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| keganboyd |
 Posted: Thu Mar 01, 2007 7:30 am Post subject: |
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Investing Associate
Joined: 27 Feb 2007
Posts: 12
This Month: 0
69.56 e$
Net worth: 5,386.34
Portfolio Value: 5,316.78
Monthly Return: -18.94%
Trades this month: 0
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| I'm trying to switch over from the splurging type to the saver and conserative. I really wish a lot more people would switch over too but oh well. |
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| MEDIC1FF |
| Posted: Sun Mar 11, 2007 4:04 pm Post subject: |
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Investing Sr. Associate
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| my wife and I used to live above our means. we have done this for about 4 years. We have lots of nice things, but very little savings. We have recently started saving, and it really is not that hard ( as we have all the things that i think we need). But no matter how hard we try, It seems as credit cards never get paid off. |
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| millzrm |
| Posted: Wed Mar 14, 2007 8:18 am Post subject: |
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Investing Associate
Joined: 12 Mar 2007
Posts: 41
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9176.30 e$
Net worth: 9,176.30
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| No surely not the only one, but there are tons of people living above their means mainly becuase they either can't want to get the things they want to are used to things that mommy and daddy gave them as kids/young adults. |
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| Dave Rathbun |
| Posted: Wed Mar 14, 2007 11:27 am Post subject: |
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CFO
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One of the greatest feelings in the world is being debt free. My wife and I managed to go from nearly $20K in credit card debt to being 100% debt free (including paying off our house mortgage) in 10 years. The hardest part, as has been commented upon, is getting out from under the credit card debts.
Here's how we did it, in summary.
We moved to Texas in 1992. Due to moving expenses and various other things we amassed a bit of credit card debt. Soon after moving here we purchased a house, and there were repairs to be made, and new furniture to buy. For furniture and new carpet and so on we took advantage of no payments - no interest plans. We had 12 months to come up with the funds to pay for the furniture we bought (and the new carpet we put in).
Meanwhile we consolodated all of our credit cards onto one card. We paid minimum payments everywhere we could get away with it except for the credit cards. We paid every extra penny we could for a couple of years to get that debt eliminated. Based on our experiences with that, we have never ever run a revolving balance on our credit cards since. They are paid off every month.
Once we paid off our credit cards, we were already conditioned to paying extra, so we started on our mortgage.
Within 10 years of moving to Texas, we had completely paid off our mortgage, had no revolving credit card debt, and were now taking all of the funds we had been paying to someone else and started paying ourselves instead.
Today we have two kids and a larger house (and a mortgage again) but still no revolving credit card debt. We have no car payments.
But the hardest part is climbing out of that hole that you can get in so easily with credit cards. You have to figure out a way to get those taken care of, and then the second hardest part is behavior modification... you have to change the way you use the credit cards, or you'll fall right back into the same pit. |
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| Im Not Warren Buffett |
| Posted: Wed Mar 14, 2007 1:54 pm Post subject: |
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CFO
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| Dave Rathbun wrote: | | You have to figure out a way to get those taken care of, and then the second hardest part is behavior modification... you have to change the way you use the credit cards, or you'll fall right back into the same pit. |
I would say that behavior modification is pretty difficult, but maybe I'm just overly attached to being a creature of habit. Credit cards have never been a problem for me, as I normally pay cash for everything. The issue I have is that I spend cash like we're experiencing hyperinflation in a South American country. 
Recently I've gotten my spending habits more under control, and I only spend way more than I should one or two times a week. Where has the fun gone in my life? 
Anyways, I am a case study in the "latte factor" - the idea that wasting $5/day on some small habitual purchase hurts financially as much as those $100 nights out on the town. I can say I've cut down on the Snapple habit, although I still spend too much when I go out. I blame it on my girlfriend, who claims she has simple tastes but nonetheless gets me to open the wallet at Tiffany's, Douzo, the Red Sox lottery, etc.
Women.  |
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| geb9696 |
| Posted: Wed Mar 14, 2007 2:14 pm Post subject: |
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Investing VP
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| Im Not Warren Buffett wrote: | | Dave Rathbun wrote: | | You have to figure out a way to get those taken care of, and then the second hardest part is behavior modification... you have to change the way you use the credit cards, or you'll fall right back into the same pit. |
I would say that behavior modification is pretty difficult, but maybe I'm just overly attached to being a creature of habit. Credit cards have never been a problem for me, as MY PARENTS normally pay cash for everything. The issue I have is that I spend cash like we're experiencing hyperinflation in a South American country.
Recently I've gotten my spending habits more under control, and I only spend way more than I should one or two times a week. Where has the fun gone in my life?
