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Old 01-07-2013, 12:49 AM   #15
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Dave and Deb's post has the basics. You have to be ruthless about saving, 10% is a workable and sufficient amount to "save". But, If you don't have a 401k with your employer, don't keep the money you save in a bank account. You have to put it somewhere will it will work for you--an investment. Invest in something that grows. Savings isn't about keeping the money, its about keeping it's value and your net worth.

Worth is not money: today you pay about 2 to 3 times a year's salary for a house, 3 or 4 months worth of salary for a car. In 10 years you will be making noticeably more money than what you are now and guess what? Cars will still cost 3 or 4 month's worth of your salary. It's the work that gets you value, not paper with numbers printed on it. Make sure to keep the value of your work/worth from decreasing. Invest in something that represents work--hard things: houses and industries.

Well kept up Real property (houses) and Industrial business will maintain their worth. Think about it, over time the dollar becomes worth less, so the price of raw materials cost more, so the price of the goods the company builds has to go up, and so earnings go up, the basic value of the company increases because it's replacement cost has gone up, so the stock price goes up, the dividends go up because they are paying a percent of their company earnings. It's all working to increase your worth and it's where you have put your "savings".

Dave's above advice about dividend paying stocks is right on. I'll add to this by suggesting you sign up for automatic dividend re-investment plan (DRIP) for those stocks you do buy.

A DRIP takes the dividend money they pay you and buys more of that company's stock. So next year you get more dividends from your greater stock holdings and the next year and the next year. . . This continues until you have a bucket load of stock. Then you get smart and sell part of the stock and buy a 42' Diesel Pusher and use the dividends off the remaining stock to support your driving around the USA.

I will suggest that you don't use an on-line broker as a beginner though. Don't go to your local banker either, pick a discount broker where you can sit face to face with somebody and go over your strategies. I have had good luck with Charles Schwab, your mileage may vary.

A few other things will help.

Buy good solid cars either new or fairly new and drive them until they drop. Resist the urge to get a new car every 3 years, figure on driving cars 10 to 15 years.

Buy a house and plan to pay it off before you retire. If that means taking a 25 year loan instead of a 30 year loan--do it. The last home loan I had was for 15 years.
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Old 01-07-2013, 06:11 AM   #16
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Lots of good info in this post. Most of it can be summed up by saying save a lot and invest it wisely.

The thing that helped us the most with the investment side of the equation was to find a good financial adviser that we trust. A lot of people like to handle their own investments, and that's fine if you know what you're doing and have the time to spend on research. We found a CFA (Certified Financial Adviser) we really like and who has the same conservative approach to investing we do. Although there is a fee for his services, we feel it has been well worth the cost.
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Old 01-07-2013, 07:33 AM   #17
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As a CPA I've seen a lot of people make money and a lot of people lose money. The key to real wealth is not hard work nor intelligence, but nothing other than timing. A client of mine bought an old factory almost 30 years ago and everyone laughed at him. It was over 400,000 square feet and it cost him $120,000. He sold it for $4.5 million. What made the difference was his timing. He bought the building just when the Canadian businesses started to move into Western NY to take advantage of our lower costs. His building quickly filled and started to generate over $250,000 per month in rent.

All of the other advice you have seen in this thread is sound advice for the most part. Don't invest what you can't afford to lose. Keep borrowing to a minimum and never get into credit card debt. While you are working your butt off, still remember to take time to stop and smell the roses. Life is short and at times way too short. Enjoy yourself, smile often, and hug those you love.

Remember money can't buy you happiness. It does, however, give you the chance to seek happiness in whatever venue you may choose.
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Old 01-08-2013, 08:11 AM   #18
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Originally Posted by wnytaxman View Post
As a CPA I've seen a lot of people make money and a lot of people lose money. The key to real wealth is not hard work nor intelligence, but nothing other than timing. A client of mine bought an old factory almost 30 years ago and everyone laughed at him. It was over 400,000 square feet and it cost him $120,000. He sold it for $4.5 million. What made the difference was his timing. He bought the building just when the Canadian businesses started to move into Western NY to take advantage of our lower costs. His building quickly filled and started to generate over $250,000 per month in rent.

