So, "Useless", what exactly is it that you do for a living?...

I noticed that you stated something about buying a Cadillac for a Step child... How is that teaching this individual financial responsibility?... There is a saying, that you never appreciate the "things" given for free, like you appreciate the "things" you've earned for yourself...

I don't know who Dave Ramsey is, because I wouldn't waste my money to buy XM, or, Sirius radio. To me that IS a waste of money... When there is free FM, and or, AM radio to be listened too...

I wonder, do you have a good insurance policy should something happen to you, and you are injured, and can no longer work?... One that would pay all of your expenses, for the rest of your life?...

IMO, the most valuable asset you can have is your health. As we all know even the word "health" has been used through the centuries when one makes a toast to someone else. "Cheers, and good health to you.", etc...

What would you do tomorrow if you lost your health, either by accidental injury, or simply from disease?...

How would you survive financially?... All of a sudden you no longer have the income to support your "lifestyle"... Do you have the millions saved to support you for the rest of your days?...

I'm quite curious about this... I've learned through my own life experiences, that even if you save money, and pay for everything you want, that you can end up in a bad situation should you find yourself suddenly injured, can no longer work in your chosen profession, and the bills continue to come in the mail every month...

I've learned that you don't spend money, unless you absolutely have too... You buy the necessities of life, and you had better put the rest, if there is any left over away in the bank, or in some financial institute that will make your money work for you... Since most banks these days are offering more in fee costs to have an account, then they are in interest paid to your account(s).

The average mediun income in the US is $50,000.00 a year. It is less for minority groups. So, considering the cost for fuel, automobiles, homes, etc... How do you suggest someone without enough money coming in, try to save money, and find the financial freedom you have expressed?...

I just had a neighbor suffer serious injury in an auto accident that was not his fault. He, and his wife have their own home. I don't know what insurance he carries, or, if they have insurance that will pay them, so they can keep their home, and their lifestyle, if he is no longer able to work, and becomes permanently disabled, and unable to ever work again...

What do you suggest for this scenario?...

What I was taught about money is that you save it, don't buy what you really don't need, and if you do spend it, you spend it on quality, not junk, and get your monies worth. Also, as far as credit cards are concerned, to use them only when you have the money to cover the price, pay with the credit card, then pay the credit card bill in full when it arrives each month...

When you look at wages, and the price of products, services, homes, automobiles, etc... Wages haven't kept up with inflation...

This is why people get themselves in trouble... They buy more than they can truly afford, and or they have a serious catastrophy happen that put's them out of work, and destroys not only their lives, but, their lifestyle.

If you are wise, you don't buy a home larger than your truly need, and or, more than your can truly afford. You don't buy an automobile that is not practical, fuel efficient, and truly within a "reasonable", affordable price range. You also can not go through life without two very important things, and that is some form of paid health insurance, and most importantly of all, that you don't go through life without spending money for insurance that will pay you, and your expenses should you find yourself disabled, and unable to work ever again... If you can do these things you just might have a chance in life. If you can cover all of these expenses, and find a way to make your money work for you, then you will have the luxury of taking some long sought for vacation, or be able to splurge on something once in a while.

It is basically being conservative with your money... I respectfully disagree with giving any "child" a brand new automobile without having them first learn the value of a dollar. IMHO it would have been wiser to have taught the child a valuable lesson, by having them work to earn the money to at the very least pay for half the cost of the vehicle. Teaching them how to save money, and use it toward a particular goal (in this case a new automobile). There are enough spoiled brats out there that have no clue about money, and think that everything they want in life will just be handed to them. That is the worst thing you can do to a child, in financial terms.

It is better they earn their way through life, and learn quickly, that nothing in this life is ever, ever, truly "FREE"... Not even our very existance is free. If it were, we would all be able to go where we want in this world, and in our lives, without it costing us "MONEY" to get there... :wink:

The issue is that for many people they simply are unable to make enough money to "get ahead"... Either they didn't get the career they should have to ensure a good income, or, they didn't get the education to earn a good living, or, they simply have had one, or more financial catastrophies happen in their lives, that have knocked them off the financial ladder to financial success...

There is a saying, "It takes money to make money."... If you can never make enough to make the amounts needed to ensure a life free from financial burden, then you are simply doomed...

If we were all educated in finances, and learned how to beat the road blocks to success. We would all be Millionaires, and Billionaires. But, unfortunately, either we were not taught this while we were in primary school, and or, we were not taught well by our families.

Though some do succeed by learning financial responsibility through life experience, it then only makes the process take longer, to achieve financial freedom, if at all, and no matter how well you may plan out your life, and your finances, there are always those variables that put a wrench in your plans, and destroy all that you have worked toward.

Look at the elderly for example. Many who have worked all their lives, paid their bills on time, bought, and paid in full a home of their own. Only to lose it, because of health issues, or, because they retired without a means to continue to pay for the ever increasing costs associated with their home (property taxes, repairs, etc.), and eventually have to either down size (sell their home for a less costly home), or, sell their home to end up living in an apartment, or, even to cover expenses associated with having to go into a nursing home, or, even find themselves having to apply for public housing...

The way this country works is that unless you've managed to figure out a way to make literally millions of dollars in a short period of time, and you conserve that money, or, find a way to keep making money past your retirement years, you are not going to be a happy camper in this life, or, in this country...

From the time you are born, til the time you die, there is someone out there trying to take the spoon from your hand, and the money from your pocket. Social Security only pays $200.00 in death benefits. So, you had also better plan to set aside enough money (and account for inflation), to have yourself given a decent burial when it is all said, and done, as well... :wink:

 

This is a good post....I would love to answer some of these questions.

When I was 16 my parents gave me a BMW. I was responsible for paying the insurance, and all maintanance costs. So it did teach me responsibility.

