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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
 
#4 ·
You really need to learn how to manage your own money. Years ago, there was a great book on the subject but I have not seen anything close these days that covers the subject in a comprehensive manner.

I would listen to Bob Brinker....he focuses on self-money management and his advice on financial planning issues is pretty good. You need to focus on a financial plan, NOT INVESTING at this point.

He is on Sunday's at 1:00 pm on KPQ out of Wenatchee, but I am not sure if you can listen to the station without a very good antenna in Cle Elum. But you can find him on radio stations that stream. Try Denver and Phoenix if KPQ does not stream.

Here is the list to the radio stations: http://www.bobbrinker.com/radio.asp

Just listen for a couple of months then you can start reading some of the basic books on his book list.

In the meantime, construct a budget that saves 15% of your income. You will need it to accomplish anything. The other thing is to sit down with your wife and have a heart to heart about your dreams. House, retirement, kids education, etc. After you have that it is pretty easy to develop a financial plan.

Good luck, you need to start soon. Time is running out for doing it on the cheap.
 
#5 ·
I was about to write up some simple retirement planning type advise, but I'm not sure you're ready for that. Getting off the paycheck-to-paycheck treadmill by spending less than you make is damned hard, but until you do, nothing else really matters.

If you have any credit card debt, cut up the cards and pay that off. Take $100 a week and pay down the balance until it's gone. I don't know what you make, but $100 a week is a lot of money to a lot of people and coming up with that amount every damned week is gonna be hard. But still, figure out how to make it work.

After you pay off your credit cards, take that $100 a week and put it in the bank for one year. At the end of the year, take $200 out of the bank and take your family out to dinner. You've earned it.

Now three things have happened. You've paid off your credit cards. You've saved $5,000. And you've learned how to live on less than you make. Now you're ready for some financial planning.
 
#6 ·
Also, look at your income potential at your current employment. Is there any additional training, schooling, or certification that can move you up the pay scale? Of course budgeting like previously mentioned, then maybe add some night classes that lead to a specific path with a pay increase. Avoiding additional education or training because you're too busy working at a lower income job is the definition of being on a treadmill. Habit 7 of the book, 7 habits of highly effective people, is "sharpen the saw". Some people don't take the time to sharpen their saws because they're too busy cutting down a really big tree. Take the time to become more efficient.
 
#16 ·
The time to put in more hours, take extra training is when you're young healthy and have the energy in your 20s 30's and 40's .
Interesting how a strong work ethic is eschewed by the many these days. How many on here have worked 2 to 3 jobs at a time and gave up recreational activities for a few years to be mopre financially stable? Now the politics of envy are used against those who worked hard and saved. Calling someone an asshole who suggested more hours of work says a bit about your character imo

Plus write down every dollar spent, budget, pay off debt asap. Obviously cut out the cell phones or a $20 a month prepaid, no cable tv, internet etc. Take advantage of your local library for entertainment, internet , movies etc.Use coupons. Your kids will see this and help them in their financial future
 
#12 ·
Pay yourself first! Take a little bit out of every paycheck (maybe taken out before it hits the paycheck) and SAVE it for long term. Never touch (withdraw) it! Have dual signatures required for a withdrawl?

Each pay raise (hopefully you are getting some) take some to pay yourself first into that account. That way you will not miss something you never had.

It takes $$ to make $$$. By having some $, you can help it grow (with the right choices).
 
#13 ·
This might sound odd. The earning is usually not the problem. The trick is spending less than you make and paying yourself first by putting some in a savings. As your earnings go up save even more. Saving is the key. When you actually have to take the $$ that you have saved to buy something instead of using a card you will think twice about spending it.

One other thing is give yourself a weekly cash allowance, a small amount, do that by putting green bills in your wallet. When the green is gone no more spending for that week
 
#14 ·
Good advice so far.
I'll just add what I see in a few of my friends. They never know how much money they have and where or how it is actually being spent.

Balance your bank statements each month and consider a program like Quickbooks.
Save every receipt and enter them into Quickbooks.
This isn't easy to do, but if you do so over time you'll be able to run monthly reports and see where your dollars are going and where there are opportunities to reduce spending and increase your savings.
SF
 
#19 ·
I won't list my financial credentials, which once included security analysis and portfolio management, because I'm not a financial advisor.

However, if you're really a ninth grade dropout, my advice would be to go back to school to complete your education. Odds are that that would result in improving your long term financial situation more than anything else you could do for yourself, and your family.
 
