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Old 04-13-2017, 04:00 PM   #21
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Who'll start the Poll "What's your credit score?"
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Old 04-13-2017, 04:40 PM   #22
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Credit score poll on this forum? Sheesh. Normal distribution probably will be centered between 770 and 800.
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Old 04-13-2017, 05:17 PM   #23
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I would suspect the typical member here doesn't really care about their score since it's plenty high enough for their needs.
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Old 04-13-2017, 05:22 PM   #24
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I have never known what my credit score was so high enough I guess.
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Old 04-13-2017, 05:26 PM   #25
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Well i still think credit scores are a scam but I guess they reasonably represent most aspects of the good with money traits (except they don't account for assets in any way).

In my 20's i shared a bachelor pad with my best friend growing up. He was always bouncing checks and I learned that his policy was that if he wrote two checks on the same balance it was the recipients responsibility to beat the other guy to the bank. This helped me avoid having his share of the rent bounce.
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Old 04-13-2017, 05:37 PM   #26
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I would think that on the FIRE forum most people are going to have above average money skills. I would say that DW and I are pretty good but I have definitely made a few missteps but was always fortunate to have a pretty fair income.

Does anyone know why the author is planning on buying a condo in Canada as part of his retirement plan. I googled him and it doesn't look like he is originally from Canada.
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Old 04-13-2017, 05:56 PM   #27
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Good to see me and my fellow Texans are number one!
Apparently explains why Texans all drive old beat up pickups.
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Old 04-13-2017, 06:41 PM   #28
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Apparently explains why Texans all drive old beat up pickups.
So what's wrong with an old, "well used" pickup?? Here's mine:
(BTW, I just took the chains and plow off today!)
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Old 04-13-2017, 07:12 PM   #29
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So what's wrong with an old, "well used" pickup?? Here's mine:
(BTW, I just took the chains and plow off today!)
Hey did you have to pay extra for that nice colored hood and fender?
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Old 04-13-2017, 07:14 PM   #30
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I liked this line from the article:
Quote:
The funny thing about being good with money is that it doesnít necessarily mean being smart.
For years several of our relatives tried to show off that they were smarter with us when it came to finances. Some of them worked on Wall Street and thought that gave them special "insight" on "how to get rich". They belittled the basic advice in the article, which most on this forum follow, as "too simple minded" and "that isn't going to get you anywhere". Sadly now they are paying the price.
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Old 04-13-2017, 07:14 PM   #31
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Hey did you have to pay extra for that nice colored hood and fender?
As a matter of fact, I did! You should have seen the hood and fenders that I replaced!
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Old 04-13-2017, 07:17 PM   #32
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In my view, it has nothing to do with IQ. Rather, it all comes down to whether you can pass the marshmallow test or not.

https://en.wikipedia.org/wiki/Stanfo...low_experiment
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Old 04-13-2017, 07:19 PM   #33
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Yeah, "get rich quick" rarely works well.

Get rich slow works much better. Never spend it all, salt some away. Low and slow just like BBQ. Decades of saving and compounding. Dollar cost averaging over the long haul.

And presto! Just like magic one day you're a millionaire -
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Old 04-13-2017, 07:36 PM   #34
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Man, ain't this the truth:

" You canít force people to make good financial decisions. You canít even nudge them or educate them. Some people get it right, and some people donít. I made it a priority to learn about money when I was 22óand it became a passion. "

That's me, exactly. My DW tells people that I'm "good with money". So, occasionally, when friends and family are stressed about their finances, they ask me for advice. I say, "OK, call me and we'll chat." They don't. Or I send them links to good blogs, tell them about YNAB or even buy them a Dave Ramsey or J.L. Collins book. I hear nothing, not even "Thanks for the book." If it ever comes up again, I say, "Did you read that book?" They say, "Oh, yeah, it's on my nightstand and I'm looking forward to looking through it."

You are either among the tiny minority who is motivated to internalize good money knowledge and habits and on the way to getting rich slowly or you, quite simply like the vast majority, are not.
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Old 04-13-2017, 08:03 PM   #35
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Quote:
Quote:
Originally Posted by NW-Bound
The chart showing the average credit score getting progressively higher as one goes north is very interesting.

Some time ago, I read that people in colder climates tend to be more independent and self-reliant. Perhaps that trait, which is driven by the required survival skills due to the environment, also drives them to borrow money less.
I agree... Surviving harsh long winters and retiring comfortably both require the mindset of foregoing comforts today to ensure later success.
Hah, we sometimes joke that our winters "build character". But maybe there really is more to it than just laughing to keep from crying?

If you grow up preparing for bad weather, like " snow storm coming, make sure we have a full tank of gas, maybe put some extra weight in the trunk (when all the cars were rear-wheel drive), a shovel, some sand, some extra warm clothes in the car in case you get stranded", and just in general, having to "prep" for winter (bring in the hoses and other things that would freeze and break from expanding ice), check the car battery, anti-freeze, tires have plenty of tread, etc, etc.

Maybe that prepping mentality also gets engraved into the brain cells, and you also prep for hard financial times? Makes some sense.

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Old 04-14-2017, 04:41 AM   #36
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My answer is definitely yes. I saved plenty, but I wouldn't say "until it hurts". DW wouldn't have been happy with that. If one saved until they were miserable, I think they wouldn't be as likely to continue doing it for long enough. Have a little fun along the way.
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Old 04-14-2017, 06:30 AM   #37
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Interesting article and chart and do all of those things. I also wouldn't consider myself a financial guru. I saved and invested and lived a frugal life but still had everything we needed.
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Old 04-14-2017, 06:58 AM   #38
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Man, ain't this the truth:

" You canít force people to make good financial decisions. You canít even nudge them or educate them. Some people get it right, and some people donít. I made it a priority to learn about money when I was 22óand it became a passion. "

That's me, exactly. My DW tells people that I'm "good with money". So, occasionally, when friends and family are stressed about their finances, they ask me for advice. I say, "OK, call me and we'll chat." They don't. Or I send them links to good blogs, tell them about YNAB or even buy them a Dave Ramsey or J.L. Collins book. I hear nothing, not even "Thanks for the book." If it ever comes up again, I say, "Did you read that book?" They say, "Oh, yeah, it's on my nightstand and I'm looking forward to looking through it."

You are either among the tiny minority who is motivated to internalize good money knowledge and habits and on the way to getting rich slowly or you, quite simply like the vast majority, are not.
I completely agree about "educating" and "helping" others. I do so when asked, but the advise is normally ignored or only partially followed at best.

I don't think "you either are or you aren't" is a good way to put it though, since people who are "paycheck to paycheck" people can turn into savers/investors later. I know I was and I did.
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Old 04-14-2017, 12:14 PM   #39
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Never have known my credit score, all I know about it is that it's LOCKED!
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Old 04-14-2017, 12:44 PM   #40
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Im not even going to bother reading this article. Im 34 and wife is 33...we almost have a net worth of 1 million not including real estate. Whatever these articles have to say we're already doing and have been doing. These articles never change. They just keep regurgitating the same things over and over...yet people refuse to listen. Nuff said.
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