Recommendation's for the young-un's

[Pliablemoose]

Originally posted by: Boze
Don't save money kids... its an idea whose time has passed. Placing your finanical well-being in the hands of the whims of the stock markets is a tremendously bad idea. What happens if (or more likely, when...) the market crashes 40 years from now and that $2.2 million you have in your IRA or 401k becomes $300,000? You may be holding on to that job longer than you thought. No rich person ever became more wealthy by putting his money in the stock market, leaving it there for 30 years, and then cashing out.

I won't go into financial specifics here because most people are going to disagree with me, or call me unrealistic, or a number of other scenarios, but if you're curious how in less than two years I went from making the salary of an E-4 in the U.S. military to making more than the salary of an E-9 on a monthly basis with almost no direct work on my part, feel free to PM me and I'll tell you the same things one of my shipmates told me two years ago.

LOL, we have a winner for worst post of the thread thus far.😀

 

[NuclearNed]

Take responsibility for every aspect of your life. Don't expect anything from others, because you aren't likely to get anything. If you feel like you are entitled to anything in life, think again. If you want something, earn it for yourself.

Start exercising now while you still have your pre-30 body.

The Lord loves a working man, don't trust whitey, see a doctor and get rid of it.

 

[crab]

Originally posted by: Adica
It's not the situation creating your stress, It's your thoughts. And you can control your thoughts right here and now. Take control of your mind and everything else will follow.

Brilliant 🙂

 

[flot]

Originally posted by: Pliablemoose
Don't take out long term loans on expensive new cars, they wear out & really don't change your life.

Semi Disagree, depends on your definition of expensive new car though. If you get a well paying job after college, you might actually do yourself a favor by buying a new car that you can *afford* and getting a 3-4 year loan on it. After 3-4 years of your well paying job, if you like the area, your life, etc, you will likely be looking for a house. That $350 a month car payment will suddenly disappear, you will have established some good credit, and you'll still have a reliable car while you are pouring $$ into your house.

Buy a used car & wear it out, your last trip with it should be to the salvage yard.

Strongly disagree. My personal car philosophy is to shop until you find a great deal on a lightly used car, and drive it for a few years, sell while it is still attractive to another buyer, then repeat.

My girlfriend went your direction and she drives a POS honda civic which she has effectively lost $13,000 on over 7 years. (it is now worth next to nothing) I currently own two cars, one I paid $15,000 for that is worth $13,000 and another I paid $10,000 for which is worth $9,000. Who did better?

One of my biggest financial mistakes was not selling my first "nice" car while it was still holding most of its value.

Don't sell your soul to the company store, they'll use you up & spit you out.

Or you'll turn your $40k a year job into a $70k a year job but end up working a lot more. Take your pick. Some people like to work.

Call in sick more often.

You must be a raging success at the office. 🙂

 

[flot]

Originally posted by: Triforceofcourage
"There is no sex in the champagne room 🙂" Chris Rock

Also not true. lol.

 

[Toasthead]

Originally posted by: Pliablemoose

Originally posted by: Boze
Don't save money kids... its an idea whose time has passed. Placing your finanical well-being in the hands of the whims of the stock markets is a tremendously bad idea. What happens if (or more likely, when...) the market crashes 40 years from now and that $2.2 million you have in your IRA or 401k becomes $300,000? You may be holding on to that job longer than you thought. No rich person ever became more wealthy by putting his money in the stock market, leaving it there for 30 years, and then cashing out.

I won't go into financial specifics here because most people are going to disagree with me, or call me unrealistic, or a number of other scenarios, but if you're curious how in less than two years I went from making the salary of an E-4 in the U.S. military to making more than the salary of an E-9 on a monthly basis with almost no direct work on my part, feel free to PM me and I'll tell you the same things one of my shipmates told me two years ago.

LOL, we have a winner for worst post of the thread thus far.😀

haha this one will be hard to beat!

 

[CPA]

Recommendation's for the young-un's

Don't take grammar lessons from 30+ year olds 😉

 

[Alex]

Originally posted by: Pliablemoose
Don't take out long term loans on expensive new cars, they wear out & really don't change your life.

