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Marrying my DW. Together we supported each other and put in place a lifestyle and savings regime which enabled purchase of our first home, investments and retirement plans.
It would be so hard for those with an ill-matched partner.
We never moved up to a bigger, better house when we were younger. That got us out of the cycle of being in debt. We paid off our mortgage, then other debts after that, eventually becoming debt-free. We had no idea how life changing that one decision would become for us.
Hi,
This is a general question which I always wanted to ask for people who have retired or have enough to retire.
What was the best or worse financial decision you took in your life which eventually helped your retirement?
This is more like a lesson for someone like me who is looking as to what are few financial things needs to be done which will decide our retirement.
TIA
Best financial decisions I made were:
# 1 - Listening to my parents and getting a nursing degree/R.N. that would allow me to always get decent
wage work.
#2 - Paying off my mortgage in 1998 which helped me be able to afford to stay in my home following my husband's death in 2001.
#3 - Taking a Federal Government job at the age of 44 which in addition to that being before the time employees had to contribute a higher % towards their FERS pension, I was still young enough to get in 20+ work years to retire with a decent pension and TSP balance.
Worst financial decision was I could have saved more in after tax savings and now playing catch up in that area.
The best financial decision one day will be leaving the US and living on a bordering country where the healthcare, housing, and living expenses are affordable. The US economy goes through too many harsh cycles unlike other countries where it's slow not as harsh. In US many seniors have their nest egg wiped out by bad economic cycles and bad decisions by government and wall street. I have relatives that live in Canada that don't make much or seen much salary jumps but they have a decent pension, affordable college for their kids, and healthcare system that doesn't cost arm and leg.
The absolutely WORST thing I ever did, is share my inheritance from my first dead ex-husband, with my 'family' and continue to send money to my nieces and nephews for college. None of these people speak to me now, only because I did not go back to NY for my brother's funeral. They told me I was selfish. In my life, I sent more money to them - than I managed to save for myself. Thus, when I read this forum about investments and the such - I shudder - I should have much more money than I do.
'family' can be the worst.
My grandfather died while I was on Active Duty. One of my brothers says that he sent a Red Cross message to my command [this was in 1977 and I have not received that Red Cross message yet].
I did not attend my grandfather's funeral. The next time that I did go home, my BIL made a big display of dis-owning me, saying that I had refused to attend the funeral.
They still refuse to talk to me, because I was so 'selfish'.
My grandfather died while I was on Active Duty. One of my brothers says that he sent a Red Cross message to my command [this was in 1977 and I have not received that Red Cross message yet].
I did not attend my grandfather's funeral. The next time that I did go home, my BIL made a big display of dis-owning me, saying that I had refused to attend the funeral.
They still refuse to talk to me, because I was so 'selfish'.
I don't know much about the Red Cross but I do remember how much one of my aunts despised that group. Her son was in Vietnam (he came home OK) but something must have happened involving the Red Cross that really set her off. She also despised Bob Hope's shows over there for a lot of reasons.
As far as your BIL goes, I'm sorry he turned out to be such an idiot. As the others who have treated you so badly.
Move on and be with people who are worth your friendship.
1. DH left the military as an enlisted E-4, went back to college, was offered an ROTC scholarship and a commission. Decided a debt free education was worth it. 29 yrs in - full pension, medical etc. And traveled the world on someone else's dime.
2. Met me and my frugal ways (handed down from my mom) started investing.
3. Once he made 0-3 we knew we could live off of that. Every raise from then on was put into savings.
4. Didn't develop expensive hobbies - no boat, no golf etc.
5. Followed my moms advise - borrow others peoples money only if it's free or cheaper than using your own. In other words, never pay interest. We have never paid interest on a car or other loan, except on our mortgage. We have walked away if not offered interest free loan or paid cash. Or done the math - if the % is low enough it is cheaper to borrow than take out of market etc.
We bought a house in 1987. Everyone said we were crazy to buy at the top of the market. We still have it, we’ve refi’ed so we still have a mortgage, but our payment is 385 bucks, when rent is 2400 and up...
Doubling my income by moving from Tennessee to Indiana.
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Solly says — Be nice!
