My folks were frugal (they had to be cause they were poor). My pop was the tightest man I ever knew. He window-shopped a lot, and always was "gonna buy me one of them someday." One of them could be a new truck, an airplane, a new rifle, new boots, something. Never did. If it wasn't for my mom in the later years he would still be driving the 1954 International and wearing the same pair of re-soled boots he bought new in Mexico in 1959. He did still own the boots when he died though. Wore them too. When I left home I spent every dime I had and a whole bunch that I didn't have. The upside is/was that there's pretty much nothing I haven't done/bought/tried. The downside is/was I was broke all the time and owed big-time $$ to pretty much every lender out there. Citibank, Sears, Dillards, Penney's, Chase, GE, and a whole bunch more. I bought high, sold low, and was always upside down. BAD. Went through two marriages with two women that were even bigger spenders than me. At one point I think I had about 12-13 credit card accounts with at least a $2,500 balance on all of them. Some were at 21+% interest. What was weird is that my credit score always stayed high, I suppose because of the amount of $$ I was making? 18 years ago I met my current wife. We decided to pool our resources, and slowly but surely chip away at our combined debt (she came into the marriage with similar credit issues). As kids left home we were able to sell some ****, throw more $$ a bills, and get into better shape. We eventually dropped all the cards except 2. American Airlines and Marriott. We use them every day, and pay the balance off every month. Haven't carried credit card debt in about 6 years now. We eventually were able to buy a farm 11 years ago, purchase a lot of high-dollar equipment, and have continued to pay stuff down. We don't do without like Ramsey says (I just bought a couple new Yamaha VXR Waverunners last week, own new trucks, a Lincoln, bought a lakehouse on Texoma, travel a lot, etc.) and I've been able to invest a fairly signifcant chunk of change with an investor recently. Before I turn 60 (4 years from now) I will be completely debt free, and will own ~ $1.2 million in property and assets which can be liquidated at any time. I also will have my retirements, my wife's retirement, her SS, and all of the savings/Roth's/investments we've accumulated/are accumulating over the years. In short, we'll be in like Flynn, set like a jet, rockin' like a roller, the cat's meow, and groovy. Moral of the story? Patience and discipline. And did I mention I worked 37 years for one company, worked at farming much of that time, and currently work another full-time job and continue to farm? If you're sitting around worrying about being broke or how you're gonna pay your bills then may I suggest you have plenty of time to find another job or two? Being in charge/control of your financial situation is a very, VERY cool thing. It doesn't happen overnight, but if you'll get after it now, before you know it you'll be going "dang, this is fun."
Deano, do you think you wanted to spend a bit because your parents forced you into frugality in your early years, similar to a kid being in a strict, disciplined house early-on and then going wild in college? It would make sense, as the spendy ways seemed to be the generation after the Great Depression, who were frugal by force. Of course, it hasn't stopped future generations from continuing to max out credit cards and debt loads...
Spot on. My folks were uber-religious too. I rebelled against all of it; way before I was college-aged. 9th grade was it for me. Couldn't take it any more. Moved out, got a job, bought motorcycles, smoked dope/did drugs, and was in juvenile hall by age 16. Joined Army at 17, and never looked back. Not what anyone would consider a "normal" or "recommended" journey, but it was my journey and it worked for me.
My wife and I married right out of college at OU. We lived like typical newlyweds, with old the old tv, window unit a/c we bought used, tiny rent house, rarely ate out, etc. However, we each had managed to save a few grand while working throughout college, which we had in savings accounts. (luckily those paid well back then). Still, neither us ever gave any consideration into dipping into the savings. Any gratification it brought would have been outweighed by guilt. So that is another big factor, having both partners with the same attitude toward money. So many marriages blow up over money.
Sure are some interesting perspectives in this thread. My older bro has been one of those check-to-check fellows his entire life. even when we were kids, his lawn mowing $ would be spent instantly. Besides my parents instilling a decent money ethic (that stuck with me), watching him constantly blow all his money made me decide to not be like him. He's never been married, never owned a house... About 15 yrs ago I saw one of his pay stubs. I knew he was paid twice a month. He made almost as much as my wife and I did at the time! So just bluntly asked him: "Bro, you get paid this much?! But you don't have anything to show for it? What's the deal?" His smug answer: "Let's just say I'm remarkably self-absorbed..." So I've never pitied him. All these yrs later, nothing's changed. He's had several different jobs, nice incomes, but all his money is always gone. Going to concerts and buying crap off the internet. He lives in a dump rent house and has a 100 k mile vehicle that's not paid for. Last month he had a car repair bill of about $400 that would have been a huge crisis, except he happened to have worked about that much overtime during the previous pay period. Sometimes I can't believe the knucklehead is related to me.
