Investing And Building Wealth

[Trigganometry]

Those who are hard workers will always find work and land on their feet. You sound like you have the determination and mindset to push forward whether it be working for someone else or trying to start a business. Even if you try and it doesn't work don't think of it as a failure, self employment isn't for everyone and at least can say you tried. It's easy to get depressed but just keep pushing forward! There were many times I wanted to hang it up and go back to work for someone else or change careers. Looking back I'm glad I didn't and pushed myself through it.

You can change careers at anytime. Mark @txquailguy did it later in life and he has a great new career now and is happy. Rick @Trigganometry and Jim @wanted33 both did it too and have (had in Jims case as he's retired) a great new career and a great life. While making money is important you have to be happy at what you're doing. Your story is really one of the reasons I wanted to start this thread. I figured if one of us here can help someone out it was all worth it. I hope it all works out for you and please let us know what you decide to do.

I’ll add one thing to what Dave said but is still very relevant. When I started out in the 1070’s I learned how to be a machinist first. It was a good skill but thought to myself is this what I really want to be doing for the rest of my life? An old timer that was teaching me said look around the room and what do you see? I replied lots of guys your age and me. He said that’s right, nobody in between and we’re all going to retire soon. Who will be doing this once we’re all gone? The lights went on, high demand equals higher wages and a scarcity of able people!

Well now I’m saying that to a bunch of new blood wanting to learn. They will make for the same reasons. Seems the word “work” is a bad thing these days. The sooner you jump in the sooner you reap the rewards. Biggest lesson I have learned is my best successes have also come with the highest risks. Put yourself out there and never waver in your determination to see it through. Do that once and then all of a sudden, I can DO this!!!

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[AzScorpion]

When I started out in the 1070’s

I knew you were old Rick but Damn! ?

 

[Trigganometry]

I knew you were old Rick but Damn! ?

Ya, good memories of when you could do anything and get away with it!

 

[NotBudule]

Is Rick's last name Methuselah, by any chance ??

and what exactly would you be machining that far back , ? Dirt ?

 

[dapakattack]

Thanks Dave for starting this thread. This is a great forum with a bunch of great people who are always willing to help others.

I don't know if I can really give too much advice on how to grow wealth and investment strategies. Maybe more along the lines of life choices that don't hinder one's financial opportunities.


My advice would be.....Don't do stupid stuff
-Don't be envious. What people display doesn't always tell the story of what's going on behind the scenes.
- Don't wait to save/invest. That's a difficult thing to do for many, especially when young and you may not have two dimes to rub together...but expenses will always be there
-Don't take on bad debt
-Don't be a jerk. Be willing to help others. You'll be surprised at how that opens doors down the road.
- Don't Drink and Drive. Legal issues can be really difficult to overcome. Be aware of the company you keep. Stupid friends can put you in stupid situations.
-Don't be in a rush to get married....meaning really get to know the person you "want to spend your life with". Find out how that person deals with money, their family situation (you aren't just marrying that person...you'll also deal with their family members), and that their goals/dreams mesh with yours. Divorce and child support are also difficult to overcome.
-Don't pass up a business opportunity with Dave @AzScorpion That guy is getting royalties from 303, Dee Zee, and God knows who else

 

[AzScorpion]

Thanks Dave for starting this thread. This is a great forum with a bunch of great people who are always willing to help others.

I don't know if I can really give too much advice on how to grow wealth and investment strategies. Maybe more along the lines of life choices that don't hinder one's financial opportunities.


My advice would be.....Don't do stupid stuff
-Don't be envious. What people display doesn't always tell the story of what's going on behind the scenes.
- Don't wait to save/invest. That's a difficult thing to do for many, especially when young and you may not have two dimes to rub together...but expenses will always be there
-Don't take on bad debt
-Don't be a jerk. Be willing to help others. You'll be surprised at how that opens doors down the road.
- Don't Drink and Drive. Legal issues can be really difficult to overcome. Be aware of the company you keep. Stupid friends can put you in stupid situations.
-Don't be in a rush to get married....meaning really get to know the person you "want to spend your life with". Find out how that person deals with money, their family situation (you aren't just marrying that person...you'll also deal with their family members), and that their goals/dreams mesh with yours. Divorce and child support are also difficult to overcome.
-Don't pass up a business opportunity with Dave @AzScorpion That guy is getting royalties from 303, Dee Zee, and God knows who else

Great advise Daniel and all are spot on!! Especially the one about helping others as it really can and will open the doors for you. You may not see this right away but trust me people remember this and some time somewhere down the road you'll get it back tenfolds. Even if you don't at least you know you did the right thing and can look at yourself in the mirror everyday and you helped someone along the way. That alone is rewarding enough.

