Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: The Official Under 30 Thread!
Old 08-21-2004, 01:29 PM   #21
Full time employment: Posting here.
 
Join Date: Aug 2004
Posts: 909
Send a message via ICQ to Marshac Send a message via AIM to Marshac Send a message via Yahoo to Marshac
Re: The Official Under 30 Thread!

Quote:
= My book (which I'm sure all of you guys would like - it's called "Spending Wisely") ...
What's it about?
__________________

__________________
Marshac 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 Official Under 30 Thread!
Old 08-21-2004, 02:46 PM   #22
Full time employment: Posting here.
 
Join Date: Sep 2003
Posts: 902
Re: The Official Under 30 Thread!

Quote:
My book (which I'm sure all of you guys would like - it's called "Spending Wisely") is shlepping its way to various publishers. No luck so far, but dammit, it's a good book - just needs to find the right home.
Holly, do you have an agent? Publishers are relying on agents to do the screening and few will look at unsolicited manuscripts. Most end up on the "slush pile" - manuscripts they might look at someday if they have time. It's very difficult to sell directly to publishers without an agent. Timing is also important because publishers are lemmings. If financial books are hot, they'll all be doing financial books. If they're cold, it will be a tougher sell - agent or not.
__________________

__________________
Bob_Smith is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-21-2004, 04:42 PM   #23
 
Posts: n/a
Re: The Official Under 30 Thread!

Do you remember the novel/movie
'Ordinary People' ? I knew the author and as far as
I know it was her first attempt. Also, it was just sent
out unsolicited and happened to get noticed. I can't
imagine the odds against that happening.

John Galt
__________________
  Reply With Quote
Re: The Official Under 30 Thread!
Old 08-21-2004, 07:43 PM   #24
Recycles dryer sheets
 
Join Date: Mar 2004
Posts: 232
Re: The Official Under 30 Thread!

Ordinary People was an amazing book (and movie).

Now, about buying that house:

First-time buyers should definitely consider buying a 2-family house. Live in one half, let the tenants pay a portion of your mortgage. Of course, do your research first (and read McLean & Eldred, Investing in Real Estate); be wary and ready when it comes to coping with tenants. But this is the route that many, many people have taken to owning their first home!

And it's a far better move financially than 5% (or less) down, having to pay PMI, and then needing to sell just after the market drops 8% and your house is worth LESS than you owe on it! This is what lots of people are doing today, and it's a terrible idea.

And it's a better idea than buying a condo, paying condo fees, and essentially little has changed from apartment living.

Well, my 2 cents worth.

Anne
__________________
trumpeting_angel is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-23-2004, 05:38 PM   #25
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 80
Re: The Official Under 30 Thread!

Quote:

What's it about?
Basically, it's about making smart decisions on how to spend your money, so you can save money (or allocate your spending in a more satisfying way) without depriving yourself. It was inspired by the fact that so many personal finance books blithely say "Well, if you cut your expenses by X%, you can save Y amount toward retirement/college/etc!" The thing is, I don't think most people know *how* to cut their spending. They don't know how to go through the mental process of distinguishing "need" from "want," they don't appreciate the value of deferring gratification, and they don't know any strategies for spending less on things than they currently spend. The whole idea of "saving" also tends to get tangled up in the public eye with deprivation - eating rice and beans, never going out, etc. - so they don't see an acceptable alternative to living beyond their means. My radical proposal is that people could do a whole lot better (and be a whole lot happier) if they made better conscious choices about how they spend their money.

That's what my book is about - giving people the mental tools to make better spending choices. The first couple of chapters are more "theoretical" (talking about budgeting - which I think is usually the wrong approach - the value of saving, understanding want vs. need, etc.). The rest of the chapters tackle specific areas like housing, groceries, entertainment, etc. and talk about ways to spend less in each area.

