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Old 12-24-2007, 02:47 PM
 
Location: Home is where the heart is
15,400 posts, read 25,826,958 times
Reputation: 18992

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Quote:
Originally Posted by sheri257 View Post
True but ... most of them do get dragged down in a down market.

Oh well ... I guess we'll just have to agree to disagree. We'll have to check back in a couple of years to see who was right.

Actually I think we agree. Our difference is that you care what most stocks are doing--and I have made my money by always going for the exceptions.

But--as long as you are happy with your strategy, that is all that matters.
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Old 12-24-2007, 03:06 PM
 
13,092 posts, read 13,691,553 times
Reputation: 9157
something else very helpful that is very simple (and I balked at it for years, but have since found it really works) is to keep track of every dollar I spend, and what it goes for. No this is not nickle and diming myself to death, which is why I resisted it. It takes the "fear" away for me that I never have enough and gives me useful information so I consciously choose to spend my money rather than having it drizzle away without knowing where or how and living in perpetual low level anxiety around financial issues.

I took a course on prosperity based on spiritual principles, and this was a very useful tool I walked away with. Rather than having a "budget" which feels to me very restrictive and punishing, I have a "spending plan" which has me making wise choices about my finances and my future.
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Old 12-25-2007, 05:49 AM
 
Location: Central Connecticut & North Port,Fl.
425 posts, read 983,367 times
Reputation: 143
Default Late 40's

well DH and I are not at retirement yet, but trying to save for it.
We have many fights over money, and I have to agree it it mostly my fault. I am the spender he is the saver.I have had trouble with credit cards and I now have a 50.00 balance on one, that is it,
This doesnt mean that we dont take trips or go out , we just do it cheaply
we eat out once a week and dont spend more than 25.00, DH has more vacation time than I , so we take one vacation a year, we like to cruise, so we find the cheapest one and go with friends.
we have investments,and 401k's , He has much more saved than me
we own property in florida that isnt worth squat right now but oh well.
DH is savvy when it comes to money,and I am learning that money DOES NOT grow on trees
Hope your holidays are prosperous

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Old 12-26-2007, 06:02 PM
 
4,711 posts, read 10,895,918 times
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I have the opposite problem as many of my 50-something peers....a few years ago I received a mid-7 figure inheritance. I also have a healthy Federal pension and zero debt. I have very inexpensive tastes...heck, I actually drive a school bus for something to do!

I don't think my assets (about 75% cash, 25% stocks, bonds) are being managed properly...especially in terms of tax minimalization. It GALLS me to write $20,000 checks to the IRS every quarter!

My problem is I am very skeptical of financial advisors...I just don't trust them....so I do nothing.

Anybody have tips for picking a financial advisor? I'm thinking of looking at the NON-commission types that charge a flat fee for their services. It seems they would have less of an axe to grind....unless they get kickbacks for steering me in a particular direction.
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Old 12-26-2007, 06:34 PM
 
Location: in drifts of snow wherever you go
2,493 posts, read 3,279,776 times
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Quote:
Originally Posted by DiamondD View Post
something else very helpful that is very simple (and I balked at it for years, but have since found it really works) is to keep track of every dollar I spend, and what it goes for.
I've started doing this too. I write down every penny I spend. More than anything, it makes me aware of what I'm doing. I rarely buy a cup of coffee. I hardly ever eat out, but if I do, I'll spend around $10 on a meal, nothing fancy.

Greenie
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Old 12-27-2007, 07:35 AM
 
Location: Home is where the heart is
15,400 posts, read 25,826,958 times
Reputation: 18992
There is a health benefit to this, too. Restaurants tend to put extra salt, sugar, and preservatives in food. And if you stop eating out you run less of a risk that people who have the flu could be touching your food.
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Old 12-27-2007, 08:25 AM
 
Location: Tennessee
34,691 posts, read 33,695,295 times
Reputation: 51904
Quote:
Originally Posted by kattygirl27 View Post
What would you say was the most important thing you did to get yourself on track and able to retire?
Most important - I read a lot on retirement mindset like what causes people to be miserable in retirement (unrelated to money), and either wind up going back to work or sit around like a lump regretting their decision to retire.


