I can't remember the exact name of the Community College course but, the content was entrepreneurship/personal finance. Our instructor was about 70 at the time, with 7 kids (or was it 9) he had to learn how to make ends meet. In my mind, a natural for teaching the course. I can't tell you what the content of the class book was- I'm sure I read and outlined the content but what I do remember were the 'stories'.
He talked about how he never bought a new car but, preferred to buy two or three year old cars. The depreciation he said, for those first 2 years was tremendous. He told us about how his son in college managed on a food budget of a dollar a day (yeah this was over forty years ago folks). There was no way our instructor could hope to fund seven college educations; What he could do was teach thrift to his kids- apparently with some success. He lectured on how many newly launched small businesses fail because they were undercapitalized at the start and cannot last long enough to become a going concern. From then on I looked at every business opportunity with a critical eye.
There was no learning about finance at home. My divorced mom couldn't teach about money because she never had any. Ours was a Frank's and beans existence - we didn't feel deprived because we knew no other way of living. In retrospect my Dad who enjoyed some success was wasteful and terrible with money. It only got worse as he got older - what does a land locked 80 year old man need with a cabin cruiser with a blown engine? It was that and worse.
For me the lessons of financial discipline didn't fully kick in immediately. The catalyst were an MBA and more so meeting a gal who knew how to save. Her discipline became mine, debt was retired and I learned to LBYM. Coincidentally it was an 60 year old newly graduated Columbia PHd that taught the finance courses where I learned my trade. The classes were small and he was old school- He would walk around and check to see that you did the case study assignments. I spent hours doing the work in pencil on yellow legal pads and they filled my desk. Once he was convinced I was committed he barely looked.
Along the way I read Financial Peace University, countless editions of money magazine, smart money and the Wall Street journal. I saw so many of my colleagues lose their positions to layoffs - I became determined for us be financially independent and once I was the axe never fell.
Over the years my priorities are focused around the simple things I wasn't assured of in my youth: a warm coat and house, a reliable car, a steak now and then and funds to handle life's little curve balls. I'll admit that the wife and I are often puzzled about the financial decisions of others.
Care to share how you learned about money
Ray
Sent from my iPad using Early Retirement Forum.
He talked about how he never bought a new car but, preferred to buy two or three year old cars. The depreciation he said, for those first 2 years was tremendous. He told us about how his son in college managed on a food budget of a dollar a day (yeah this was over forty years ago folks). There was no way our instructor could hope to fund seven college educations; What he could do was teach thrift to his kids- apparently with some success. He lectured on how many newly launched small businesses fail because they were undercapitalized at the start and cannot last long enough to become a going concern. From then on I looked at every business opportunity with a critical eye.
There was no learning about finance at home. My divorced mom couldn't teach about money because she never had any. Ours was a Frank's and beans existence - we didn't feel deprived because we knew no other way of living. In retrospect my Dad who enjoyed some success was wasteful and terrible with money. It only got worse as he got older - what does a land locked 80 year old man need with a cabin cruiser with a blown engine? It was that and worse.
For me the lessons of financial discipline didn't fully kick in immediately. The catalyst were an MBA and more so meeting a gal who knew how to save. Her discipline became mine, debt was retired and I learned to LBYM. Coincidentally it was an 60 year old newly graduated Columbia PHd that taught the finance courses where I learned my trade. The classes were small and he was old school- He would walk around and check to see that you did the case study assignments. I spent hours doing the work in pencil on yellow legal pads and they filled my desk. Once he was convinced I was committed he barely looked.
Along the way I read Financial Peace University, countless editions of money magazine, smart money and the Wall Street journal. I saw so many of my colleagues lose their positions to layoffs - I became determined for us be financially independent and once I was the axe never fell.
Over the years my priorities are focused around the simple things I wasn't assured of in my youth: a warm coat and house, a reliable car, a steak now and then and funds to handle life's little curve balls. I'll admit that the wife and I are often puzzled about the financial decisions of others.
Care to share how you learned about money
Ray
Sent from my iPad using Early Retirement Forum.
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