Buy a used car & wear it out, your last trip with it should be to the salvage yard.

Don't sell your soul to the company store, they'll use you up & spit you out.

Call in sick more often.

Find that delicate balance between being assertive enough to make your opinion heard, but not get fired for it.

Listen to office gossip & believe some of it, don't spread it though.

Find a mentor for your work life & one for your personal life.

Don't get married without a pre-nup or a post nup.

Most marriages end up in divorce, be careful who you make babies with & who you go into debit with.

Shred your credit cards.

Call your parents, if you don't get along with them, make the effort to do so, if they die without making peace with them, you get to live with the guilt forever.

Everybody dies.

Become active in your community or church.

Stay in school & try not to get married too young. It's really hard to balance school and a home life & a job all at the same time.

Drugs get you through times of no money better than money gets you through times of no drugs.

hmm there's some nuggets there... 🙂

<--21

 

[CPA]

Originally posted by: Baked
Don't touch your 401K and IRA? WTF? The market fluctuates and will take all your money. 401K and IRA has nothing to do w/ why you don't have any money saved up, don't make things up.

What? How often does someone lose all of their money in an IRA or 401K that has been vesting for 40+ years?

 

Originally posted by: Boze
Don't save money kids... its an idea whose time has passed. Placing your finanical well-being in the hands of the whims of the stock markets is a tremendously bad idea. What happens if (or more likely, when...) the market crashes 40 years from now and that $2.2 million you have in your IRA or 401k becomes $300,000? You may be holding on to that job longer than you thought. No rich person ever became more wealthy by putting his money in the stock market, leaving it there for 30 years, and then cashing out.

I won't go into financial specifics here because most people are going to disagree with me, or call me unrealistic, or a number of other scenarios, but if you're curious how in less than two years I went from making the salary of an E-4 in the U.S. military to making more than the salary of an E-9 on a monthly basis with almost no direct work on my part, feel free to PM me and I'll tell you the same things one of my shipmates told me two years ago.

You're in the military, you probably have very little chance of making it in the real world anyway.

 

[GasX]

Originally posted by: Boze
Don't save money kids... its an idea whose time has passed. Placing your finanical well-being in the hands of the whims of the stock markets is a tremendously bad idea. What happens if (or more likely, when...) the market crashes 40 years from now and that $2.2 million you have in your IRA or 401k becomes $300,000? You may be holding on to that job longer than you thought. No rich person ever became more wealthy by putting his money in the stock market, leaving it there for 30 years, and then cashing out.

I won't go into financial specifics here because most people are going to disagree with me, or call me unrealistic, or a number of other scenarios, but if you're curious how in less than two years I went from making the salary of an E-4 in the U.S. military to making more than the salary of an E-9 on a monthly basis with almost no direct work on my part, feel free to PM me and I'll tell you the same things one of my shipmates told me two years ago.

Sounds high, idea blows
Must be Boze

 

[StageLeft]

Semi Disagree, depends on your definition of expensive new car though. If you get a well paying job after college, you might actually do yourself a favor by buying a new car that you can *afford* and getting a 3-4 year loan on it. After 3-4 years of your well paying job, if you like the area, your life, etc, you will likely be looking for a house. That $350 a month car payment will suddenly disappear, you will have established some good credit, and you'll still have a reliable car while you are pouring $$ into your house.

Except most people who buy a new expensive car out of college ($350 over 3-4 years isn't actually a very pricey one though) will be habitual upgraders. A used car is always the best move economically. You don't need to get one 8 years old, but buying new is just money in the tubes.

You're in the military, you probably have very little chance of making it in the real world anyway.

Sounds high, idea blows

LOLS

 

The best advice is....
always find out on your own, first hand.

 

[Appledrop]

Listen to the song Sunscreen...

The words are true to life.

"Don't worry about the future. Or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. The real troubles in your life are apt to be things that never crossed your worried mind, the kind that blindside you at 4 p.m. on some idle Tuesday."

"Do one thing every day that scares you."

"Get to know your parents. You never know when they'll be gone for good. Be nice to your siblings. They're your best link to your past and the people most likely to stick with you in the future."

 

[Geekbabe]

Don't get married, don't have kids. And don't live long enough to get old, particularly if you've done the first two things in this list.