I've been sending it (or rather, a proposal, not the whole m.s.) out to some of the smaller (but still reputable) non-fiction publishers who have similar books in their line, and who accept unagented submissions. After the current one, I have one more publisher to try directly, and then I'm going to look for an agent.
__________________
Reflections on spending, saving, and living simply: www.spendingwisely.com
ordway is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-23-2004, 08:54 PM   #26
 
Posts: n/a
Re: The Official Under 30 Thread!

Holley, consider writing for the web. html and php are not difficult, and you can probably make more money on advertising on your website than you can selling books. My somewhat amateur website makes a very nice income off of Google Adsense advertising. My strategy is to write it once and then forget it and move on to the next subject. Give it a try, you might be surprised at the easy income.

https://www.google.com/adsense/

The web definitely needs more content!
__________________
  Reply With Quote
Re: The Official Under 30 Thread!
Old 08-23-2004, 09:35 PM   #27
Thinks s/he gets paid by the post
charlie's Avatar
 
Join Date: Mar 2004
Location: Dallas
Posts: 1,211
Re: The Official Under 30 Thread!

Hey Skylark,

Your post on Adsense advertising on Google is really
interesting!! It looks like an ideal way to generate
some income with no capital investment. I would
love to hear more from you on this subject.

Thanks,

Charlie
__________________
charlie is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-23-2004, 09:38 PM   #28
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: The Official Under 30 Thread!

Hello fellow sub-30s

I've been fortunate enough to combine a small inheiritance with some very frugal living to get a huge jumpstart on my savings/ER goals.

It helps that I've lived at my parents house since graduating college in 2000, which augments my savings plan even more. Now, before you finish snickering, let me point out that my parents are gone 8 months/year in their semi-retirement home in FL...so it's like having my own place (3,000 sq ft home on 1.2 acres w/ pool) without a single penny to pay for taxes/upkeep/utilities. Of course, when they have to catch a 6:00am flight or need someone to get the mail every day and take care of the pool, you can guess the lucky guy that steps forward.

I know, some people may not be 'able' to stomach staying at home that long, but I get along with my parents, and by saving $20,000/year in housing works out to something like getting paid over $40/hr after taxes to be at my parents house when they're home (and even then, I spend my time doing my own thing in another room or out of the house).

Since my plan is to move out by the time I'm 30, my few years of plowing as much as I can into retirement plans (work for my father's company, which offers 15% of salary into a SEP IRA), having the company pay for auto/gas expenses (to minimize taxes/maximize after-tax income), and saving as much as possible are making huge advances on my savings plans. Sure, it can be a drag explaining to people that you live at your parents house, but if they can't grasp the reasons behind it, then odds are, they aren't my type to begin with.

When I'm kicking back at 45 (or even younger) sipping my margarita with my flowered shirt, enjoying the retired life and figuring out if I want to go for a 10 mile bike ride or layout in the sun for a while, those 5 years of living at home while my parents were away a majority of the time will be the furthest thing from my mind.

So, to sum it up, I offer these suggestions:

---If you can handle it (or have situations similar to mine), see if you can work out a deal with mom and dad (or even a relative who is out of town a lot) to stay at their place in exchange for doing menial tasks for them
---Work out a deal with your employer to pay for as many legitimate business expenses (car, gas, car maintenance, etc.) as they will agree to in exchange for lowering your salary by an equivalent amount (not only do you save a boatload of taxes, but your employer also saves the Medicare/SS portion that they would have paid on it, so they come out ahead as well).
---While not everyone recycles dryer sheets as badly as I do, try and set up a goal of going just "X" year(s) living as simply as possible to see that savings pile grow as fast as possible. If you can't make it a whole year, try alternating months to see if you can handle it. It is important to enjoy some of it now, but odds are you'll be thanking yourself 10 years from now as ER surges even closer.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-23-2004, 10:09 PM   #29
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Re: The Official Under 30 Thread!

