a frugal middle class family. Money wasn't for spending, eegad! Took me years to learn how to waste spend it. Used to get a cold sweat buying my favorite collectables but did it anyway. Eventually made a decent salary and always maxed the 401k, always paid off debt and paid down house notes ASAP. Not a good investor but a determined saver. Now nearly 50, burnt out on my occupation but financially solid enough to semi-ER. DW will work another 5 years or so to allow investments to firm up while I try to find an interesting p/t job and reactivate old interests.
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Re: When did you see the light?
Old 08-02-2006, 03:57 PM   #63
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Re: When did you see the light?

I had a job as a dishwasher/busboy at new restaurant. We had a young waitress staff. Late one evening after the place closed, a couple of the waitresses were arguing about their . . . um . . . boob size. The argument revolved around whether or not they could put a can of deodorant under their bosums and have it 'not drop.' We busboys contributed $5 each and asked the nicer one to prove it. She did. We lost our money. I saw the light about saving/having/making money . . . um . . . for retirement.
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Re: When did you see the light?
Old 08-02-2006, 04:22 PM   #64
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Re: When did you see the light?

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Originally Posted by Apocalypse . . .um . . .SOON
We busboys contributed $5 each and asked the nicer one to prove it.* She did.* *We lost our money.* I saw the light about saving/having/making money* . . . um . . . for retirement.
Apparently she saw the light before you guys did...
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Re: When did you see the light?
Old 08-02-2006, 04:29 PM   #65
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Re: When did you see the light?

This scientific test strikes me as a great value for a mere $5.

You did verify the results in person I take it.

That's good that you recognized the value of a dollar at such an early age.
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Re: When did you see the light?
Old 08-02-2006, 04:30 PM   #66
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Re: When did you see the light?

This is very timely - I saw the 'light' on using my own savings for retirement and studying investing/etc and then extending to FIRE when I was 27, had just finished my master's in biomedical engineering and was talking with an 'older' engineer in the office. *He asked me if I'd signed up for the 403b - I looked at him like he was speaking Swahili - he then tried to explain to me what it was - I hemmed and hawed.....he then pretty much grabbed me by the ear and dragged me to Personnel and set me up with my 403b. *I just got the opportunity to personally thank him for that-called him up and told him his 'intervention' helped me get where I am and where I'm going to be.

After that, reading books (the Terhorsts, Millionaire Next Door, the Only Investment Guide You'll Ever Need, Your Money or Your LIfe, the Tightwad Gazettes, etc, etc,....) and finding people like you all on this board - it propels you forward - but you gotta 'see the light' first, I guess.

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Re: When did you see the light?
Old 08-02-2006, 04:34 PM   #67
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Re: When did you see the light?

Quote:
Originally Posted by deserat
This is very timely - I saw the 'light' on using my own savings for retirement and studying investing/etc and then extending to FIRE when I was 27, had just finished my master's in biomedical engineering and was talking with an 'older' engineer in the office. He asked me if I'd signed up for the 403b - I looked at him like he was speaking Swahili - he then tried to explain to me what it was - I hemmed and hawed.....he then pretty much grabbed me by the ear and dragged me to Personnel and set me up with my 403b. I just got the opportunity to personally thank him for that-called him up and told him his 'intervention' helped me get where I am and where I'm going to be.

After that, reading books (the Terhorsts, Millionaire Next Door, the Only Investment Guide You'll Ever Need, Your Money or Your LIfe, the Tightwad Gazettes, etc, etc,....) and finding people like you all on this board - it propels you forward - but you gotta 'see the light' first, I guess.

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I tried to tell one of the new hires fresh out of school something like that. I asked if they'd like me to tell em' what I should have known when I first started working - That the money they save when they are young is the money that really snowballs.

The reaction I got was - Yeah but who cares about the money when you are old. I just want the money now... It's not worth it. Blah Blah Blah

I gave up. They have their own values. Let em work till they drop.
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Re: When did you see the light?
Old 08-02-2006, 04:58 PM   #68
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Re: When did you see the light?

Quote:
Originally Posted by MasterBlaster
The reaction I got was - Yeah but who cares about the money when you are old. I just want the money now... It's not worth it. Blah Blah Blah

I gave up. They have their own values. Let em work till they drop.
I wonder if most of us, LBYM types, find it relatively easy to LBYM while most spenders would find it hard even if they agreed that it's a good idea in theory? Or is it largely an education question? Would most people practice LBYM if only they could clearly see its benefits down the road? Or would they still refuse to save because immediate gratification is just too hard for them to give up, even a little bit?
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Re: When did you see the light?
Old 08-02-2006, 05:18 PM   #69
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Re: When did you see the light?

