How broke are you?

[R8RFAN]

Instead of hijacking a thread lets make our own...
How far up to your ass are you in debt are you?
How close are you to filing for Bankruptcy.
How many of you borrow from Mom and Dad because you are sorry as hell and have to drive that car that sounds like a pissed off bumble bee?



Let's get it on you broke dick bastards...

It's on


I will start the thread

0 Mortgage debt
0 Consumer debt
0 Car payments

Bills I owe
Directv
Insurance
Taxes
Utilities
Food
and Cell Phone (thanks luv)

[rockymtnchief]

I steer a lot of young people towards trade schools. Most have no idea they even exist. Going to college is all they've ever been taught.

We have a 21 year old, 2nd year apprentice, that will make $60,000+ this year and probably around $80,000 when he reaches his fifth year. He won't be a millionaire, but that's pretty good money for his age.

Plus, our retirement is pretty damn good. I have my 401k plus a pension that will pay me $70,000/year at age 60 and 6 months.

We also have trade schools for miners. I know quite a few miners pulling in six-figures.

[ChiTown]

Originally Posted by scho63

Would you rather die with $10,000,000 in the assets you can't take with you or die with $10,000,000 in debt that no one can ever collect from you?

I've lived a life of extremes

HIGH SIDE: flying business class 17 times to Hong Kong and Beijing for business, riding in limousines, flying in helicopters several times, owning a brand new Jaguar in 1986 at 23 years old, having $5,000 cash in my pocket all the time when I was in my early twenties, tons of hot escorts, eating and drinking at great restaurants, buying 5 houses in 1983 for rental properties, having a net worth of $8,000,000-$12,000,000 in 1999 during the dot com bubble, taking a 11 week vacation in 1987 to Fiji, New Zealand, Australia for a month, Barbados, Rio De Janiero 2 weeks, Cayman Islands, visiting 38 countries in my life

LOW SIDE: working for over 11 companies that didn't make it as startups or young businesses where I lost my job, selling all my belongings to have money for food and shelter in San Fran after a business collapse, sleeping in my for for 4 months, having a business I invested a lot of money and time into collapse after 5 years because a partner and his wife were secret crack and heroin addicts, losing my $25,000 deposit from a brand new home in Scottsdale's Pinnacle Canyon neighborhood because I took the money they gave me back and invested in Lucent on margin and it went to $6 from $45, working for 2 years for a startup at $20,000 a year in the DC area, having a crazy ex-girlfriend cost you $20,000 when you are just getting back in financial shape.

IT'S BEEN A CRAZY RIDE!!!

holy shit. That is a hell of a roller coaster, my friend

[Amnorix]

Originally Posted by scho63

Would you rather die with $10,000,000 in the assets you can't take with you or die with $10,000,000 in debt that no one can ever collect from you?

I've lived a life of extremes

HIGH SIDE: flying business class 17 times to Hong Kong and Beijing for business, riding in limousines, flying in helicopters several times, owning a brand new Jaguar in 1986 at 23 years old, having $5,000 cash in my pocket all the time when I was in my early twenties, tons of hot escorts, eating and drinking at great restaurants, buying 5 houses in 1983 for rental properties, having a net worth of $8,000,000-$12,000,000 in 1999 during the dot com bubble, taking a 11 week vacation in 1987 to Fiji, New Zealand, Australia for a month, Barbados, Rio De Janiero 2 weeks, Cayman Islands, visiting 38 countries in my life

LOW SIDE: working for over 11 companies that didn't make it as startups or young businesses where I lost my job, selling all my belongings to have money for food and shelter in San Fran after a business collapse, sleeping in my for for 4 months, having a business I invested a lot of money and time into collapse after 5 years because a partner and his wife were secret crack and heroin addicts, losing my $25,000 deposit from a brand new home in Scottsdale's Pinnacle Canyon neighborhood because I took the money they gave me back and invested in Lucent on margin and it went to $6 from $45, working for 2 years for a startup at $20,000 a year in the DC area, having a crazy ex-girlfriend cost you $20,000 when you are just getting back in financial shape.

IT'S BEEN A CRAZY RIDE!!!

This is the anti-Amnorix. I'm a plodder. Slow buildup of wealth. A definitely lack of crazy excitement. Riding on the edge and holding on to the life isn't for me.

What you describe as your life is basically my worst nightmare. And mine is probably yours.

Oh, and to answer your question -- die with $10 million, because my retirement years and last few years will definitely be a helluva lot better if I have a mountain of cash, not a mountain of debt!

