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Any financial advisors

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4K views 49 replies 32 participants last post by  ribka 
#1 ·
Anyone one on here want to guide teach a 9th grade drop out some basics? I make the money just moved out when I was 14 and been learning the hard way, living paycheck to paycheck at 36, having a blast but with 3 kids and wife it can be rough living that way, let me know what I could do in return, not including my naked wife
 
#39 ·
Crequa,

If, at age 36, you're living paycheck to paycheck, you haven't yet lived hard enough. That is, life hasn't been hard enough on you yet to motivate you to make the changes that can make your life easier. Unless you're a Bill Gates style genius, dropping out of school dooms you to lower income for life. Make a point of getting your GED if getting a high school diploma isn't feasible. Then get training and or education specific to increasing your income potential. It might be a college degree or vocational-technical certification, but if you keep on doing what you've been doing, you'll be stuck right where you are. Your life conditions won't change unless and until you change what you have been doing.

You, your wife, and kids need food, clothing, shelter, and probably transportation to survive. If you're spending money on things that aren't on that short list, you're spending money like a moron. For example, you have tattoos. Tattoos aren't on that short list, so don't buy any more of them until you have money that you could flush down the toilet.

When spending money on the things on the short list that you actually need, spend wisely. Don't go out for lunch. Brown bag, as others posted. I brown bagged my lunch for 50 years. I didn't have a budget, but I knew I was saving money every day. If you're living paycheck to paycheck, you don't need a smart phone, a TV, or video games for your kids, or a Sage fly rod.

Analyze your actions. If your actions aren't aimed at either reducing your expenses or increasing your income, you're on the wrong track. Get on the right track. Good luck.

Sg
 
#41 ·
Some good advice on here so far. I am about the same age as you and my wife and I were in the same boat about 8 years ago. I happened to stumble across Dave Ramsey and started listening to his financial advice and put his plan into action. We cut all the fluff, stopped eating out, stopped buying anything and everything etc. It was amazing how much extra money was left over at the end of the month. We put all of our extra money towards paying off both vehicles, two student loans, wiped out credit card debt and started living off of cash. So now we have two paid for vehicles, two boats that were bought with cash, fully funded retirement accounts, savings fund, college funds for both kids, zero debt with the exception of our house and my wife has been able to quit her job to stay home with the kids. It takes a bit of work and persistence but is really rewarding to not owe money with the exception of the house. Dave Ramsey doesn't have anything earth shattering just a simple common sense approach to finances....I think it'd be worth your time to check him out and start listening to his advice. It surely was for us.
 
#42 ·
I would look up Dave Ramsey on Facebook and watch a number of his videos - my wife and I were where you were, a littler earlier in life (early 30's) wanting to have kids and not having a pot to piss in. We dialed things back, worked harder and budgeted. We got a safety fund - at first it was three months, then six and now its two years - that took a huge stress off of us - car trouble or anything that was unexpected was pretty much covered. Then we moved to our debt - payed off the smallest to the largest, we now have one credit card with a very small max - those fuckers can eat your money big time.
We then moved to higher savings percentages to our retirement and both now max out. We own our cars and still live off of a budget -

Dave Ramsey is a little "churchy" for me - but his foundation is sound and anyone can pick a few items he does and benefit from his methods of financial security.

Good luck
 
#44 ·
One thing most people don't think about is your withholding on your paycheck. If you're getting a refund on your taxes every year, adjust your withholding so you break even or have to pay a little. If you get a refund, it's because you paid too much during the year, giving the government an interest free loan. Use this money for your own purposes, instead.
 
#45 ·
You need to lock your debit & credit cards up and only use cash that is budgeted to be spent. If you have debt, follow the Dave Ramsey debt snowball to pay it off.

As others have mentioned you need to put as much into savings as you can afford, always think poor. If you're already poor, think even more poor. Everything is negotiable and it never hurts to ask if something is negotiable. Budget your food spending and always look for deals/ coupons.

Finally, invest in an education - get your GED and take online college classes at a reputable university. You will have a little more freedom with on-line classes versus going to a traditional brick and mortar site. It's going to suck and your free time will be very limited, but your opportunities to grow income will improve in most cases. If your wife can work from home, do it.

At 36, time is on your side and you need to tale advantage of compounding interest and the rule of 72 to grow wealth.
 
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