Best Financial Moves You've Made

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
ImmigrantSaver
Posts: 206
Joined: Tue Nov 22, 2016 6:24 pm

Re: Best Financial Moves You've Made

Post by ImmigrantSaver » Thu Jan 12, 2017 9:23 pm

Started putting money into 401k day one. I wish I researched more on the it's limits. I just relied on an older coworker who told me to put 10%. I could have put more in retrospect.
No college debt - went to a state school

User avatar
Watty
Posts: 13457
Joined: Wed Oct 10, 2007 3:55 pm

Re: Best Financial Moves You've Made

Post by Watty » Thu Jan 12, 2017 10:27 pm

By far my best financial move was literally a move.

I lived in the Silicon Valley and when I was about 30 I wanted to buy my first house. I moved up to Portland Oregon which was inexpensive back then(not so much now). I was able to find a job up and the house I bought cost maybe a fifth of what it would have cost in the Bay Area. Years later I took a job transfer to Atlanta which was even less expensive.

Grt2bOutdoors
Posts: 18822
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Best Financial Moves You've Made

Post by Grt2bOutdoors » Thu Jan 12, 2017 10:28 pm

Opening an IRA at age 20.
Consistently saving something even when I made little.
Marrying a woman with like-minded values, interests and who is even more frugal than I.
Living beneath our means - my frugal wife thankfully is not into shiny objects or frequenting restaurants.
Brown-bagging lunch.
Opening a 529 plan.
Joining the forum - backdoor Roth, Mega Backdoor Roth, TLH'ing funds.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

User avatar
topper1296
Posts: 571
Joined: Fri Apr 03, 2009 10:50 pm
Location: Nashville TN

Re: Best Financial Moves You've Made

Post by topper1296 » Thu Jan 12, 2017 10:32 pm

Living below my means and minimizing lifestyle creep.

User avatar
StevieG72
Posts: 789
Joined: Wed Feb 05, 2014 9:00 pm

Re: Best Financial Moves You've Made

Post by StevieG72 » Fri Jan 13, 2017 12:28 am

Purchasing a home.

My business purchase.

DIY investing.
Fools think their own way is right, but the wise listen to others.

MechEngOSU
Posts: 11
Joined: Sat Mar 30, 2013 10:05 am

Re: Best Financial Moves You've Made

Post by MechEngOSU » Fri Jan 13, 2017 5:58 am

-Developing a healthy respect for saving early in my teen years (thanks Mom and Dad!)
-Resisting the temptations to open up credit cards in college, or have the best apartment, or best car during those years. Some of the less-than-amazing apartments I lived in with friends were the best. It got me in the habit of not needing fancy things to make me happy.
-Listening to a mentor and starting a Roth IRA at 22 in low cost index funds.
-Reading "The Intelligent Asset Allocator" at 22 on recommendations from a different mentor....it just may have changed my life forever :happy
-Learning to ask questions and think critically before pulling the trigger on any investment or purchase. Still carries forward to this day.

mcblum
Posts: 464
Joined: Wed Jan 06, 2010 7:46 am
Location: gaithersburg,md

Re: Best Financial Moves You've Made

Post by mcblum » Fri Jan 13, 2017 6:46 am

selling my college class ring and buying my 1st mutual fund in 1991.
marty

duckcalldan
Posts: 144
Joined: Tue Feb 12, 2008 9:55 pm
Location: Colonial Virginia

Re: Best Financial Moves You've Made

Post by duckcalldan » Fri Jan 13, 2017 8:51 am

*Living below my means
*Marrying a like-minded, low-maintenance woman
*Avoiding all non-mortgage debt for over 20 years (and now without mortgage)
*Getting comfortable with investing since age 14
*Moving to Schwab from Shearson Lehman (remember them?) at an early age
*Finding an employer that funded 100% of my 401K, and staying with them for 25 years
*Saving all of my annual bonus (25-40% of total) and investing it with Vanguard
*Realizing I wasn't an above-average stock picker and moved from Lake Wobegon to bogleheads.org!

shawcroft
Posts: 891
Joined: Sun Feb 24, 2008 4:18 pm
Location: Connecticut

Best Financial Moves You've Made

Post by shawcroft » Fri Jan 13, 2017 9:16 am

To me, the best financial move I have ever made was buying an engagement ring for my wife.

