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Re: Influences on how you think about money
Old 03-08-2006, 12:40 PM   #21
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Re: Influences on how you think about money

My parents were an interesting match of semi-opposites when it came to money. *My father (a consulting geologist and mining engineer) was very good at making money, but he also wanted to spend it a lot. *My mother was mostly a stay-at-home mom (5 kids spread over 15 years), but she was the one who organized the finances and saved. *My older sister says that this was a good partnership: "he made the money, and she saved it".

Interestingly, he was the one that was quite poor in the Depression -- his father died of cancer in 1935 when my father was 16 and after that they lived on the grudging charity of relatives. *My mother's father was a postmaster in a small town, which was a relatively secure and decently paid job, especially for that time.

I inherited my mother's temperament more than my father's, in money and other matters. *My brothers are a little more like my father, I think. *Not that he was a spendthrift, but he like to buy certain large purchases -- especially boats -- and then would tire of them and dispose of them. *I think he had about 9 boats over a period of 20 years.

I've also not inherited my father's hair loss genes -- he was bald at 34, by the time I was born. *I remember being suprised when I was 10 or so and first saw a picture of him in college, with hair!

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Re: Influences on how you think about money
Old 03-08-2006, 12:42 PM   #22
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Re: Influences on how you think about money

Quote:
Originally Posted by REWahoo!
Like most who have chimed in on this thread, my parents were a big influence.* Mom grew up poor by todayís standards, but dad grew up on a farm prior to the depression and was so poor that the depression had no real impact on him financially.* Iím sure it hurt his opportunity to improve his financial status, but he said it didnít make things worse because they couldnít get any worse.

My dadís youngest sister, now in her late 80ís, was once asked what she remembered as the best thing that ever happened to her as a child.* Her response was ďWhen my dad put tar paper on the house one winter to stop the wind blowing through the cracks between the boards.Ē* Here is a photo of her and two of my uncles taken in the early 1920's to give you some idea of the level of poverty they "enjoyed":



I was thinking of commenting about how they walked to school barefoot in the snow, uphill both ways.* Then I recalled only one of my dadís siblings ever finished high school...


ReWahoo: *Thanks for sharing your story and photo. (Looks familiar).

Possible wager?

Before you accept, I have to warn you that when I was a 17 year old "grunting" in Korea, we used to have poor story contests, and I can't recall losing one.

In any case, you, I, and most of the posters of this board are indeed fortunate to have been born in this country, and be given the opportunity to "pull ourselves up by our bootstraps".

As that great philosopher (Don King) says: *"Only in America". 8)
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Re: Influences on how you think about money
Old 03-08-2006, 12:58 PM   #23
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Re: Influences on how you think about money

Quote:
Originally Posted by Jarhead*
Possible wager?

Before you accept, I have to warn you that when I was a 17 year old "grunting" in Korea, we used to have poor story contests, and I can't recall losing one.
No takers here. That's one wager I don't especially want to win.

Quote:
Originally Posted by Jarhead*
In any case, you, I, and most of the posters of this board are indeed fortunate to have been born in this country, and be given the opportunity to "pull ourselves up by our bootstraps".

As that great philosopher (Don King) says: "Only in America". 8)
I had second thoughts before I posted that photo, but part of my motivation was just what you quote above. We spend a lot of time here peeing down each others leg about how bad our jobs are, how long it will take to save enough to retire, how long our money will last, where we can get affordable medical insurance, blah blah blah. We need to realize only a generation or two ago many of us would have been worried about where our next meal might come from or whether we could scrape up enough to get shoes for our kids to wear to school.

Don is absolutely correct.

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Re: Influences on how you think about money
Old 03-08-2006, 01:02 PM   #24
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Re: Influences on how you think about money

Quote:
Originally Posted by REWahoo!
No takers here.* That's one wager I don't especially want to win.

