Investing And Building Wealth

[AzScorpion]

Disclaimer: This is just a fun thread to discuss investing and your own personal experiences and by no means financial advise anyone should take. Investing is very risky and you should seek out a professional advisor for guidance.

So after being on here for 3 years I’ve noticed there are many here who have done a great job at building their wealth. Some have very nice homes, nice vehicles besides their Rangers, nice RV’s and nice motorcycles. So how did you do it? Was it making good investments, owning a business, working hard and saving, selling or flipping real estate, marrying a sugar momma or even a trust fund baby. Lol There’s a lot of younger members here too who might benefit from some good advise from us older ones and even some of us older ones can always learn something new.

For me I've always been “thrifty” and have always lived within my means. That’s not to say I didn’t buy stuff or have any fun but I always put a huge % of my pay away either in savings, investments and buying real estate. I started my business in ’86 (painting contractor) and things went well for years but didn’t get my first really big contract until the late 90’s. It was a 160 unit condo complex which opened the door to so many other contractors and before I knew it I went for 2-3 guys to 7-8, I could’ve used more but hard finding good workers. Before I knew it I was in with 6 different builders from Western MA to Northern CT and a handful of remodelers and one of the largest fire and water restoration companies in all MA. We were going 6-7 days a week for several years and I have to admit I had some really great guys! When I burned out and decided to move out here to AZ I sold the business to one of my employees who was with me for 14 years. I helped him run it from here at first and financed it for him with a 0% loan. He always gave me 110% and I wanted to see him succeed which he has.

Along the way I had built 2 houses back in MA, bought 5 lots down in FL and set up several different investments. They (financial advisors) recommend you have have several “bucket” you can pick from, so make sure you’re diversified! Being self employed for all these years I wanted a consistent check when I retired so I set up 2 different annuities. One which I can start taking at 61 and the other at 65 if I want. The longer I delay taking them the more they’ll pay out. When your young these are great for dumping money into and letting them grow for a guaranteed lifetime payment. Mine also has inflation protection (I pay extra for this) and a death benefit. I also have a REIT (real estate investment trust) which pays out a nice 6% dividend each month along with my Roth IRA and a few other smaller investments plus savings. DO NOT rely on social security, I figure if it’s there it’s a bonus.

Some advise when you’re younger is start saving even if it’s only $25.00/week. Even though it doesn’t seem like much with compounding interest it will grow as you have time on your side. Find yourself a really good financial advisor a fiduciary is better as they’ll have your best interest at heart. Also live within your means!! I can’t stress this enough because life passes by so fast and one day you wake up and you’re 50! Skip the Starbucks and Subways and make your own coffee and bring your lunch to work. Heck I’d see some of my guys spending so much every day on these things for years. One said “it’s only $10” and I said sure but multiply that x's 5 then that x's 52 weeks. Now figure on another 35 years and you’re talking about a good chunk of money that could’ve been invested. That guy was the one who bought my business and is now still working his tail off at 53 playing catch up when I semi retired at 51. It’s not easy doing construction for 40 years as it takes its toll on your body. We did a lot of production back then and just thinking about it makes me tired. Lol I know it’s not easy and life throws you curve balls (kids, medical a wife!) but if you can start while your young you’ll have a much better chance at having a good retirement than starting late.

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[Trigganometry]

Back when I started out there were no 401K or retirement investments per say. Social Security was touted as the way to retirement. Now that I have gotten to that point in life we were sold the biggest crock of shit ever sold to the American public. There isn’t much of what I paid in to get back! By the time I started to sock away funds I was also starting out in life. I went through an apprenticeship and first learned machining and later when they came into industries CNC machining.

