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Re: The best financial advice you ever had
Old 03-07-2007, 12:10 PM   #41
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Re: The best financial advice you ever had

Quote:
Originally Posted by citrine
2) Try not to have kids...or if you do....make sure you don't raise brats.
Unusual advice from a parent. I guess this board disproves the whole evolutionary biology/Richard Dawkins Selfish Gene thesis.

Turns out that the purpose of life is not life; it is leisure.

Ha
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Re: The best financial advice you ever had
Old 03-07-2007, 01:32 PM   #42
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Re: The best financial advice you ever had


Actually Ha...that is something that life has taught me.
I once dated a divorced man with two children who were absolutely bratty.....he was also the one with horrible debt and credit.....the quick fix for everything was to buy the children something.

I don't know.....my family came here in 1985 from India and my parents couldn't really afford much.....there was more emphasis on quality of experience rather than quantity.....we didn't have that many toys or frivolties. If we wanted something, we had to save and my parents would match half (depending on the object).
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Re: The best financial advice you ever had
Old 03-08-2007, 07:18 AM   #43
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Re: The best financial advice you ever had

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Originally Posted by citrine
Another couple of things life has shown me:

2) Try not to have kids...or if you do....make sure you don't raise brats.

That one surprises me, as for the brats, I'm sure at one point in our lives most of us have been there untill the attitude adjustment came in.
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Re: The best financial advice you ever had
Old 03-08-2007, 08:07 AM   #44
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Re: The best financial advice you ever had

My sage is named Warren. Quote

"Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees."

Warren Buffet, Letter to Shareholders, Berkshire Hathaway Annual Report, 1997

and...

"By investing in an index fund, the know-nothing investor can actually out-perform most investment professionals. Paradoxically, when 'dumb' money acknowledges its limitations, it ceases to be dumb."

Warren Buffett, Letter to Shareholders, Berkshire Hathaway Annual Report, 1993
Unquote
After I retired, when I could get my hands on the 401K, I moved it all into Index Funds. Warren knows best.

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Re: The best financial advice you ever had
Old 03-08-2007, 08:23 AM   #45
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Re: The best financial advice you ever had

Quote:
Originally Posted by G****
A quote that I read in the newspaper many years ago. I cut it out, and it's still on my desk:

Do not pray for what you desire - pray to loose the desire; People who are subject to impules and feel they must act on them may be free to act but they also are shackled to their desires - Gandhi

I guess that's what LBYM is all about...

- Ron
This is close cousin to a principle I learned a long time ago, but forget the citation for:

"That which you cannot leave is not a possession; you are it's."
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Re: The best financial advice you ever had
Old 03-11-2007, 01:04 AM   #46
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Re: The best financial advice you ever had

Quote:
Originally Posted by citrine

2) Try not to have kids...or if you do....make sure you don't raise brats.
Don't we have a poster name BRAT. What does he/she think of your advice? I like it.
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Re: The best financial advice you ever had
Old 03-11-2007, 08:09 PM   #47
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Re: The best financial advice you ever had


(1) Taking care of your health is the best financial investment you will ever make

(2) If at all possible, take out a 15 year mortgage instead of 30 year

(3) Sign up immediately for your company's 401(k) plan


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Re: The best financial advice you ever had
Old 03-20-2007, 04:20 AM   #48
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Re: The best financial advice you ever had

My fathers famous words:



Pay yourself first!!!!


(may fcs jr rest in the peace of God's presence... and thanks!)
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Re: The best financial advice you ever had
Old 03-20-2007, 09:15 AM   #49
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Re: The best financial advice you ever had

My parents didn't have a lot of money, Mom didn't work and there were 5 kids so I go a job as soon as I could. It wasn't financial advice per se but the best motivation for me was working at a McDonald's starting at age 15. Knowing the people that worked there 20+ years motivated me all through college.
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Re: The best financial advice you ever had
Old 03-20-2007, 09:09 PM   #50
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Re: The best financial advice you ever had

Buy real estate
The biggest problem with good advice is we all thought we knew better when we were young. The sooner you start the better.
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Re: The best financial advice you ever had
Old 03-22-2007, 06:12 PM   #51
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Re: The best financial advice you ever had

The closer you get to retirement, make sure your house, credit cards, loans etc are paid off! If not you might as well still be working. It doesn't cost a lot to retire if you don't have outstanding debt. You'll always have your basic cost of living expense and that's about it. Your retirement should be enjoyable and worry free so pay everything off, and you'll be able to experience a stress free retirement.
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Re: The best financial advice you ever had
Old 03-22-2007, 09:10 PM   #52
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Re: The best financial advice you ever had

