Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
The best financial advice you ever had
Old 02-24-2007, 03:16 PM   #1
Recycles dryer sheets
 
Join Date: Mar 2006
Posts: 126
The best financial advice you ever had

Pay yourself first and then pay your bills.

PAY OFF ALL OF YOUR DEBT and pay your CC balance in full every month.

Max out your 401K, ROTH IRA, and if you have money left invest on some ETFs.

__________________

__________________
xmanz3 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: The best financial advice you ever had
Old 02-24-2007, 03:55 PM   #2
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: The best financial advice you ever had

Now that I think of it, my only real 'advice' from family (parents and grandparents) was to simply spend less than you make and save 'something'. They never really talked/preached to us about what investments to go to, or how much to save. They were of the mindset of "just save it", without really knowing what they were saving for . Luckily, they came out smelling like roses, but I can't help but cringe at the thought of working all those years to age 60-65 and hoping that you'll live another 20 years to enjoy it. I suppose they assumed that we would naturally follow their mindset (or perhaps they simply assumed that everyone else in the world didn't carry credit card balances, didn't live paycheck to paycheck, etc.). Unfortunately, out of 4 children, one son (me) is just like them. One daughter is fairly close now (was a little financially loose earlier in life). The other son is a somewhat distant 3rd (saves perhaps 5%-10%, and ultimately LBHM...but the amount "below his means" isn't that much), while the other daughter is a recovering financial mess.

The best financial advice has been gleaned here and there off the net. A hell of a lot of it from this forum of people that truly want what's best for a complete stranger, rather than some sleek salesperson who is just trying to earn a fat commission and will actually leave out critical info you should know. Some was from the MSN Your Money (which eventually led me to this board). Some was random articles from Yahoo! Finance and other finance websites, WSJ, and (admittedly)....some financial porn mags (Hey, I just read it for the articles ).

__________________

__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:11 PM   #3
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,940
Re: The best financial advice you ever had

It would be a tossup between my parents' advice to LBYM or invest in the stock market.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:18 PM   #4
Thinks s/he gets paid by the post
frayne's Avatar
 
Join Date: Oct 2002
Location: 19th Hole
Posts: 2,535
Re: The best financial advice you ever had

My grandfather who went through the depression told me that a man should never go into debt to buy anything but a house. Still good advice in these days.
__________________
A totally unblemished life is only for saints.
frayne is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:28 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,409
Re: The best financial advice you ever had

The sound of silence.

1958 - an Aunt aka the Swedish maid died in NYC and left my Father enough money in stock mutual funds to buy a house in the city on a paved street with sidewalks.

Dad = log train mechanic vs Aunt = maid. Yet she left the money.

Went to the library to find out what a stock mutual fund was. BTY - due to the Depression mentality - stocks were evil and to be got rid of at all costs.

heh heh heh
__________________
unclemick is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:33 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Re: The best financial advice you ever had

"Read as many investment-related books as possible. After that, read them all again."
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:37 PM   #7
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Re: The best financial advice you ever had

Pay your bills before you party.
(I had an uncle who did it the other way around.)
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 04:37 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Re: The best financial advice you ever had

"Leave the gun; take the cannoli."
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 05:57 PM   #9
Thinks s/he gets paid by the post
simple girl's Avatar
 
Join Date: Sep 2006
Posts: 2,505
Re: The best financial advice you ever had

"Your Money or Your Life" book. Helped me take a hard look at my values, how I defined myself (i.e. I am more than my work), and the importance of time vs. money and "things". Helped both DH and I realize we didn't have to stay on the hamster wheel forever...we could redefine what we really needed vs. wanted...and didn't need to self-impose the pressure to "keep up with the Jones."

After all that value-changing metamorphosis, I was inspired to learn about finances and get us off the hamster wheel as soon as possible...since you never really know how much time you have left. So I started reading book after book on investing and actually sat down and figured out what assets we had, our allocation, net worth, etc. We were so busy before that we just didn't have time to take stock of what we had and plan for the future.
__________________
simple girl
less stuff, more time

(49, married; DH 53. I am fully retired as of 2015 (well ok, I still work part-time but only because I love the job and have complete freedom to call off if I want to travel with hubby for work), DH hopes to fully retire 2018 when he turns 55 to access 401K penalty-free...although he may decide to do part-time consulting)
simple girl is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 06:49 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
Re: The best financial advice you ever had

Don't buy things you can't afford.
__________________
sgeeeee is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 07:44 PM   #11
Dryer sheet wannabe
 
Join Date: Aug 2005
Posts: 24
Re: The best financial advice you ever had

Somewhere in the top 5 ....... marry the right person and avoid divorce if at all possible.
__________________
streamjp is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 08:03 PM   #12
Recycles dryer sheets
 
Join Date: Mar 2006
Posts: 126
Re: The best financial advice you ever had

That is definitely true. I do have a friend that went through three relationships and ended up going through one of the worst situations (DIVORCE). During one of the relationships, the woman managed to keep an investment property that it was worth $500k over 10 years ago. The guy was taken to the cleaners all three times, but today he is back on his feet and 2-3 years from retirement.