Quote:
Originally Posted by Scrooge
I wonder if most of us, LBYM types, find it relatively easy to LBYM while most spenders would find it hard even if they agreed that it's a good idea in theory? Or is it largely an education question? Would most people practice LBYM if only they could clearly see its benefits down the road? Or would they still refuse to save because immediate gratification is just too hard for them to give up, even a little bit?
I have wondered that too. Maybe its just how people value things. Frankly I value my free time more than needing that designer T shirt. Possibly people who like expensive things and live to the max of their income enjoy that. Maybe they dont care if they need to w*rk till 70. I totally cannot relate to people who think if they can afford the monthly payment while already having substantial debt that they should purchase that item anyways.
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Re: When did you see the light?
Old 08-02-2006, 05:19 PM   #70
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Re: When did you see the light?

Grew up in a very frugal household. *I knew how much they made and even as a child was impressed with how far they made it go. For instance we lived in a nicer house than people I knew made more money than my Mom and Dad. My Dad was a good repairperson and would get a lot of use out of something instead of just discarding it.

I also remember clearly in 2nd grade being told the definition of Spartan and thinking "That's me". *I also thought it wasn't most of the class.

When I was in junior high one of my uncles gave me $10. *I saved $5 and impulsively bought a dress with the other $5(early 60's). *After just a couple of weeks, that dress went on sale and I realized that I could have had more-either savings or dresses-if I had waited and shopped better. *That was most certainly an aha moment

My family growing up never invested in anything *but a savings account. *Other stuff was too risky. * My now ex husband's family however invested in bonds and mutual funds etc. *so I gradually learned more about that and became more comfortable investing that way.

Ever since my first job-delivering papers with my brother (his route, because girls weren't allowed to have routes at that time : I have lived below my means and saved something. * It has paid off. *
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Re: When did you see the light?
Old 08-02-2006, 05:39 PM   #71
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Re: When did you see the light?

Quote:
Originally Posted by Apocalypse . . .um . . .SOON
I had a job as a dishwasher/busboy at new restaurant. We had a young waitress staff. Late one evening after the place closed, a couple of the waitresses were arguing about their . . . um . . . boob size. The argument revolved around whether or not they could put a can of deodorant under their bosums and have it 'not drop.' We busboys contributed $5 each and asked the nicer one to prove it. She did. We lost our money. I saw the light about saving/having/making money . . . um . . . for retirement.
You did well my son...
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Re: When did you see the light?
Old 08-02-2006, 07:33 PM   #72
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Re: When did you see the light?

Hi
* *I try to talk younger workers and younger family into doing more savings and more planning. Mostly they just say yeah and whatever* But I have gotten a few to start investing in the 401k and looking a little more closely at things. Of course I started investing and saving at 13. When I graduated college I had just spent yrs with kids with "richdads" that loved to spend. I guess I just followed suit.
Rob
PS I like the busboy story . Wonder if that would work with some of the nurses here... hmmm
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Re: When did you see the light?
Old 08-02-2006, 07:47 PM   #73
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Re: When did you see the light?

Quote:
Originally Posted by spideyrdpd
Hi
* *I try to talk younger workers and younger family into doing more savings and more planning. Mostly they just say yeah and whatever* But I have gotten a few to start investing in the 401k and looking a little more closely at things. Of course I started investing and saving at 13. When I graduated college I had just spent yrs with kids with "richdads" that loved to spend. I guess I just followed suit.
Rob
PS I like the busboy story . Wonder if that would work with some of the nurses here... hmmm
Another modification- if you read the funny papers the financial pushers they all say that you cant early retire. They even make it sound hard or impossible cause of the increased life expectancy. SO the general media makes it sound like mission impossible.
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Re: When did you see the light?
Old 08-02-2006, 07:58 PM   #74
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Re: When did you see the light?

