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Started By
Message
What is/was your plan to gain financial security?
Posted on 10/19/14 at 6:27 am
Posted on 10/19/14 at 6:27 am
I'd like to know.
11
Posted on 10/19/14 at 8:42 am to regularshow
1. Make money
2. Don't spend it all
2. Don't spend it all
Posted on 10/19/14 at 9:40 am to regularshow
Avoidance of interest.
I always put large down payments when purchasing a home to keep mortgage under 30 years.
I always paid cash for cars. No borrowing. If I didn't have enough cash for a car I bought something less expensive.
No credit card balance. I always paid it off at the end of the month.
Over the last 50 years I've probably saved over 300K in interest.
Lots of savings. Lots of austerity. From early childhood I knew the difference between a 'need' and a 'want.'
Now that I'm retired I'm rewarding myself for all those years. If I want something I buy it whether or not I need it. That was the plan all along and it worked.
I always put large down payments when purchasing a home to keep mortgage under 30 years.
I always paid cash for cars. No borrowing. If I didn't have enough cash for a car I bought something less expensive.
No credit card balance. I always paid it off at the end of the month.
Over the last 50 years I've probably saved over 300K in interest.
Lots of savings. Lots of austerity. From early childhood I knew the difference between a 'need' and a 'want.'
Now that I'm retired I'm rewarding myself for all those years. If I want something I buy it whether or not I need it. That was the plan all along and it worked.
Posted on 10/19/14 at 10:36 am to regularshow
You need to figure out how to make money work for you instead of you working for money. That avenue can be the stock market, real estate, small business...whatever.
My avenue is real estate because of no other reason than that it is easy and proven. I know some dumb people who are rich just because they started buying rental properties. The numbers are so easy a kid with only a high school education can handle it.
Lot of guys here kill it in the stock market and are pretty smart guys. I ride their coat tails as much as I can but they are simply on a different level than me, so I stick to easy stuff that gives me great returns.
I'm around 30 years old and will have more than enough passive income at 45 to replace my current income through real estate. Hope to be married with kids at some point in the future and I'm hoping the moves I make now will allow me (time) to be a better husband/father.
Probably a little more than you wanted to know but there it is...
My avenue is real estate because of no other reason than that it is easy and proven. I know some dumb people who are rich just because they started buying rental properties. The numbers are so easy a kid with only a high school education can handle it.
Lot of guys here kill it in the stock market and are pretty smart guys. I ride their coat tails as much as I can but they are simply on a different level than me, so I stick to easy stuff that gives me great returns.
I'm around 30 years old and will have more than enough passive income at 45 to replace my current income through real estate. Hope to be married with kids at some point in the future and I'm hoping the moves I make now will allow me (time) to be a better husband/father.
Probably a little more than you wanted to know but there it is...
Posted on 10/19/14 at 11:35 am to I Love Bama
i think there are two rock solid easy ways to true financial security, investing in stocks with high dividend yields and putting money in every month, ( and dont touch it for 30 years). The other easy way is through rental properties.
Posted on 10/19/14 at 11:48 am to Lsujacket66
I once read that the difference between wealthy people and non-wealthy people is that the wealthy ones are way more concerned with how to make more money rather than how to save more money.
Posted on 10/19/14 at 12:08 pm to raw dog
quote:
wealthy ones are way more concerned with how to make more money rather than how to save more money.
I like that quote. I played around with investing in my early 20's and was probably ahead of most people my age. Then slacked off and now in my late 30's am ramping up my investing in more of DRIP type accounts but also have gotten with a financial advisor to help guide more aggressive investments.
Posted on 10/19/14 at 2:43 pm to regularshow
My first plan was to get famous and make a lot of money. That never really worked out too well.
So then I figured I could invent something and sell it on TV. I never invented anything.
I'd really like to own a bunch of land where they hit oil or gas on it, but I don't have any. I am still working on this plan.
My latest, and ongoing, plan involves buying lottery tickets when the jackpot gets real high. It hasn't worked out yet, but its not over either.
It's like fishing, as long as you have a pole in the water, you might get a bite.
So then I figured I could invent something and sell it on TV. I never invented anything.
I'd really like to own a bunch of land where they hit oil or gas on it, but I don't have any. I am still working on this plan.
My latest, and ongoing, plan involves buying lottery tickets when the jackpot gets real high. It hasn't worked out yet, but its not over either.
It's like fishing, as long as you have a pole in the water, you might get a bite.
Posted on 10/19/14 at 4:42 pm to Zach
quote:
Avoidance of interest. I always put large down payments when purchasing a home to keep mortgage under 30 years. I always paid cash for cars. No borrowing. If I didn't have enough cash for a car I bought something less expensive. No credit card balance. I always paid it off at the end of the month. Over the last 50 years I've probably saved over 300K in interest. Lots of savings. Lots of austerity. From early childhood I knew the difference between a 'need' and a 'want.' Now that I'm retired I'm rewarding myself for all those years. If I want something I buy it whether or not I need it. That was the plan all along and it worked.
