re: Seeking advice from the 60+ OT crowd

quote:

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Great advice. At 64 you won't care what a lot of people think about anything. Open a savings account only (hopefully pays good interest) with another bank that is in your driving area other than your main one. Mobile or physically deposit a few spare $s as you get them. It will add up, especially if you make it inconvenient to quickly withdraw or move it around online.

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That’s exactly how I saved up money for our forever home. Paid off first house, then doubled up my house payment only this time it was to my savings account. It was at Barksdale and I had to drive to another town to make a withdrawal.

It was a pain in the butt to get money out, so I just left it there. In 10 years saving, I was able to pay cash down payment and only finance 50% of my new house. I sold my old house, and am owner financing it so it’s paying most of my new house payment.

It was hard at times seeing all the new truck’s coworkers were showing up in while I drove my old 10-12 yr old truck and knowing I had enough to pay cash for 2 of them, but it paid off in the long run.