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View Poll Results: What contributed most to your success?
Having a child 4 8.51%
Purchasing a home 6 12.77%
Eliminating "bad" cc debt 7 14.89%
Getting +700 credit score 3 6.38%
Other 27 57.45%
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Financial milestones enablers
Old 05-13-2005, 01:15 PM   #1
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Financial milestones enablers

Posting as a result of a lively lunch conversation today...

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Re: Financial milestones enablers
Old 05-13-2005, 02:43 PM   #2
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Re: Financial milestones enablers

I couldn't answer. What success? I've been nothing but a big loser my whole life.
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Re: Financial milestones enablers
Old 05-13-2005, 04:04 PM   #3
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Re: Financial milestones enablers

I like the question. Not too enthused about the choices
offered by the "poll". Assuming we're talking purely financial
stuff, I would say owning my own business was number one.

JG
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Re: Financial milestones enablers
Old 05-13-2005, 04:46 PM   #4
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Re: Financial milestones enablers

DCA - into 401k/IRA - max amount possible - over a long period of time.

ie - giving the money to a mysterious stranger - who would re - appear at 59 1/2 and 'be nice'.
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Re: Financial milestones enablers
Old 05-13-2005, 04:51 PM   #5
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Re: Financial milestones enablers

Getting my college degree(s), which enabled me to rise from delivery driver to Director (in the same organization).
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Re: Financial milestones enablers
Old 05-13-2005, 06:14 PM   #6
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Re: Financial milestones enablers

My answer would be LBYM and saving minimum of 10% for years. The magic of compounding. Also, 2 pensions didn't hurt. Reading and adhering to Bogle.
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Re: Financial milestones enablers
Old 05-14-2005, 04:19 AM   #7
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Re: Financial milestones enablers

I'm with JG on this one, like the question but need different choices.

Hard work
LBYM
My wife, who looks at life in her own way, but understood and understands the FI goal.

Uncledrz
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Re: Financial milestones enablers
Old 05-14-2005, 09:35 AM   #8
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Re: Financial milestones enablers

Thanks for taking the time to respond guys. Interestingly enough, one of the arguments made during the lunch is being upheld so far.

Enjoy your weekend!

TD
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Re: Financial milestones enablers
Old 05-14-2005, 02:43 PM   #9
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Re: Financial milestones enablers

What has enabled me the most on my financial milestones? The answers are two-fold:

1) working for a family-run construction business. While not the most lucrative job possible, the total compensation is very fair, and the flexibility of working out 'deals' with your parents is quite good (i.e. company pays for car, car maintenance, gas, health insurance, and a few other perks)

2) not marrying a woman who turned out to be the worst possible woman I could have ever even thought of possibly marrying. 8)

There are other enablers, such as my parents letting me live in their house in Missouri rent/utilities free, while they enjoy the retired life in Florida, a 'decent-sized' inheiritance from a relative, trying to set a new milestone for 5-year stretch of Cheap Bastard Living...
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Re: Financial milestones enablers
Old 05-14-2005, 06:06 PM   #10
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Re: Financial milestones enablers

Pretty simple stuff:

Work hard
DCA with company match in 401k
Pay down house notes
Have a little restraint on spending

Start young!
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Re: Financial milestones enablers
Old 05-16-2005, 11:05 AM   #11
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Re: Financial milestones enablers

Yeah, need more choices.

In our case, we did NOT have kids, so we avoided all the expenses they incur--and banked the savings.

Starting early, always putting the maximum allowed by law into whatever 401(k) or equivalent was offered.

Avoided debt except on houses and cars.

And our house has lately appreciated significantly and quickly in value, but we can FI/RE without that money, as long as we pay off the mortgage first.
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Re: Financial milestones enablers
Old 05-26-2005, 12:22 PM   #12
 
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Re: Financial milestones enablers

How can having a child contribute to one's success??

Not having a child would contribute.

I would say that having only one child has been a significant factor in my success.
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Re: Financial milestones enablers
Old 05-26-2005, 01:38 PM   #13
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Re: Financial milestones enablers

Quote:
Originally Posted by TromboneAl
How can having a child contribute to one's success??
How about this. Bringing a child or children to adulthood constitutes success. No reproducing constitutes failure. Biology 101. Of course this may be oversimplified from other uniquely human POVs.

Ha
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Re: Financial milestones enablers
Old 05-26-2005, 02:25 PM   #14
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Re: Financial milestones enablers

Perhaps focusing your mind on the idea there is more to life than money, that you have better things to do with your time than work until you die? On a balance sheet, obviously the numbers won't add up, even with the tax deduction.
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Re: Financial milestones enablers
Old 05-26-2005, 02:46 PM   #15
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Re: Financial milestones enablers

I feel a lot more successful with this little bundle of joy...that...just...wont...sit...still...or...stop ...fussing...
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Re: Financial milestones enablers
Old 05-26-2005, 03:54 PM   #16
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Re: Financial milestones enablers

My success so far (I'm only 27) came mostly from a college education and trading off money for free time to get more free time. I hope to continue my success by getting married, not having kids, and doing the DCA thing.

Tim
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Re: Financial milestones enablers
Old 06-16-2005, 08:00 PM   #17
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Re: Financial milestones enablers

College education made the difference for me, by a long shot. Otherwise, I'd still be back in Horsesh*t Falls, washing dishes, mopping floors, cutting hair or working as a low-paid "office assistant" type. With the college degree I found an interesting, relatively well-paying career in an education-related field. Almost too much fun to quit, but not quite.

Education also contributes to health. Understanding that smoking will cripple or kill you and that you have to lay off the Krispy Kremes and beer is pretty crucial to maximum enjoyment of your retirement years.

My 3 siblings are all high school dropouts with jobs similar to the abovementioned, and currently each one plans on working to 65+. Yeah, all of 'em smoke (and cough). None have health insurance. By the way, none of them is dumb; I'm not ranking off on my sibs. Being poor or a paycheck away from it takes it toll, and I guess smoking is the least of their worries.
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Re: Financial milestones enablers
Old 06-16-2005, 08:55 PM   #18
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Re: Financial milestones enablers

College degree, strategic divorce... (which made LBYM possible)

Dumb luck? Got a job in semis in it's infancy, in R&D. For a long time, it was almost too much fun to be work. Can't quite say that now...
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Re: Financial milestones enablers
Old 06-16-2005, 09:16 PM   #19
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Re: Financial milestones enablers

Even though I NEVER thought I'd say it...

Enlisting in the Navy.

That gave me the G.I. Bill, which gave me the B.A., which I needed for the MBA, which I needed to go from clerk to marketing manager (that was back in the day).

Uncle Sam was very, very good to me.


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Re: Financial milestones enablers
Old 06-16-2005, 10:01 PM   #20
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Re: Financial milestones enablers

My guess is not getting divorced.
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