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Communism or socialism is great ideal but neither one works. :-)
Marriage is an ideal that doesn't work. It is in fact a dying breed too.
Do you really want to know what is a GREAT ideal that in reality doesn't work? Never has worked, never will work? It only appears to work due to all the artificial, escapist addictions made amply available?...
It is neither socialism, nor communism, nor family. These in fact have naturally worked for a very long time, even if we used to call the first two something else.
It is the idea that the human individual is psychologically self-sufficient and that all he/she needs is unlimited freedom from social constraints.
This is the most grotesque and most dangerous ideology humanity has managed to put together in a relatively short period of time (no more than 200-300 years) and it WILL be the end of us eventually. We are yet to see its full effects though there's plenty to notice now.
We might soon turn into some other kind of creepy creatures, but humans will be long gone by the time this zombie bee-hive ideology takes over completely.
Agree.
But, at least in the contemporary, modern context...money as capital to relieve you from work so you can spend more time doing what you REALLY want (which for most is NOT work) - that DOES equal happiness.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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The Wealthy Barber is a good read too.
Save and invest diligently, Utilize a ROTH to full extent (very flexible, since you can withdraw contributions after 5 yrs)
Eventually get your money working FOR you, as WORKING for someone else is just 'renting' your precious time.
Find out what you're good at and exploit that skill.
My lifetime of work did little to build wealth. Had I been a bit smarter, I would have picked up some nice income properties in my 20's with 15yr loans and been retired at age 35. Instead... I bought personal residence (very unsmart), and a couple farms (equally unwise). Then marriage, kids, eldercare, school... all on a single income (MINE). I was able to retire at age 49, but that was at least 14 yrs too late.
Did you just refer to children as "money pits"?! Good God, kids are not a frickin' investment or an asset! Children are a gift, I don't have any of my own but I absolutely LOVE my nieces and nephews! They aren't a money pit in the least, they're something to cherish and have memories with and enjoy spending time with.
Who in the HELL sees kids as being akin to a commodity?
This is just morally disgusting.
Morally disgusting? Let me tell you what is truly morally disgusting. Go visit a senior home and you will see.
I was not talking about the emotional factors of having kids. I was simply pointing out that having kids is costly. Studies have shown that raise one child to finish college for a middle class is about $250K, that's 2009's number. That's not to say that you don't have to support them after college.
If you couple lost opportunities when your career mobility is limited by having children, that number can be even bigger.
Now, I am not saying having kids is a bad idea. I merely point out the financial factor of having children.
I've been lurking around here for a while and finally created an account.
I'm really curious about what you would tell young people (18-25 yrs old) about money, saving, being frugal, retirement planning, budgeting, etc. What are things you wish you'd started sooner? What would you recommend to a young person about money?
I'm in this age range (22) and will be graduating soon, so advice is helpful. I have a part-time job that should soon be full-time with benefits and health care coverage. I find out for sure on Wednesday. My immediate goals are to save a $1000 emergency fund ($300/1000 so far) and a 3-month fund. I budget very strictly and have managed to cut back about $300 in monthly expenses. No college loans or other debt. Not too sure what financial goals I should focus on after these 2 goals. Maybe retirement saving? Where do I go after these immediate goals?
Thanks!
1. Set 10% of your income to automatically go into a savings account, preferably one that is inconvenient to withdraw money from or transfer to your checking account.
2. If available, take advantage of employer 401k accounts up to the match amount.
3. Take remaining money, and create your household budget.
you sound like you've already got the basics down though - so just set everything up so you have it down somewhere (paper, excel, mint.com, etc.), and the rest is just sticking to it.
It wouldn't matter what I would tell them, they wouldn't listen. I've got 28,000 posts on here, read 16 million times, and nobody has paid any attention yet.
1. Set 10% of your income to automatically go into a savings account, preferably one that is inconvenient to withdraw money from or transfer to your checking account.
2. If available, take advantage of employer 401k accounts up to the match amount.
3. Take remaining money, and create your household budget.
you sound like you've already got the basics down though - so just set everything up so you have it down somewhere (paper, excel, mint.com, etc.), and the rest is just sticking to it.
10% is way too low.
Do a calculation. Max out your 401K, which is $16500 for 2011, and then see how much money you have left.
Save 50% of what's left. That should be your target. If you can't, you need to change your lifestyle and figure out ways to make more money and create more saving.
It wouldn't matter what I would tell them, they wouldn't listen. I've got 28,000 posts on here, read 16 million times, and nobody has paid any attention yet.
They wouldn't. I know I didn't listen until I figured out myself.
It's a habit that has to be created when they are still young and innocent. Once they are into the rebellion which is between 8-80, it's too late.
I would suggest, if you have children, make them work for what they want from very young, like before 8. When I say "work", I do mean real work. Housekeeping can be one, mowing the lawn, assisting you to do some office work etc. Make them compete with the market rate too. You can say "I can't afford a housekeeper at $10/hour. If you are willing to do $2, I may be able to swing that; otherwise, I am doing that myself." :-)
Also help them to budget. For example, a $600 iPad would translate to 300 hours of lawn mowing at $2/hour. They have to learn to save from each hour they work, balancing between buying an iPad and other needs. You should also keep reminding them that they need to keep up the quality of work otherwise you would hire someone else, and you should if they slack off.
Then the $600 iPhone wouldn't sound so enticing anymore because now they would relate money with sweat, sunburn and mosquito bites.
The idea that one should avoid marriage to build wealth is false. I'm in the process of reading "The Millionaire Mind" right now, and the most successful people have supportive spouses. Maybe the emphasis should be on spending more time finding a quality partner than avoiding marriage all together.
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