Best money advice you've ever received?

[larry]

Save early and often.

[pj86]

Not money specific advice but I think it flies anyway;

1. "The hardest way is always the best way."
2. "Make sure everybody wins in every transaction you make."

[Grizz]

Quote:

Originally Posted by Moemg From my grandfather ,"Be a nurse ,you'll always have a job ".

My dad had a similar one. "Get a trade, you may never need to use it, but if things fall apart, you'll always have a marketable skill to fall back on"

[JustCurious]

Never allow your wife and girlfriend to meet.

[CyclingInvestor]

Get a vasectomy as young as possible

[shootnstar]

if I owe a million dollars, I must be worth a millon dollars. Just kidding

Its not how much you make, its how much you spend that matters

[Puzzley]

Since I work for a major corporation, (soon to retire) the best advice I ever got was " use every investment and savings plan offered by your company, contribute the absolute maximum, and don't be too conservative in your investment choices...."

[FinanceDude]

Quote:

Originally Posted by CyclingInvestor Get a vasectomy as young as possible

[kumquat]

Quote:

Originally Posted by CyclingInvestor Get a vasectomy as young as possible

Be gay and you won't need one.

[FinanceDude]

Quote:

Originally Posted by kumquat Be gay and you won't need one.

[CuppaJoe]

Quote:

Originally Posted by jambo101 I'm not saying spend every dime you have but financial caution can be taken a bit too far as in the case of my father in law who ran a beef farm and for 45yrs got up at 3 am and did his barn chores then at 7 am went to work at the local telephone company for 8hrs then came home had supper and another 3hrs of barn chores,never took a vacation,never bought anything new and died with basically nothing to show for it except a million bucks in the bank.

Yeah, Jambo, and the flip side of this is two close friends (like brothers) from the old neighborhood: both died at the age of 33 after having basically "swam mountains and climbed oceans" while young. I've taken much inspiration from guys who say they reversed it: (semi)-retired young and started w*rking full-time in middle age; I would hire those kinds of guys in a New York minute, heck, I have.

[FinanceDude]

Quote:

Originally Posted by CuppaJoe I've taken much inspiration from guys who say they reversed it: (semi)-retired young and started w*rking full-time in middle age; I would hire those kinds of guys in a New York minute, heck, I have.

That's kinda what I did to some extent. I started working at age 16, and saved so much money I was able to take off 3 years and do whatever after college. Although my parents thought I was being irresponsible, I had a great time, and I don't regret what I did........basically did a bunch of "stuff" that I was going to do when I was retired..........

It set me back in the FIRE department, so 56 is more the age versus 50, but I'm at peace with it.........

[jambo101]

I agree about working hard through life but there has to at some point be some fun involved like taking time off on vacations,buying toys like bikes,boats,cars,campers or whatever but to just work hard all your life and having the toil of the work be the reward:confused:,i just dont get it.

[JustCurious]

I know someone who died when she was 78 with a seven figure portfolio and no children. She had lived very frugally her whole life, and saved. She lived a simple life, and I suppose she didn't feel deprived, but I always wondered why she didn't do more because I knew she had means. After she died, the money was distributed among various nieces and nephews who lived on the other side of the country, and who hardly saw her. I'm sure they are having fun now.

[retire@40]

Quote:

Originally Posted by JustCurious I know someone who died when she was 78 with a seven figure portfolio and no children. She had lived very frugally her whole life, and saved. She lived a simple life, and I suppose she didn't feel deprived, but I always wondered why she didn't do more because I knew she had means. After she died, the money was distributed among various nieces and nephews who lived on the other side of the country, and who hardly saw her. I'm sure they are having fun now.

It's a form of self-conditioning that is hard to break away from, especially the older they get.

[Life_is_Good]

I never received advice about money, but I made it a point to observe how successful people spent their money. The one thing I learned was that ...

"just because you have money.... doesn't mean you have to spend it."

I think that single observation (of people close to me) helped me to achieve my ER.