So, find something that you can always fall back on if times get hard that is in demand. Lesson 1. Then saved and bought my first house, lesson 2. I’m now starting to build my own wealth and not paying someone else’s mortgage. Then came the risk, starting my own business. All the chips in the pot, If I fail it’s start over so no matter what, make this work. For me I got into industrial diamond manufacturing. Right place, right time and right attitude. Find others that want to prosper with me and pay them well. I would not ask anyone that worked for me to do anything that I wouldn’t do myself. That’s when I started to bank hard on retirement opening a retirement account and put 10% of my check every week pretax. Over 11 years that comes to a nice amount. I sold that company at 43 years old. I’m going to retire! Well it was a nice thought. First 4 1/2 years was great. So I thought. Life throws stuff at you and you adjust. My wife got cancer. Not once but 3 different times over an 8 year period. The only way I could get good insurance again was to go back to work so, career change. That’s what led me to medical that I do now. Perfect for me and my skill sets. I’m putting the max allowable now into a retirement 401K and company tosses in a good chunk too.

So, I’m coming to the finish line and starting out the way I did and stick with it has given me some good security. I own my home. What I did find along the way is having all the toys and expensive things is only a burden. You lose more than you gain and it sucks time out of you like you wouldn’t believe. I taught all my kids, learn how to save because when everything goes wrong you have something to fall back on. Look long term on this as well. You have no idea how fast life passes you by and when you’re done if your counting on others to take care of you, especially the government you’ll be mighty disappointed.

 

[AzScorpion]

Back when I started out there were no 401K or retirement investments per say. Social Security was touted as the way to retirement. Now that I have gotten to that point in life we were sold the biggest crock of shit ever sold to the American public. There isn’t much of what I paid in to get back! By the time I started to sock away funds I was also starting out in life. I went through an apprenticeship and first learned machining and later when they came into industries CNC machining.

So, find something that you can always fall back on if times get hard that is in demand. Lesson 1. Then saved and bought my first house, lesson 2. I’m now starting to build my own wealth and not paying someone else’s mortgage. Then came the risk, starting my own business. All the chips in the pot, If I fail it’s start over so no matter what, make this work. For me I got into industrial diamond manufacturing. Right place, right time and right attitude. Find others that want to prosper with me and pay them well. I would not ask anyone that worked for me to do anything that I wouldn’t do myself. That’s when I started to bank hard on retirement opening a retirement account and put 10% of my check every week pretax. Over 11 years that comes to a nice amount. I sold that company at 43 years old. I’m going to retire! Well it was a nice thought. First 4 1/2 years was great. So I thought. Life throws stuff at you and you adjust. My wife got cancer. Not once but 3 different times over an 8 year period. The only way I could get good insurance again was to go back to work so, career change. That’s what led me to medical that I do now. Perfect for me and my skill sets. I’m putting the max allowable now into a retirement 401K and company tosses in a good chunk too.

So, I’m coming to the finish line and starting out the way I did and stick with it has given me some good security. I own my home. What I did find along the way is having all the toys and expensive things is only a burden. You lose more than you gain and it sucks time out of you like you wouldn’t believe. I taught all my kids, learn how to save because when everything goes wrong you have something to fall back on. Look long term on this as well. You have no idea how fast life passes you by and when you’re done if your counting on others to take care of you, especially the government you’ll be mighty disappointed.

Great story and career Rick! What's really scary now is that pensions are basically extinct now and even 401K's are getting rare. I remember my dad telling me when I was 18 to start an IRA and put $2,000/year (that was the max back then) into it. My thought was "is this guy crazy? $2,000 would be much better spent on my car". I wish I'd had listened to him and also wished he pushed me harder but he let me do my own thing. Luckily I landed on both feet but I still didn't start an IRA until I was 30.

