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Old 12-01-2019, 02:39 PM
 
Location: Guadalajara, MX
6,539 posts, read 3,177,724 times
Reputation: 12541

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Quote:
Originally Posted by Mr.910nc View Post
I'm state Corrrectional Luetinant
Jesus Christ you can't even spell your own job?
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Old 12-01-2019, 03:45 PM
 
196 posts, read 157,566 times
Reputation: 180
Quote:
Originally Posted by lieqiang View Post
Jesus Christ you can't even spell your own job?
But I got 10 houses... And no student loan debt
Oh well sh** happens
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Old 12-01-2019, 04:31 PM
 
Location: Las Vegas & San Diego
830 posts, read 141,372 times
Reputation: 750
Quote:
Originally Posted by Mr.910nc View Post
But I got 10 houses... And no student loan debt
Oh well sh** happens
Good for you.

FWIW - I always had a problem spelling Lieutenant also - looks weird even when spelled correctly, and even though I had 3 different versions of the title for like 12 years (Lieutenant Junior Grade, Lieutenant and Lieutenant Commander). I always just used the abbreviated - LTJG, LT & LCDR - much easier.
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Old 12-01-2019, 05:09 PM
 
26,890 posts, read 29,299,414 times
Reputation: 26114
Quote:
Originally Posted by JustMike77 View Post
With respect, I disagree. I've been self-employed since I was 28, almost 40 years now. It all depends on what you want out of life. With some notable exceptions like bank presidents, etc, the ordinary worker will never get rich working for someone else. When you have your own business, the sky's the limit. When you work for a company, they set the limit and always will. It really depends on one's temperament I think. If you can find something you're good at and are willing to work way harder than you would in a regular job, then self-employment can work wonders.
I disagree that ordinary workers can't get rich working for someone else. Now, I DO agree that having your own business might have more potential for wealth. But potential isn't the same as the real thing. The bolded is what's important. Some people just have certain temperaments to have their own business. I know I'm not one of them. Now, granted, maybe I'll never be rich in your eyes, based on your standards and expectations, but I'm certainly financially comfortable, and I think that's possible for most people.

But the problem is, regardless of what they do for a living, people make lifestyle choices that severely handicap their income and wealth potential--especially when they're young. If you spend your teens and 20s screwing up, your chances at a good income and wealth are much lower.

I am not trying to beat up on our OP here...., but one of the biggest ways people mess up their wealth potential (especially those without college degrees) is they have kids outside of marriage or they don't get married and stay married. Unstable relationships and/or kids out of wedlock really handicaps your income and wealth potential. This point needs to be stressed to those young people without kids to avoid this situation, because who you have serious relationships with and who you have kids with matters a great deal. And yes, the order in which you do it matters a great deal as well. Education (in marketable skill). Then Marriage. Then kids. In that order. It's much easier to prevent messy family and financial situations than to try to fix them after the fact.

Beyond that, what I see over and over again with people who are good with money is they track where their money is going....Consistently. That means they write it down. Maybe that means it's on a yellow legal pad, or an excel spreadsheet or computer program. But, especially initially, they track where every penny is going. Then they start making decisions from there. You can't get control of your life if you don't know where your money is going. And no, just "thinking" you know where it's going doesn't cut it. You have to know with pinpoint accuracy. Most people don't know where 20% of their money is going (but think they do). That 20% is the money that can be used to pay off debt, as well as be put into savings and investments.

I recommend following Dave Ramsey's 7 Baby Steps. While I have some quibbles with it, it's a very clear plan that gives people the specific steps they need to dig out of a financial mess and take control of their financial lives, which leads to more control in other areas of life:

https://www.daveramsey.com/dave-ramsey-7-baby-steps

The other thing about all of this is YOU NEED A STRONG "WHY" (or several "whys") to get your finances in shape. You need to be at least a little bit MAD...but you need to be the right kind of mad...Mad enough to take constructive action. If you just stay mad at your employer, the world, or some other outside force, that's not going to make anything better. You have to be mad enough to say "I'm following Dave Ramsey's plan come h*ll or high water because I'm sick to death of living like this!!!".