Yes, I do....plus suplimental insurance...plus long and short term disablility insurance.
I suppose I would watch a lot of TV and live off savings, investments, lond term disability insurance. If things got bad enough, my wife could go back to work. She is a nurse practicioner and could easiely make 6 figures if she opened her clinic back up.

Again, I have always planned for such things. Im 42 now and I have been working since I was 16. I have NEVER had a paycheck that I didnt save or invest something out of. Growing up with a father in investment banking, I was drilled with the importance of investing and saving from a very young age.
Im pretty good with money, but that doesnt mean I dont buy things I dont need. I love my toys. I just dont buy things I cant afford. Saving and investing comes first....toys second.
Sounds to me like you need to find a new bank.
Good thing I dont consider myself average. If I did, then I might be worried what the average income is. There are always ways to make more money and increase your income ABOVE the median average. Hell, my wife doesnt work and just as a hobby sells things on ebay. She makes about 3 grand a month hardly working at all. If things got tough, Im sure she could do that more like full time and make really good money. How do I suggest someone without enough money coming in, try to save more money and find financial freedom? Thats really simple. Figure out how to have MORE money coming in. Its not as hard as you think.
That is too hard to answer without knowing more details. How disabled is he? I work with people who are quite disabled, they do fine. Im pretty sure many disabled people can buy and sell things on ebay. Did you friend plan ahead for such an occurance? If he didnt...why not?

Reality, people control their own wages. Its up to the individual to make themselves worth higher wages. And dont tell me that truck drivers cant control their wages. Ive been trying to fill a 70K a year truck driving job and having a pretty hard time because of the strict qualifications. (a perfect driving record, no dwis ever, no felonies or misdemeaners ever, non smoker...ect) Say you have a driver who is making 35 grand a year and is unhappy about his pay...he wants that job but has a few marks on his driving record) It was his choice to get those tickets and he personally is keeping himself out of that 70k a year job.
True. I said this early. We live in a free country...with that freedom comes people with the freedom to be stupid with money. This is a choice. And financial success if a choice.
You have your opinion, I have mine. I see no problem buying your kid a nice car if you can afford it. You can provide nice things for your kids and teach them financial responsibility at the same time.
Ahhhh dwelling on the negative. You must be a liberal democrat. :lol:
What about the millions of elderly who dont lose their homes? What is the difference? Guess what? All old people get sick and die. I will answer this for you with an example. My parents are pretty old....both have has pretty serious bouts with health issues like cancer. They are still doing fine financially. Why havent they suffered the same fate as your example? Simple, they made the right choices in life BEFORE it happened.
Nope...this is not how the country works.

Ahhh the old victim mentality.....Everyone is against me, everyone keeps me from succeeding...bla bla bla bla blaaaaaaa. Having a victim mentality like that is what holds people back....NOT OTHER PEOPLE. No one is keeping anyone from succeeding in this country, it is about personal choice. We live in the greatest country in the world, where financial success is EASIER than any other place in the world. However, its not handed to you, you need to work for it and make the right choices

 

Hi, RedRaven!!

Glad to see you posting here!!

I have read your contribution to this thread, and I will be happy to respond, but it will most likely have to be sone in different parts. There is a lot of ground to cover here. There are many points to cover, and I look foreword to discussing them with you.

I have several appointments this afternoon, and into this evening, so please don't think that I'm trying to brush you off.

One matter that I will address now:

Regarding the Cadillac, for the step child:

I honestly do not know where that is comming from. I have no step children, and I have never owned a Cadillac, or pruchased one for anybody else. My daughter is still too young to drive but in a few years, she won't be driving a Cadillac!!

Peace,
Useless

 

Sheepdancer:

You make many good points here, but in regards to this particular issue, there is merit to what Red Raven is saying.
This is a lesson that we are working to teach our "Tweenage" daughter, and she is certainly no one's victim.

The fact is that from the time we are born, to the day we die, we play a game called "Get your money into my wallet" The sooner you teach a child that lesson, the more you remind a child when they get hit with a chronic case of the "I Want's", the better you will be in helping that child develop a proper sense of financial discretion and responsibility.

You may not like it, I may not like it, (and I DON'T like it!!) but Madison Avenue hasn't called me to solicit my opinion, and I doubt that they haxe called you, either!!
:wink:

 

:roll: :roll:
I just love these kinds of posts.

Someone goes from "paper wealth" to being dead flat broke, then rebuilds, and goes on to show others how he did it is a "fool"??

This reminds me of something that The Late, Great George Burns once observed.

"Too bad that all the people who know how to run the country are too busy driving taxicabs, cutting hair, or parking cars"!! :P

 

RedRaven wrote:

So, you had also better plan to set aside enough money (and account for inflation), to have yourself given a decent burial when it is all said, and done, as well...


IMO, your throwing money into a Hole.
plot - casket - all the BS = big waste of $$ IMO.

Better off buying your kid a car with it.

 

Not so sure about that option, but the idea of burial is very unappealing to me. Buying a kid a car?? Under certain circumstances, that might work, but even if you choose to be cremated, you will not incurr the heavy expenses of a funeral.

My wife and me will be donating our bodies to a medical University; that way, we avoid the costs of funerals completely, and our bodies can be used to harvest organs or used for teaching purposes....for me, that offers a sense of purpose and benefit, even after we die.

We have reserved the option of cremation; that decision will largely be influenced by our daughter, depending upon her age and wishes.

As for being put 6ft. under in a casket that is the price of a car??.......Or, for that matter, any other casket??

Not for me, Thank You!!

 

And your post helps how? I'll be willing to bet you have never listened to Dave Ramsey for more than 5 minutes in you entire life and your calling him a fool. :roll: