YMOL Discussion, Week 2, Chapter 2

[catherine]

I didn't want to think/write about the rest of the chapter as my childhood had so many negative things about money. I've moved past that, luckily, but don't like to dwell on it.
However I do really like the calculation parts of the book, so to speak to those:
1 - RHW - a useful exercise for some people, but right now not necessary for me as I'm self-employed, with no income yet, so it doesn't matter.
2 - Tracking - I love tracking. I remember first doing some tracking at 17, before I had any income really at all, when I got my first computer, so I could play with the spreadsheet software. I've tracked to the penny since 2004. I just enjoy it. I like to know where my money is going and I love math and spreadsheets. Does it really help me? Unsure. I still struggle with spending in-line with my values, vs total frugality, random purchases, etc. I generally use and prefer Excel, but have recently started using YNAB and just move the monthly totals into Excel. Both have good and bad points.

Thanks for sharing your "wall chart," Kestra! Like you, I think my data could do a better job at directing my choices, but I still like having it.

[Teacher Terry]

Like Catherine my job costs me nothing as i teach online from home. We are semi-retired and take vacations because we love to travel and not to get away from anything. I track spending manually.

[ToomuchStuff]

I know we haven't started discussing chapter three, and I am not done reading it yet (been a busy week), but it does have me asking one thing. For those who have and do keep track, when do you close out the books, and do you keep "fresh" books, or does it go back years?

I used Gnucash and used to track. Worked well, but I gave up daily tracking and that worked pretty well, But I was thinking in business, don't they start a new set, in the new year, then only close out the old set, when the tax stuff/end of fiscal year, happens? I am thinking for home, it would move the old data, to backups (accessible but not consuming much current drive space).

[freshstart]

I am only up to the part that money equals security (damn glasses!). The authors said you may feel secure with money but you could be carrying it all in a briefcase and get robbed, so money as security is a myth. I disagree. If I didn't have healthy retirement savings and no mortgage or car payment, I would be in serious trouble after becoming disabled. I am trying to wait until age 55 or 62 before I turn towards the retirement money, it is my security blanket. It's only Sept and I have spent half my income on medical expenses. So I do not agree that money as security is a myth. Sure, I could lose it all one day but for now it represents a semblance of security.

I grew up in a very low income household for the first 12 yrs of my life. We had a black and white 13" tv well into the 80s. My parents both came from low income households. My father lived in abject poverty, his father a heart cripple at age 30, my grandmother had to work, take care of him and raise the kids. My mom was considered well off by my dad's family, her dad was a milkman. My dad was drafted, came out married to my mom and worked 3 jobs, was in the Reserves and still volunteered for the Fire Dept and went to night school. He was also President of the PTA! My mother has always had her head in the sand regarding money but she used to be able to stretch a dollar like no one else. Even after my dad graduated and got a good State job and she went from part time to full-time, she continued to say we were going to end up homeless. She still fears homelessness. I think this ties into her hoarding. My father, once he got a decent job, started to spend more freely and now he is the kind of guy who likes to buy shiny objects and goes to the grocery store three times a week, if you know what I mean. Neither have a handle on what comes in and what goes out and I have spent months begging my dad for this info so I can use it when I have a free CPA session with Vanguard. I don't necessarily have to have a budget (I charge everything and budget by watching the categories of spending on their website so I know where to cut back) but I need to know are we on track, where can we save, if one dies can we afford to stay here, etc. I've had to move the Vanguard appt twice because my dad will not list household expenses.

I grew up thinking we had no money and what little we had could disappear with a moment's notice so money in the bank is security to me. Off to finish the rest of the chapter!

[ToomuchStuff]

I am only up to the part that money equals security (damn glasses!). The authors said you may feel secure with money but you could be carrying it all in a briefcase and get robbed, so money as security is a myth. I disagree. If I didn't have healthy retirement savings and no mortgage or car payment, I would be in serious trouble after becoming disabled. I am trying to wait until age 55 or 62 before I turn towards the retirement money, it is my security blanket. It's only Sept and I have spent half my income on medical expenses. So I do not agree that money as security is a myth. Sure, I could lose it all one day but for now it represents a semblance of security.

I grew up in a very low income household for the first 12 yrs of my life. We had a black and white 13" tv well into the 80s.

So did the money you have prevent you from getting sick?
It allows you to buy treatment and medicine, but it didn't provide "security" but ability, or options.

I did think that most of us probably had a B&W tv into the 80's. Heck I got rid of an inherited tv, that was a color Zenith from the early 60's, in the early 2000's.

[freshstart]

no it did not prevent me from getting sick but the retirement money still feels like it gives me a sense of security