Kyle_in_Tex
Super Star Member
Hopefully in time, you can change your Avatar name to NotBrokeFarmerJohn
With great regret, The tractor must be sold.
- Thread starter BrokeFarmerJohn
- Start date
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ruffdog
Super Star Member
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- southern wisconsin
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- Bobcat Toolcat 5610G, Deere X744, Cub Cadet IH 982
The one thing we all search for is happiness. Money, wealth, or expensive items will not get you that item. Sometimes, being in debt to the man overshadows the high we get when we have our toys. The fun on the tractor is only good for a few hours but the debt dread is 24/7. I applaud the OP for directly bringing this personal issue to light as it affects so many people. It sounds like the OP is in his late 20's so there is plenty of time to make up for this stumble. He has learned this at an age much sooner than many others. Good luck!
A homeless man can say one thing that a rich man cannot, "If I were rich, I would be happy".
A homeless man can say one thing that a rich man cannot, "If I were rich, I would be happy".
MossRoad
Super Moderator
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- Power Trac PT425 2001 Model Year
The only financial advice I got from my parents was 'Don't spend more than you earn." And don't take out a mortgage that's more than 2.5X your annual income. I was making about $12K when I got married. So was my wife. By my folk's standard, and the bank as well, we could have taken about a $72K mortgage.
My wife and I got nervous buying our $20K first house because we had to borrow $18K! :laughing:
So we started off frugal and continue to be to this day. Been debt free since 1995-1996, somewhere around there.
MossRoad
Super Moderator
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- South Bend, Indiana (near)
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- Power Trac PT425 2001 Model Year
My mom used to tell me "Money can't buy you happiness, but it sure helps."
I watched my folks struggle several times financially with 5 kids, and my dad lost his job several times through no fault of his own. I could see the toll it took on him when he'd have to start over. And while I had a happy, loving, warm home and good food growing up, and that's what's most important, I could still see the folks struggling with dealing with the curveballs that life throws at you sometimes, like:
- Lose a job.
- Catastrophic health issues.
- Unexpected expenses like neighbors passing a barrett law to get the street paved and you have to cough up thousands for curb and sewer work.
- etc....
Having a decent income and the ability to afford health insurance, and save up some money for unexpected expenses goes a long way towards easing your mental state. I highly recommend it.
Snobdds
Elite Member
This may be the best advice yet.
I just make saving a dedicated line item expense each month that is taken out monthly to various accounts that are separate from everything. It is truly remarkable how fast actual wealth is created.
One big fallacy that I see so many make is thinking real estate is wealth building, unless it's dedicated rental income. It's all paper wealth until it's sold, then there is transaction costs, taxes, etc. that eat into years of wealth building profit. A big house doesn't make you have more wealth than a person with a smaller house but bigger savings account. Wealth is created by free cash flows that can grow over time.
However, life is short and you can't live by scared money. On your deathbed you will remember the moments that take money to make those memories happen. Nobody is going to remember how much money a person saved by packing a lunch every day. There is a balance and happiness is part of comfortable living.
MossRoad
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- South Bend, Indiana (near)
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Pop in the machine is $1.65.
The same pop at the store is frequently on sale for 4 six packs for $10.
That's .42 each.
You save $1.23 on each one you bring from home.
I drink 2 a day, so $2.46 per day saved.
$12.30 per week saved.
$639.60 per year saved.
Invest $639.60 per year in a mutual fund tied to the S&P 500.
Add $639.60 to it each year.
Apply the historical rate of return of 7%
Do that from age 18 to age 58 - 40 years.
Someone is going to remember that by saving your pop money, you left them $142,202.34.....
Of course, no one takes their saved pop money and puts it in an investment account religiously.... or do they? :laughing:
The point is, if you save just a couple bucks a day by taking pop from home, and if you save a couple bucks a day more by taking your lunch VS eating out, and if you would actually put that money aside, you could save a quarter of a million dollars towards your retirement, or you could make an extra mortgage payment every year and drastically cut time and interest payments off the end of your mortgage, or put the money in a 529 college savings plan for your kid, or a niece of nephew, etc.....
Someone's gonna remember you for that. :thumbsup:
And if they don't, leave it to the cat or dog. :laughing:
The same pop at the store is frequently on sale for 4 six packs for $10.
That's .42 each.
You save $1.23 on each one you bring from home.
I drink 2 a day, so $2.46 per day saved.
$12.30 per week saved.
$639.60 per year saved.
Invest $639.60 per year in a mutual fund tied to the S&P 500.
Add $639.60 to it each year.
Apply the historical rate of return of 7%
Do that from age 18 to age 58 - 40 years.
Someone is going to remember that by saving your pop money, you left them $142,202.34.....
Of course, no one takes their saved pop money and puts it in an investment account religiously.... or do they? :laughing:
The point is, if you save just a couple bucks a day by taking pop from home, and if you save a couple bucks a day more by taking your lunch VS eating out, and if you would actually put that money aside, you could save a quarter of a million dollars towards your retirement, or you could make an extra mortgage payment every year and drastically cut time and interest payments off the end of your mortgage, or put the money in a 529 college savings plan for your kid, or a niece of nephew, etc.....
Someone's gonna remember you for that. :thumbsup:
And if they don't, leave it to the cat or dog. :laughing:
4570Man
Super Star Member
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- Kubota M59, Kubota L3800, Grasshopper 428D, Topkick dump truck, 3500 dump truck, 10 ton trailer, more lighter trailers.
Pop in the machine is $1.65.
The same pop at the store is frequently on sale for 4 six packs for $10.
That's .42 each.
You save $1.23 on each one you bring from home.
I drink 2 a day, so $2.46 per day saved.
$12.30 per week saved.
$639.60 per year saved.
Invest $639.60 per year in a mutual fund tied to the S&P 500.
Add $639.60 to it each year.
Apply the historical rate of return of 7%
Do that from age 18 to age 58 - 40 years.
Someone is going to remember that by saving your pop money, you left them $142,202.34.....
Of course, no one takes their saved pop money and puts it in an investment account religiously.... or do they? :laughing:
The point is, if you save just a couple bucks a day by taking pop from home, and if you save a couple bucks a day more by taking your lunch VS eating out, and if you would actually put that money aside, you could save a quarter of a million dollars towards your retirement, or you could make an extra mortgage payment every year and drastically cut time and interest payments off the end of your mortgage, or put the money in a 529 college savings plan for your kid, or a niece of nephew, etc.....
Someone's gonna remember you for that.
And if they don't, leave it to the cat or dog. :laughing:
I like to buy the 30 oz Powerades that are usually on sale for 99 cents. They are usually 80 or 88 cents at the grocery store. So I don’t equate that to a winning proposition to buy them at the grocery store. But from the stores prospective I usually buy gas at their store because they have the cheapest Powerade in town.
CobyRupert
Super Member
Awww...thanks man!
It's just part of my: "non related streams of unconscious thought layed out in a random order to make an inside joke, a point." as "someone" once said
Peace bro.
Snobdds
Elite Member
I think it's a better strategy to make your cash flow for consumables less by $10 each month for soda and save it than try and scurry away saved pennies on each transaction. Take that $10 and invest it today and go back to that 8th wonder of the world phenomenon. Let the time value of money do it's thing.
Also, it's too expensive to be cheap. That comes with age and being burned on having to constantly replace cheap stuff. Sometimes it better to buy once and cry once than buying the same thing twice.
Also, it's too expensive to be cheap. That comes with age and being burned on having to constantly replace cheap stuff. Sometimes it better to buy once and cry once than buying the same thing twice.
Snobdds
Elite Member
Awww...thanks man!
It's just part of my: "non related streams of unconscious thought layed out in a random order to make an inside joke, a point." as "someone" once said
Peace bro.
Don't get cocky, it was albert einstein that thought that before you. I did give you credit for apply the thought though...:thumbsup:
