Financial milestones enablers

[Tommy_Dolitte]

Posting as a result of a lively lunch conversation today...

 

[sgeeeee]

I couldn't answer. What success? I've been nothing but a big loser my whole life.

 

[Mr._johngalt]

I like the question. Not too enthused about the choices
offered by the "poll". Assuming we're talking purely financial
stuff, I would say owning my own business was number one.

JG

 

[unclemick]

DCA - into 401k/IRA - max amount possible - over a long period of time.

ie - giving the money to a mysterious stranger - who would re - appear at 59 1/2 and 'be nice'.

 

[Mountain_Mike]

Getting my college degree(s), which enabled me to rise from delivery driver to Director (in the same organization).

 

[Eagle43]

My answer would be LBYM and saving minimum of 10% for years. The magic of compounding. Also, 2 pensions didn't hurt. Reading and adhering to Bogle.

 

[uncledrz]

I'm with JG on this one, like the question but need different choices.

Hard work
LBYM
My wife, who looks at life in her own way, but understood and understands the FI goal.

Uncledrz

 

[Tommy_Dolitte]

Thanks for taking the time to respond guys. Interestingly enough, one of the arguments made during the lunch is being upheld so far.

Enjoy your weekend!

TD

 

[MooreBonds]

What has enabled me the most on my financial milestones? The answers are two-fold:

1) working for a family-run construction business. While not the most lucrative job possible, the total compensation is very fair, and the flexibility of working out 'deals' with your parents is quite good (i.e. company pays for car, car maintenance, gas, health insurance, and a few other perks)

2) not marrying a woman who turned out to be the worst possible woman I could have ever even thought of possibly marrying. 8)

There are other enablers, such as my parents letting me live in their house in Missouri rent/utilities free, while they enjoy the retired life in Florida, a 'decent-sized' inheiritance from a relative, trying to set a new milestone for 5-year stretch of Cheap Bastard Living...

 

[RockMiner]

Pretty simple stuff:

Work hard
DCA with company match in 401k
Pay down house notes
Have a little restraint on spending

Start young!

 

[peggy]

Yeah, need more choices.

In our case, we did NOT have kids, so we avoided all the expenses they incur--and banked the savings.

Starting early, always putting the maximum allowed by law into whatever 401(k) or equivalent was offered.

Avoided debt except on houses and cars.

And our house has lately appreciated significantly and quickly in value, but we can FI/RE without that money, as long as we pay off the mortgage first.

 

[TromboneAl]

How can having a child contribute to one's success??

Not having a child would contribute.

I would say that having only one child has been a significant factor in my success.

 

[haha]

How can having a child contribute to one's success??

How about this. Bringing a child or children to adulthood constitutes success. No reproducing constitutes failure. Biology 101. Of course this may be oversimplified from other uniquely human POVs.

Ha

 

[laurence]

Perhaps focusing your mind on the idea there is more to life than money, that you have better things to do with your time than work until you die? On a balance sheet, obviously the numbers won't add up, even with the tax deduction.

 

[cute fuzzy bunny]

I feel a lot more successful with this little bundle of joy...that...just...wont...sit...still...or...stop...fussing...

 

[nuisance]

My success so far (I'm only 27) came mostly from a college education and trading off money for free time to get more free time. I hope to continue my success by getting married, not having kids, and doing the DCA thing.

Tim

 

[Ripskittles]

College education made the difference for me, by a long shot. Otherwise, I'd still be back in Horsesh*t Falls, washing dishes, mopping floors, cutting hair or working as a low-paid "office assistant" type. With the college degree I found an interesting, relatively well-paying career in an education-related field. Almost too much fun to quit, but not quite.

Education also contributes to health. Understanding that smoking will cripple or kill you and that you have to lay off the Krispy Kremes and beer is pretty crucial to maximum enjoyment of your retirement years.