I had second thoughts before I posted that photo, but part of my motivation was just what you quote above.* We spend a lot of time here peeing down each others leg about how bad our jobs are, how long it will take to save enough to retire, how long our money will last, where we can get affordable medical insurance, blah blah blah.* We need to realize only a generation or two ago many of us would have been worried about where our next meal might come from or whether we could scrape up enough to get shoes for our kids to wear to school.

Don is absolutely correct.

When I am worried about money, career, etc., I like to remind myself that I am only 2 generations away from havig squirrel and potatoes for dinner (couldn't afford to eat the livestock they raised).
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Re: Influences on how you think about money
Old 03-08-2006, 01:07 PM   #25
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Re: Influences on how you think about money

Quote:
Originally Posted by brewer12345
When I am worried about money, career, etc., I like to remind myself that I am only 2 generations away from havig squirrel and potatoes for dinner (couldn't afford to eat the livestock they raised).
Dang! They had potatoes too!?! Life really isn't fair. Worst part about eating squirrels is it takes so many of them to fill you up, and there isn't hardly any meat on the bones. It's almost as bad as eating snake.
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Re: Influences on how you think about money
Old 03-08-2006, 01:09 PM   #26
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Re: Influences on how you think about money

Quote:
Originally Posted by justin
Dang!* They had potatoes too!?!* Life really isn't fair.* Worst part about eating squirrels is it takes so many of them to fill you up, and there isn't hardly any meat on the bones.* It's almost as bad as eating snake.* *
Oh, I'm pretty sure they ate possum, too. Plenty more meat on possum. Plenty more stink, too.
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Re: Influences on how you think about money
Old 03-08-2006, 01:19 PM   #27
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Re: Influences on how you think about money

Hmmmm

Fish and potatoes here. Parents went thru post WWII period waiting for the 'the shoe to drop' even though things got steadily better until they passed.

This year I'm get some minor twinges at times - due to my unfrugalness.

Latent influence Perhaps!

Twelve years of practice and FireCalc says I'm still ok.

But??

heh heh heh heh - arithmetic and emotion are not the same.



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Re: Influences on how you think about money
Old 03-08-2006, 01:41 PM   #28
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Re: Influences on how you think about money

I have to say Parents also, however, reflecting on my siblings: Oldest Brother – spent every dime on hobbies, Next Oldest – not what you would call a saver, inherited about 9 Million from wife’s family (I guess if I knew that I wouldn’t have been much of a saver either), Next oldest believed in Credit Cards “Inflation will make it easier to pay them back” He must have seen the light before he died, house paid off, and no dept to speak of. Sister declared bankruptcy two or three times and will have only SS in retirement. As we all had the same parents, you would think we would have about the same saving and investing habits.
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Re: Influences on how you think about money
Old 03-08-2006, 03:05 PM   #29
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Re: Influences on how you think about money

Like so many others, it was the good influence and example shown by my parents ("The Greatest Generation", coming through Depression and War Years to build the backbone of America -- gotta love 'em for what they did and mourn their passing).

Reading recommendations: "The Richest Man in Babylon" by George Clason, "Affluenza, The All-Consuming Epidemic" by Scott Simon, and OK, I admit it, I like Paul Krugman's work.

For me, the great emancipation factor is having a greater desire for saving than you do for spending. Remember, it's not how much you MAKE that determines your wealth....it's how much you DON'T SPEND!!
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Re: Influences on how you think about money
Old 03-08-2006, 03:11 PM   #30
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Re: Influences on how you think about money

Quote:
Originally Posted by justin
Dang!* They had potatoes too!?!* Life really isn't fair.* Worst part about eating squirrels is it takes so many of them to fill you up, and there isn't hardly any meat on the bones.* It's almost as bad as eating snake.* *
Justin: *No doubt about it, you are a bona-fide "knuckle-head".

But the fact that you're obviously bright, have a sense of humor, and you're so young, I will restrain myself from further comments. *(Besides that, it's good practice for the times my kids and I get together).