 

[StageLeft]

Originally posted by: Geekbabe
Don't get married, don't have kids. And don't live long enough to get old, particularly if you've done the first two things in this list.

Oops 😱

 

[Qwest]

Work hard, play harder.

 

[Boze]

Originally posted by: SampSon
You're in the military, you probably have very little chance of making it in the real world anyway.

SampSon, I already 'make it' in the real world; my five year obligation of service will end in 2 years and 9 months and I am not re-enlisting. I'm currently on medical hold and classified as not physically qualfied for submarine duty, and possibly (and hopefully) looking at an adminstrative discharge. About two years ago, one of my best friends onboard the Honolulu gave me a copy of a book he had read that had changed the way he thought about his life. It being my first WESTPAC, I didn't bring much in the way of entertainment, so anything to read was a godsend. The book was entitled "Rich Dad, Poor Dad", and when I finished it, it started piquing my interest and curiosity in finanical well-being and security.

I read another three of the books in that series, and then started reading more about real estate investment and development. In two years time, I now have enough passive income per month to live a pretty happy life, due mainly to rental properties. I could be admin-seperated from the Navy tomorrow, with no compensation of any kind, and be perfectly fine from a financial standpoint, in fact, I'm hoping for an admin-sep so I can start working full time on acquisition of real estate.

Look at the trends in retirement income over the past 30 years alone. 30 years ago if you were retiring from a large corporation, you had a pension plan that essentially took care of you, provided you put in the requisite time to qualify for the plan. Nowadays, you're pretty hard-pressed to find a company that does that. Most companies have 401k plans, which are based, primarily, on mutual funds. While its true that most people can put their money into their 401k or IRA or other retirement plan vehicle; the question becomes one of why? Why save 10%, 20%, 30%, or more of your income as an employee? Why not become more financially educated and start your own business? Roughly 100 years ago, small business in America was flourishing and was the way the majority of the Americans made their livings; by providing goods and/or services. It wasn't until the rise of megacorporations that being an employee became the predominant method of income generation for the American populace.

I used to think that getting a good education, a job, and working until retirement was a pretty good idea. Used to, that is. I read a few books, and they were eye-openers for me. They really made me realize that I could do more with my life than just be an employee for 30 or 40 years and then live below my means on a retirement. After reading these books, I spoke to my uncle, who owns a company in Vicksburg, Mississippi (Foam Packaging, Inc.). While he is by no means a giant in this industry, he started the company at age 40 and by age 45 he never had to work again. He only chose to go to work everyday because he loved what he did. He recently transferred control of the company over to his daughter, my cousin. I realized then if my uncle could do it, so could I.

So can a lot of other Americans, in fact. I don't mean to ramble on, or sound like an infomerical, I really don't... I just hate to think about all the intelligent people here at AnandTech who might be employees all their lives, when they could be the next milliionaires or even billionaires...

I'll get off my soapbox now...

 

[axnff]

"Living within your means" means that you have enough money left to save, not just to eat.

Your employer will never have loyalty to you, be sure to reciprocate. If they appear to have loyalty, it's because you're severely underpaid, and they're afraid to lose a good thing. Your work does not speak for itself: ask for that raise you deserve.

The "waist" of your pants should be adjacent to the "waist" of your body.

MTv sucks more than you may ever know.

The world produces too much good beer to drink Bud.

Real men don't fall for that "Heroin Chic" sh!t.

You work to support your life. You shouldn't work for your life. You are not your Job.

And finally...

Get off the damn internet once in a while!

 

[UTmtnbiker]

I struggle with this one also even though I'm a grizzled 32....

You are not defined by what you wear, what you drive, how big of a house you live in, how much money you make, and how "hot" your wife/gf is.

That being said....🙂

 

[tami]

i did hear that "rich dad, poor dad" is recommended reading material. i'll have to give that to my husband to be...

 

[Mill]

Originally posted by: tami
i did hear that "rich dad, poor dad" is recommended reading material. i'll have to give that to my husband to be...

It is actually a very poorly thought out book based on lies. I wouldn't buy it for my dog.

 

Boze I love you baby. I work in RE.