My 3 siblings are all high school dropouts with jobs similar to the abovementioned, and currently each one plans on working to 65+. Yeah, all of 'em smoke (and cough). None have health insurance. By the way, none of them is dumb; I'm not ranking off on my sibs. Being poor or a paycheck away from it takes it toll, and I guess smoking is the least of their worries.

 

[HFWR]

College degree, strategic divorce... (which made LBYM possible)

Dumb luck? Got a job in semis in it's infancy, in R&D. For a long time, it was almost too much fun to be work. Can't quite say that now...

 

[Caroline]

Even though I NEVER thought I'd say it...

Enlisting in the Navy.

That gave me the G.I. Bill, which gave me the B.A., which I needed for the MBA, which I needed to go from clerk to marketing manager (that was back in the day).

Uncle Sam was very, very good to me.


Caroline

 

[lets-retire]

My guess is not getting divorced.

 

[Nords]

Even though I NEVER thought I'd say it...

Enlisting in the Navy. Caroline

Yep, me too. I coasted all through high school and that first three weeks was one heckuva wakeup call.

It's been a great place to be from.

 

[Jay_Gatsby]

I traded the years between 29 and 34 to put away a nice chunk of cash, that hopefully, with sufficient diversified allocations and regular contributions, will result in a very comfortable ER. At the same time, when I finally get engaged, I'm going to insist on a pre-nuptial agreement so I can hold onto what I have if things go south.

 

[laurence]

Ah, the advantages of marrying young and poor. The biggest worry we had was the flowers!

Meeting DW was the big enabler in many ways, not just financial. I was partying, being a permanent student. She told me she liked me but that she was going places and if I wanted to make this permanent I better catch up/grow up. Took 21 units my last semester to make graduation, got two jobs, stopped partying...as much. She taught me the value of a good credit rating (which I did NOT have) and only buying things if you have the cash for them. Her stock options even provided the down payment on the house! I guess I should say I'm a kept man!

 

[Caroline]

From Gatsby:   I traded the years between 29 and 34 to put away a nice chunk of cash, that hopefully, with sufficient diversified allocations and regular contributions, will result in a very comfortable ER.  At the same time, when I finally get engaged, I'm going to insist on a pre-nuptial agreement so I can hold onto what I have if things go south.

As a saver I sympathise with your sentiment, Gatsby, but as a woman I urge caution, or at least diplomacy, on this one.

I had a boyfriend pulling down a lot more than I was at one point (this was back when the earth was cooling).  He floated the idea of a pre-nup in a rather high-handed way, which led me to wonder if he was the right guy, etc. etc...  The long and the short of it is that we did not get married, finally went our separate (but very friendly) way, and I now make THREE TIMES what he's bringing home.

Make sure you take the long view on any pre-nuptual discussions / documents.  They certainly have their place, but you don't want to scare away a keeper!

FWIW
Caroline 

 

[Jay_Gatsby]

As a saver I sympathise with your sentiment, Gatsby, but as a woman I urge caution, or at least diplomacy, on this one.

I had a boyfriend pulling down a lot more than I was at one point (this was back when the earth was cooling).  He floated the idea of a pre-nup in a rather high-handed way, which led me to wonder if he was the right guy, etc. etc...  The long and the short of it is that we did not get married, finally went our separate (but very friendly) way, and I now make THREE TIMES what he's bringing home.

Make sure you take the long view on any pre-nuptual discussions / documents.  They certainly have their place, but you don't want to scare away a keeper!   

FWIW
Caroline 

Your advice is much appreciated.  She has expressed some concern about a pre-nup, primarily because I'm a lawyer and she knows that in my former life as a litigator, I'd go for the jugular.

She is, however, a keeper.  She is VERY giving, almost to a fault.  At the same time, she knows what I have in the way of assets, and I don't want her looking at my assets as "our" assets.  Some might say that I don't trust her, but I didn't know that trust equates to putting your assets at someone else's complete disposal.