Thread: Money How broke are you?
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Old 06-18-2016, 09:08 AM   #584
Mosbonian Mosbonian is offline
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Join Date: Aug 2000
Casino cash: $-1080300
Quote:
Originally Posted by ChiTown View Post
I just turned 50, so I'll give you my advice, or shall we say, impart some common sense.

1. Live within your means. I had friends when I was younger, and still have friends at my age, that will spend right up to the very dollar they make......and more. I used to think that they must be super wealthy, but come to find out, they were actually just super stupid. Also, living within your means means that you actually have to save money each and every month. Don't listen to any specific percentage other than the one that works for you at the time that you are making the decision. Adjust it every 6 months to a year, depending upon how your life is changing (income increase/decrease and expense increase/decrease).

2. There is the tortoise and there is the hare. Both will cross the finish line eventually, but one gets there sooner than the other. One spends an enormous amount of energy trying to be first, while the other knows it's a lost cause to do nothing more than to keep a steady, slow pace. Figure out which one of these two you are, or which one you resemble the most. Why? Because it will help you in planning for the future. I knew a guy that wanted to retire when he was 55 (hare), but he wasn't on a career path that was going to allow that (tortoise). It's a bit of a conundrum and can create issues for you down the road, especially if you have convinced your wife you can provide something that won't come to fruition for several years down the road.

3. Along the way, don't forget to be happy. Money issues seemed to rise up all the time for me between the ages 28-40. There were some great earning years in the age frame, but it also cost me a great deal of time away from Family and Friends. Ambition is great, but ambition doesn't care about you after you retire. Money will come and go, but Family and true Friends are there forever. Find the balance that makes you happy, and I promise you'll never worry about how you didn't didn't spend more time in the office or on the road working. I missed a lot of time with my oldest Son when he was a toddler due to traveling overseas on business. I'd substitute the bonuses and salary bumps I made to have that time back with my Son.

4. Last - Have a retirement goal. Figure out where you want to retire, how you want to retire, and how much money it will take to get there. I fully realize that plans and desires change over time (especially when you are younger), but it's immensely difficult to cross the finish line if you don't know where you are running to. Just a FYI, I never used a pen in planning out my retirement goals. I generally used a pencil with a giant eraser.

Good luck, and enjoy the ride - it goes a lot faster than you think!
All of this very great advice.....especially the part I bolded. I am going to live with a little less money, but a lot of good memories I found myself missing at one point. It seems like only yesterday I was bringing my kids home from the hospital.....now my youngest is starting her Junior year of college in August and the reality of her living her life apart from my wife and I is even more evident. We are a much more mobile society these days and kids no longer "come home" to find a job. There isn't one fortune out there I could have made that is worth the memories we created for the kids and ourselves.
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