-Don't pass up a business opportunity with Dave @AzScorpion That guy is getting royalties from 303, Dee Zee, and God knows who else

You'll all just have to wait and see. ??

 

[Rick V.]

Wow. There is a lot of good stuff on this thread it would be hard to pick what suggestions to go with. If I had to add to all the good stuff here I think it would be to live within your means and just use a little common sense it goes a long way.

 

[OrangeStreak]

These have helped me to maintain financial stability...
1. Live within you means
2. Stay out of debt as much as possible.
3. Budget your money...I have a spreadsheet and know at any given time exactly how much I've spent for each month and what the remaining balance is for the month.
4. Spend money thriftily and wisely...take the time to find the best price for quality products...don't buy cheap inferior items to save money that waste money in the long run.
5. Do a lot of research and learn as much as possible about investments before diving in.
6. Care about the condition of others who are in unfortunate situations. Give to reputable charities and other non-profit organizations that support needy people in unfortunate situations. It will come back to you. I am giving monthly to a local effort that helps people in the Ukranian crisis.

 

[wanted33]

Thanks Dave for starting this thread. This is a great forum with a bunch of great people who are always willing to help others.

I don't know if I can really give too much advice on how to grow wealth and investment strategies. Maybe more along the lines of life choices that don't hinder one's financial opportunities.


My advice would be.....Don't do stupid stuff
-Don't be envious. What people display doesn't always tell the story of what's going on behind the scenes.
- Don't wait to save/invest. That's a difficult thing to do for many, especially when young and you may not have two dimes to rub together...but expenses will always be there
-Don't take on bad debt
-Don't be a jerk. Be willing to help others. You'll be surprised at how that opens doors down the road.
- Don't Drink and Drive. Legal issues can be really difficult to overcome. Be aware of the company you keep. Stupid friends can put you in stupid situations.
-Don't be in a rush to get married....meaning really get to know the person you "want to spend your life with". Find out how that person deals with money, their family situation (you aren't just marrying that person...you'll also deal with their family members), and that their goals/dreams mesh with yours. Divorce and child support are also difficult to overcome.
-Don't pass up a business opportunity with Dave @AzScorpion That guy is getting royalties from 303, Dee Zee, and God knows who else

Daniel, it's amazing how something that simple can be so important. I'm one of those that married my childhood sweetheart. Due to college expenses we didn't get married right away (long story). We were together 6 years before we could afford to get married, and of course it wasn't easy starting out even then. We were going to rent until we could afford a house, but thank God one of good freinds father was a contractor, and explained to us if we rented we would never have the money to build. He worked with us, and built us a modest house on land the wife's Mother sold us. Damn, it was hard living pay check to pay check the first few years. We even did without to pay whatever extra money we could on the house payments. I tell people we decorated that house in "Early Poverty" at first. Like me my dearest didn't have much growing up, and understood the importance of money. Even these days I don't have any money in my wallet that doesn't come through her pocketbook first. It started out that way to better keep up with the expenditures on crap, and other things. And it continues that way today. It was none of that chit of "my money", and "her money". It's our money, and we sink or swim together.

 

[D Fresh]

I'm a 45 year old Milk Man. I don't have much to add to this thread, as obviously most of you are well beyond my level of financial security. I'll second what others have said about living modestly, using your credit wisely, and not trying to keep up with the Joneses.

Daniel, it's amazing how something that simple can be so important. I'm one of those that married my childhood sweetheart. Due to college expenses we didn't get married right away (long story). We were together 6 years before we could afford to get married, and of course it wasn't easy starting out even then. We were going to rent until we could afford a house, but thank God one of good freinds father was a contractor, and explained to us if we rented we would never have the money to build. He worked with us, and built us a modest house on land the wife's Mother sold us. Damn, it was hard living pay check to pay check the first few years. We even did without to pay whatever extra money we could on the house payments. I tell people we decorated that house in "Early Poverty" at first. Like me my dearest didn't have much growing up, and understood the importance of money. Even these days I don't have any money in my wallet that doesn't come through her pocketbook first. It started out that way to better keep up with the expenditures on crap, and other things. And it continues that way today. It was none of that chit of "my money", and "her money". It's our money, and we sink or swim together.