#20 ·
Here are a few quick hits that I've found success with in my life (beginning when I was in the military and continuing today):
  • Eat your meals at home, pack a lunch to work, don't buy expensive food. This could easily save $100+ a month depending on your current eating habits.
  • Evaluate your media consumptions NEEDS. Does everyone in the family really need a smartphone? The answer is no. I just recently got one because it was free and it resulted in no change to my cell phone bill. My wife still doesn't own one and won't ever own one. I also work at a really big local tech company so I get a lot of flack for it.
  • Tax returns? Save it or pay off bills.
Pretty much any financial plan which begins at step 1 follows the same path: get out of debt, restructure your spending habits, save money for retirement.

It's easier said than done. One thing to remember, it's NEVER too late to start saving for retirement.

On a side note, my dad never finished high school. He joined the military, retired, started a second career in the same sector he was in while in the military, now makes over 75K a year on Whidbey Island... This is not downplaying education at all. You have to have some skills to make the monies. Good luck and I hope none of this sounds judgmental in any way.
 
#21 · (Edited)
@AdrianM - thoughtful input...

  • Eat your meals at home, pack a lunch to work, don't buy expensive food. This could easily save $100+ a month depending on your current eating habits.

    I ate P&J sandwiches and some fruit every day for 35 years while working @ Boeing. (I changed up the J flavor and type of B to add variety). I figured it saved me $180/month (200 for eating out less 20 for the actual lunch) or ~ $75k in my working career. It DOES add up!

  • Evaluate your media consumptions NEEDS. Does everyone in the family really need a smartphone? The answer is no. I just recently got one because it was free and it resulted in no change to my cell phone bill. My wife still doesn't own one and won't ever own one. I also work at a really big local tech company so I get a lot of flack for it.

    Phones are a convenience for the most part. Smart phones are a luxury. Flip phones save a lot of $.

    Now days use of the internet is almost mandatory for educational needs for the kids. Look at using DSL rather than High-speed. May be a bit slower but still usable and functional. BTW I am on DSL by choice still today...

    Download movies much? There are alternatives. Even Netflix by mail is cheaper. Local library is very cheap.

  • Tax returns? Save it or pay off bills.

    Pay off bills first! That will save you 18%+ percent on your money! Best investment ever!!! Wish I could get even 7% on my investments...
It is all about choices. Some examples of the type of things are above...

As many others have indicated KNOW where your $$ is going. Once you know that then the budget process can proceed. Giving up a little bit now will pay huge dividends in the future.
 
#24 ·
Anyone one on here want to guide

what I could do in return, not including my naked wife
Simple math buddy
You and ur life are an income statement

First line all revenue After tax

Then list every expense that is recurring
Subtract from income

Positive number ....left good
Negative number. Bad make more money or reduce expenses

As for savings and investment ....keep it simple ....

More investment and business mgmt experience then is need .... you do need this experience to budget.

Come fishing sometime to discuss ...bring beer
 
G
#25 ·
1. Everyday you work when your young is one day less you will have to work when your old.
2. Overtime money pays for vacations & nights out, overtime comes & goes don't get use to living on it.
3. Be happy with what you've got, no need to buy stuff you can't afford.
4.go to work, staying at home does'nt pay the bills.

These are the very words grampa told me years ago, I used these words of wisdom to pay a house off at forty years of age & now enjoy going on some real nice vacation trips with the profits from our investments !
 
#31 ·
Go to the library and read this classic on the subject (or invest in a used copy for about $3.59~~~);

"The Only Investment Guide You'll ever Need" by Andrew Tobias

There are a ton of books about this stuff, but I read this one years ago and it continues to get rave reviews from it's readers.
It drills personal finance and investments right down to the very basics in a very common-sense sort of way, and it's easy and enjoyable to read as well. Reviewing it through the years has served me well.

I thought so highly of it that I gave a copy to both of our grown "kids" and told them to read it, and they have. It has helped them understand this stuff beyond my ability to effectively share with them and they are both grateful for it and have benefited from it as well.
 
#32 ·
Besides cannon fodder, we are also the wallet for banks, business, more banks, and the party beholden to big campaign donors (business) that controls the government--two parties so far.

When you pay yourself/save/spend less than you make, don't put it into a savings account at the bank. I don't think any bank gives more than 2% interest (annual) on savings. How much do they charge for a credit card? 18 to 30% annually. Right now, you need to earn over 8% on your savings to beat inflation, and another 20% to pay the tax man when you do spend it, and earn interest which goes on 1040 as earnings.

You need a credit card, for credit rating. That's one card. Never let the balance exceed more than you can pay off in one month. You need one car with a small loan. You always need to be current with any debt payments. Credit is a racket and why I have paragraph one, above.

You will need to find investing help, and few paid advisors will be worth your time and the money you lose to them, or their schemes. I have never heard good advice from an advisor. I made the best investment choices on my own using common sense from research.