People who know me know that I am plodding and slow to act- but not after I met her. From our first meeting to marriage in less than 16 months- "faster than a speeding bullet" for me!

Best overall financial move I have ever made.

Shawcroft

User avatar
JDCarpenter
Posts: 1389
Joined: Tue Sep 09, 2014 2:42 pm

Re: Best Financial Moves You've Made

Post by JDCarpenter » Fri Jan 13, 2017 9:22 am

shawcroft wrote:To me, the best financial move I have ever made was buying an engagement ring for my wife.

People who know me know that I am plodding and slow to act- but not after I met her. From our first meeting to marriage in less than 16 months- "faster than a speeding bullet" for me!

Best overall financial move I have ever made.

Shawcroft
I am in the same boat (She is the more methodical one though)--back in 1979, we were talking marriage a couple of months after we met, but were still soph/frosh in college; had to wait a while!

OTOH, there is an active thread over at the earlyretirement forum on Divorce and FIRE. Reading that makes me realize how lucky couples like DW and I are.... (yeah, we subconsciously work at it, I guess, but what if the other partner turned to another page?)
Edit Signature

User avatar
goodenyou
Posts: 1265
Joined: Sun Jan 31, 2010 11:57 pm
Location: Skating to Where the Puck is Going to Be..or on the golf course

Re: Best Financial Moves You've Made

Post by goodenyou » Fri Jan 13, 2017 11:56 am

Waiting until I was in my 30s to get married. I avoided marrying the other soul mates that would have very likely led to financial disaster. Living below means and decision on geographic arbitrage have led to significant financial rewards. Boglehead philosophy is right up there at the top as well.
"Ignorance more frequently begets confidence than does knowledge" | "The best years you have left are the ones you have right now"

basspond
Posts: 1053
Joined: Wed Nov 27, 2013 4:01 am

Re: Best Financial Moves You've Made

Post by basspond » Fri Jan 13, 2017 12:15 pm

Pay for these first:

Automatic savings
Charitable Giving
(Paying these first put me in a mindset of restrained living)

The one move was refinancing to 15 year mortgage. Interest payment savings were huge and having a paid for house gives us financial flexibility.

User avatar
3wood
Posts: 76
Joined: Sun Apr 28, 2013 8:21 pm

Re: Best Financial Moves You've Made

Post by 3wood » Fri Jan 13, 2017 2:46 pm

Working for my first employer who turned me onto to personal finance. Told me to read "The Wealthy Barber". Started saving as much as I could and never stopped. That was over 20 years ago. Although I haven't worked with him in a long time we still talk and play golf when he is in town. He is retired and in Fl with a multimillion $ nest egg. I owe him.

Flashes1
Posts: 839
Joined: Wed May 07, 2008 7:43 am

Re: Best Financial Moves You've Made

Post by Flashes1 » Fri Jan 13, 2017 2:56 pm

* Got married to a good earner who is responsible with money.

LateStarter1975
Posts: 666
Joined: Tue Jul 02, 2013 4:50 pm

Re: Best Financial Moves You've Made

Post by LateStarter1975 » Fri Jan 13, 2017 4:12 pm

Discovering and becoming a member of Bogleheads.org was by far my best financial move. Few months before I discovered this site, I had already had my financial wake up call. However this site has a way of stretching me to achieve goals I wouldn't have considered possible on my own. When I started saving the proverbial 10-15% in retirement, this site of financial over-achievers showed me people who save >30% of their gross income. The double comma net worth posts or the $100,000 portfolio achievement posts always motivate me to keep going. The wealth of knowledge and wisdom among people on this forum is breath-taking. I cannot even begin to quantify the financial gain I have gotten from this site. And yet, all this solid information is free.
Debt is dangerous...simple is beautiful

