Re: OT, but about people financial thinking

Posted by charles todd on January 03, 2009 at 20:43:19 from (205.242.95.131):

In Reply to: OT, but about people financial thinking posted by Dave from MN on January 03, 2009 at 15:19:43:

Dave I am with you on this one... I could not sleep at night if I was living on over-extended credit and in debt to my receading hairline! Much less live a Rock Star lifestyle in the process. I am also a DINK family. My wife and I are 27 and 28 respectively. Both of us have Bachelors Degrees, hers in CIS (Computer Information Systems) and mine in IET (Industrial Engineering Technology). We clear over 6 figures, and have an LLC in rental property. We are both pretty frugal spenders. Simply she doesen't spend much and I shop EBAY and drive around buying used equipment when I need a new toy!

We both work at the same Manufacturing facility, she is the Computer Programmer and I am a Multi-Craft Maintenance Technician (mostly Electrician/PLC/Robotics Guru). Our co-workers call us "rich" because they cannot afford to take weekend trips to the beach (staying at friends condos), buy land (sweet deal I worked for 8 months, 50 acres for $1700/acre in an area with $5-$8k/acre), own a tractor (1962 Farmall 504), and the like. They all live in houses to big that they paid too much for, have new cars, and spend money on un-nessecary material things like a $25K Harley Davidson.

I grow food in my large garden, proud to have equipment older than me, live in a mobile home (for now, saving to put out a decent down payment and plan to build myself, sub-contract the rest), drive a paid for 8 year old truck, once out of college paid off ALL DEBT first never to return; If I cannot pay it at once I do not need it, still have the 1979 Chevrolet C20 I had in high school, put 10% in my 401k weekly, buy stocks monthly, help my elderly neighbor when he need it including filling his propane tank in the winter, ect.

And by managing what I have my wife and I live modest, do as we please, travel as we please, and keep a comfortable cushion in the checking accounts. How do we do it? Well the co-workers call us "rich". I call it Dave Ramsey. If you have not heard of him, learn more. He is not smart, he just applies common sense to managing money.

The only bills I have are common utilities, phone (no residential landline only 2 cells and a cellular modem), insurances, land mortgage, and the wife's 2008 MINI COOPER S (she pay the note and she put $9000 down).

I know a guy I used to work with. He was over extended in debt and found a new job. He sold me his 10 year old mobile home and moved into a rent house (3 BR, 1 BA him, wife, 4 kids for $700/mo.) Changed jobs, cashed in his 401k and took a trip to Disney World. Now he is laid off living in a garage apartment at his in-laws... He made $$$ more than me... I have no sympathy for those who are not responsable.

Sorry for the ranting post, It struck a nerve and I have been drinking a little :o I respect those who have been prepared and unaffected by the failing economy. I am not "rich", just aware of what I must do to survive life and learned from past financial mistakes.

Good luck Friends,

Charles

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