I appreciate what you're doing, but you are introducing terms that people learn when they have a lot of time on their hands to read books or forums while saving their money - rather than - going out spending it and being social, like the OP.Sandtrap wrote: ↑Sat Dec 02, 2017 6:13 pmThis is illusory. You do not have more "cash" in the bank because it is being spent on being social. This doesn't mean being antisocial. It means being comfortable with "who" you are vs "what you can buy" compared to others. Define wealth? Define financially independence? At some point in time wouldn't one want to be financially independent and "self made" "despite" having a fortunate leg up on things?GrayS26 wrote: ↑Sat Dec 02, 2017 3:58 pmWait, how can I get a 30-40k Toyota with no monthly payments?Sandtrap wrote: ↑Sat Dec 02, 2017 2:05 pmwhy not 30-40 on a Toyota and have no monthly payments vs lease and never own the car?GrayS26 wrote: ↑Sat Dec 02, 2017 11:25 amI’m grateful for what I have and proud of what I’ve been able to do. There’s almost always going to be bigger and better no matter how hard one tries, and believe me I’ve tried hard at many things earlier on in my life.wrongfunds wrote: ↑Thu Nov 30, 2017 10:11 pm With COLA, you are in good shape. But do figure out what you really want to do in your life. Assuming the 3.3M is invested well, it will be worth quite a lot in 30 years. As long as you invest 25-30% of your allowance immediately on getting it, you will be fine. But you will still need to have a budget.
Your parents have the means to support you. I presume they have been extremely successful financially. Why are you not thinking of being able to emulate them or take over their business later in your life? If so, try to get the education which will help you achieve that.
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Question for everybody:
I have a lease, is that considered debt? My car lease is like $680 a month I think. The reason why I prefer renting condos and leasing cars instead of buying is bc I’d rather have a set amount of bills, let’s say 6,000 a month, and around 750k invested than spend $300k on a house, $60-$70k, on a car, and so on, and then have less invested.
May be a bit too frugal a lifestyle though.
j
I assume you mean just pay cash? I still would be hesitant spending so much on 1 purchase tbh. Plus i prefer being able to get something new every few years if possible. Perhaps already acquiring "spendy" habits? Suggest spending time at MMM. One can be wealthy or not and still be frugal.
For 30-40k I could probably get a used luxury car or lower end model luxury car, but most of my circle have really nice cars so I prefer having something a little better than many of them if I can afford it. This is a good way to end up with minimal at an early age or later years from now.
TBH, I prefer not spending too much on cars or frankly anything bc the more cash in the bank the better but that’s just the price for being social I guess.
The actionable point I'm making is one of asking yourself:
If one day the income stream were to not exist, would I have structured things such that I wouldn't need it, or in fact would be even better off?
Have I capitalized on my good fortunes to build a sound financial and personal lifestyle base that generates income far beyond what I am being given?
There are threads you can google here on "lifestyle creep" and "hedonic treadmill" that present very real factors that are insidious and can erode wealth and earnings.
This is a very conservative overview and presentation of things to ponder that may be helpful to you.
J
To be honest, I just learned both of those terms in 2017, and I am no better for it. When I was too busy partying and dating a new person every few days to a week, I didn't have time to go on BH.org or MMM to learn said terms. I can't say I am any better for doing so!
I have adopted things I've learned from both lifestyles, its always a work in progress. Tilting to what the OP is doing is a lot more fun.
People (men particularly) are being told by the media, feminists, and the government that they should "take responsibility" .. often that means sacrificing their own well being and interests for other people and society at large. However, these people you are working for and supporting don't often have your best interests at heart, and will stab you in the back and take what you've been working for without giving it a second thought.