Rock On, Kid

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Re: Influences on how you think about money
Old 03-08-2006, 03:36 PM   #31
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Re: Influences on how you think about money

http://www.cmoore.com/funstuff/humor...weresopoor.php

Quote:
Aye.* In them days, we'd a' been glad to have the price of a cup
* * o' tea.
GC: A cup ' COLD tea.
EI: Without milk or sugar.
TG: OR tea!
MP: In a filthy, cracked cup.
EI: We never used to have a cup.* We used to have to drink out of a
* * rolled up newspaper.
GC: The best WE could manage was to suck on a piece of damp cloth.
TG: But you know, we were happy in those days, though we were poor.
MP: Aye.* BECAUSE we were poor.* My old Dad used to say to me, "Money
* * doesn't buy you happiness."
EI: 'E was right.* I was happier then and I had NOTHIN'.* We used to
* * live in this tiiiny old house, with greaaaaat big holes in the roof.
GC: House?* You were lucky to have a HOUSE!* We used to live in one
* * room, all hundred and twenty-six of us, no furniture.* Half the
* * floor was missing; we were all huddled together in one corner for
* * fear of FALLING!
TG: You were lucky to have a ROOM!* *We* used to have to live in a
* * corridor!
MP: Ohhhh we used to DREAM of livin' in a corridor!* Woulda' been a
* * palace to us.* We used to live in an old water tank on a rubbish
* * tip.* We got woken up every morning by having a load of rotting
* * fish dumped all over us!* House!?* Hmph.
EI: Well when I say "house" it was only a hole in the ground covered
* * by a piece of tarpolin, but it was a house to US.
GC: We were evicted from *our* hole in the ground; we had to go and
* * live in a lake!
TG: You were lucky to have a LAKE!* There were a hundred and sixty
* * of us living in a small shoebox in the middle of the road.
MP: Cardboard box?
TG: Aye.
MP: You were lucky.* We lived for three months in a brown paper bag in
* * a septic tank.* We used to have to get up at six o'clock in the
* * morning, clean the bag, eat a crust of stale bread, go to work down
* * mill for fourteen hours a day week in-week out.* When we got home,
* * out Dad would thrash us to sleep with his belt!
GC: Luxury.* We used to have to get out of the lake at three o'clock in
* * the morning, clean the lake, eat a handful of hot gravel, go to
* * work at the mill every day for tuppence a month, come home, and Dad
* * would beat us around the head and neck with a broken bottle, if we
* * were LUCKY!
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Re: Influences on how you think about money
Old 03-08-2006, 03:42 PM   #32
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Re: Influences on how you think about money

Quote:
Originally Posted by brewer12345
When I am worried about money, career, etc., I like to remind myself that I am only 2 generations away from havig squirrel and potatoes for dinner (couldn't afford to eat the livestock they raised).
Quote:
Originally Posted by justin
Dang!* They had potatoes too!?!* Life really isn't fair.* Worst part about eating squirrels is it takes so many of them to fill you up, and there isn't hardly any meat on the bones.* It's almost as bad as eating snake.* *
When I was in college the campus squirrels used to eat peanuts out of your hand. Or at least within hand's reach.

One day we smelled a distinct cooking odor coming from a good ol' country boy's room. He had a hankering, and he couldn't believe how much ammunition he was saving at the cost of a bag of peanuts...
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Re: Influences on how you think about money
Old 03-08-2006, 03:59 PM   #33
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Re: Influences on how you think about money

My parents were a big influence because they spent everything they had. When times were good, we bought lots of new stuff. When times were bad, we cut back on everything. I knew that I didn't want to live like that.

After college I lived in europe for a year and I had my dad bring me some investing books. I told him that I knew that I didn't have any money, but when I did, I wanted to know what to do with it. He brought The Only Investment Guide You'll Ever Need by Andrew Tobias and A Random Walk Down Wall Street by Burton Malkiel. As the saying goes, when the student is ready, the teacher will appear. Those books changed my life. Later I read other books and one that got me started on the FI quest was Your Money or Your Life. I have read many others, but those three hit me at the right times and put me on this path. I later found the Early Retirment Forum and was happy to learn that there are lots more crazy people like me out there.
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Re: Influences on how you think about money
Old 03-08-2006, 04:17 PM   #34
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Re: Influences on how you think about money

I have no idea what influenced me. y mom was usually broke,def a check to check person.My dad(divorced)was selfemployed, and usually had pocket change to throw around (50 to 100 bucks). I loved THAT ability to jsut drop 50 on dinner if you please, and his freedom from a 9-5!

