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Old 01-13-2021, 06:06 PM   #1
STGS
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Default Financial Tip of the Day

Have you ever felt the “bite” of the “new car bug” when your neighbor comes home with a new 4x4 truck with all the bells and whistles?

Has your wife ever come home and wanted to remodel the kitchen after going over to see a friend’s new home?

Does your 2 year old bow not quite perform as well after shooting the newest 2021 models?

Today’s tip surrounds the concept of contentment.

The dictionary defines contentment as a state of happiness and satisfaction.

When you can operate in a state of contentment and understand material purchases will not make you happy, you can achieve financial goals that will allow you grow your wealth far beyond your dreams.

Making certain sacrifices, often focused around the purchase of “stuff” we really don’t need, can lead to financial successes that far outweigh any benefits derived from the purchase of stuff.

Please don’t confuse contentment with the concept of settling or complacency. Being content means you are happy with your current situation, but it doesn’t mean you don’t have additional goals, aspirations or wants/desires. Being content means you are willing to do without certain things while realizing those things do not create happiness and satisfaction.

There is a book called “Love Your Life, Not Theirs” by Rachel Cruze. It does a great job of detailing the impacts of keeping up with the Jones’ along with the financial and emotional impacts of that lifestyle. It highlights the caustic nature of social media and the instant gratification culture we see so much of today.

I encourage everyone to set lofty goals (financial, relationship, health) which require sacrifice and commitment. All the while, trying to be content with your current status while striving to meet those goals.

Last edited by STGS; 01-13-2021 at 06:09 PM.
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Old 01-13-2021, 06:25 PM   #2
eradicator
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You are splitting hairs honestly. We could all survive with a campfire on the side of a creek......sabe?
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Old 01-13-2021, 06:28 PM   #3
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Its good to have a savings, but we live for today, not 10 yrs from now. I know alot of people who have never made it to see retirement, and that sucks. We have 2 new sxs, new trucks, new camper, and enjoy it all as much as we can because u aren't guaranteed tomorrow. We save what we can and spend the rest. I can save alot more in 4 more years when im done paying child support. Lol
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Old 01-13-2021, 06:33 PM   #4
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You are splitting hairs honestly. We could all survive with a campfire on the side of a creek......sabe?
Progress man we could all be herding goats with not access to healthcare or a sewer system. Survival and fighting short term gratification to achieve long-term goals are 2 different things...you know?

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Old 01-13-2021, 06:47 PM   #5
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Thanks for the post, I enjoy your Financial tips!
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Old 01-13-2021, 06:52 PM   #6
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Originally Posted by Tyrex750 View Post
Its good to have a savings, but we live for today, not 10 yrs from now. I know alot of people who have never made it to see retirement, and that sucks. We have 2 new sxs, new trucks, new camper, and enjoy it all as much as we can because u aren't guaranteed tomorrow. We save what we can and spend the rest. I can save alot more in 4 more years when im done paying child support. Lol
As long as everything is paid for and not financed you are ahead of many. :-)
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Old 01-13-2021, 06:53 PM   #7
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Progress man we could all be herding goats with not access to healthcare or a sewer system. Survival and fighting short term gratification to achieve long-term goals are 2 different things...you know?

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I do know. It's frustrating to say the least. I hate the city
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Old 01-13-2021, 07:11 PM   #8
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Seems like a good tip, thanks for sharing
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Old 01-13-2021, 07:39 PM   #9
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Always live within your means, whatever that may be. I would say the majority of folks don't these days, or even know what that means to be honest.
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Old 01-13-2021, 08:37 PM   #10
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Good advice
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Old 01-13-2021, 09:05 PM   #11
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Thanks for sharing. I speak of this to my wife all the time. May have to have her read that book. It doesn’t sink in.
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Old 01-13-2021, 09:14 PM   #12
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Originally Posted by Tyrex750 View Post
Its good to have a savings, but we live for today, not 10 yrs from now. I know alot of people who have never made it to see retirement, and that sucks. We have 2 new sxs, new trucks, new camper, and enjoy it all as much as we can because u aren't guaranteed tomorrow. We save what we can and spend the rest. I can save alot more in 4 more years when im done paying child support. Lol
I think you have to find a happy medium.
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Old 01-13-2021, 09:18 PM   #13
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Pretty happy at the moment
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Old 01-13-2021, 09:22 PM   #14
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FANTASTIC POST!

I do mortgage loans all the time for that "rich" neighbor with the brand new King Ranch. Well, I try at least. They very often can't qualify for squat.


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Old 01-13-2021, 09:26 PM   #15
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There is far more that reach retirement age without the funds to retire than die young with too much cash in the bank.