I was reading Consumer Reports and its cover story was a guide to mutual funds. This was about 20 years ago and I was just starting out. At the end of the article, and all the charts and figures, it said something like "or you could just buy an index fund offered by a low-cost company like Vanguard". I had never heard of Vanguard or index funds, but after checking it out some, I opened my first mutual fund with them (which I still have) and never looked back.
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Re: The best financial advice you ever had
Old 03-22-2007, 09:15 PM   #53
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Re: The best financial advice you ever had

Quote:
Originally Posted by FancyBear
My parents didn't have a lot of money, Mom didn't work and there were 5 kids so I go a job as soon as I could. It wasn't financial advice per se but the best motivation for me was working at a McDonald's starting at age 15. Knowing the people that worked there 20+ years motivated me all through college.
I worked at McDonald's when I was 16. Uggh. It was a great incentive for me to get a college education.
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Re: The best financial advice you ever had
Old 03-23-2007, 01:34 PM   #54
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Re: The best financial advice you ever had

Im one of those people who had no advice growing up. We always had lots of the latest stufff- and whenever someone got a raise we had more stuff. Now Im seeing my parents with a retirement account about the size of mine- and ive been in the workforce for 2 years. They do have pensions and a house and SS. To me they are the epitome of "it may be your sole purpose on this earth is to serve as a warning to others."

the "advice" is garnered through just watching them. So while I didnt have names for what I didnt want to do I now realize I learned to LBYM and pay yourself first before I knew what they were called.

Now i hope they can learn something from watching me (trying to tell your parents how to handle money doenst really work... as Im sure some out there can relate to)
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Re: The best financial advice you ever had
Old 03-23-2007, 04:43 PM   #55
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Re: The best financial advice you ever had

Hell when I was growing up finances were to be kept hush hush and hidden. Im not old or anything just how my family is. Im just happy I stumbled across articles and boards to help educate myself on what to do. Otherwise I would have fallen into the same old rut of spending and debt.
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Re: The best financial advice you ever had
Old 03-23-2007, 06:42 PM   #56
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Re: The best financial advice you ever had

"Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
--Charles Dickens, David Copperfield
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Re: The best financial advice you ever had
Old 03-24-2007, 12:17 AM   #57
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Re: The best financial advice you ever had

1) Most of my parents arguments were over money and bills
2) Moved out of the house right after high school - watched my roommate and co-worker cash her paycheck and allocate her $ in envelopes for rent, groceries, utility bills, savings - I learned to do the same
3) 1983 - Boss showed me information about a new plan at our company - 401k. I immediately signed up
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Re: The best financial advice you ever had
Old 03-24-2007, 08:50 PM   #58
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Re: The best financial advice you ever had

Quote:
Originally Posted by Dog
1) Most of my parents arguments were over money and bills
Same here. This caused me much grief in my teen age years because of the uncertainty, and had a deep impact on me, I vowed to never be in a position where lack of money could cause such misery in my life.
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Re: The best financial advice you ever had
Old 03-25-2007, 10:32 AM   #59
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Re: The best financial advice you ever had

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Originally Posted by Dude
Same here. This caused me much grief in my teen age years because of the uncertainty, and had a deep impact on me, I vowed to never be in a position where lack of money could cause such misery in my life.
My parents never fought over money but I became aware of our humble state when I completed a means test for a scholarship and got it. They never suffered but they used the cottage at the lake as a getaway rather than travelling to more exotic places.

I guess I have a natural state of repairing what we have rather than getting something new. This helps. Plus since downsizing, nothing new comes in without something old leaving. This means thinking about getting rid of something whenever the prospect of something new to be purchased arises. It is amazing how that reduces the impetus towards purchases.
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Re: The best financial advice you ever had
Old 03-26-2007, 09:11 AM   #60
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Re: The best financial advice you ever had

Watching how my family managed their finances.

Mom and Daddy - spent everything, no planning, ran family business into the ground. The result is bad - no assets.

Sister - spent everything she made and as much as she could borrow. Result bankruptcy.

Aunt and Uncle - Saved and invested everything they could. Lived WAY below their means. Result Rich and provided inheritance for Mom (now she is living below her means).

Being the youngest of the clan helped me see the light!
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