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Discussion Starter · #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
 

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Retired Forester...now fishing instead of working
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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.
 

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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.
 

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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.
 

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Discussion Starter · #8 ·
my goal is to make the most out of my money and to give my family what they need/want good advice so far except for Billy, I don't want to have to work more asshole
 

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LA RAMS are SUPER BOWL CHAMPIONS!
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Plan a budget together with your family, SAVE 10% of your earnings each month, learn about the basic investment options, then INVEST your savings. Stick to your budget and avoid debt outside your home mortgage. Stay healthy! Bob Brinker's radio program is helpful.
 

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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).
 

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Friendly
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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
 

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Triploid, Humpy & Seaplane Hater....Know Grizzler
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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
 

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Justified
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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
In all seriousness, get out of debt.

It's hard, but worth it.

Live like no one else, so later... you can live like no one else. :)
 

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It's hard to beat overtime. Sign up for whatever you can.
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
 

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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.
 

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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.
 
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