After all the title of the OP is “financial” tip of the day. Great advice STGS. Great book too.
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Old 01-13-2021, 09:29 PM   #16
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Good post, and thanks for the reminder! It’s easy to get caught up in the newest and coolest.
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Old 01-13-2021, 09:42 PM   #17
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Originally Posted by Tex_Cattleman View Post
FANTASTIC POST!

I do mortgage loans all the time for that "rich" neighbor with the brand new King Ranch. Well, I try at least. They very often can't qualify for squat.


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How often do you think mortgage loans get manual underwriting due to lack of a credit score? Where actual net worth and income is considered in honest versus a FICO and being good at spending someone else’s money?
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Old 01-13-2021, 09:57 PM   #18
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Thanks for the tip! I really enjoy when you share these with us. I live in a content state 90% of the time and it truly does make life more enjoyable.
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Old 01-13-2021, 10:00 PM   #19
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Solid advice! There’s lots of people in lots of debt trying to keep up with the Jones’s! Including me at one time!


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Old 01-13-2021, 10:01 PM   #20
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Thanks for the tip. I have trouble with the contentment part.
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Old 01-13-2021, 10:35 PM   #21
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Always live below your means, whatever that may be. I would say the majority of folks don't these days, or even know what that means to be honest.
Fify
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Old 01-14-2021, 08:44 AM   #22
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MAN I CANNOT LIKE THIS ENOUGH!!!!

90% of americans live paycheck to paycheck. In debt and on plastic

This is awesome. Keep it up
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Old 01-14-2021, 08:54 AM   #23
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Fify
Fair enough
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Old 01-14-2021, 09:09 AM   #24
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Far too many people are jealous of their "rich" friends with the big house, boat, foreign cars etc. In reality most of em are up to their gills in debt with very little savings. I work with attorneys for a living, many of them have the BMW in the parking lot but are struggling to get business and have student loans out the butt. Don't be fooled by folks with fancy stuff, many live week to week while the guy next door driving the 10 year old truck doesn't have a care in the world because he doesn't need tomorrow's paycheck.
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Old 01-14-2021, 09:11 AM   #25
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Don't you get a new truck every other year?
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Old 01-14-2021, 09:22 AM   #26
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Great tip!!! I could save a lot more money than I do at the present time. I wish I had done a better job at setting money aside for my retirement but on the flip side I do want to enjoy doing things while my health is good and I'm still able to do it. It's all a personal choice that everyone has to make and there really is no right or wrong decision. Save what you can and but enjoy your life because there is no guarantee for tomorrow.
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Old 01-14-2021, 09:24 AM   #27
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Nah that's stupid. Get the F-450 with the lift, the newest bow, and the biggest camper! Hell buy way more house and property than you honestly can afford.

People like me love getting deals when folks can't make the loan payment on them anymore!
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Old 01-14-2021, 09:25 AM   #28
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I agree most people should save more, and teach that debt isn't your friend.
The only debt we have is our house, no having notes allows us to live life. If we want to go to Sandals or Disney with the kids we plan it and go. In my opinion people are concerned with possessions in stead of making memories and having amazing experiences.
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Old 01-14-2021, 09:26 AM   #29
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Start young... Compounding interest is your friend.
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Old 01-14-2021, 09:29 AM   #30
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Quote:
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As long as everything is paid for and not financed you are ahead of many. :-)
That's the problem lol.

All paying 3-8% on along with the house
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Old 01-14-2021, 09:32 AM   #31
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Great tip! Sounds very similar to the great Dave Ramsey.

I'm on what I call the modified Ramsey plan. LOL

Pretty much everything we have is paid for except house and my wife's Tahoe. I do have truck itch really bad right now. Our deal on vehicles is we put at a minimum half down and pay them off in 3 years and then drive them another 5 to 7.
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Old 01-14-2021, 09:35 AM   #32
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How often do you think mortgage loans get manual underwriting due to lack of a credit score? Where actual net worth and income is considered in honest versus a FICO and being good at spending someone else’s money?
I am really not sure. We we not manually underwrite secondary (think vanilla, low rate) loans. We manual underwrite only for bank-held loans, not secondary market loan. With bank loans, underwriter looks at the whole picture and uses their brain. Secondary, you have to meet Fannie/Freddie guidelines. It's a box with one round hole and you have to fit in regardless of your peg shape - even if it's made of gold.
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Old 01-14-2021, 09:39 AM   #33
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Great post! In this world we live in where people "show off" material possessions constantly on social media it is important to operate in a state of contentment that isn't reliant upon keeping up with the Jones.
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Old 01-14-2021, 09:40 AM   #34
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I read a quote from someone years ago when I was a lot younger and it has always stuck with me. I have known and worked with many people who live this way.

