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Apr 2, 2021 09:44:42   #
jerryc41 Loc: Catskill Mts of NY
 
Many years ago, I read a book that gave financial advice. The author emphasized three practices.

1. Pay cash. When use use credit and pay interest, you're throwing money away.
2. Don't stop working. You can retire, of course, but don't spend the rest of your life in a chair with the TV remote in your hand. Get a part-time job, volunteer, do something that requires you to follow a schedule and gives meaning to your life.
3. Give your fortune away before you die. Instead of having a dozen relatives praying for your death every night, give them their inheritance while you're still alive. They will be able to use it more now more than later, you will see their appreciation, and you will see how they use it - gambling in Las Vegas or buying a house. Of course, if you have no fortune to give away, disregard #3.

Those three ideas always stuck in my mind, and aside from #3, I have tried to follow his advice.

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Apr 2, 2021 09:51:58   #
anotherview Loc: California
 
As to Number 3, consider bequeathing part of one's fortune to a worthy cause.
jerryc41 wrote:
Many years ago, I read a book that gave financial advice. The author emphasized three practices.

1. Pay cash. When use use credit and pay interest, you're throwing money away.
2. Don't stop working. You can retire, of course, but don't spend the rest of your life in a chair with the TV remote in your hand. Get a part-time job, volunteer, do something that requires you to follow a schedule and gives meaning to your life.
3. Give your fortune away before you die. Instead of having a dozen relatives praying for your death every night, give them their inheritance while you're still alive. They will be able to use it more now more than later, you will see their appreciation, and you will see how they use it - gambling in Las Vegas or buying a house. Of course, if you have no fortune to give away, disregard #3.

Those three ideas always stuck in my mind, and aside from #3, I have tried to follow his advice.
Many years ago, I read a book that gave financial ... (show quote)

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Apr 2, 2021 10:03:03   #
jim quist Loc: Missouri
 
My children are the most worthy cause I know

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Apr 2, 2021 10:05:01   #
tommystrat Loc: Northwest Montana
 
anotherview wrote:
As to Number 3, consider bequeathing part of one's fortune to a worthy cause.


There are many ways to leave a charitable legacy and still use the money while you are here - and possibly get a tax break in the bargain! Look into Charitable Remainder Trusts, Charitable Lead Trusts and other such instruments. Maybe better than leaving it to cousin Floyd and his brood...

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Apr 2, 2021 10:08:41   #
CindyHouk Loc: Columbia Falls MT
 
Follow #1 ...never pay interest on a credit card
#2....no way could I go back to work...lol....have too many fun hobbies that keep us busy and LOVE retirement!
#3....will never have to worry about that...I plan on having a lot of fun spending all of mine...lol

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Apr 2, 2021 10:21:08   #
cdayton
 
You only need one rule: spend less than you make.

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Apr 2, 2021 10:29:21   #
berchman Loc: South Central PA
 
CindyHouk wrote:
Follow #1 ...never pay interest on a credit card
#2....no way could I go back to work...lol....have too many fun hobbies that keep us busy and LOVE retirement!
#3....will never have to worry about that...I plan on having a lot of fun spending all of mine...lol



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Apr 2, 2021 10:33:20   #
Ruthlessrider
 
I agree! a good friend of mine said as clearly as I could. His greatest desire is that while laying on his death bed, he gets a letter from his bank informing him that the last check he wrote bounced.

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Apr 2, 2021 12:28:14   #
Tomcat5133 Loc: Hallandale Beach, Florida
 
Most of the advice Jerry is good common sense. When my wife and I were in our twenties I finally started to make some money in and advertising agency when I had a week off I said do you want to go to Jamacia or buy a new frig. She said "let's go where are my bathing suits'" Credit card companies and banks are gangsters now.
Some of the things I know: a mortgage is the worse kind of borrowing. 10 or 15 years later we find out that
we have not paid much off the house with a loan that fronts the interest. Don't go to Starbucks too expensive.
Well when I had recently moved to Hallandale FL the first thing if did was go to starbucks. Starting talking to a few folks one young guy helped me lot with resource's and work ops. Sometimes the price of coffee is not the story. I did very well in content marketing, graphics art studio and production company. I stashed quite a bit.
But when grandson was diagnosed with autism and my daughter's marriage fell apart she needed help for years.
I gave them whatever they needed. And whatever would recover my grandson and camps and sports for my grandkids. Her X was not much help. And I spent a lot on them. Working in a lot of charities and having been able to help even if I am a little short in my 4k I feel blessed with my life. I am working on creative stuff now.
PS My daughter became famous in the autistic care and natural in cannibus meds. Wrote a book. She was listed last year as one of the 3 most influential women in USA in recovery and new meds for children.
“Life is what happens to you while you're busy making other plans” – John Lennon.
PS My wife had a catastrophic stroke last year. Where are we at 74 and 77 living in a lovely small house behind my daughter's that happened to be disabled ready. Life is not predictable. Either are our finances.
Stay safe my friends and Happy Easter. T

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Apr 2, 2021 14:52:11   #
PhotogHobbyist Loc: Bradford, PA
 
CindyHouk wrote:
Follow #1 ...never pay interest on a credit card
#2....no way could I go back to work...lol....have too many fun hobbies that keep us busy and LOVE retirement!
#3....will never have to worry about that...I plan on having a lot of fun spending all of mine...lol


cdayton wrote:
You only need one rule: spend less than you make.


I agree with both of these and have been following them rather well. Now that I am retired, I've built uo a little cushion so I may do what I want and have what I need and want.

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Apr 3, 2021 05:35:16   #
Manglesphoto Loc: 70 miles south of St.Louis
 
CindyHouk wrote:
Follow #1 ...never pay interest on a credit card
#2....no way could I go back to work...lol....have too many fun hobbies that keep us busy and LOVE retirement!
#3....will never have to worry about that...I plan on having a lot of fun spending all of mine...lol



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Apr 3, 2021 06:16:34   #
HOHIMER
 
jim quist wrote:
My children are the most worthy cause I know



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Apr 3, 2021 06:37:13   #
Fstop12 Loc: Kentucky
 
Always live below your means and you will always have money.
Money doesn't come with intructions.
As far as #1. I suggest using Credit cards as a tool for money mgt. But, always pay off the amount each month. Also, I carry several different credit cards that give me back value in the way of points for Hotel stays, Airline miles. Yes, all of my cards charge an annual fee but it's the price of being able to stay in nice hotels when we travel. A couple of our cards give us free night certificates on the anniversary date of when the date the card was first issued. Since our retirement in 2012 we have traveled alot. Most of our hotels stays have been on accumulated points from the use of our credit cards. Our credit cards run promotions from time to time that will give you double the points, or additional points for shopping where we usually already shop or eat. We have been to Europe a couple of times staying on Hotel points, even flew Business class on accumulated Airlines miles. I guess in the end, it works for us. Credits cards are just a money mgt tool that we use to fund our lifestyle and in return allows us to stay in some very nice hotels with points. Credit cards are not bad if used correctly. Interest is bad, never pay interest. Happy travels everyone.

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Apr 3, 2021 06:53:18   #
VTMatwood Loc: Displaced Vermonta in Central New Hampsha
 
I’d amend #1 to “use credit cards wisely and pay them off”. I have an airline credit card on which i put every purchase i can... pay it off monthly. I earn miles for every $ spent. Between that and flying for work (when i could), i’ve not bought a plane ticket for a vacation in years. Event flew to Scotland a few years ago for free for three of us.

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Apr 3, 2021 07:27:44   #
armymsg
 
cdayton wrote:
You only need one rule: spend less than you make.



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