Wakefield1
Posts: 806
Joined: Mon Nov 14, 2016 10:10 pm

Re: Best Financial Moves You've Made

Post by Wakefield1 » Fri Jan 13, 2017 4:48 pm

I was a member many years ago of an informal group that used to run a 5 mile circuit on Saturday mornings. One of the members was a stockbroker who got me interested in buying a few shares of such as Exxon, Ashland, Arco ,Dominion Resources. Kept them in my name,not at his brokerage (so no one there could trade them)he might have given me no commission or reduced commission sometimes. They are worth many times what they once were.

Local newspaper once put on an investing or finance program with speakers brought in from such as Morningstar.
In the audience a gentleman who was somewhat frail sitting a few seats from me introduced himself to me,revealed he was coming back from Heart Transplant Surgery. His name happened to be John C. Bogle. (He was waiting to make one of the presentations,he had some people with him,I think had driven down from Pennsy. and they had his charts.)He might have had to,or might still have to sometime undergo having some kind of a biopsy of the transplanted heart (Can't remember for sure,that might have come up in our conversation) And yes,he did make points very forcibly. Half a percent,one percent,(extra)cost isn't just one little bite,it compounds and compounds and compounds.

User avatar
burt
Posts: 660
Joined: Sun Feb 17, 2008 7:47 am

Re: Best Financial Moves You've Made

Post by burt » Fri Jan 13, 2017 6:46 pm

msk wrote:Got a physics PhD just as Nixon laid off 2000 from NASA in the early 1970s :oops: Best move was to join the oil industry! :mrgreen: Always lived well below our means, saving >30% of income. Next best move was to purchase 3 houses on different continents using 90% mortgages at age 31. Two worked out fabulously, 3rd increased to a mere 350% of purchase price in 30 years. Trivial carrying costs on all since they were rented out. Built a couple of apartment blocks in a high rent environment, quickly generating net income > my job. Spare cash invested mostly in SPY and BRK, for decades. Regrets? Not dumping my well paying, secure job and venturing into servicing the oil industry at its peak. A few colleagues who did this are now worth 9 to even 10 figures. BH style of taking minimal risk is comfortable, and appropriate to most people, especially those in middle age and above, but perhaps not appropriate to youngsters aiming to get rich. Making serious $ requires serious risk taking...
Oil and gas. If lucky and timed properly.... Ohhh the riches.
Recently retired and relocated from Houston. (not in Oil and Gas)
Lots of suffering for lower levels of employment. Upper levels haven't missed a beat and continue to thrive.
The generational wealth of Oil and Gas is absolutely astounding.

burt

Viking Too
Posts: 11
Joined: Mon Mar 07, 2016 8:54 pm

Re: Best Financial Moves You've Made

Post by Viking Too » Fri Jan 13, 2017 8:31 pm

I followed the google link that led to:

https://www.bogleheads.org/wiki/Video:B ... philosophy

and the rest of this site.

Wish I'd figured that out 20 years earlier....

User avatar
sunny_socal
Posts: 1549
Joined: Tue Mar 24, 2015 4:22 pm

Re: Best Financial Moves You've Made

Post by sunny_socal » Sat Jan 14, 2017 10:18 am

Bought a relatively cheap fixer house right before the housing boom. Sold it 2 years later for 2x the price, right before the crash! :mrgreen:

We live in CA so we still have a mortgage, but it's nice knowing that we'll be able to buy a house with cash when we escape this state! :beer

User avatar
VictoriaF
Posts: 18341
Joined: Tue Feb 27, 2007 7:27 am
Location: Black Swan Lake

Re: Best Financial Moves You've Made

Post by VictoriaF » Sat Jan 14, 2017 10:34 am

Some of my prudent financial moves were not financial in nature and some were incidental. Here are the key ones:

