What's your financial story?

[RiverRat1]

I just realized the OP wanted financial "success" stories. I misread the post. In no way do I mean to imply my story is a success, in fact, will probably be quite the opposite. Apologies.

You're working on your own! You're not making some other guy lots of money. You ARE a success.

And I'll take some of the risk like I offered in the past. Things will pick back up eventually.

[rut-ro]

Financial strategies are a great tool. See my post # 100.

I just got laid off and if my wife and I did not plan ahead I would be stressing out right now. Plan for the unexpected as a major life event could be right around the corner.

I stole this from Leemo
Work Honestly
Save Inteligently
Give Generously
Have Fun Wholeheartedly

Take care lades and gentleman and have a great 2019

[txtrophy85]

$500/mo. invested from age 23-60 at 8.5% return is north of 1.5m dollars. Most all of us can afford more than $250 a pay check. Make that $500 a pay check or $1000/mo. for the same time frame and your looking at 3.1m dollars. Sure $1000 invested in a 401k per month may sound like a lot, but its not that much considering most have an employer match.

Anyone can create financial wealth in this country, even if they can only afford to invest $100 a month to start out.

What can you invest in today that guarantees 8 1/2 % return?

[AgTag23]

FYI 2019 annual roth IRA contribution bumped to $6000

[sharpstick35]

I've been blessed in so many ways.
first my wife of 12 years sees eye to eye with me on finances.
second, she gets to stay home with the 2 kids that both have 529's for education.
3rd, I have a paid for house in Odessa, paid for rental property in north Dakota. a paid for mobile home on 40 acres in rocksprings that's 2 years out from being paid off.
4th, I have over a years living expenses in savings.
5th, I have over 500k in a 401k
6th, I have a great job making 160k/year
7th, isn't GOD good.
8th, I have a paid for boat, old truck, ranger crew, gmc Yukon, 2 utility trailers. just bought a denali for the wife but I'm paying on that one.

I do have a CC with a 10k limit but I never have used it.

and I'm not even 40 yet

[unclefish]

What can you invest in today that guarantees 8 1/2 % return?

Nothing guarantees 8.5% return but the S&P 500 has an average annualized return of 9.8% since 1928. There are many ups and downs in those 90 years for sure...but long term its been good.

[Darton]

Nothing guarantees 8.5% return but the S&P 500 has an average annualized return of 9.8% since 1928. There are many ups and downs in those 90 years for sure...but long term its been good.

Incorrect, Tax Lien's beat 8.5% depending on state and guaranteed Lucky you Texas has a return of 25% and 50% depending on the time frame! Feel free to keep on banking on the S&P or DJIA

[Huntingfool]

My story - was a high school coach and teacher for 5 years making $11K a year in 1980. Wife and kid with another one coming so I knew I needed to make a change.

We moved to a new town where I knew nobody and started an insurance/employee benefit business. Totally self employed. Forty years later and now age 65, my life is awesome. I built the business from scratch with nothing but hard work and financial discipline. I now am totally financially independent but still work (whenever I feel like it) because I enjoy it.

Right or wrong here is how I did it.

1. Worked my butt off. I did the little things that others do not want to do. I would rather be two hours early to an appointment than two minutes late.
2. I always put my clients interest above mine. People can sense if you are sincere or if you are out to sell them something for your own benefit.
3. Along the way I tried to keep a balance in my life. Work was important but more important was my faith, my family, and my friends.
4. I always looked long term. I set goals (in writing and placed on my desk) every year for my personal life and my business life and then worked hard to meet each goal.
5. I saved a percentage of my income rather than a dollar amount. Your income will go up over time so by saving a percentage your savings will also go up each year. Whatever I saved was sacred - never tapped into it for a vacation, etc. Leave it alone and let the magic of compound interest do its thing.
6. If you work for a company that offers a 401k match then ALWAYS at least put in enough to get the match. Think about it - a company match is a 100% return on your money on every dollar you put in. Can't get that in the stock market or anywhere else.
7. Despite what Dave Ramsey says, all debt is not bad. You just have to be smart on how you use debt. I use a credit card that gives me 2-4% back and then I pay off my card every month and NEVER have a balance. So I get an automatic discount on everything I buy. Same with my mortgage - if I can pay 3% on my home mortgage while making 4-6% on my money PLUS get a tax write off then in the long run I am coming out ahead. I could pay my mortgage off in the morning but I like using other people's money to make money.

So at the end of day I simply set out early on with what my goals were and then worked hard to meet them.

People do not plan to fail - they just fail to plan.

Good luck to all

[Pintail45]

All of y'all who haven't had credit cards in many years, and pay cash for vehicles, how do you keep a good credit rating? What credit history would you have?


I live debt free. My only monthly expenses are my truck, vehicle, and home insurance. Other than that I have utility bills, and property taxes. Home is paid for.

I keep a Cabelas credit card, and use it for most purchases. I pay it in full every month, and enjoy the perks from it.

I haven't had credit cards in over 10 years but my FICO score is close to 800. I do have other loans I'm aggressively paying off though.