Quote:
Originally Posted by Scrooge
I wonder if most of us, LBYM types, find it relatively easy to LBYM while most spenders would find it hard even if they agreed that it's a good idea in theory? Or is it largely an education question? Would most people practice LBYM if only they could clearly see its benefits down the road? Or would they still refuse to save because immediate gratification is just too hard for them to give up, even a little bit?
Quote:
Originally Posted by Mwsinron
I have wondered that too. Maybe its just how people value things.
as i've mentioned in another post, even if fate determines what we experience, free will allows us to determine how we experience that experience.

would i have greater net worth had i parents who didn't keep the tanks on the boats & in the cars filled with fuel? would i have learned more if my life was financially burdened?

my ol'man (step-dad from when i was a young teen) came from a family with a ton of cash, including one of the largest regional (major metro) companies in its field. he walked away from it and from his family to start his own very successful small business.

my biological dad came from an entertainment family also with a ton of cash. his mom was a flapper who married into a then-famous family. must have been some scandal or just general disfunction because my grandfather would later have nothing to do with her or even him. i only met my paternal grandpa twice in my life.

two people with big family money, one who ran from family, the other was thrown away. one who taught himself how to make money, the other who spent life scraping by.

sure, a background can give you a foot up. but unless you take that step, even the best foundation is nothing but shakey ground. you can inherit a million bucks and be broke next year or you can join an early retirement support group and learn how to make the money last.

you can be born in a slum and continue through life thinking the world is against you or you can be raised in the back seat of a car and wind up driving your own arnage though life.

you can have an aha moment and work towards that new found goal. you can live the life you've known without such a goal yet suddenly realize, hey, i don't have to do this anymore, do i? how cool is that?

now can you teach anyone about early retirement? can you show them the light? is it proper to proselytize er? there's been plenty of good advice too inconvenient to heed and likely some bad information i've conveniently accepted as true. i don't think anyone ever taught me anything. i think sometimes i closed my eyes and sometimes i opened them to the light that was always there. and now i'm just hoping that i can learn enough to keep myself throughout retirement in the black.
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Re: When did you see the light?
Old 08-02-2006, 10:34 PM   #75
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Re: When did you see the light?

I'm curious...those of you that are willing to share...

How do your offspring handle the "FIRE" gospel? Twenty years ago, my (then new) step-father tried telling me all of this. He was a real penny pincher, but would buy good value items. He saved a good chunk of his money and educated himself about investments.

Unfortunately, I have a hard head and no matter how many times someone tells me something, I just gotta figure it out for myself. Must be a slow learner...it took me almost 15 years to "get it".

Obviously, many of you have "gotten it" and saved, LBYM and educated yourself about investments. But do your kids "get it"? Have they learned from your example? Are they caught up in the consumer-keep-up with the Joneses crap? Do they "listen" to you when you talk about saving and investing?
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Re: When did you see the light?
Old 08-02-2006, 10:41 PM   #76
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Re: When did you see the light?

Ha never mind not reading so well tonight
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Re: When did you see the light?
Old 08-02-2006, 11:52 PM   #77
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Re: When did you see the light?

I saw the light when I was about 25 I was reenlisting in the Air Force after my first 4 years and had just had fun spending money up until then. I realized I would be getting a pension if I stayed in and started investing and bought a house that year. LBYM since and on track.
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Re: When did you see the light?
Old 08-03-2006, 12:06 AM   #78
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Re: When did you see the light?

Quote:
Originally Posted by Apocalypse . . .um . . .SOON
The argument revolved around whether or not they could put a can of deodorant under their bosums and have it 'not drop.' We busboys contributed $5 each and asked the nicer one to prove it. She did. We lost our money.
Hmmmm.. does not sound like she 'won' to me... I had heard something like this from my sister who has a B+... she was always pround that a pencil could NOT stay under her boob... they were 'perky'.. if they can hold the pencil, or the can, then they are 'floppy'... nobody wants a floppy boob...
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Re: When did you see the light?
Old 08-03-2006, 12:11 AM   #79
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Re: When did you see the light?

Part I: *My husband and I were both LBYM types. *We didn't lust after bigger houses or more toys, and as income grew we put more and more money away. *With no kids, our expenses just didn't increase that much.

Part II: *My mother died of pancreatic cancer at age 63. *I was around 35 at the time. *This totally woke me up to the fact that there are not guarantees. *Certainly no guarantees of living until retirement age.

So when the windfall happened, we were in a good position both from LBYM living (virtually debt-free) and from a "life is short" mentality. *It didn't take long to seize the opportunity and RE.

Audrey
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Re: When did you see the light?
Old 08-03-2006, 12:16 AM   #80
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Re: When did you see the light?

Quote:
Originally Posted by Texas Proud
Hmmmm.. does not sound like she 'won' to me... I had heard something like this from my sister who has a B+... she was always pround that a pencil could NOT stay under her boob... they were 'perky'.. if they can hold the pencil, or the can, then they are 'floppy'... nobody wants a floppy boob...
hmmmm perky ...I remember eating Perky Pies long ago would fit right in your hand....
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