1. Immigrating to the United States trumps all other moves.
2. Pursuit of advanced degrees, licenses, certifications, and continuing education.
3. Living close to work (most of the time), having short commute, keeping cars for a long time.
4. Never owning my home which enabled me to accumulate liquid assets, relocate for better jobs, have time for the career and education, and avoid shocks of home ownership.
5. Keeping spreadsheets for monitoring and planning my spending and investment.
And, of course,

6. Joining the Bogleheads community.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

User avatar
market timer
Posts: 5922
Joined: Tue Aug 21, 2007 1:42 am

Re: Best Financial Moves You've Made

Post by market timer » Sat Jan 14, 2017 11:31 am

1. Got a good education, never earned less than $175K/year
2. Wife and I established our careers and saved >$1mn before having kids (in mid 30s)

LMK5
Posts: 202
Joined: Sat Jan 05, 2008 8:43 pm
Location: Orange County, CA

Re: Best Financial Moves You've Made

Post by LMK5 » Sat Jan 14, 2017 11:42 am

I think my single best financial move has been to make investing a priority, never reducing my contributions for the sake of any material things.
Interestingly, the best "move" a person can make is usually to make no moves at all. It's uncanny, but the "moves" that I and others make tend to be the wrong ones. I have found that people who invest but pay little to no attention to those investments tend to do very well over time, with the nice bonus of never being worried about their portfolio.

For a young person starting out, I'd give this advice:
1) Save as much as you can to buy your first house as soon as you can.
2) Once your house is purchased, maximize all 401k and Roth IRA contributions into a balanced mutual fund portfolio.

User avatar
Flymore
Posts: 195
Joined: Tue May 31, 2016 1:31 pm

Re: Best Financial Moves You've Made

Post by Flymore » Sat Jan 14, 2017 11:53 am

Years ago left a company, didn't roll my 401k out right away.
Took some digging, found the 401k stock market fund was in fact investing in Vanguard Total Stock Market fund and charging me a 1% FEE OMG :shock: :shock: :oops: Seriously!

Rolled it over to Vanguard and never looked back.

User avatar
Chicken lady
Posts: 105
Joined: Tue Dec 17, 2013 12:46 pm

Re: Best Financial Moves You've Made

Post by Chicken lady » Sat Jan 14, 2017 7:41 pm

Some of the my best moves were not mine but have been important contributors to financial health:

1. Had the good fortune to recognize the value of saving as a youngster - it has stuck with me.
2. Always been goal oriented - made having financial goals natural.
3. Paid off home and all bills other than recurring ones (utilities, etc.) while still relatively young.
4. Discovered the Boglehead philosophy (thank you!)
5. Stayed married to the same person for a long time.

:happy

quantAndHold
Posts: 1701
Joined: Thu Sep 17, 2015 10:39 pm

Re: Best Financial Moves You've Made

Post by quantAndHold » Sat Jan 14, 2017 8:17 pm

My top 8...
  • Went to college and got a degree in something I could make a good living at.
  • Graduated without any debt.
  • Took a financial planning class at the local college in my 20's.
  • Bought a house in 1997, just as the California real estate market started on a 20+ year binge. Paid it off in 2014.
  • Got lucky on stock options during the dot com bubble. Managed to keep the money when the crash happened.
  • Recognized 2008 as the buying opportunity that it was. Started saving 30+% of my income.
  • Got lucky on RSU's during the FANG period.
  • Got lucky on Seattle real estate.

sambb
Posts: 2072
Joined: Sun Mar 10, 2013 3:31 pm

Re: Best Financial Moves You've Made

Post by sambb » Sat Jan 14, 2017 8:56 pm

ivy league education
working more hours than others - 1 extra hour pays off way more
thinking of ROI instead of spending - iphone for example