After you stop using credit/loans completely, you won't have a credit score. Banks will then have to do what they did before credit scores were around, AKA manual underwriting. Basically, they look at your debt to income ratios etc. and assess your ability to service the debt.

Having a zero FICO score isn't a bad thing (like having a low score), but it can be more difficult to find a bank that's willing to manually underwrite a loan.

[Powertool1994]

My story - was a high school coach and teacher for 5 years making $11K a year in 1980. Wife and kid with another one coming so I knew I needed to make a change.

We moved to a new town where I knew nobody and started an insurance/employee benefit business. Totally self employed. Forty years later and now age 65, my life is awesome. I built the business from scratch with nothing but hard work and financial discipline. I now am totally financially independent but still work (whenever I feel like it) because I enjoy it.

Right or wrong here is how I did it.

1. Worked my butt off. I did the little things that others do not want to do. I would rather be two hours early to an appointment than two minutes late.
2. I always put my clients interest above mine. People can sense if you are sincere or if you are out to sell them something for your own benefit.
3. Along the way I tried to keep a balance in my life. Work was important but more important was my faith, my family, and my friends.
4. I always looked long term. I set goals (in writing and placed on my desk) every year for my personal life and my business life and then worked hard to meet each goal.
5. I saved a percentage of my income rather than a dollar amount. Your income will go up over time so by saving a percentage your savings will also go up each year. Whatever I saved was sacred - never tapped into it for a vacation, etc. Leave it alone and let the magic of compound interest do its thing.
6. If you work for a company that offers a 401k match then ALWAYS at least put in enough to get the match. Think about it - a company match is a 100% return on your money on every dollar you put in. Can't get that in the stock market or anywhere else.
7. Despite what Dave Ramsey says, all debt is not bad. You just have to be smart on how you use debt. I use a credit card that gives me 2-4% back and then I pay off my card every month and NEVER have a balance. So I get an automatic discount on everything I buy. Same with my mortgage - if I can pay 3% on my home mortgage while making 4-6% on my money PLUS get a tax write off then in the long run I am coming out ahead. I could pay my mortgage off in the morning but I like using other people's money to make money.

So at the end of day I simply set out early on with what my goals were and then worked hard to meet them.

People do not plan to fail - they just fail to plan.

Good luck to all

I like this guy. ^^^


Sent from my iPhone using Tapatalk

[NWernig]

I try to spend less on hunting.... it’s not going well

[Darton]

I don't know about success story but I have just always saved what I thought was a fair amount. I have 2 car payments but work pays me more than my payment for mine. My wife and I built our house almost 5 years ago when I was 29, paid the 4acres with cash, and put half down on the new custom build. Two years ago I quit using my debit card or cash unless there was a discount involved. Moved that spending to a CC with rewards that is paid in full every single month. There is enough in savings and investments to pay off everything I make payments on minus about 50K on the house.

I refuse to follow the “if you will live like no one else, later you can live like no one else.”. There is too much fun to be had in our youth to do that for me. We love our vacations and I love my hunts. I can say without a doubt I would rather work later in life than to skip those things now

I am in total agreement with you sir on Dave’s, “if you live like no one else, later you can live like no one else.” So, let me get this straight, we are to live frugally and do without so we can afford the best old folks home when we can’t function Great plan, mean while those of us who don’t subscribe move forward and attain great things before we need diapers

[Huntingfool]

I am in total agreement with you sir on Dave’s, “if you live like no one else, later you can live like no one else.” So, let me get this straight, we are to live frugally and do without so we can afford the best old folks home when we can’t function Great plan, mean while those of us who don’t subscribe move forward and attain great things before we need diapers

For me it is all about balance. I have worked with folks for 40 years on financial planning. I see some who made a ton of money and spent it all and retire broke. Have seen others who died with their first nickel. Be diligent with your money does not mean it cannot still be enjoyed while young IMO.

[tps7742]

For me it is all about balance. I have worked with folks for 40 years on financial planning. I see some who made a ton of money and spent it all and retire broke. Have seen others who died with their first nickel. Be diligent with your money does not mean it cannot still be enjoyed while young IMO.

Good points made in your statements, it’s all about the balance.

[RiverRat1]

I am in total agreement with you sir on Dave’s, “if you live like no one else, later you can live like no one else.” So, let me get this straight, we are to live frugally and do without so we can afford the best old folks home when we can’t function Great plan, mean while those of us who don’t subscribe move forward and attain great things before we need diapers

Most people will not make 80-150k per year. Most will make an average wage of 30-60k each year.

So IMO they have two choices. Live somewhat frugal and save/invest over the long term OR spend it as it comes in and live off the fumes.

Sure option #2 is more fun.....for now.

Someone did the math above. I'd wager 80% or more people really could save $500 or a lot more each month if they wanted to. So most really could afford a ranch it's just they don't have the patience to do it. They'd rather have instant gratification on smaller things.

Plus what was not mentioned is over time the land loan will be a smaller % of your earnings (if you get a loan) So one doesn't have to save the entire amount before buying. How many times have you heard.."I wish I would have bought land 5 years ago!" I've been hearing that for 25 years now.