Knowing where to invest can be a game, and one I hate. When I researched I learned of longer term places to park my savings. A few years ago, it was energy. I sailed through some crashes, felt a dip, and still beat the sharks. When my banker buddy moved to Wyoming chasing the big energy hunters, I was moving out of that market. A year later, he found himself in a ghost town. While energy was booming, drugs and medical were climbing. A long climb, so I got nervous and parked elsewhere. Goof balls and adult diapers may still be in stellar fields. Trouble is, too many others were up there also, and it looked like another market adjustment (crash). I didn't and don't have a good reading now. My savings are dwindling due to safety.

But get away from hand to mouth. Make it hand to pocket, or a box in the garden; and, then, to mouth. Today your mattress is safer than most places for saving money.
 
#36 ·
Besides cannon fodder, we are also the wallet for banks, business, more banks, and the party beholden to big campaign donors (business) that controls the government--two parties so far.

When you pay yourself/save/spend less than you make, don't put it into a savings account at the bank. I don't think any bank gives more than 2% interest (annual) on savings. How much do they charge for a credit card? 18 to 30% annually. Right now, you need to earn over 8% on your savings to beat inflation, and another 20% to pay the tax man when you do spend it, and earn interest which goes on 1040 as earnings.

You need a credit card, for credit rating. That's one card. Never let the balance exceed more than you can pay off in one month. You need one car with a small loan. You always need to be current with any debt payments. Credit is a racket and why I have paragraph one, above.

You will need to find investing help, and few paid advisors will be worth your time and the money you lose to them, or their schemes. I have never heard good advice from an advisor. I made the best investment choices on my own using common sense from research.

Knowing where to invest can be a game, and one I hate. When I researched I learned of longer term places to park my savings. A few years ago, it was energy. I sailed through some crashes, felt a dip, and still beat the sharks. When my banker buddy moved to Wyoming chasing the big energy hunters, I was moving out of that market. A year later, he found himself in a ghost town. While energy was booming, drugs and medical were climbing. A long climb, so I got nervous and parked elsewhere. Goof balls and adult diapers may still be in stellar fields. Trouble is, too many others were up there also, and it looked like another market adjustment (crash). I didn't and don't have a good reading now. My savings are dwindling due to safety.

But get away from hand to mouth. Make it hand to pocket, or a box in the garden; and, then, to mouth. Today your mattress is safer than most places for saving money.
Uh, what???
 
#33 ·
I would, if I were you, save to buy a home.

If you don't own a home (with a mortgage), then you are spending it on rent.

>You don't get a tax break on your income.
> You get zero appreciation.
>No chance of sweat equity.

If you do now a home, good job, but buy a rental house (and so on, and so on).

Yes, Real-Estate goes down, but it always comes back and then some.

Just my .02 Cents.
 
#43 ·
If you do now a home, good job, but buy a rental house (and so on, and so on).
Here is some advice for folks that have their finances in order.

Buy a vacation home, instead of a primary, home. Rent it out for peoples vacations. Deduct all taxes, interest, and travel expenses. Use the rental income to pay off the mortgage ASAP. Once the mortgage is paid off......refinance again. Use that money to buy a primary home free and clear. Vacation home should be a LLC.

I had a boss that was lamenting that he couldn't afford to retire. But he bought homes and property on every assignment with the Forest Service and kept them when he moved.

So I asked....what he owned. 40 acres of cherry orchard, waterfront on Flathead Lake. Five acres in West Yellowstone. Two five acres frontage on the Madison River outside of Ennis. And another ten acres of riverfront in Bozeman.

He didn't fly fish. Had no clue how rich he is....
 
#38 ·
@crequa -
When my wife and I were first married, money was really tight (we had a penny jar and used it to put gas in the car for weekend journeys). Over the course of our marriage (44+ years now), we learned through a few mistakes (mostly mine). A couple of things (all noted above, btw) that helped us were:

1. Budget, budget, budget...... my wife kept a record of each and every expense (paper ledger, not quickbooks - pc's didn't really "exist" in 1972). By documenting what our expenses were (and are) we were able to focus on needs vs. wants. She still keeps the books religiously.
2. Allowance - I'm a guy, I like to spend money on drinks and food and fly fishing and fly tying. I was a bit out of control for several years so my wife and I compromised: I got a weekly allowance and once it was gone, it was gone. No mas.
3. Credit cards - we never have a balance. NEVER. (Never say never).

Someone suggested perhaps getting your high school degree. Do you have time to consider this? Really a tough thing with three kids since time is scarce and precious.

Good luck!

Pat
 
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