Texflier
Posts: 26
Joined: Wed Sep 30, 2015 9:55 pm

Re: Best Financial Moves You've Made

Post by Texflier » Sat Jan 14, 2017 10:14 pm

By "luck":
1. 30yr career with pension
2. employer with education benefits

Intentionally:
1. always put in enough into 401K to get the match
2. maxing out my 401K for past 10yrs including catch-up since turning 50
3. bought a foreclosure in 2011 that is now worth substantially more after a few improvements
4. went from a spender to a saver - not that easy...
5. track spending and NW
6. buy 2-3yr old cars with low mileage - drive until 200K+ miles
7. buy my investments and rent my toys

User avatar
davidkw
Posts: 776
Joined: Sun Feb 25, 2007 6:39 pm
Location: Sterling, VA

Re: Best Financial Moves You've Made

Post by davidkw » Sun Jan 15, 2017 6:36 am

Maxed my retirement out from day one. Always used noload funds, found the Bogleheads in 2005, and live under my means.
David | | From Jack Brennan's "Straight Talk on Investing", page 23 "Living below your means is the ultimate financial strategy"

User avatar
oldcomputerguy
Posts: 3118
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods

Re: Best Financial Moves You've Made

Post by oldcomputerguy » Sun Jan 15, 2017 7:38 am

Paid debt off as fast as possible, paying ahead as much as possible, never ever ever paying minimum on credit card debt.

Put something, anything in 401k, even if other responsibilities forced it to be minimum for match.

Lately, having found this form, got out of various sector mutual funds and implemented a Boglehead allocation.
It’s taken me a lot of years, but I’ve come around to this: If you’re dumb, surround yourself with smart people. And if you’re smart, surround yourself with smart people who disagree with you.

User avatar
tennisplyr
Posts: 1693
Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Re: Best Financial Moves You've Made

Post by tennisplyr » Sun Jan 15, 2017 9:15 am

If I hadn't invested in my companys' 401k programs, I would not have been able to retire @ 61. Also bought a house in a good location when I was 31 and paid off the mortgage. I'm now 67 and enjoying the good life!
Those who move forward with a happy spirit will find that things always work out.

GregLily07
Posts: 17
Joined: Mon Jan 09, 2017 10:17 pm

Re: Best Financial Moves You've Made

Post by GregLily07 » Sun Jan 15, 2017 12:14 pm

1) Paying off 95K in debt and never taking on anymore debt after that.

2) Stopped borrowing money, which included closing all credit card accounts.

3) Making a monthly budget and living within my means.

4) Making a yearly budget.

Making the above changes has allowed me to start saving 44% of my income.

soc2003
Posts: 20
Joined: Tue Aug 05, 2014 10:46 am

Re: Best Financial Moves You've Made

Post by soc2003 » Mon Jan 16, 2017 8:20 pm

1.) Maxing out my 401K (18K/year), ROTH (5K), HSA (3K) and ESPP (10% of paycheck at a15% discount)

2.) Saving early (in my late 20's)

3.) Living within my means (not buying a very expensive home or expensive car)

4.) Limiting debt - Paid of car in 1 year and home in 10 years

SunnySeattle
Posts: 50
Joined: Mon Nov 04, 2013 12:17 pm
Location: Seattle

Re: Best Financial Moves You've Made

Post by SunnySeattle » Mon Jan 16, 2017 8:20 pm

1. Pick the right spouse/partner!
2. Graduate college debt free (state schools help)
3. max out 401k, 403b, and 457 accounts for me and spouse
4. backdoor Roths for us both
5. get out of debt/stay out of debt (pay off mortgage and loans asap)
6. automatic savings into a taxable account (pay yourself first)
7. pay off credit cards monthly (and use cash back cards)
8. Save for kids college in 529s
9. LBYM (though we now break this rule with autos and some fun vacations)
10. Make sure to have fun with the extra! :beer

