13 comments

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  Writer's Coin

  1 year ago

  All good tips Brip, but number 7 is without a doubt the most important one, in my opinion. Everything else is easy to set up and get in the habit of, but those curveballs are what define your goals. If you can manage the unknown, you're on your way. I'm great at managing my money and keeping spending down, but when something unexpected comes up, I'm just not ready. It doesn't compute.
  
  Once I get a hold of that I'll be much more streamlined, much more efficient, and much more in control. Be prepared for the unexpected!
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  Dividend Growth Investor

  1 year ago

  Pretty good tips Brip Blap. In the case however that your city does have a good public transportation system (point 5) i would advice you to commute with friends/coworkers to your job.. That way its more fun and cheaper ;-)
  
  As for Point 5, even if you don't know what to invest in, get a financial adviser but also seek advice from successful people that have been in your situation..
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  PamelaP

  1 year ago

  I SOOO wish I'd have taken your advice about getting married & staying married when I was young (but then you weren't even a gleam in your parents eyes when I was young...).
  
  I have been married 4 times. Owned a house in each instance of divorce, had 401K's and as I got older, lots more investments. The divorce that hurt the worst was the last one - I was married for almost 20 years and since he made WAY less than me nearly the entire marriage, he wound up with well more than 1/2 of what we had - unfortunately having to clear out my 401K so I could split it with him. I just didn't have enough liquidity to buy him out. He even got a portion of what my father let me when he passed away. It killed me!
  
  My present husband, indeed my LAST husband, is much younger than me & had nothing when we met having given almost everything he had to his divorce. He offered to have a pre-nup and I took him up on it. He does what he loves & makes very little & I do what I'm good at and make 6 figures and we are both happy with that, however, heaven forbid we part, he only gets back what he put in.
  
  SO, I'd add that if you marry later in life & have more than your spouse, of even forsee that your incomes may be very disparate, do a pre-nup - NOT romantic, but then most financial decisions aren't.
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  Tony Tovar

  1 year ago

  Hey! Great article. I love this article. Do you mind if I post it up as an entry on my blog? You will get full credit for it! :D
  
  Respectfully,
  Tony Tovar
  
  P.S. Send me an email if you wish.
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  guinness416

  1 year ago

  I have "consolidated" items 1 and 3 by marrying someone who loves to cook. Does that count?
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  Mom @ Wide Open Wallet

  1 year ago

  I have learned and agree with everything on your list. Except maybe public transportation. I haven't learned that one yet, the thought of waiting for the bus, with my kids, in 110 degree heat to save $5 in gas just isn't on the top of my fugal list. Maybe if I lived where there was a subway I would be more on board.
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  Steve (Brip Blap)

  1 year ago

  @Guinness416: no, it does not - loving to cook and actually cooking are two different things. :)
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  Steve (Brip Blap)

  1 year ago

  @Mom@WOW: Public transportation is tricky that way. But I guess I'd say that you're not just saying $5 in gas, you're reducing the amount of greenhouse gases that are being poured into the atmosphere, as well - you're reducing the amount of money that future generations are going to have to pay for illnesses and disasters arising from climate change, as well as contributing to more and more 110 degree days. But I own two cars, so I'm certainly not a purist on public transportation. I guess I would just say that if you can use a bus instead of a car when there isn't much difference - say, on the day when it's 75 and pleasant and you're not in a big hurry with the kids - then maybe it's worth it. Public transportation varies so much city to city in the US that it's hard to universally say it should be used, I know.
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  Four Pillars

  1 year ago

  I love it.
  
  Mike
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  Mrs Pillars

  1 year ago

  We're doing well on 1 and 3. One of our earlier "dates" was a cooking class although neither of us was afraid of the kitchen before. It's great to serve a really good dinner and know that it would cost 5 times as much at a restaurant.
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  deepali

  1 year ago

  @Mom - Another way to think of it - the mess we make of our planet today is what we leave for our kids tomorrow. Do you really want to leave them with something worse than 110 degree days? Because that's where we are headed - you might not live to see it, but your kids will reap the consequences. What legacy do you want to leave them? I take the personal finance approach to the health of the planet: spend today and go bankrupt tomorrow... or invest in frugality/sustainability today and live well tomorrow... (that being said, there's no rule you have to take public transportation *every* day - just like you can occasionally splurge responsibly!)
  
  @Steve - the first sentence of #5 is on my favorite quotes list now! Unfortunately, no one has yet convinced me of #3. :)
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  Curmudgeon

  1 year ago

  Steve, I've been staring at this one for a long time, thinking it wasn't quite right but not knowing how to fix it. I just recalled Harrison Ford desperately saying "I want to complicate the hell out of my life" to Anne Heche at the end of Six Days Seven Nights as his declaration of a desire for a monogamous relationship, it occurred to me that this is not about simplification, but about building a foundation.
  
  In our youth, we try on different roles and different actions to see which fit. Some of us never find a fit, and endure a life of multiple shallow relationships, fast food, job hopping, you name it, as if in an endless and destructive WHILE loop (I've written a few of those). You advice is to stop that, choose from our experiences, and build the foundation that defines who we are. Once we can do that, I think you are describing the benefits of that choice and the resulting actions.
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  Coral Snake

  1 year ago

  haha , i like the idea about not buying anything you don't need ... but this can be tough
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