How is YOUR financial situation ??

I got very lucky about 16 years ago and got on with a company (I'm still with them) that gave out a chunk of stock options that actually became worth something somewhere along the way. About 6 years ago I sold "the big house" and we downsized to a modest 3 bedroom 1900 sq ft house out in the country on 3 acres. Cashed in the stock options and 100% paid off EVERYTHING. House, trucks, cars, bikes, loans, credit cards. EVERYTHING. Have stayed debt-free and have been maxing out my 401K for years now. I take home a little less than half of each paycheck after all of the taxes/401K and other investments come out. I'm 44 and hope to retire comfortably by age 55. Not positive that will happen but in the meantime we live comfortably and well within our means, nothing extravagant at all, and most importantly of all we have each other and our health. :cheers:
 
I got very lucky about 16 years ago and got on with a company (I'm still with them) that gave out a chunk of stock options that actually became worth something somewhere along the way. About 6 years ago I sold "the big house" and we downsized to a modest 3 bedroom 1900 sq ft house out in the country on 3 acres. Cashed in the stock options and 100% paid off EVERYTHING. House, trucks, cars, bikes, loans, credit cards. EVERYTHING. Have stayed debt-free and have been maxing out my 401K for years now. I take home a little less than half of each paycheck after all of the taxes/401K and other investments come out. I'm 44 and hope to retire comfortably by age 55. Not positive that will happen but in the meantime we live comfortably and well within our means, nothing extravagant at all, and most importantly of all we have each other and our health. :cheers:

Wow......great planning, and great perspective on life!
 
Interesting video. I think a good portion of the debt situation lies on both the lender and the lendee. As we all know by now, banks gave out way too much money, and the people who asked for the money had no idea how to budget.

Personally I'm pretty much good to go. I've invested in the stock market since age 13, and done okay at it. Some years better than others. I've got a good IRA, 401K at work, military retirement, VA disability, and fair amount of investments. The real estate market in my area is back to bidding wars like 2000, and my house is up about 25% in 18 months. Job market is coming back nicely, I think I can scare up a 50% raise this year. By age 60 I'm done as I'm pretty tired these days, currently 47.5, worked since age 12.
 
I agree with the video and what it has to say, I also think high schools should include some sort of personal finance class as a requirement because the majority of the people learn finances from their parents. I can say I didn't learn much other than I don't need new things to be happy.
 
I agree with the video and what it has to say, I also think high schools should include some sort of personal finance class as a requirement because the majority of the people learn finances from their parents.

I absolutely couldn't agree with this statement more. I've been saying for years that personal finance should be a core class in high schools. My parents, while they did a great job of raising me, could've done a better job of teaching me personal financial lessons so I didn't have to learn the hard way. Sure, a lot of it is common sense, but when you're a young, stupid college student and someone is throwing credit cards your way, if you don't have the education to fall back on, you can get in over your head.

I have gas in the tank, food in the fridge and no real debt. :tup: im good

Right there with ya! As I said above, I learned the hard way, but after a few years of being frugal and learning my limits, I'm now at the best financial place I've ever been. No real debt to speak of (other than loan on the '09 FZ1 I just bought a little over a month ago, although I've already paid half of it off with what I made selling my FZ6). I'm finally making decent money in my job and putting money into my savings every payday. I've become so much better at saving money and I'm really proud of myself for that.

Great thread, BTW! :tup:
 
Well I can't complain about my situation. Good job, bike paid off, low house payment, new truck and new boat. It's amazing what can happen when you get happily divorced. When I was married I was tens of thousands in the hole, working two jobs and going to school. Looking back I think I have it made now!!! :cheers:
 
I think I'm doing better these days, or much better than 3 years ago! I just got divorce with 2 CCard max out (10K) I still had a $8500 loan a my cage and along the way I dump $9500 on my 6R (ya, still hurt!) I cut the fat to the bare minimum. No cable, little 1 bedroom apart, not really going out much and restaurant on occasion.

So today my cage and my 6R is payed off. I canned 1 of my CCard (payed off) and still working on the other one. I got married to my lovely wife in South Africa almost 2 years ago (all payed cash), my wife has been a full time student for the last 1.5-2 years (paying out of pocket for everything, no student loan), we were able to put about 5K in a joint saving (kind of using it as a buffer to pay for school...) I have a 401K with my job that has around 15K in it... not much but I didn't have anything 3 years ago.

Doing all that without my wife working! I'm kind of working 2-3 job. Not all the time but I get whatever I can to make extra $$$. We are trying to put $$$ on the side to get a condo or small townhouse (buyer marker these days, especially in Florida)

So all in all I think I'm doing pretty good. By the time my wife finish school and work full time we will have an extra 30-40K a year coming in.