As far as investments go, I spent the roaring 90s as a know-it-all-teenager/young adult oscillating between break-even and 50% losses THREE times. So, from about 1993 to 2002, my net result was a scant break-even! (don't be afraid to insert your favorite insult, as I'm sure I've called myself it long ago)

I grew fed up with my results, and decided that those tax-free Muni, REIT and preferred stock yields from 6%-8% weren't so bad afterall. So, my portfolio now consists of a majority in the above categories. Now, I have assembled a relatively rock solid fixed income portfolio returning 5.7% post-tax.

And for those of you who slapping your screens trying to pound some sense in me for the inevitable additional interest rate increases, my munis have average durations and bond premiums that will result in less than 1% annual price declines, on average, IF rates rise an additional 2% from current levels.

With a fairly good fixed income portfolio base, I can now devote about 90% of future investment dollars (interest earnings and wages) to individual equities and mutual funds to help grow it all the more.

I'm fairly conservative in my investments and outlook, so if I can reach ER with my primary fixed income strategy and reduced volatility (with a little dabbling in equities), I'm ready to back up the truck and buy all the interest payments I can handle. Sure, I know there are ways to significantly reduce volatility with greatly diversified portfolios and higher returns, but my human nature hasn't allowed me to get to that point yet (perhaps in 1 or 2 years, but not yet ).

Good luck to my fellow Gen-Xers and Echo-Boomer siblings. If you make it to the beach umbrellas first, reserve a seat for me.

Peter
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-24-2004, 05:26 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Re: The Official Under 30 Thread!

YOU YOUNG PUNK! ----Heh, heh, heh, heh, ----except I was under 30 in the 1960's early 70's.

Hmmmm - won and lost - individual stocks, sector funds, REIT arbitrage, preferred stock, gold, raw land, held up to eight asset classes in the 80's(including foreign bonds) - before ever hearing MPT, Bernstein, slice and dice, yadda, yadda, etc.

Losing your shirt a few times is a good thing - especially for a blockhead like me.

Never say die - 75% in one balanced index fund and try to beat my benchmark with individual dividend stocks.

Hindsight being 20-20, if I'd put every nickel/sheckel/$, into a balanced value fund (Wellington, Dodge and Cox) taxable/tax differed I'd be retired in the Bahama's. As it turned out DCA into 401k (50/50 S&P/gic's) ala Ben Graham bailed my butt out.

My two cents - Vanguard balanced index as a benchmark and try to beat it. If you've already convinced yourself - Target Retirement and go fishing/ignore the market. Want to to keep a hand in income/dividends - read some Lowell Miller/Geraldine Weiss.

One fund will do it. Of course, I never figured that out when I was under thirty and don't expect anyone else too either - 'It's different this time'. Heh, heh, heh , - De Gaul and the Norwegian widow ride on.
__________________
unclemick is offline   Reply With Quote
Re: The Official Under 30 Thread!
Old 08-24-2004, 09:48 AM   #31
Recycles dryer sheets
 
Join Date: Jan 2004
Posts: 80
Re: The Official Under 30 Thread!

Quote:
Holley, consider writing for the web. html and php are not difficult, and you can probably make more money on advertising on your website than you can selling books. My somewhat amateur website makes a very nice income off of Google Adsense advertising. My strategy is to write it once and then forget it and move on to the next subject. Give it a try, you might be surprised at the easy income.

https://www.google.com/adsense/

The web definitely needs more content!
Hey Skylark, thanks for the link! I'm actually in the middle of getting my own website up, with the idea of putting short articles and book/DVD reviews up. I'm already in the Amazon affiliate program so I'll get some money if people follow those links to Amazon to buy books. I'm not sure about putting ads directly (on a web site devoted to spending money more carefully? heh) but the pay-for-search option looks pretty interesting.
__________________

__________________
Reflections on spending, saving, and living simply: www.spendingwisely.com
ordway 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
ER Forum Cookbook -- Recipe Posting Thread TromboneAl Other topics 322 10-04-2016 08:33 PM
Bad Service Gripe Thread BigMoneyJim Other topics 12 03-03-2006 10:33 AM

 

 
All times are GMT -6. The time now is 01:40 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.