Okay, so I decided to put my canoe and the accoutrements on Craig's List. I am going to schedule a bulk pick up to throw away my old, clunker of a mattress and get a tri-fold memory foam. So I am moving ahead with the plan to try extreme minimalism.
Okay, so I decided to put my canoe and the accoutrements on Craig's List. I am going to schedule a bulk pick up to throw away my old, clunker of a mattress and get a tri-fold memory foam. So I am moving ahead with the plan to try extreme minimalism.
When the economy tanked, I started reading about people who had retired early, to see how they did it. I was surprised to learn that most of them didn't have tons of money. They saved a large percentage of what they made, and they spent very little.Quote:
Originally Posted by freshstart
I bet the canoe will sell quickly. I would love a canoe, but I live in the desert.Quote:
Originally Posted by UltraliteAngler
A canoe in the desert is just a really strange chair!
I used to live in the desert too -- Phoenix, AZ!
I was reading stuff like that, too. At 22 I started my 401k, later a Roth. I always "paid" those first so the money wasn't even in my hands to spend. I'm a single mom, a nurse, I was on track to retire early, not super early, but enough to make me feel like the effort was worth it. And I don't feel like I lost out on a lot in life by trying to save so hard, I was happy. If I can do it, someone with more personal finance experience could, as well. My plan went to hell when struck by illness. But all my efforts weren't for nothing, so far it looks like I can take out some each month if I have to and not touch the principle. Ideally though, I won't have to touch it until I'm much older. I so wish it hadn't turned out this way, I really want to know if I could've done it.Quote:
Originally Posted by awakenedsoul
I have a 16 and 18 yr old and am trying slowly to teach them about personal finance. Complete FAIL with my son, last summer, he used the proceeds from his job for guitar stuff and Chipotle. I showed him how he had nothing to show for working and the amount he gave Chipotle disgusted me, I showed him just the Chipotle money would've given him a decent amount towards a car, he shrugged. Oy vey. But my daughter is a saver and frugal with the things she buys. Maybe I can redeem myself with her!
It must feel great to have reached your goal!
freshstart:
Not to sound contrarian, but if your son likes playing guitar and eating Chipotle burritos for dinner every day, I'd still say that is a pretty simple and affordable life. Those are simple, fairly affordable pleasures.
Our three kids all are out of debt and happy - but along the way they spent lots of money on stuff. We let them. Didn't even argue. We figured that they can learn the value of a dollar by buying silly things when they're 15 or by buying too big of a house when they're 25. We were glad they did their silly spending when they were younger and the lessons less painful.
I agreed at the start, let him make his own mistakes. He spent $15 on Chipotle every day, I think eating out every single day is stupid no matter how much you like it, even if it seems like a simple pleasure, however his choice and I gave input at the end. When he went back to school, he started expecting ME to fund Chipotle. I explained eating out every single day cannot be done on my budget. His simple pleasure, I agree with you, if that floats your boat no biggie, but a Senior in high school, with no job, no savings, no car expecting mommy to fund it, NO WAY. And then he decided to not go to college and "chill" for a year. In my book, this needs some tough love to show him how hard it is to live on minimum wage. Not to be mean, but teach him some valuable lessons. Charge something for room and board, pay for his own car and insurance, clothes, work full time, etc. Make the year of "chill", that I can see easily turning into years of "chill", not too comfortable. But last year he moved in with my ex and my ex is not on the same page. Plans to buy him a car, no room and board and is letting him work less than half time. And guess who pays for daily Chipotle, even though he has a nominal job? His DAD.
I'm not ok with a child of mine, now an "adult", cruising through life being handed cash by his dad, working part time at a crappy job. Yes, he's young, has years to fix these rather little mistakes. But if the cash cow keeps producing, how likely is it that he will go to college? or learn a trade? or ever have a job that can even fund his high rollin' Chipotle lifestyle? At least, I know he can't afford beer and drugs, lol.
I hear ya, I really do, he's not a meth head, he did well in school. Is Chipotle every day that big a deal? Probably not. But it gives some insight to where his head is at that he expects that money from his dad to go there everyday with his friends who did start college. It's the whole picture I don't like. But I have no say anymore, maybe I was too strict about the expectations if you choose to "chill". Maybe my ex, more laid back, maybe his approach is ok for now.
freshstart:
I did not know all the back story. I was imagining that your son just worked, grabbed a burrito for dinner, and then played guitar all evening.
I think you have a good handle on the situation. It'll probably work itself out eventually.
there's a small chance I may be controlling! lol Although, I've never felt the need to say to my daughter the things I said to Adam. She's got a path all figured out. Adam, I just can't understand being offered a free college education (he was starting at community college) and turning it down, then expecting a life of leisure. I know I'm probably overreacting, he just pushes my buttons when he turns down college. My parents came from nothing, my dad had multiple jobs and went to night school, my mom worked when he was home. Sending me to college was a big deal and I started mowing lawns and babysitting, then jobs, anything so I could help fund it. Once I was working, I paid for my splurges with my money It's almost impossible for me to wrap my brain around turning down an education. But these are MY issues, he's at Dad's and I stay out of it.Quote:
Originally Posted by Tammy