User avatar
sunny_socal
Posts: 1549
Joined: Tue Mar 24, 2015 4:22 pm

Re: Best Financial Moves You've Made

Post by sunny_socal » Tue Jan 17, 2017 12:20 am

I'll add another one: taking out a 401k loan as a "bridge loan" when moving from one house to another. Quick easy cash, paid myself back a month later when my 1st house sold :beer

User avatar
ramink
Posts: 31
Joined: Thu Oct 11, 2007 9:46 am

Re: Best Financial Moves You've Made

Post by ramink » Wed Jan 18, 2017 8:21 pm

Sure lived below my means, contributed to 401(k) from Day 1, Roth and HSA when at the earliest available opportunity, read "Random Walk down the Wall street" and got the religion etc. But the one that Trumps :) them all is coming to America!

User avatar
pennstater2005
Posts: 2454
Joined: Wed Apr 11, 2012 8:50 pm

Re: Best Financial Moves You've Made

Post by pennstater2005 » Wed Jan 18, 2017 8:27 pm

Finding Bogleheads, dumping advisor, steady monthly investing, learning of 2 year rule to get wife's Simple IRA money out of lousy State Farm fund. I'm sure there's more.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

fleetwdl
Posts: 9
Joined: Fri Jan 06, 2017 2:59 pm

Re: Best Financial Moves You've Made

Post by fleetwdl » Thu Jan 19, 2017 4:56 pm

The best financial moves I have made are:

1) Not making a move--1987, 1990, 2000, 2007-2009. Heavily invested in growth mutual funds at the time and never blinked.

2) Never bought more house than either I or my spouse could maintain the payments should either lose job for extended period.

User avatar
Sandtrap
Posts: 5089
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii😀 Northern AZ.😳 Retired.

Re: Best Financial Moves You've Made

Post by Sandtrap » Thu Jan 19, 2017 5:32 pm

"Discovering" Bogleheads and "learning".

physiorol
Posts: 161
Joined: Sun Mar 09, 2014 1:52 am

Re: Best Financial Moves You've Made

Post by physiorol » Thu Jan 19, 2017 8:59 pm

ddunca1944 wrote:My best financial move was to. marry a debt adverse saver.
1+

And buying a house in the bay area in 2003.

dsmil
Posts: 562
Joined: Tue Sep 08, 2009 10:51 am

Re: Best Financial Moves You've Made

Post by dsmil » Thu Jan 19, 2017 9:56 pm

Getting engaged in college because I wasn't expected to buy an expensive ring.

ny_rn
Posts: 400
Joined: Sun May 11, 2014 7:09 am

Re: Best Financial Moves You've Made

Post by ny_rn » Thu Jan 19, 2017 11:07 pm

Creating multiple income streams and not relying on my full-time job.

bubbadog
Posts: 614
Joined: Wed Mar 26, 2014 9:17 pm

Re: Best Financial Moves You've Made

Post by bubbadog » Thu Jan 19, 2017 11:10 pm

Lucky enough to marry a great wife.

TravelforFun
Posts: 1378
Joined: Tue Dec 04, 2012 11:05 pm

Re: Best Financial Moves You've Made

Post by TravelforFun » Fri Dec 01, 2017 5:29 pm

Bought the fixed $9 a month gym membership at 24-Hr Fitness. I've been going there 5 days a week for the last 15 years.

TravelforFun

User avatar
jeff mc
Posts: 2711
Joined: Mon Feb 19, 2007 9:42 pm
Location: minnesota
Contact:

Re: Best Financial Moves You've Made

Post by jeff mc » Sat Dec 02, 2017 9:21 am

retiring early from corporate job and helping spouse build her business(es). freedom. flexibility. higher income. an awakening.

crg11
Posts: 411
Joined: Sat Jan 04, 2014 8:16 am

Re: Best Financial Moves You've Made

Post by crg11 » Sat Dec 02, 2017 9:51 am

1. Started contributing to my 401k at age 22. It wasn't much, but has added up over time. Now I've maxed out my 401k for 3 straight years and both mys spouse and I's IRAs for 2 straight years.