This article gives good examples of strong "whys" people have for building wealth. (Hint: just having flashy stuff or a big bank account won't be enough motivation to keep you committed long term).

https://financialmentor.com/true-wea...andments/13166

Last edited by mysticaltyger; 12-01-2019 at 05:26 PM..
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Old 12-01-2019, 05:20 PM
 
26,890 posts, read 29,299,414 times
Reputation: 26114
Quote:
Originally Posted by wheelsup View Post
Well you work a high paying government job in a most likely low COL area. So you had help too.
Yet, I can guarantee you there are probably a lot of other guys around his age at his workplace with the same income who are struggling.
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Old 12-01-2019, 05:39 PM
 
Location: The Woods
17,108 posts, read 22,643,469 times
Reputation: 9392
Until this year I didn't work in the winter. I worked 6 months a year and took 6 months off when I got laid off seasonal forestry work when winter hit. I bought a cheaper piece of land in an area with no zoning on a land contract (deed signed over and converted to a mortgage when 1/3 paid off) and have been building my own house there for cash and occasionally using credit cards for big items I need ASAP (like materials for the roof, that can't wait to be done). I'm half done with the house more or less. Another portion to build still. I harvest firewood on my own woodlot for heating. Propane will eventually be used to kick in when I'm not able to feed the wood stove to prevent pipes from freezing but I can minimize that a lot by not working all winter. Having no monthly bill for a home nor for heating (I'm in the north) is a big deal. If you can live cheap you don't need as much money which means more of what you do make can go to savings, investments, or whatever. I didn't do nothing in the winter when I wasn't working a job. I cut next year's firewood, did random construction projects, milled my own trees into lumber occasionally for future projects, and started going on a small maple sugaring operation. Still building that up to where I can make some money from it. I've also been planting fruit trees (rare heirloom varieties) to have a potential source of income someday when they mature. And slowly building up the gardens to where I can put a dent in what I buy on that front. Oh and the place is off grid so no light bill or water bill though of course it's an investment to set things up for that.

What I'm getting at is I figured out a long time ago that I don't want to spend most of my life working for others and the less you need to buy the less time you need to spend working for others. I'm working full time through this winter at a job I don't like but sticking that out till next year would get my land paid off entirely and the cash to finish my house. I plan to eventually do consulting work as a forester but that does take time to build up and some investment in things. Right now I've got it down to one week's pay a month covers my expenses the rest goes to savings. Worst case scenario if my self-employment and income from my land plans don't pan out well enough is I still have to go back to the seasonal forestry jobs I was working but that isn't a horrible thing as I did enjoy the work and there was always an end in sight to work. If most of your income can be set aside it feels a bit better.
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Old 12-01-2019, 08:33 PM
 
518 posts, read 101,883 times
Reputation: 538
Quote:
Originally Posted by supertrucker212 View Post
I'm a 40 year old single parent, with only a high school diploma and my occupation is a truck driver for a local construction company. I'm just burned out from going to a job and working for someone else everyday. I want my money to make money so I can work when I want. Travel when I want, around my son's school schedule of course lol. I have been driving truck for 15 years it's the only skill I really have. I've been reading a lot that freelancing your skills is becoming the new thing to do, but it's a hard to freelance being a truck driver. I just want to change course and earn more $$$ and have more freedom but in my situation is it even possible. I have a 401 with around 25k if it matters. Thanks in advance
No, it's not possible.
The system is designed the way that most people are enslaved and stay enslaved.
Of course, you can get lucky and be in right spot in right time, but that's just an imperfection in the system.

You can earn more, but that will not change the fact that you still will be living paycheck to paycheck, unless you find a way to enslave others (i.e. live off somebody' else labor). That's the core design of the system - either you rip off others, or you are being ripped off.
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Old 12-01-2019, 11:36 PM
 
Location: Mexifornia
1,007 posts, read 818,893 times
Reputation: 1071
6 pages and OP is nowhere to be found. Guess he doesn't care and its not really important for him to escape the cycle.
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Old Yesterday, 12:06 AM
 
902 posts, read 273,619 times
Reputation: 2583
Quote:
Originally Posted by skeddy View Post
I would recommend and rank this just below buying powerball tickets.
...yours is the voice of sanity. lol
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Old Yesterday, 12:22 AM
 
320 posts, read 86,547 times
Reputation: 604
Quote:
Originally Posted by jasperhobbs View Post
I bet his boss would be thrilled to find out he is doing a side business while he is supposed to be working.
Oh Lord, keep the drama to yourself. The red is not neecessary either. How old are you?
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