i'm not talking about me. i lucked into a skill that will likely always pay good money, and a job that pays enough that i can pay my bills and mostly goof off when i want the "brake job" part is hitting home on my 10 year old performance car right now though... and Dave Ramsey can suck it!
paying off a divorce...basically putting out $700 a month for my son..between childsupport/car insurance (that the ex doesn't even help with)/health ins etc. IF I had that I'd be doing great. I to, don't have a car newer than 1997. Unfortunately, all gas guzzlers...hoping in a yr or 2 (done with child support ($250) next june, I can get something better. I've been a spender, but doing a lot better. I try to get my kids to see this: Do I NEED it, WANT it or can I AFFORD it? If I NEED it but can't AFFORD it, figure it out...(extra job, sell stuff), If I WANT it, then it goes to AFFORD...if not then no.
Do you own a home? Do you have a car payment? Do you have a retirement plan? Do you have 6-months salary saved up just in case? Do you have credit card debt? If you answered no to any of the above questions except number 2 and 4 then you need Dave.
i'm in something of a rebuilding phase currently, but i am in a good place. it could be better though. my only real debt is student loans at the moment. i'm not about to eat beans and rice every day to save money like he says. he's a bit too extreme to be realistic. a lot of his ideas are valid though
I paid $970 a month in child support back in 1987. That'd be like paying maybe $1,500 now? After $34,000 in legal fees I managed to get custody of my kids. She was ordered to pay me $570 per month, but never did. Finally, the state of Arizona garnished her wages. Never got any back support, but started getting about $500 (after the state took their fees for collecting). Do you know how long it would take to recover $34K at $500 per month? A long ****ing time. Oh well, water under the dam. It was worth it I guess. When I look back at how broke I was then (I drove a $200 Toyota Corolla for a year, shared an apartment with a coke fiend, and literally had like $7 to last for two weeks after paying just the bills that were in pink envelopes threatening collection) I have to laugh. Proof that hard work, perseverance, and faith will get you through the ****storms.
Oops. I forgot about student loans. Ramsey's number 2 worst thing to ever do behind credit cards. I know you ain't gonna eats beans and rice. I've seen you. Heh.
mine aren't that bad. i didn't really qualify for that much in the first place. ~$18k isn't that hard to deal with having a degree from OU is totally worth that...
wow...yeah, I've been there too, $7 to pay the pink bills....lol. I'm definitely trying better, still eat out way too much. Even though the ex and I halfway get along, I've asked her to kickback some CS (which I, like a DA, offered more than was legally obligated to keep it 50/50) since his health ins has gone up $40 a month since the settlement, and now spend $60 a month on car ins...her response...the court said $250...*itch.
Twice a year, I offer my services at a local community "fair". I speak to groups about the basics of financial planning, investing, living within one's means, etc. Without fail, I end up consulting folks that don't understand why they can't get ahead. Then, I start asking about what their expenses are, and it always includes "well, we do have cable, we do go to Mexico once a year, we do go to a few games, We eat out four or five times a week, etc.". My advice is always the same: Pay yourself first. Put money away (if you can do a retirement account, that's preferable...if not, then put it in a savings account, just put money away). Like I said in my first post, it's not the easy or fun thing to do, so most people don't do it.
8Xc ya got a Point. It takes discipline I DGAS if ya just make 200 a Month save 10% . Hell I was always broke Folks was Poor I made good money and spent it it Like a drunken sailor .Why I was poor. I have made several Millions over my life time, Spent most of it On Wimmens and Booze. My biggest regret? I wasted the rest :disturbed:
Between daycare costs, food, utilities and rent/mortgage payments, that sounds about right. Of course, a lot of those costs have skyrocketed recently, so it probably went a lot further back in the 80s. A wise in-law said that parents feel wealthy after certain milestones --- when they're done with baby formula, when they're done with diapers, and eventually, when they're outta college. One out of three, so far for me
Up until another little Badger or NP comes along. Them little ****ers are expensive. Especially if you're gonna be one of those parents who goes "little Badger is going to college and I'm paying for it no matter what." Hopefully your kids will have some drive and pursue schollies and the like. Prolly will since their momma did.
There is no greater revenge on those that treated you like sh!t in high school than having your name announced for scholarship and award (after award, after award...) at the end of your senior year as they sit there and sulk at their lack of achievement and recognition.