2. Had a big awakening around 2007 (3 years after college) on debt and credit cards. I first got it to the point I never held a balance month-to-month on a credit card and then began paying off loans. As of early this year the only debt we have is a mortgage and a 0.9% car loan. We could technically pay off the car loan today if we wanted to, but rather have the $ in the market.

3. Building a full six month emergency fund. It has saved several potentially stressful situations in the past that turned into non events because we could cover it.

4. Using YNAB (https://www.youneedabudget.com). It got our budget under complete control and enabled us to max out our IRAs.

5. Lucking out and joined an early stage startup that ended up being acquired for a nice sum years later. The amount I received for my stock wasn't gigantic in terms of startup windfalls, but it did let me pay off my remaining student loans.

JW-Retired
Posts: 6810
Joined: Sun Dec 16, 2007 12:25 pm

Re: Best Financial Moves You've Made

Post by JW-Retired » Sat Dec 02, 2017 9:54 am

--Owning just the one house.

--Maxing out the 401k for 40 years.

--Choosing a wife who is more frugal than I am (I'm counting that as a "best move" even though it was luck). :beer
JW
Retired at Last

scrabbler1
Posts: 2192
Joined: Fri Nov 20, 2009 2:39 pm

Re: Best Financial Moves You've Made

Post by scrabbler1 » Sat Dec 02, 2017 10:14 am

It wasn't intended as a financial move when I made it, but it turned out to be one: Never wanting children.

In the more conventional vein, avoiding debt or paying off debt early - student loans and mortgage paid off years early, never taking a car loan.

TG2
Posts: 192
Joined: Sat Nov 25, 2017 6:50 pm

Re: Best Financial Moves You've Made

Post by TG2 » Sat Dec 02, 2017 11:02 am

3wood wrote:
Fri Jan 13, 2017 2:46 pm
Working for my first employer who turned me onto to personal finance. Told me to read "The Wealthy Barber". Started saving as much as I could and never stopped. That was over 20 years ago. Although I haven't worked with him in a long time we still talk and play golf when he is in town. He is retired and in Fl with a multimillion $ nest egg. I owe him.
When I was younger I used to watch financial education shows on PBS. I figured that there may only be one minute of information in an hour-long show that I did not already know, but I would have the benefit of that one minute for the rest of my life. One of the authors that I watched was David Chilton, who wrote The Wealthy Barber. He was good, both interesting and funny along with informative. I still remember parts of that show decades later. The two things that resonated most, and that I have used in my talks with other people, are these:
1. 90% of financial planning is to spend less than you make.
2. Good financial planning is very simple stuff. It's the things that DON'T work that are complicated.

One of his funnier lines was when he was talking about one book that had changed someone's life. He asked the audience, "Do you know what book it was?" Someone guessed it was his book, and he said, "No, it was Making the Most of Your Money by Jane Bryant Quinn, but I look at it like they did all this even though they read THE WRONG BOOK!" Enjoyed him.

birdy
Posts: 307
Joined: Sun May 02, 2010 7:31 pm

Re: Best Financial Moves You've Made

Post by birdy » Sat Dec 02, 2017 1:31 pm

Saving money for retirement and emergencies is not glamorous nor popular. Some times you have to put off "wants" and concentrate on "needs". To watch other people your age buying fancy cars and taking fancy vacations is hard. But if you develop the Boglehead mind set, you will just snicker at them for needing to work into their 70's or more because they lived from paycheck to paycheck. Many Bogleheads retire young and with financial security. I won't boor you with what I did to be able to be financially secure (which you have seen over and over in above replies). Just know that you must be the one to decide how to live your life to its fullest. Embracing the Boglehead way is a great guideline.

birdy

bubbadog
Posts: 614
Joined: Wed Mar 26, 2014 9:17 pm

Re: Best Financial Moves You've Made

Post by bubbadog » Sat Dec 02, 2017 1:39 pm

Picked the right wife on the first try.

Post Reply