You sound just like me when you said you "Find others that want to prosper with me and pay them well." I was lucky to have two great bosses before I went out on my own. They both treated me great and payed me well. My dad was a VP for a very large machine shop and I saw how well his boss treated him and paid him. I kept that same mindset with all my employees and that's why most stayed with me as long as they did. I'd hear some horror stories about their past employers and how cheap they were. I mean one guy got a company sweat shirt for a Christmas bonus. I know his ex boss and he does VERY well. I expected a lot from my guys but they were paid very well and all got generous bonuses not just at Christmas but I'd give them smaller ones throughout the year. I could've never done it without their help and I always made sure they knew this. I've always been grateful for their dedication and tried to reward them for this. I guess what I'm getting at is if you own a business don't take your employees for granted because usually their the backbone of your success.

 

[brroberts]

1. Learn to live on a maximum of 80% of your net pay no matter how small that amount is.
2. Always save at least 10% because life will happen.
3. Always give at least 10% away. There are always good things you can do.
4. Never go in debt. Just flat out don’t borrow money. It cost too much.
5. As your wealth goes up, live on less than 80%, save more than 10% and always strive to give 15-20% away. If you get really rich, do even more good.
These are my rules since age 11. They have served me well. I never made a lot in public service jobs. I don’t care and don’t need a lot, but I retired at 48, and have a couple of million invested to see me through my fixed income pension.

 

[Trigganometry]

Great story and career Rick! What's really scary now is that pensions are basically extinct now and even 401K's are getting rare. I remember my dad telling me when I was 18 to start an IRA and put $2,000/year (that was the max back then) into it. My thought was "is this guy crazy? $2,000 would be much better spent on my car". I wish I'd had listened to him and also wished he pushed me harder but he let me do my own thing. Luckily I landed on both feet but I still didn't start an IRA until I was 30.

You sound just like me when you said you "Find others that want to prosper with me and pay them well." I was lucky to have two great bosses before I went out on my own. They both treated me great and payed me well. My dad was a VP for a very large machine shop and I saw how well his boss treated him and paid him. I kept that same mindset with all my employees and that's why most stayed with me as long as they did. I'd hear some horror stories about their past employers and how cheap they were. I mean one guy got a company sweat shirt for a Christmas bonus. I know his ex boss and he does VERY well. I expected a lot from my guys but they were paid very well and all got generous bonuses not just at Christmas but I'd give them smaller ones throughout the year. I could've never done it without their help and I always made sure they knew this. I've always been grateful for their dedication and tried to reward them for this. I guess what I'm getting at is if you own a business don't take your employees for granted because usually their the backbone of your success.

So true Dave! I gave cash bonuses a few times a year. Christmas was a minimum of 2K each in cash. If I could do more I would. Never had to beg anyone to stay late or work overtime. It was more like, just got to check with the wife and will be here. This was in the 1990’s and times were tough. My business philosophy was pay my employee’s more than my competitors were willing to. Do not hire any of my competitors people. And get out on the floor with them and show by example, but treated with fairness and dignity.

I stopped by my old shop a month ago. They’re still in business and 2 guys I hired and trained 30 years ago are still working there. Lots of emotions and memories.

 

[samsd]

Agree with everything so far.
Invest in yourself, be your own banker.
Don't freak when the market takes a dump, look at as a buying opportunity.
Invest through the highs and lows, dollar cost averaging.
Building wealth does not happen overnight. Stay the course.

 

[AzScorpion]

Another thing I'd love to hear others opinions on it when to take social security. I've discussed this ad nauseam with many friends, family and financial advisers and while everyones situation is different it's good to get others opinions about this. I'll add mine later as I'd like to hear what everyone else thinks. This ones a touchy subject so let's try and leave the politics out of it and just discuss when you're planning on taking it and why.

 

[deleriumtremor]

Another thing I'd love to hear others opinions on it when to take social security. I've discussed this ad nauseam with many friends, family and financial advisers and while everyones situation is different it's good to get others opinions about this. I'll add mine later as I'd like to hear what everyone else thinks. This ones a touchy subject so let's try and leave the politics out of it and just discuss when you're planning on taking it and why.

Still working on my life story , but can address this easy one first (easy to say what we did, not easy to arrive at the optimal choice for a given situation).