This is it, I lived the same plan, I am 59 and have been working only part time if and when I feel like it for the last 4 years. I have only bought one new car in the last 40 years. For some perspective, I am also not living in a trailer, average house price in by area is about 250K, in my neighborhood it is 500K, and mine is paid for.
Posted on 10/19/14 at 6:46 pm to regularshow
Plan is to buy a lot of VTSMX. But always evaluating that choice.
Posted on 10/19/14 at 8:06 pm to regularshow
Stay from the keeping up with Jones mentality.
Didn't buy as big of house that 'everyone' else is/was buying. We put every dollar we can to the principle of the house payment, its just about paid off in(less than a year to go).
Buy late model vehicles and drive them as long as possible.
Don't take extravagant vacations every year.
Eat in at home rather than going out to eat at Outback Steakhouse 3-5 times a week.
Limiting your toys, ATVs, boats, new rifles, new golf clubs...don't be a slave to fashion.
Have a smoking hot wife that is not 'high maintence'
Get a college degree in which you can actually get a job in...avoid useless majors like art, music, womens studies, history, etc
Learn a trade like pipefitting, electrician, or welding or automobile or diesel mechanics...
Put away 15% of your income in a Roth IRA or in your company 401K. The years will fly by quicker than you will ever realize.
Spend LESS than you make.
Life is a lot more than just accumalating stuff, enjoy every moment. Its later than you realize.
Didn't buy as big of house that 'everyone' else is/was buying. We put every dollar we can to the principle of the house payment, its just about paid off in(less than a year to go).
Buy late model vehicles and drive them as long as possible.
Don't take extravagant vacations every year.
Eat in at home rather than going out to eat at Outback Steakhouse 3-5 times a week.
Limiting your toys, ATVs, boats, new rifles, new golf clubs...don't be a slave to fashion.
Have a smoking hot wife that is not 'high maintence'
Get a college degree in which you can actually get a job in...avoid useless majors like art, music, womens studies, history, etc
Learn a trade like pipefitting, electrician, or welding or automobile or diesel mechanics...
Put away 15% of your income in a Roth IRA or in your company 401K. The years will fly by quicker than you will ever realize.
Spend LESS than you make.
Life is a lot more than just accumalating stuff, enjoy every moment. Its later than you realize.
Posted on 10/19/14 at 8:23 pm to regularshow
The oldest way in the book.
Marry well.
Marry well.
Posted on 10/19/14 at 8:31 pm to Reubaltaich
quote:
Life is a lot more than just accumalating stuff, enjoy every moment. Its later than you realize.
quote:
Don't take extravagant vacations every year.
Yeah, why take great vacations when you're younger, more energetic, and more "lively". Wait till you're 65, if you make it there, so that you can really live!
Posted on 10/19/14 at 9:12 pm to LSUAfro
quote:
Yeah, why take great vacations when you're younger, more energetic, and more "lively". Wait till you're 65, if you make it there, so that you can really live!
The thread is about financial security.
If you want to start a thread about extravagant vacations, then have at it.
You seem to have enough energy to be able to start a new thread (just don't forget to pay your power/cell bill).
As a matter of fact, I might start my own thread.
You'd be amazed at how much fun camping/hiking/biking/sight-seeing can be in your own neck of the woods.
Posted on 10/19/14 at 10:05 pm to meansonny
quote:
The thread is about financial security.
Oh. Damnit. Who brought up this vacation nonsense?
quote:
If you want to start a thread about extravagant vacations, then have at it.
Did that already. Came over here to learn the keys to happiness.
quote:clever.
You seem to have enough energy to be able to start a new thread (just don't forget to pay your power/cell bill).
quote:I really wouldn't...
You'd be amazed at how much fun camping/hiking/biking/sight-seeing can be in your own neck of the woods.
Posted on 10/19/14 at 10:10 pm to regularshow
REAL ESTATE is my main vehicle.
Posted on 10/19/14 at 10:14 pm to I Love Bama
quote:
My avenue is real estate
Posted on 10/19/14 at 10:19 pm to Fat Bastard
I know you guys are talking about owning real estate in the sense of literally owning the property, but can anyone else recommend or dissuade REITs?
AGNC (11.8% dividend) has recently announced that it is now switching to MONTHLY dividend payouts. This is really good for folks who prefer monthlys to pay bills, etc.
AGNC (11.8% dividend) has recently announced that it is now switching to MONTHLY dividend payouts. This is really good for folks who prefer monthlys to pay bills, etc.
This post was edited on 10/19/14 at 10:24 pm
Posted on 10/19/14 at 10:21 pm to LSUAfro
quote:
I really wouldn't..
Wow. I take my kids on public transit.
They think it is an amusement ride and ask me to spring another couple of bucks to let them ride again.
We go to the park, and they think it's a safari with all of the squirrels and pigeons.
Out of this world entertainment when your kids are 9 years old.
Posted on 10/19/14 at 10:31 pm to meansonny
My mantra, since age 26, has always been "55 and out."
If you don't have a plan, well, you know the rest of the saying.
If you don't have a plan, well, you know the rest of the saying.
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