September 26, 2025 at 12:00 am
Comments posted to this topic are about the item Don't Forget About Financial Skills
September 27, 2025 at 12:10 am
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September 27, 2025 at 3:50 am
Wow. The silence indicates whoever reads these post has not given much thought to finances and retirement. The sooner you think about it and make financial plans the better off you will be. Credit is not the answer and your FICO score is not designed to make you rich, just fool you into carrying a lot of debt. I was aware of Dave Ramsey many years before I got serious late in life. I was doing "ish" but I finally got serious, got out of debt and now retired okay. I wish I had started earlier but Financial Peace University (FPU) works. It is a faith based program but don't be scared off if you want to build wealth slowly and steadily. Thee are instructor led offerings as well as on line offerings. There is a secular versions of his FPU that is available to companies for their employees. But you will need to realize you don't have to have everything you want while you are young and you will not get rich keeping a lot of debt. I have had no credit cards for the past 20 years and only financed 2 vehicles while I was doing "ISH". We are debt free but not by winning the lottery or inheriting a lot of money. When I am asked what's in my wallet, I say "CASH!" Learn something that will help in retirement.
Justs search for Dave Ramsey on the internet and you will find FPU.
September 27, 2025 at 2:14 pm
My financial skill building began in my grade school days when I started working summer farm jobs and my first 'savings account' was an old fabric bank bag stashed under my Mom's dish buffet. My first car was an old Pontiac I bought from my boss for $35. During my college years I never studied business or finance but taught myself enough to get two different jobs as bookkeeper and credit manager.
My first financial asset was built in a job that had a 'profit sharing' plan which after eleven years was the company-contributed equivalent of three years gross salary. Then in the 90's my wife and I began a five-year period of investing all net salary increases into our 401k plans while still raising our four sons. Our personal contributions both reached the max of 15%. Then my wife founded and operated a small business which she later sold to her largest competitor.
I have a single credit card which I pay regularly twice each month and have not paid a cent in interest in over three years.
In the late 80's we bought a Rocky Mountain forested mining claim and in the 90's built a beautiful log cabin which we paid for in seven years, got to enjoy for our early retirement years and then due to health conditions sold for double our investment and split the asset into investment accounts.
We relocated after retiring to be close to family and old friends from decades ago and at 80 years of age I took a mortgage I didn't need. Here is the logic:
We got a mortgage at 2.75% and invested our equity in the markets. The investment growth so far this year is at 7%, and the investment income pays the mortgage each month. Plus the mortgage lets us qualify for the Homestead Exemption on property taxes that otherwise are outrageous.
During the first Grump administration our retirement investments actually continued to grow. Then in the next admin we took a hit of $140k in value (not in withdrawals). Now under the current admin, we not only have recovered all the losses but also have growth and for the first time our market investments have exceeded $1M.
Neither of our incomes ever broke $100k, but we tried hard to manage what we had to work with.
Rick
Disaster Recovery = Backup ( Backup ( Your Backup ) )
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