Advice as they leave the nest

A fool and his money are soon parted.

1. Pay yourself first

2. Pay all bills on time.

3. Things will not make you happy or rich.

4. Exercise regularly, eat right, don’t smoke, don’t drink to excess.

5. Invest half of any raise.

(no message)

A)beer before liquor, never been sicker

B)Take advantage of the college experience to make longlisting relationships. Your classmates are the future middle to upper class of America. Surround yourself by likeminded, driven people. Keep in touch with your network of friends.

Looking back, I sometimes regret spending so much time being overly “tight “in college with the little money I had. The memories and relationships gained by buying a few extra beers with the boys instead of working overtime at your minimum wage job to save a few extra dollars is just as important. Obviously keep your studies in line, but don’t make things more stressful than they already are with trying to save a crazy amount of money each month during your college years like I did.

C)If you do plan to work during college, find something you are interested in. Something you can put on your resume and build off of. Now is the best time to be looking for low-income jobs, they should be easy to find. Skills learned and relationships made at those jobs are great life lessons.

You are who you surround yourself with.

I'll never forget these that my mom told me.

1. "You can do anything you put your mind to. (I like to think she was telling me to not have a victim mentality)
2. "If you want a friend then first be a friend".

These are from me.
1. Always think of God. Prayer is important.
2. Try to be kind to everyone you meet.

Thanks for all the feedback. Much appreciated.

- Start saving at least 10% of everything you earn now and never look back. If you can push to 20%, go there.

- Use a credit card and never carry a balance. Use the rewards to help get started in investing or on something you wouldn't otherwise buy.

- Do not fall prey to the monthly car note debacle. Buy used and pay in cash. No car note as a young person is a game changer. Save and invest that money.

- Fully understand the ramifications of marriage, family, kids, etc.

- Do not wait to do things you want to do. Time is undefeated. If you want to go to Rome or go to Costa Rica or to hike Kilimanjaro, go do it now and spend the money to do it. You'll never regret it.

For me #1 would be to get a job where he can learn something in addition to hard work while he’s in school. I hear so many parents say “I want him/her to focus on their studies.” Going to school, working, and balancing a social life prepares kids for the real world. So many in college now are lacking the resiliency to start a productive career. I think this mentality from parents really hamstrings their kids, and sets them up for failure.

This is what I always tell my kids and junior sailors:

1. Always pay yourself first, put 20-25% of every check away. Then live off the rest. If you want nice things, that should drive you to be more successful therefore, a better quality of life. Always be driven.

2. Know the difference between an asset and a liability. Only surround yourself with true assets: investments,
real friends, the family that love you, etc.

3. Hang around with only positive, driven, successful people, you will be what your environment is.

4. Every decision you make should allow you to look yourself in the mirror at night and know that you did the right thing for yourself and those you are responsible for.

5. Get out and travel while you are young and can and have good health.

6. Kids are a lifelong responsibility and expensive....really expensive so plan accordingly.

7. Divorces are a financial killer, so pick well the first time (that asset conversation). Your spouse should be your best friend.

8. This is for my sailors: Marry a nurse, there is no place the Navy could send you that an English-speaking nurse can't find a GREAT JOB.

9. Don't ever attempt to keep up with the Jones, that is a losing proposition and chances the Jones are faking it anyway. Be yourself and make yourself happy.