But I will agree with this whole heartedly. As GenXers me and my wife are in it for the long haul. Like most of my generation we were products of divorce and don't want to go down that road at all.

It is my firm belief that if your money isn't married, you're not either. Marriage is a partnership, both in life and in love.

 

[wanted33]

I'm a 45 year old Milk Man. I don't have much to add to this thread, as obviously most of you are well beyond my level of financial security. I'll second what others have said about living modestly, using your credit wisely, and not trying to keep up with the Joneses.



But I will agree with this whole heartedly. As GenXers me and my wife are in it for the long haul. Like most of my generation we were products of divorce and don't want to go down that road at all.

It is my firm belief that if your money isn't married, you're not either. Marriage is a partnership, both in life and in love.

Wow Doug, you're still a pup. I was wearing a gun before you were even a sparkle in your Daddy's eye.

 

[D Fresh]

Wow Doug, you're still a pup. I was wearing a gun before you were even a sparkle in your Daddy's eye.

Absolutely.

Gotta long way to go. Luckily for me I listen to most of you old farts. Nothing like skipping the middle man and learning from others' mistakes.

 

[wanted33]

Absolutely.

Gotta long way to go. Luckily for me I listen to most of you old farts. Nothing like skipping the middle man and learning from others' mistakes.

Yep, there's probably no mistake you can make that many of us here hasn't already made.

 

[D Fresh]

Yep, there's probably no mistake you can make that many of us here hasn't already made.

Not saying I always catch on, but at least when I don't I know what I'm in for.

 

[deleriumtremor]

Daniel, it's amazing how something that simple can be so important. I'm one of those that married my childhood sweetheart. Due to college expenses we didn't get married right away (long story). We were together 6 years before we could afford to get married, and of course it wasn't easy starting out even then. We were going to rent until we could afford a house, but thank God one of good freinds father was a contractor, and explained to us if we rented we would never have the money to build. He worked with us, and built us a modest house on land the wife's Mother sold us. Damn, it was hard living pay check to pay check the first few years. We even did without to pay whatever extra money we could on the house payments. I tell people we decorated that house in "Early Poverty" at first. Like me my dearest didn't have much growing up, and understood the importance of money. Even these days I don't have any money in my wallet that doesn't come through her pocketbook first. It started out that way to better keep up with the expenditures on crap, and other things. And it continues that way today. It was none of that chit of "my money", and "her money". It's our money, and we sink or swim together.

I honestly don’t know a single person/couple who didn’t sweat bullets buying their first house. I also don’t know a single one who regretted that leap of faith in themselves, that buying their first home represented. It is the single most important investing step most people can ever make.

On the risk of divorce and its potential long term effects on anyone’s financial well being. I do think our culture falls a little short when it comes to explaining the importance of picking the right person as your permanent mate.

My mom and dad were fabulous loving parents, well, setting aside my mother’s alcoholism, there were some pretty rocky times from that affliction. But thanks to the fact that my dad was the closest thing to Job I ever saw, we had a pretty great upbringing.

What my parents didn't ever do is talk about what makes a person a solid choice as a mate and what maybe didn't. I did get from observation the negatives of any addiction, but that was about all I knew about the zillion other factors that make a good mate.

I have never studied the stats, but my guess is the divorce rate probably goes down as the number of years the couple knew each other well before marrying goes up. I would also guess that the divorce rate goes down as the age at which two people wed goes up.

I think one of the most tragic things, financially as well as emotionally speaking, that can happen is a young couple, fairly new to each other, fall in lust, get married, have 3 kids and then start to get to know each other. From a sound investing and wealth growing point of view, young people shouldn't do that.

Back on the importance of educating the young people in your life about what one might do to really get a handle on the suitability of a certain candidate mate and what seems to be our culture's reticence to really try to get a handle on it. The only person that ever spoke two words to me about that subject, was Mary's dad, about a week before we were to be married.

Her father came to me in a solemn manner and said, "Bill, you need to know that Mary is a VERY selfish person." I thanked him for his advice and said I understood what he was saying and thought I could handle that part of her personality as I also understood the positive traits far outweighed the negative. He seemed skeptical I knew what I was talking about, but also didn't press the debate. I guess he felt he had done his duty. Truth be told, I was lucky I was right about the good far outweighing the bad, but the only chance I had at being right in that assessment, is the fact that we had known each other for quite a few of years before we pulled the trigger.

Divorce often is one of the most costly things that can happen to a couple, let alone the cost to the kids.

I think the above is a lot like all investing advice one might get, YMMV.

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