I would have to say the second most important thing I did was related to retirement relocation - I visited a place that was highly touted as a retirement spot, was totally wrong for me and came to the conclusion I was valuing what the retirement magazines and books said I was supposed to like instead of what I actually do like.
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Old 12-27-2007, 08:43 AM
 
Location: Marietta, GA
857 posts, read 4,473,516 times
Reputation: 809
Quote:
Originally Posted by car54 View Post
I have the opposite problem as many of my 50-something peers....a few years ago I received a mid-7 figure inheritance. I also have a healthy Federal pension and zero debt. I have very inexpensive tastes...heck, I actually drive a school bus for something to do!

I don't think my assets (about 75% cash, 25% stocks, bonds) are being managed properly...especially in terms of tax minimalization. It GALLS me to write $20,000 checks to the IRS every quarter!

My problem is I am very skeptical of financial advisors...I just don't trust them....so I do nothing.

Anybody have tips for picking a financial advisor? I'm thinking of looking at the NON-commission types that charge a flat fee for their services. It seems they would have less of an axe to grind....unless they get kickbacks for steering me in a particular direction.
Since you obviously don't have to work what I would suggest is that you take some classes in financial planning and accounting.
When I was in my early 20's I was hired by a financial company and trained as a "financial planner". The company had very intense training. I stuck with the job for a year, and I really didn't like it, but what I learned there has served me well since then. I hated trying to tell other people what to do with their money, but I learned what to do with mine.
I just turned 50 and I can retire any time I want. I keep working because, aside from boredom, the longer I work the better my financial condition is for retirement, but it is nice to know that if my job starts to aggravate me I can afford to leave it.
I have never hired a financial planner because I realize that nobody can predict what the market will do and if I pay attention I have just as much chance of being right as they do.
You are in an excellent position to get the education you need to make a full time job out of managing your own money. It becomes like a hobby. And, lets face it, if you do well with it and you increase your savings you will feel like a genius, and if it goes down in value you can forgive yourself because you are new at this and at least you didn't pay someone a lot of commissions to lose your money for you.
Good Luck!
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Old 12-28-2007, 08:19 AM
 
10 posts, read 21,276 times
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Quote:
Originally Posted by katie45 View Post
I worked as much overtime as I could to pay off all my bills. I do not spend money on unnecessary things.

I started living within a budget based on the amount my s/s check will be down the road, and anything extra is invested or in a savings account. I am not a clothes horse and only buy clothes when I absolutely have to. I don't spend money on entertainement needlessly.

I DON'T support or give money to lazy relatives who want a hand-out.

Do I feel like I'm missing out on "things" or going places? Nope, not at all! In fact, I am darn proud of how much I've been able to save in just the last three years! I am on my own and doing all I can to ensure I end up with a roof over my head and food in the tummy. And I am very content. I may very well have to continue with part-time work for several years or more once the s/s arrives, but that's okay. I will do whatever it takes to survive.
You go girl! I agree completely! Life is not all spend, spend, spend. I think everyone should heed the advice to save more. After all companies are cutting retirement benefits and who knows how long Social Security will hold out.
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Old 12-28-2007, 08:29 AM
 
10 posts, read 21,276 times
Reputation: 14
Quote:
Originally Posted by LauraC View Post
Most important - I read a lot on retirement mindset like what causes people to be miserable in retirement (unrelated to money), and either wind up going back to work or sit around like a lump regretting their decision to retire.


I would have to say the second most important thing I did was related to retirement relocation - I visited a place that was highly touted as a retirement spot, was totally wrong for me and came to the conclusion I was valuing what the retirement magazines and books said I was supposed to like instead of what I actually do like.
Agree with this...sometimes Money Magazine has it all wrong about retirement spots. I'm looking at affordability, pretty country, good weather(with all seasons represented and taking into account no place is 'perfect') access to shopping (maybe crazy but I go to store websites to their store locater and see if they have stores in the area I'm thinking of... I'd also like a place that when my son comes to visit he has something to do...some nightlife perhaps. Some culture (plays, concerts)wouldn't hurt either.
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