I started taking Social Security at 62.5 (will need to go double check, but was the earliest available, I think it was 62.5). I took the earliest, even though it was a pretty big cut in monthly payments over just waiting a few more years because the men in our family line don’t have the greatest longevity. My Grandad died pretty young relatively speaking of a heart attack. My dad lived a little longer, but again in otherwise great health, died unexpectedly of a heart attack. I figured hell, I am going to get as much as possible, until I croak of a heart attack. Using analysis that takes me out to 80 something just didn’t seem to make sense.

On the other hand, Mary has incredible longevity in her family. Her grandparents, save one, lived into triple digits and the one who didn’t, died in an accident on the job in his 60’s while still doing heavy construction. Mary’s parents are in their mid-90’s and still living unassisted (basically Kevlar people). So we are waiting to start Mary’s to maximize her monthly to maximize the long term return for someone who likely will outlive me by a few decades.

The above is just our strategy and we know anything can happen to derail it as anything but folly, but it seemed like a good idea at the time.

BTW, I have read that we might be subject to an additional tax because of that plan that might reduce its effectiveness if it all works out like we think, but haven’t ever remembered to ask my tax guy for the low down, so if you think it sounds great, consult a tax professional, because I sure am not.

 

[Joeiconic]

I‘ve been maxing out my 401k since I was twenty and the time value of money is magic (It’s gold Jerry, Gold!). I agree with others that debt is the Devil and becomes an anchor to many, both financially and emotionally. Other than a home mortgage, you just have to find a way to live without debt and that includes cars. Understand what you can afford and live within that budget.

As to Social Security, I expect to be able to retire without needing it, although I will certainly draw it since I’ve paid a small fortune into it. All considered, I’m not opposed to SS since the reality is that the overwhelming majority of Americans absolutely must have it. I get that it’s a crutch created by the gov’t, but I don’t see a way forward without it at this point.

 

[AzScorpion]

Still working on my life story , but can address this easy one first (easy to say what we did, not easy to arrive at the optimal choice for a given situation).

I started taking Social Security at 62.5 (will need to go double check, but was the earliest available, I think it was 62.5). I took the earliest, even though it was a pretty big cut in monthly payments over just waiting a few more years because the men in our family line don’t have the greatest longevity. My Grandad died pretty young relatively speaking of a heart attack. My dad lived a little longer, but again in otherwise great health, died unexpectedly of a heart attack. I figured hell, I am going to get as much as possible, until I croak of a heart attack. Using analysis that takes me out to 80 something just didn’t seem to make sense.

On the other hand, Mary has incredible longevity in her family. Her grandparents, save one, lived into triple digits and the one who didn’t, died in an accident on the job in his 60’s while still doing heavy construction. Mary’s parents are in their mid-90’s and still living unassisted (basically Kevlar people). So we are waiting to start Mary’s to maximize her monthly to maximize the long term return for someone who likely will outlive me by a few decades.

The above is just our strategy and we know anything can happen to derail it as anything but folly, but it seemed like a good idea at the time.

BTW, I have read that we might be subject to an additional tax because of that plan that might reduce its effectiveness if it all works out like we think, but haven’t ever remembered to ask my tax guy for the low down, so if you think it sounds great, consult a tax professional, because I sure am not.

I can understand taking SS early in your situation and you're right everyone's is different and have their own reason on when and why they take it. Hopefully you'll break that cycle Bill and live a very long happy life with that new hip.

Great point about tax planning because depending on your investments adding SS could really show you into a higher tax bracket. I've known a few people who once they retired didn't think about this and were very surprised come tax time. I always stress to people new to investing to open up a Roth IRA just to get it started. If they change the rules hopefully we'll still be grandfathered in and it's one of the best investments you can add to your portfolio.

I've always had an accountant for business and he does my personal taxes too. We've briefly discussed this but I'm still far away from tapping into the investments and collecting SS who knows what the rules will be by then.