Other than that, I don't know! I have ALWAYS had a NEED and DESIRE to HAVE money. only later in life did I think i NEEDED things that $$ could buy.

Right now, amassing wealth makes me happier than buying stuff.
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Re: Influences on how you think about money
Old 03-08-2006, 05:37 PM   #35
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Re: Influences on how you think about money

Quote:
Originally Posted by Jarhead*
Justin: No doubt about it, you are a bona-fide "knuckle-head".

But the fact that you're obviously bright, have a sense of humor, and you're so young, I will restrain myself from further comments. (Besides that, it's good practice for the times my kids and I get together).

Rock On, Kid
How does that saying go? "A bad day being a young knuckle-head is better than a good day being an old Jarhead."

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Re: Influences on how you think about money
Old 03-08-2006, 06:25 PM   #36
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Re: Influences on how you think about money

Nords:
I seem to recall that you were originally from Pennsylvania. Were the squirrels that you mention at Penn State's University Park Campus near the Old Main Building? When I was there, you could get them to eat out of your hand.

I read a Suze Orman book about financial freedom where she mentioned that many people's thoughts about money were shaped from their first money memory. My first money memory was when I was about 4 or 5 years old and watched my dad clean out his wallet. He inadvertantly threw away a $10 bill (do not ask me how you do that). When I brought it to his attention (by pulling his $10 bill out of the trash and asking him why it wasn't "good" anymore), he "rewarded" me by giving me a quarter. If I would have kept my mouth shut I could have been that much closer to retirement. I have no idea how this would have shaped my thoughts about money. Any shrinks out there want to offer their opinion?
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Re: Influences on how you think about money
Old 03-08-2006, 06:44 PM   #37
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Re: Influences on how you think about money

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Originally Posted by justin
How does that saying go?* "A bad day being a young knuckle-head is better than a good day being an old Jarhead."* *

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Re: Influences on how you think about money
Old 03-08-2006, 07:31 PM   #38
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Re: Influences on how you think about money

The ER spark came to me when I was a teenager.* I had seen old people work until they died without enjoying their lives much nor enjoying time with their families.* I knew I didn't want to suffer the same fate and I was determined to do something not to go down that same road.

Then while I was watching a Sugar Ray Leonard fight on TV (I think the Leonard-Hearns fight in 1981), the commentator stated how Leonard saved every single dollar he had earned as a pro fighter and would only live on the investment income.* I decided then that I was going to try to save as much as I could and try doing the same thing.
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Re: Influences on how you think about money
Old 03-08-2006, 07:32 PM   #39
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Re: Influences on how you think about money

I mentioned my Dad's encouragement about investing, but I think the point at which I realized that FIRE was actually possible for me personally and not just some crazy dream was after reading Your Money or Your Life. * That book totally changed my outlook from spender to saver.

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Re: Influences on how you think about money
Old 03-08-2006, 07:47 PM   #40
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Re: Influences on how you think about money

I never learned anything about money as a kid, except that I somehow picked up a rather passive "feast or famine" attitude about it. After college lived on credit cards for a while. Managed to dig myself out of debt before getting married, but still had no real idea of saving money. My wife, who is a natural-born saver, is really the one who managed to change my attitude. Her brilliant trick was to put me in charge of the family finances. That got me to go from being a spender to being a saver, but still using only ordinary bank accounts. The impending arrival of offspring gave me the kick needed to really think hard about the future, so I called my father and asked what suggestions he had for earning more than a passbook savings account, and he said, "well, you probably want to look into mutual funds." I didn't even know what a mutual fund was, so I started studying up on the net, and eventually made the transition from being a saver to being an investor.

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