I'm planning pre retiring around 55 or so. Working 10 months a year kind off. I won't mind keep working, can't see myself completely stop working anyway. I can do what I'm doing now until my 80's if I can make it there...lol

I use to live for the big American dream (Big house with white picked fence, big dog....) Now my dream is to have enough to live and be happy without been buried in debt.
 
If I didn't have Becca...I would have nothing....I have had 1 bike repoed...evicted twice...companies sue....I am terrible with money...I honestly can't tell you where it goes....

She...has helped me and we just payed off the bike...we are buying the manufactured home to rent out...that will be paid off in 3yrs...her car is payed off the truck will be paid off in 3yrs....she puts 6% into her 401k...I don't have one...we have plenty of money to do stuff....northern one of us makes great money...she just knows what to do with it. .I'm thankful for my woman


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We are well on our way to being down to only a mortgage within 3 years... no more credit, two nice paid vehicles, two paid off bikes... and are still climbing to peak earning potential. Cannot wait to walk into a dealer with CASH for a new car in about 5 - 6 years! :yes:
 
I'm up shit creek. Getting ill, losing my job because I was ill, applying for disability, waiting for approval, going bankrupt because I couldn't work, and living off of my savings wiped me out a few years ago. Getting disability helps me live day to day but there's nothing left for future planning. The good thing is I'm not in debt now and don't get enough money to go into debt. I wasn't too much before; hospital/doctors bills + shitty insurance put me in debt and forced me into bankruptcy.

Those people who think being on disability is easy don't know what the hell they're talking about. SS makes sure you go bankrupt before they even look at your case. I lost my house and nearly my car waiting. Once you're living in a tent in the woods or have moved back in with your mother, they call you in to see their doctors because your doctor's word isn't good enough. Their doctors talk down to you and make you feel like lazy and stupid.

About an hour before you're getting ready to slit your wrists (you can't shoot yourself because you sold the guns months ago so you could eat), SS calls to give you a decision. If you're lucky, they tell you that you'll be getting a check in a month. If you're not...well I don't know what happens when they reject you.

I'd just gotten off of death's front lawn when I applied and was making my way back to living. I guess their doctors noticed that so I was fortunate in that I wasn't rejected like a lot of people are the first time they apply. Yes, you get back pay from the date you first applied but you're so deep in debt that it's gone before you get the second or third regular check.
 
Patrice, I know what you went through. My sister went through the same situation but she was denied twice before they finally opened their golden gate. In the meantime, she had a few creditors up her but, she had no choice but to live with my Mom (who was living on SS at the time!), lost all her credit, her car was repo'd and she was in a terrible depression. THEN, they let her in.... The dealer kept her car and she went back and paid it off with the first check, told the other creditors to go screw... after Mom passed several years later (she paid back Mom by paying the house bills for a few years), she packed her belongings and moved to FL from Maine. She was once in a state of mind that she simply wanted to stop breathing but being a good Catholic, knew she couldn't take her own life. This government can be so cruel sometimes... We send billions out of the country to help others but we cannot help those that paid in those billions and line their pockets.
 
I bought my house almost 30 years ago and spent most of my time and money renovating it. Paying it off was hard on one income as my wife did not work. I have a small loan with the bank, no credit debt as I've never had a credit card. Cash only thanks!! Work for myself in the building industry but work is hard to get at the moment. My wife died suddenly a year ago so I'm following our plan to sell and move out of the city. Downscale the address, not the house, and pocket the difference $$$. Spent a lot of hobby time roaming the Aussie bush metal detecting for gold. No retirement nugget but did well...... paid gold cash for Ree's funeral and then gold cash for my FZ1N. Still have a good stash of "rainy day" gold left. And it's tax exempt. Only working about one week per month but seem to get by ok. Asset rich but cash poor. I feel there's more to life than amassing heaps of wealth by working your arse off just to have the tax man take it. I've kept it simple and stayed out of credit debt with the attitude that if I can't buy it for cash, then it can wait until I can. After my daughter and I move to the country, I intend to still work as I'm only 55 - but light trade work and I'll ride the FZ more often and follow up on all my other hobbies. Hopefully, a girl friend will be in the picture. So, as I read this in print, the future looks pretty positive. Cheers.:shine:
 
Lone, what an inspiring post. I'm sorry to hear about your wife, but your spirit is amazing and I love that you plan to carry on with the plans you all made together before she passed. Good on ya and all the best!
 
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