 

[AzScorpion]

I‘ve been maxing out my 401k since I was twenty and the time value of money is magic (It’s gold Jerry, Gold!). I agree with others that debt is the Devil and becomes an anchor to many, both financially and emotionally. Other than a home mortgage, you just have to find a way to live without debt and that includes cars. Understand what you can afford and live within that budget.

As to Social Security, I expect to be able to retire without needing it, although I will certainly draw it since I’ve paid a small fortune into it. All considered, I’m not opposed to SS since the reality is that the overwhelming majority of Americans absolutely must have it. I get that it’s a crutch created by the gov’t, but I don’t see a way forward without it at this point.

Yes, people would actually be far worse off without SS. One thing I hate is when some (not you) call it an entitlement. We've paid for this out of our paychecks our whole life so all we're asking is we get back what we put into it. I'll never get what I put in as my rates are double being self employed. Like you I never drew my retirement plan around SS and anything I receive from it is an added bonus. It's not going away like some say but It does need some restructuring as people are living a lot longer and drawing off it longer too.

 

[jsphlynch]

For me it's been a combination of thrift and luck.

The thrift was ingrained in me by my upbringing. We weren't very well off, but thanks to my parents habits (I kid you not, McDonald's was a rare, special dinner out) we always seemed to have what we needed.

Thanks to a whole lot of scholarships, grants, and federally subsidized loans (more on the loans in a bit), I was able to go to college. However, thanks to a combination of a miscalculation and a miscommunication, both by me, I accidently took out a slightly larger than necessary loan my senior year, with the extra sitting in my savings account. I entered grad school the fall after graduating, thus qualifying for an interest free deferment on my loans. Worked a nice paying job and lived with my parents between graduation and grad school, so was able to further pad my savings account. Grad school was paid for by an assistantship, which included a small living stipend, so I didn't have to take on more loans.

Now here's where the luck comes in. Spring of my first year of grad school, I did something really stupid: I put nearly all of my savings in the stock market. I had been watching trends and I guessed that we were do for a bit of a rally, so I just went for it. This was early 2009 and, well, you all know what happened next. Incidentally one of the stocks was "F", which I believe I bought at $1.42.

After grad school I got a crappy paying job in a college town with really high rent prices relative to purchase price, so I sold nearly all my stocks, which more than tripled my initial investment, and used that as a pretty substantial down payment on a house. House payments were low and we didn't have car payments (instead driving well-loved vehicles which I learned to repair as needed with the help of Haynes and YouTube), so we were able to pay off the student loans well ahead of time with a little bit of sacrifice*.

After that, owning our home and not having other debts has really kept us on a good trajectory.

*Do NOT get me started on student loan forgiveness votebuying gimmicks

 

[BS67]

All this info is confusing.......doesn't Tracy rob banks?????........I'm with her!

 

[brroberts]

I don’t qualify for social security, but I saved, and am okay with that. Make sure you have good insurance, or a lot of money to self insure because at one or often more times, you will need it.

 

[KJRR]

Here's my $.02. All I can afford because of inflation.

Short Version:
1. Invest in yourself
2. Pay yourself first
3. Live modestly
4. Credit and loans
5. Put your money to work
6. Work hard
7. Learn the difference between wants and needs

The long version:
1. Invest in yourself - Not just formal education but skills that allow you to do things without paying others. If you have to pay someone to do maintenance on your car and home, you better make a bundle of money. As far as education, college isn't always necessary. Plenty of great trades out there. I went into electronics and advanced myself through several jobs, never passing up an opportunity to learn new things and make more money. It ended up in an awesome career in computers, right place at the right time and not afraid to take on something I didn't know much about. I don't look at it as being lucky but rather being ready to take advantage of opportunities that presented themselves or finding new opportunities. I've created several new positions for myself and others with the company I work for. One way to be ready for opportunities or finding them is volunteering. I've coached my kids in baseball and soccer, got involved in the organizations and schools and met some really great people and learned from them. Also been involved at work with volunteer opportunities which is always good to show the bosses you care and are willing to help. The greatest skill I learned in high school was critical thinking. I never realized it at the time, but life has taught me how important this is along with seeing so many without this skill. Critical thinking will keep you out of a lot of problems and help you figure your way out of any you do get into.