To many peoples needs are really "a want" that is parked in their neighbors drive way.
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Old 01-14-2021, 09:52 AM   #35
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Kidding fellas, we eat ramon noodles every night and live in a 1970 single wide and put all the money in the bank. Lol
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Old 01-14-2021, 09:56 AM   #36
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Great post. I did not read it to mean save today so you can live tomorrow. I see it as more of a "spiritual" philosophy. There is nothing intrinsically wrong with material things. The problem comes when we get caught in the trap of envy or just thinking I can find happiness (true, long term happiness) through material things. If you can find true contentment with where you are and what you have or have achieved, then you will find yourself making fewer of those impulse purchases. At least that is how it has worked for me. Everyone has to live their own life.
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Old 01-14-2021, 10:05 AM   #37
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MAN I CANNOT LIKE THIS ENOUGH!!!!

90% of americans live paycheck to paycheck. In debt and on plastic

This is awesome. Keep it up
Man I disagree most Americans live purchase to purchase not even pay check to check.

It’s a fine line imo save for tomorrow but live for today. You don’t need the best of everything but a happy medium. Life is so much easier when your not in debt to your neck and struggling to get by. With that being said I spend way to much on crap....
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Old 01-14-2021, 12:09 PM   #38
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My newest vehicle is a 2011 we bought used, the others range from 1985 to 2009. My boat is a 1986, with way more money in electronics than the boat is worth. LOL We currently only owe for only our house. I learned many years ago that nobody is impressed with what I drive. I wish I had invested for retirement as soon as I graduated high school. I basically know nothing about the stock market, and I am scared to invest and loose it all.
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Old 01-14-2021, 12:14 PM   #39
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Kidding fellas, we eat ramon noodles every night and live in a 1970 single wide and put all the money in the bank. Lol
Leave Ramon's noodle alone. What in the cornbread heck?
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Old 01-14-2021, 01:31 PM   #40
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My newest vehicle is a 2011 we bought used, the others range from 1985 to 2009. My boat is a 1986, with way more money in electronics than the boat is worth. LOL We currently only owe for only our house. I learned many years ago that nobody is impressed with what I drive. I wish I had invested for retirement as soon as I graduated high school. I basically know nothing about the stock market, and I am scared to invest and loose it all.
You highlight some great points. Fear of the markets, volatility and lack of information/control is real. NEVER, NEVER, NEVER invest your money in something you don't fully understand and feel comfortable with.... I don't understand crypto currencies, so I don't go anywhere near them.

If you want to learn more about the equities market(s), check out John Bogle's book titled, The Little Book of Common Sense Investing. The audio book is good and not very long. Highly encourage it if you want an easy to follow investment book.
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Old 01-14-2021, 01:44 PM   #41
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What has worked for my family. If you can't buy it with cash and then you don't need to buy it. That does not work for everybody but it works for us.
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Old 01-14-2021, 02:20 PM   #42
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Originally Posted by STGS View Post
You highlight some great points. Fear of the markets, volatility and lack of information/control is real. NEVER, NEVER, NEVER invest your money in something you don't fully understand and feel comfortable with.... I don't understand crypto currencies, so I don't go anywhere near them.



If you want to learn more about the equities market(s), check out John Bogle's book titled, The Little Book of Common Sense Investing. The audio book is good and not very long. Highly encourage it if you want an easy to follow investment book.
I'll check out that book. I'm 56 and hope to retire in about 10 years, but that's just wishful thinking. I do have both a ROTH and a standard IRA, but got out of the market about 2-3 years ago. It's all held as cash now.

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Old 01-14-2021, 09:15 PM   #43
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I'll check out that book. I'm 56 and hope to retire in about 10 years, but that's just wishful thinking. I do have both a ROTH and a standard IRA, but got out of the market about 2-3 years ago. It's all held as cash now.

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Mutual funds are a great option. The risk is spread across many companies. Look for funds with long track records of a solid return. At your age and risk tolerance you might look for funds with a heavier Cash / bond weight to them. Lower return but lower risk. An investment pro such as Edwards jones will be able to help “educate” you. Education is key. It’s your cash
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Old 01-14-2021, 09:49 PM   #44
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When you forego purchases today, you have more money to invest for tomorrow. Here's a 401k example.





"The full table is below. It’s very easy to use. You just need to look at the first column and find the number of years you’ve worked. The Accumulated Value column shows how much your 401k would be worth if you’ve maxed out your contribution right from the beginning. The 4th column shows the max contributions for the corresponding years."


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Credit: https://retireby40.org/what-if-always-maxed-401k/
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