Anyways, I am a case study in the "latte factor" - the idea that wasting $5/day on some small habitual purchase hurts financially as much as those $100 nights out on the town. I can say I've cut down on the Snapple habit, although I still spend too much when I go out. I blame it on my girlfriend, who claims she has simple tastes but nonetheless gets me to open the wallet at Tiffany's, Douzo, the Red Sox lottery, etc.
Women. |
I fixed your post for you... |
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| Im Not Warren Buffett |
| Posted: Wed Mar 14, 2007 2:59 pm Post subject: |
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CFO
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| I object to that. Except for college tuition (granted, big exception...), I haven't taken money from them since I was 16. I don't think thats bad, all things considered. |
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| MEDIC1FF |
| Posted: Sat Mar 17, 2007 4:52 am Post subject: |
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Investing Sr. Associate
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and the hits just keep on coming. As we try to get out of credit card debt, we find out that another child is on the way. I am still holding to my guns that we need to pay cash for baby stuff, after all we have 8 more months to plan, but the wife wants to get it all now. So, up goes the credit cards.
I am wanting to start a college savings plan for our current child(4years old).
Can't get another part time job because it will take more of my time away from my family, but we can't get out of debt without it. what to do what to do? I guess we are destined to a life in debt.
I'm am like IMWB, I have always had a job, and have never had to get money from mommy and daddy. I have taken pride in the fact that I have always been able to pay cash for what I have wanted. My wife on the other hand wants things NOW, no matter the cost.
My best friend and I started a small business awhile ago just so that we can have the money to support our habits(SCUBA diving, RC planes and helicopters, you get the idea) so my spending is coming from that.
Oh, well, life goes on... |
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| Dave Rathbun |
| Posted: Sat Mar 17, 2007 7:02 am Post subject: |
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CFO
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If you already have one child, do you have to buy all "new" stuff? Can you reuse stuff from the prior child?
You can also talk to other family members for hand-me-downs if you don't have things like a crib anymore. We found that family were often all-to-happy to share stuff they were no longer using, and then we were able to return the favor when our kids outgrew toys or clothes or whatever.
It's a thought. 
And congratulations, by the way, on your pending dividend. |
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| Jenita |
| Posted: Thu Mar 22, 2007 9:30 pm Post subject: |
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New Poster
Joined: 19 Mar 2007
Posts: 6
This Month: 0
Location: New zealand
12623.08 e$
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Hi,
You can save money when you earn than your need. It's a good habit too, But at the same time you need not be too stingy or cheap. |
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| rick103054 |
| Posted: Tue Apr 24, 2007 6:22 am Post subject: |
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Investing Sr. Associate
Joined: 08 Mar 2007
Posts: 123
This Month: 0
126.77 e$
Net worth: 9,702.05
Portfolio Value: 9,575.28
Monthly Return: -28.60%
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| YOU'RE LUCKY YOU ARE GOOD AT SAVING. SOME FOLKS ARENT |
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| shabbang |
| Posted: Tue Jun 05, 2007 1:00 pm Post subject: |
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Investing Associate
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Interesting thread.
Here is my humble opinion.
There comes a time when you realize you are making about as much as you are going to make in your career. And sooner or later you may be pushed out for a more productive employee because of your age.
While I am not that old there will come a time when I may be pushed out the door for a younger\faster model.
If I had taken the time to save more in the past I would not have to worry so much about the future.
So I find myself trying to save only to have something come up and take most of it away. But such is life and it can always be worse.
And why does it seem everytime that damn c\c gets paid off something happens.
I swear when I die my spirit will find the one they call Murphy and I will be that law right out of him! |
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| damon |
| Posted: Tue Jun 05, 2007 3:59 pm Post subject: |
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Investing Sr. Associate
Joined: 04 May 2006
Posts: 160
This Month: 0
4484.64 e$
Net worth: 35,974.64
Portfolio Value: 31,490.00
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| The way that the unwashed masses manage their money really astounds me. I don't understand why so many people choose to live beyond their means. Are the consequenses so difficult to grasp? |
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| JRW-910 |
| Posted: Tue Jun 05, 2007 4:09 pm Post subject: |
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Administrator
Joined: 01 Feb 2007
Posts: 182
This Month: 0
Location: New Jersey, USA
33242.46 e$
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I used to be scared as hell to even use my credit cards.... after seeing lots of friends burried in CC debt. I have all but one car 100% paid off... keeping one loan to build credit. When I took the load, I put an equal ammount into a CD just in case. My credit cards get 100% paid off every month!
.... maybe its easy for me... no wife or kids 
-JRW |
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| mastermike311 |
| Posted: Tue Jun 19, 2007 6:31 am Post subject: |
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Investing Associate
Joined: 15 May 2007
Posts: 19
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| I can only save when I have big money to invest in like an IRA or CD. |
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