[GatorBuzz]

"Getting up for work is never fun. If you've got to wake up anyway, you might as well work hard to make as much money you can. There's no sense having to wake up early every day and make 5 dollars an hour when you can make 7." --My old blue-collar Dad.

[NinjaPigeon]

Quote:

Originally Posted by calmloki "Pay yourself first." 'Do or do not - there is no try' - Yoda. Those 2 statements kinda point up an issue i have with the world of today. Seems to me that a person's word is no good if it's dependent on the situation of the moment: if "pay yourself first" means "screw the lawful debts (contracts, promises) I've made - I'm getting mine first" then I have a problem with it. Seems that too many people are too willing to accept that if something is difficult or costs too much to perform that it's just fine to break the contract. Kind of feels like a twelve step sort of thing - "everybody fails, we're all human, saying you're sorry = performance". For too many the attempt is a feeble gesture and the focus is on the payoff rather than the job at hand. The person that says they'll try to start at 8, finish the paper on time, pay the rent, land the plane at LAX - whatever - is not the person I want making the attempt. "Pay yourself first", to me, sends the wrong message to our youth, dilutes the social contract, and poisons our American culture. It's like those which one doesn't fit questions: 1. Do or do not, there is no try. 2. Ask not what your country can do for you, ask what you can do for your country. 3. Pay yourself first.

A bit of a negative spin on it, but the point is still valid. You cannot make whole your debts if you don't look out for your own nest egg first.

This is covered in The Richest Man in Babylon, where the guy takes the first 10% for himself, next 20% for his debts, and lived on 70%.

And yes, if it's down to me putting 10% in the bank or someone at Citibank taking another vacation to Jamaica? Guess where my money's going.

Edit: I should add that I take my debts very seriously. I have never skipped out on money owed, and never will. I pay my bills even before they are due. I do not believe that people should enter into a contract they did not intend to honor. But that's probably why I can pay myself first without having to miss payments on other things

[NinjaPigeon]

Quote:

Originally Posted by jambo101 I'm not saying spend every dime you have but financial caution can be taken a bit too far as in the case of my father in law who ran a beef farm and for 45yrs got up at 3 am and did his barn chores then at 7 am went to work at the local telephone company for 8hrs then came home had supper and another 3hrs of barn chores,never took a vacation,never bought anything new and died with basically nothing to show for it except a million bucks in the bank.

Had this conversation with a friend recently, and I will tell you the same I told him. I'm perfectly fine if I die without having spent my fortune. My family can spend it on my behalf. I take much more pleasure out of building it than I ever would spending it. Let them spend it and remember me fondly.

That being said, if other people want to go the other route, then I believe they should follow their heart. I still think are crazy, but they think the same of me

[calmloki]

Quote:

Originally Posted by NinjaPigeon A bit of a negative spin on it, but the point is still valid. You cannot make whole your debts if you don't look out for your own nest egg first. This is covered in The Richest Man in Babylon, where the guy takes the first 10% for himself, next 20% for his debts, and lived on 70%. And yes, if it's down to me putting 10% in the bank or someone at Citibank taking another vacation to Jamaica? Guess where my money's going. Edit: I should add that I take my debts very seriously. I have never skipped out on money owed, and never will. I pay my bills even before they are due. I do not believe that people should enter into a contract they did not intend to honor. But that's probably why I can pay myself first without having to miss payments on other things

I get what "pay yourself first" means - just haven't accepted it as gospel. Absolutely not claiming any moral high ground - if it came down to survival then i'm getting my requisite groceries, which means that i'm guilty of situtational ethics. Problem is this: words have power. For me, pay yourself first is a terrible way to exhort people to live. The parents who raise their children to pay themselves first stand to reap the results of their teaching when the kids choose to fatten their RE warchest rather than care for good old Mom and Dad. Teaching selfishness as a virtue is NOT a good plan. People are plenty selfish. Or so i think.

Disclaimer: no kids, not dependent on the kindness of others to survive, plenty of native self interest.