2. Pay yourself first - save money for an emergency and retirement. An emergency fund is nice to have when something major breaks on your house, car, life or whatever. Saves you money over putting things on credit. I've saved in retirement funds since my late 20's when I had a job that offered a plan. Rolled those into 401ks or IRAs as I moved to other jobs. Never take a cash out, it puts you behind and costs a lot in taxes. I have a nice amount now and probably retiring at 62, collecting SS at 67 and working part-time until then just to keep busy and out of trouble. If you get a bonus at work, don't blow the whole thing at once. Take 1/2 of it and put it away for an emergency fund, pay off a loan, invest it. Sure, you don't get the same instant gratification as blowing it all at once, but you still get to splurge a little. You'll get the gratification later too that way. Another thing I do, I have a set amount go to my checking to cover monthly bills and automatic investments. The rest goes to savings and then I transfer to checking when irregular bills like property taxes, home or auto insurance come due. Quarterly I look at the savings and take any extra I don't need and invest it, stocks, index funds, bonds.

3. Live modestly - I've never the many of the luxuries as others around me but I am OK with that. When I married and had kids, we lived on my income and considered my wife's income 'fun' money. Still do. We took modest vacations, get away weekends, camping, day trips and we would save for a nice one every 3 years or so like Disney, Yellowstone, beach vacation, San Deigo... most times we drove simply because it was cheaper, and we made it part of the experience. Staying in small motels, driving through the night (drove from Cleveland, Ohio to the Badlands in 24 hrs with breaks for food and fuel), packing a cooler instead of eating out on a trip, cooking on a camping stove at a cabin... My kids have awesome memories of those things now. Never had the newest furniture, appliances, gadgets. In fact, I've taken plenty of my family's castoffs when they got something new. I paid them fairly for it but why do I need new when something used and in good shape will do the same thing. My first house was just a little more what I paid for my Ranger. Doubled my money when I sold it and so did my wife on her's. We put that down on the new house, which was a repo and had a mortgage payment I could carry on my income. Still a modest house and actually could downsize now that the kids are gone but that's another story. I've never wanted to be a slave to my house so never more than we could keep up with ourselves.

4. Credit and loans - The only loans I've had are my house and can't remember the last time I had a car payment, probably about 25 years ago. I've haven't carried credit card debt for 35 years and even then, it was modest. Why should I pay someone else extra for something that isn't a necessity. This goes back to paying yourself. I started buying new cars when I was 25 and had them at least 10 years. After it was paid off, I kept paying myself that money saving for the next car. It's not too hard to keep them running that long if you learn basic maintenance skills. I've still had mechanics I trust do the difficult stuff, probably more now but my time is worth more now than when I was young. I'd say basic maintenance is even easier now with YouTube videos. Never had the most luxurious cars or worried about all the bells and whistles, but they all do the same thing, get you from point A to point B and cars are a rapidly depreciating asset. The Ranger was a splurge, but we were due for a new vehicle and when my daughter totaled her car, it was time to sell her the 10 year old Fusion and get something I wanted since I've been practical with my car purchases most of my life. Right now, we buy a car for cash every 5 years. Unless there is 0% financing then I'll use their money for free while my money is still working for me. I've always paid ahead on my houses and refinanced when the price was right. Started with a 30-year loan because I could swing the payment on my income, refinanced down to a 15 after 5 years and paid it off after 10. And pay bills on time, late fees are a waste of money. Stay away from subscriptions and monthly payments. Cable TV is our one monthly subscription, and we haven't always had it. We've never leased. We use credit cards for just about everything, and pay them off monthly, unless cash is cheaper. They are paying us to use them with the cash back.