All of the other advice you have seen in this thread is sound advice for the most part. Don't invest what you can't afford to lose. Keep borrowing to a minimum and never get into credit card debt. While you are working your butt off, still remember to take time to stop and smell the roses. Life is short and at times way too short. Enjoy yourself, smile often, and hug those you love.



Remember money can't buy you happiness. It does, however, give you the chance to seek happiness in whatever venue you may choose.
Amen! That's what I said? However, expressed much more eloquently!
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Old 01-10-2013, 08:21 PM   #19
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Look at Vanguard Investments, Purchase a Roth IRA,
save 10% a year and hope the company matches.
Buy what you can pay for and live within your means.
Forget Social Security it wont be there.
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Old 01-11-2013, 07:36 AM   #20
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Look at Vanguard Investments, Purchase a Roth IRA,
save 10% a year and hope the company matches.
Buy what you can pay for and live within your means.
Forget Social Security it wont be there.
I agree with everything you are saying other than the last line. Social Security will still be around, but I'd be willing to bet that it will become more needs based with those on the upper income levels getting reduced amounts, if anything. I think the days of someone who makes over half a million a year being on SS will be over relatively soon.
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Old 01-11-2013, 09:56 AM   #21
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If you are not going to benefit from it, you should not have to contribute to it. Just my opinion.
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Old 01-11-2013, 02:05 PM   #22
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Maybe money won't buy you happiness and you should work harder at the things that will make you happy and spend less time worrying about money. That works for me but, I know it's not for everyone.
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Old 01-13-2013, 08:42 PM   #23
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The following statement are not opinions, they are facts. The parenthetical are my real questions about the results of the policies.

Problem:
Schools are teaching that profit is a bad thing. (Can you run a business without it?)
Problem:
If you have trackable investments, they may soon be commandeered by the government. Stated at a news conference 09/11/2010 (They want your IRA?)
Problem:
Bankruptcy laws were abrogated (declared void) by the current administration, so no investment in industry can be protected. (Bond holders get nothing - ever?)
Problem:
Policies in place make use of energy impractical. (Back to horses and slaves?)

I do not have any answers.
My plans have all already been buried.
If planning and investment (in other than the government) are discouraged, I do not understand how the economy can expand enough to cover the growth of demands.
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Old 01-13-2013, 08:50 PM   #24
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Oh baby! This thread got off topic real fast
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Old 01-13-2013, 09:51 PM   #25
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Unbelievable. Sorry OP, these forums are usually helpful
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Old 01-14-2013, 06:58 AM   #26
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Hope it wasn't my fault. I didn't really have a direct answer for you because I have no real money. I did inherit 80 acres of farm land from my dad that is worth $500000 dollars if I sold it but, that would be stupid of me to do that. What I do is rent it to the farmer that employees me for about 8000 a year. I invested in a wind tower company and the built a wind tower on my land that that earns me 4000 a year. My employer pays me 130000 a year before taxes. And, because we farm all the ground around this house I get to live here rent free. And, My health insurance is paid for by my employer. That's all I got for income.

I don't have much a 9 year old pickup, a 20 year old camper, a 40 year old boat, and such. But, I decided long ago that to be happy I would rather be out doing things like camping and if I'm working too many hours to pay for a fancy camper it would just set at home and not get used so what would be the purpose of that?.
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Old 01-14-2013, 07:19 AM   #27
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Unbelievable. Sorry OP, these forums are usually helpful
X2! OP,
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Old 01-14-2013, 08:58 AM   #28
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Maybe, the Original Poster just needs to figure out what he's looking for. Is it financial security? Is it wealth? Maybe it's just a comfort level of money in the bank.

Everyone has a different comfort level. I have some clients who get concerned when their checkbook balance falls below $100,000 and I have others who mail the wrong checks to vendors every month to get some float time in their accounts. Where do you want to be and when do you want to be there? What sacrifices are you willing to make now for your possible enjoyment later in your life? Everything has an opportunity cost so you have to decide how much you want to spend in money or time or current enjoyment.
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