[GloryDayz]

Originally Posted by scho63

Would you rather die with $10,000,000 in the assets you can't take with you or die with $10,000,000 in debt that no one can ever collect from you?

I've lived a life of extremes

HIGH SIDE: flying business class 17 times to Hong Kong and Beijing for business, riding in limousines, flying in helicopters several times, owning a brand new Jaguar in 1986 at 23 years old, having $5,000 cash in my pocket all the time when I was in my early twenties, tons of hot escorts, eating and drinking at great restaurants, buying 5 houses in 1983 for rental properties, having a net worth of $8,000,000-$12,000,000 in 1999 during the dot com bubble, taking a 11 week vacation in 1987 to Fiji, New Zealand, Australia for a month, Barbados, Rio De Janiero 2 weeks, Cayman Islands, visiting 38 countries in my life

LOW SIDE: working for over 11 companies that didn't make it as startups or young businesses where I lost my job, selling all my belongings to have money for food and shelter in San Fran after a business collapse, sleeping in my for for 4 months, having a business I invested a lot of money and time into collapse after 5 years because a partner and his wife were secret crack and heroin addicts, losing my $25,000 deposit from a brand new home in Scottsdale's Pinnacle Canyon neighborhood because I took the money they gave me back and invested in Lucent on margin and it went to $6 from $45, working for 2 years for a startup at $20,000 a year in the DC area, having a crazy ex-girlfriend cost you $20,000 when you are just getting back in financial shape.

IT'S BEEN A CRAZY RIDE!!!

Life is good...

[ToxSocks]

Originally Posted by rockymtnchief

I steer a lot of young people towards trade schools. Most have no idea they even exist. Going to college is all they've ever been taught.

We have a 21 year old, 2nd year apprentice, that will make $60,000+ this year and probably around $80,000 when he reaches his fifth year. He won't be a millionaire, but that's pretty good money for his age.

Plus, our retirement is pretty damn good. I have my 401k plus a pension that will pay me $70,000/year at age 60 and 6 months.

We also have trade schools for miners. I know quite a few miners pulling in six-figures.

This.

Wish i had just gone to trade school. I went to school for Graphic Design. While in HS, i did RoP courses for Auto Body.

In my current line of work, i use skills learned from both, but it was my Auto Body courses that got my foot in the door here.

Craftsmen make damn good money and they generally aren't saddled with debt either. AND they get to make cool shit that they can stand back and be proud of. AND their craft generally keeps them in good working shape.

[RunKC]

Originally Posted by DaFace

Social security will hold up for a little while, but at this point, anyone under the age of 50 or so who is counting on it may be in for a rude awakening.

What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.

I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.

Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.

[Bugeater]

Originally Posted by RunKC

What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.

I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.

Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.

My best advice is to die before you retire.

[Donger]

Originally Posted by RunKC

What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.

I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.

Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.

Do you own your own home?

[eDave]

Originally Posted by RunKC

What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.

I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.

Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.

Here's how I started moving forward with it some time ago:

1) Invested in 401K up to company match

2) Cut expenses to the bare minimum, but still enjoyed my life. Just trimmed cable, phone, electricity, etc. costs)

3) Paid off credit cards

4) Save, save, save up to 1yr living expenses

5) Once there, moved living expenses to IRA. Basically a living expense savings account now as I can draw off it if needed without penalty or interest. Repaying it is just replenishing the account. The interest sort of covers the cost of living increases.

6) Increased my 401K investment as it was doing great at the time. Still is. (Fidelity).

7) Anything left after that to invest? I have my 401K company doing other investments for me. Now I just look at my 401K and which companies are doing best in my funds/indexes and move money to them if the trend is right. And my "Personal Banker" advises me on 401K allocations.

I'm pretty simple like that to this day and it's nothing to brag about but it works for me. And #2 is still in practice. CC's now work to my advantage too. I've always had a great salary so that helps...

Of course a house is a revenue stream. And in that vein, you can get into rentals too. Just hire a management company for all the BS and let the appreciation commence.

Baconeater has solid advice as well.

[RunKC]

Originally Posted by eDave

Here's how I started moving forward with it some time ago:

1) Invested in 401K up to company match
2) Cut expenses to the bare minimum, but still enjoyed my life. Just trimmed cable, phone, electricity, etc. costs)
3) Paid off credit cards
4) Save, save, save up to 1yr living expenses
5) Once there, moved living expenses to IRA. Basically a living expense savings account now as I can draw off it if needed without penalty or interest. Repaying it is just replenishing the account.
6) Increased my 401K investment as it was doing great at the time (still is).
7) Anything left after that to invest? I have my 401K company doing other investments for me.

