JRiepe Loc: Southern Illinois

I use my credit card for most everything paying the balance off monthly so I never have to pay interest plus it's a rewards card so I get cash back. Therefore I come out ahead using my credit card. I retired at the end of 2000 at the age of 55 and the only way I'd go back to work is if it involved doing something that I enjoyed. I have one daughter whose 25th birthday is today and she will inherit everything when I pass on. I live a simple life, don't spend a lot of money and view my money as being my daughter's as much as mine. I opened a ROTH IRA for her this year investing a total $12,000 split evenly between the years 2020 and 2021 and I will continue that for every year I'm alive. My goal is to hopefully make her more financially comfortable when I'm no longer here to help her.

bobmcculloch Loc: NYC, NY

Not bad ideas, #2 can be done at home, or with a camera in hand. #1 just pay off the charge card every month,

kvanhook Loc: Oriental, NC

Agree with many. I use credit cards to get the points they offer and pay off each month via automatic draft. No possible late charges that way. Then the points add up and we enjoy the benefit. Between the proper card and our grocery chain I can save 8% if I shop on Thursday and use my card. That savings adds up each week.

jaymatt Loc: Alexandria, Indiana

jaymatt Loc: Alexandria, Indiana

yssirk123 Loc: New Jersey

Lots of good suggestions in this thread. Here are some ideas that worked pretty well for me.

Have 10% of your pay automatically deducted and placed in a 401K (my asset mix was 60% stocks/40% bonds). Then increase that by 1% each year, and never touch the balance until retirement.

Pre-pay your mortgage monthly or take it out for a shorter term - you'll shave off tons of interest.

Use and update a financial plan to chart your progress, and choose goals to aim for (total $ amount and monthly income).

I retired in 2013 and don't miss work at all.

JRiepe Loc: Southern Illinois

The last years of my employment I was contributing 15% of my gross income into a 401k and my company was matching one half of the 15%. My primary medical insurance is Medicare but my former employer gives me $2,600 per year for medical expenses which I use part of to purchase a supplemental insurance policy. Also in Illinois there is no state tax on any retirement income which includes IRA's.

Moondoggie Loc: Southern California

Better to give from a warm hand than a cold one.

anotherview Loc: California

While sensible, your approach involves personal discipline in money matters. Exercising this discipline requires willpower over time. I speak from experience.

Recently, I took stock of my debt and concluded I must pay it off. I got rid of two credit cards (the ones with the lowest credit limit). I paid off a used car loan, first by paying more than the minimum monthly installment. When the balance dropped low enough, I tightened my belt and paid it off. This result also allowed me to lower my car insurance payment because of no more lienholder on the car title.

I identified the little monthly payments that nibbled at my income and terminated the ones that I really didn't need.

It helped me that I put my debt and payments on a spreadsheet. Then I could more easily get my mind around my financial situation.

As a rule, I make extra payments against my outstanding debt when I have cash to spare.

I have a reloadable debit card from American Express under its Serve product. I can load this card at CVS and Walmart at no cost. I try to use it instead of credit cards. Most places accept my Serve card as a credit card.

I do not have a bank account, so I use other means of navigating the financial waters. For example, I can make all my monthly installment payments either over the counter at Walmart (for a small fee) or by my Serve card account online (with no fee).

I note that one can transfer larger sums of cash via MoneyGram, Western Union, or Ria. The financial desk at Walmart can handle both MoneyGram and Ria money transfers. An individual really doesn't need a bank account.

I encourage others to assess their finances and obligations. Liquidate your debt. Try paying more as you go instead of on credit. You will thank yourself.

jerryc41 Loc: Catskill Mts of NY

That's no fun!

kschwegl Loc: Orangeburg, NY

Right! My son (only child) is my worthy cause.

Ken S

Fstop12 Loc: Kentucky

When we have dinner with my son and his family, we always pick up the bill. We tell him we are just spending his inheritance. LOL

Timmers Loc: San Antonio Texas.

A good friend of mine who was quite the businessman had a different take on this. He would see the owner or manager and offer them a credit card, then point out that it would take weeks to get their money, and the cut the credit card company would take from their transaction. Instead he offered them cash for the full amount, less 10% and they would deal with the taxes on the items. Worked like a charm most places.

tomad Loc: North Carolina

Here's my philosophy and advice on those:

1. Use reward (miles or $$) credit cards freely as long as you can pay the statement balance each month which makes money and accrues no interest.

2. Retire early (I did at 55) and spend the rest of your life enjoying travel and photography (or other hobbies and activities that bring you joy).

3. Spend your fortune living life to the fullest. My aim is to exhaust my small fortune nearest to the day of my death as possible.

cfusco3

Re number 3
My financial goal is to have the last check I write BOUNCE!