TAKE THE TIME TO KNOW THAT INDIVUAL AND MAKE SURE YOU CHOOSE THE RIGHT PERSON!
__________________
xmanz3 is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-24-2007, 08:09 PM   #13
Recycles dryer sheets
 
Join Date: Jan 2007
Posts: 50
Re: The best financial advice you ever had

David Bach's "Smart Women Finish Rich" inspired me to set specific goals and write down the meaning of money for me. He also inspired me to create a "dream basket" which has since financed a business on the side and will be used to finance an early retirement.
__________________
No time for day dreamin.'
SingleMomDreamer is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 12:38 AM   #14
Dryer sheet wannabe
 
Join Date: Jul 2006
Posts: 21
Re: The best financial advice you ever had

If you fail to plan, you plan to fail. (My favorite)

To become wealthy, make, save, and invest your money in assets. To be poor, spend your money.

Don't climb the corporate ladder, own the ladder!

Too many people are spending money they haven't earned, on things they don't need, to impress people they don't like.

__________________
If you fail to plan, you plan to fail.
glock35ipsc is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 12:42 AM   #15
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 509
Re: The best financial advice you ever had

My best financial advise came from my Dad when I turned 18. He said,

"Son, when you go to college get a checking account, and get a credit card. Use it every month at least once, and always always ALWAYS pay it off in full every month."

I took that advice, and now have good enough credit to buy cars and homes with 0 down and still get the best rates. It also helped paved the way for never spending more than I make so the only debt I've ever carried was for my car (now paid off) and my mortgage.
__________________
Peaceful_Warrior is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 06:18 AM   #16
Recycles dryer sheets
 
Join Date: Feb 2007
Location: Martin Alonzo
Posts: 111
Re: The best financial advice you ever had

Itís all sound advice just one thing to add when it comes to retirement. Find a location that will give you the life stile you want with the money you have. Most people want to live better life stile in their retirement that they did when they where working.
__________________
Living life to the fullest
d0ug is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 06:46 AM   #17
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 53
Re: The best financial advice you ever had

best financial advice was my tale of two families.

My family: Four kids, lots of clothes, expensive food, eating out, expensive new cars every couple of years. Died just about penniless and my dad was an engineer via the WWII GI bill. High wage but lots of money on alcohol and both of them a three pack a day cigarette habit. Tons of toys under the Christmas tree, lots of new shoes, hairdressers etc. Died penniless except for some home equity.

DH family: His Mom and dad High school educated and straight to work and worked lower paying jobs. Modest auto- one car and they frequently walked to work. Gardened, never ate out and food from scratch. Rare to have new clothes-lots of hand me downs and only two kids. No alcohol, no cigarettes, much more modest Christmas.

They both did the best they could but DH family had a high net worth when they died due to better habits. Instead of advice they showed by the best teachers, example.

By the way, with the four of us two will never have a pot to P in unless there is a mortgage on it, the other two are modest. Of DH and his sib, they both do OK but she married a spender. It has been interesting to watch the development as we all reach our 50's and 60's.
__________________
savedapile is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 06:52 AM   #18
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: The best financial advice you ever had

don't recall ever getting any actual financial advice other than find something you enjoy doing that will make you some money. basically, the family financial lesson that seemed headed my way but never quite made it here was: w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk w*rk & then, while you're at it, do some more w*rk.
__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 08:01 AM   #19
Full time employment: Posting here.
 
Join Date: Jan 2007
Posts: 585
Re: The best financial advice you ever had

Rich people save first and spend what's left over.

Poor People spend first and save what's left over.
__________________
Cut-Throat is offline   Reply With Quote
Re: The best financial advice you ever had
Old 02-25-2007, 12:41 PM   #20
Recycles dryer sheets
 
Join Date: Feb 2007
Posts: 62
Re: The best financial advice you ever had

Quote:
Originally Posted by simple girl
"Your Money or Your Life" book. Helped me take a hard look at my values, how I defined myself (i.e. I am more than my work), and the importance of time vs. money and "things". Helped both DH and I realize we didn't have to stay on the hamster wheel forever...we could redefine what we really needed vs. wanted...and didn't need to self-impose the pressure to "keep up with the Jones."
I have to agree. That book more than any other really opened my eyes, even though I was saving and investing before I read it 4 years ago or so. And I certinaly don't follow the rules in the book to the letter. I don't invest every cent I have into Treasury bills. Money is just something to exchange. You can exchange it for things, or you can use it to free yourself from what eats up your time: work. Last year my money made more than I did. It was like a third income (Wife's, mine, and the money's) that was doing its part to let us not work ourselves to death and hopefully someday in the next 15 years, stop working for just more money.
__________________

__________________
tricky88 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
2 financial advisors' plans for my MIL - need some better advice WM FIRE and Money 9 05-15-2007 01:56 PM
Financial Advice for Friends and Family - How to handle it? chinaco FIRE and Money 22 03-19-2007 02:06 PM
Financial Advice to 20-30 Somethings frayne Young Dreamers 21 03-07-2007 04:27 PM
Do your family members listen to your financial advice? JustCurious FIRE and Money 63 02-08-2007 11:22 PM
Poll: Paying for financial advice LOL! FIRE and Money 10 06-26-2006 02:54 PM

 

 
All times are GMT -6. The time now is 04:59 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.