I'm pretty simple like that to this day. And #2 is still in practice. CC's now work to my advantage too.

Of course a house is a revenue stream. And in that vein, you can get into rentals too. Just hire a management company for all the BS and let the appreciation commence.

Baconeater has solid advice as well.

Yeah I've done most of those. Forgot to mention I got a Roth IRA 6 months ago. I do own a house (as of January) and plan to gain equity over time. No credit card debt to speak of. I've always used my discover to pay for things like gas, Pay it off on time and use the rewards on things like an Amazon product I want.

I've actually cut a few expenses and have used them towards paying off my Accord, which is projected to be done by March, so that's progress.

I'm a frugal guy. I always try to live below my means and save where I can.

[Amnorix]

Originally Posted by RunKC

What would be yor advice for under 50 people who want to save for retirement? Obviously there's 401k, living below your means and getting rid of debt, but I'm trying to have multiple streams of revenue to my retirement and I want to start early.

I've looked at the stock market, but dividedend stocks seem to only be worth it for people who can put a lot in initially and buy a lot of stock.

Advice welcome from all. It's been on my mind for awhile and I'm always open to older folks who have experience.

FIRST, eliminate all credit card debt.

SECOND, contribute at least whatever is needed to your 401(k) to take advantage of any match. For example, if they match half of your salary up to 4%, then put in the 4%, if not more.

THIRD, eliminate the bullshit fees and costs in your life. Your bank charges a fee every time you use an ATM, and to maintain that checking account? Go find a credit union or something. Look at where you're getting nickeled and dimed to death by some kind of bullshit, and get rid of it.

FOURTH, eat out less. I'm not saying become a hermit eating rice, but I know too many people who live paycheck to paycheck who eat out for lunch EVERY ****ING DAY and then go hit Dunky's or Starbucks twice a day too. YOU ARE PISSING AWAY YOUR ****ING MONEY. STOP THAT SHIT. Are you really such a coffee snob that the office Keurig isn't good enough for you? Are you really incapable of bringing lunch to work a few days a week?

FIFTH, eliminate all debt in your life other than housing debt (mortgage). Got a car loan? Well, unless it's zero financing, pay that shit off.

SIXTH, take a look at the expenses in your life. What do you NEED, versus what do you WANT? What can you trim back. The fastest way to save money is to reduce expenses. Eating out less is an obvious one. Are there others?

SEVENTH, have a rainy day fund. A pool of cash for when your tires need replacing and that crap.

EIGHTH, increase your 401(k) contributions beyond the match and/or create an IRA. Tax deferred wealth accumulation is where it's at.

From there many avenues become possible.

Bottom line -- CONTROL YOUR FINANCES, OR YOUR FINANCES WILL CONTROL YOU.

Good luck!

[Amnorix]

Originally Posted by RunKC

Yeah I've done most of those. Forgot to mention I got a Roth IRA 6 months ago. I do own a house (as of January) and plan to gain equity over time. No credit card debt to speak of. I've always used my discover to pay for things like gas, Pay it off on time and use the rewards on things like an Amazon product I want.

I've actually cut a few expenses and have used them towards paying off my Accord, which is projected to be done by March, so that's progress.

I'm a frugal guy. I always try to live below my means and save where I can.

This is great. Smart use of credit cards is excellent. Eliminating car loans is awesome.

Advanced tip -- in the future, if you have to use a loan to buy a replacement car, you can consider a home equity loan for the funds. Home equity interest will be at a lower rate, and will be tax deductible. Straight up car loans are at a higher interest rate, and not tax deductible.

Also, if you are paying PMI on your mortgage, then keep an eye on how/when to refinance and/or eliminate the PMI by either paying down the mortgage sufficiently, and/or through appreciation of home value.

More htan half the battle of getting to retirement is eliminating bullshit expenses in your life.

[Donger]

PMI is the devil.

[Amnorix]

Originally Posted by Donger

PMI is the devil.

What, you don't like paying insurance to cover someone ELSE'S risk?

Yeah, every homeowner who pays PMI must work to eliminate it as soon as possible. It does absolutely nothing for them.

[Donger]

Originally Posted by RunKC

I do own a house (as of January) and plan to gain equity over time.

Make sure that you don't have a pre-payment penalty on your loan. If don't, see if you can add some extra principal reduction every month. If you're just a few months in and have a 30 year note, even a few hundred extra a month will save you thousands and thousands in the long run.