5. Put your money to work - I always used to save in the bank. Checking, savings and CDs. Some bonds. I wish I would have started investing sooner. I've always had retirement funds and took an interest in what 401k investments I had. I started reading about investing and in 2008 when the market crashed, I had plenty of cash to start investing. Never more than I could afford to lose but money that was sitting in the bank not earning much. I continued a modest amount each year and watched it take off. I stopped that about 3 years ago thinking that it's been a good run but wanted something a little more automatic than picking stocks. Besides shifting more money into cash and bonds, I started with Index funds and one of the automatic investing companies that are out there now. I now have a car fund, safety fund and wealth fund setup and investing in each bi-weekly. I still have part of my safety fund in the bank savings and CDs but the rest that I wouldn't need in 3 months is in index funds making more money. Speaking of CDs, read up on laddering CDs. You can have them come due weekly, monthly, quarterly or whatever you need. As far as stocks, plenty of good books and people to follow out there. Warren Buffet is my favorite; Peter Lynch has some good books, and The Inteligent Investor by Benjamin Graham is updated every so often. I don't go for the latest investing trends, chase stocks or even think about virtual currency (do I want to invest in something I can see or hold?). I'm in it for the long haul and prefer companies I understand, have a track record and mostly pay dividends. Not a way to get rich quick but I haven't lost it all, I'm risk adverse and still not doing too bad this year as I'm ahead of the indexes over the past year. And right now, look into I series bonds, they are paying better than 9%! It's also about time to start putting cash back in the market. If you have kids, start a college fund. I started with small amounts monthly when they were 5 and 2 and added 1/2 of what they got for birthdays or holidays. I increased the amount when I could and by the end the funds had more than doubled with conservative investments. Also some states have tax credits for what you put into a college fund. They also had skin in the game and worked through college, paying for their own apartments, utilities and food. They went to state colleges that were leaders in the fields they wanted to get into, came out with no debt and have decent paying jobs. The whole college fund may yet prove to be a foolish investment. ?

6. Work hard - I've always given the companies I've worked for more than they expected. It has paid off with raises, promotions and bonuses. If the work I put in wasn't appreciated, I moved on. Life is too short to be miserable at work. I also work hard in my personal life, remodeling, fixing things and a few hobbies. Because of this I'm often disappointed by the effort others give, especially contractors. They rarely meet my expectations and I'd rather just do it myself. Anything worth doing, is worth doing right. I never expect anything to be given to me and always showed appreciation when something was given to me.

7. Learn the difference between wants and needs. Too often I see people confusing these concepts. I have 3 basic needs; Food, shelter and clothing. Anything else is a want.

Other random thoughts - It can be difficult not to eat out every night, take expensive vacations, not have the latest and greatest trinket. We hung with a group of friends that were of the same mindset, sometimes out of necessity, and we would go to each other's houses on the weekends instead of going out, went camping, canoeing and other inexpensive activities. We had lots of fun and have stories to tell. Find friends with toys and go with them on the boat, camping, lake house, 4-wheeling... Much cheaper that way.
Keep in mind the immediate gratification is short lived and it will pass quickly. Then you are looking for the next thing to feel that gratification again. Having a secure future has always been my goal. Most people would never guess how much we are worth by the lifestyle we lead. And I'm OK with that. I only need to impress myself, not anyone else. These financial skills are now being displayed by my kids. They are both hard-working, have emergency and retirement savings, one with a house and the other now looking. We are now at the point where we have lived modestly for so long, it's a little difficult to splurge a little now that the kids are gone. We are learning though.

If you haven't guessed, finances are a favorite subject of mine and I'm willing to discuss ideas and concepts but not numbers. ?

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