Setting yourself up financially

Discussion in 'Off-Topic Forum' started by Calliers, Jan 13, 2019.

  1. Calliers

    Calliers HH's MC Staff Member

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    Ok, this is kind of a personal topic, but I was hoping we could discuss it without going into specifics. I right now think I'm doing a lot of good things financially, and my finances look healthy right about now (of course I want them to get more healthy with time, they can never be "too" healthy :p ) but between taking advantage of opportunities - that is, creating cash flow and preparing for retirement, I think a lot of people don't have a plan, and as the saying goes, if you don't have a plan, you plan to fail.

    So, from the age of 21 when I got my first really well paying job to the age of 30, I didn't really think about finances, didn't think about planning for retirement and the rest of it. As I have said already 2018 was a great year for me, both working on myself, and financially as well but there can always be improvements, going forward.

    So I was just wondering, how many of you have your "shit" together, I know money smarts is not the same as book smarts as there are so many people who are academically geniuses but when it comes to money they are idiots. And don't worry I'm not doing this to compare myself, I mainly just recently started thinking about my finances a couple years ago so all things considered I have squandered tonnes of cash that could have been better used. The only person I compare myself to is my past self as one of the sayings in my godfathers' favourite book says.

    That said, I guess we all know that @Tyrsonswood is living it up in his own house, the man has multiple properties under his name and is a drug lord. I've also heard it said that he has a room in his house in which he has subs and speakers embedded in the wall, a studio, and he is constantly molding this studio into a very respectable studio, a world class in home studio. Also one of the attractions in his house is an atrium for smoking weed and just generally chilling TF out, a place the man retreats to both alone and with guests for hours on end. How one man has managed all of this in one lifetime, no one knows.
     
    Last edited: Jan 13, 2019
  2. Judas

    Judas Obvious Closet Brony Pony

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    I've been building capital assets since i was 20 when i bought my first house and since then other property... I'm not cash "wealthy" by any means and in the line of work involved with, putting away money is next to impossible without having to rip it all back due to the wildly erratic and unpredictable nature.
     
  3. Calliers

    Calliers HH's MC Staff Member

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    At least you're better off than someone who doesn't have -anything- to begin with, I read somewhere 40% of Americans can't cover a $400 dollar emergency, that is just crazy. A few years ago that used to be about 60% couldn't cover a couple thousand dollar emergency.
     
  4. Judas

    Judas Obvious Closet Brony Pony

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    most people i know live paycheque to paycheque and arguably i'm as well... though i've a sufficient amount of credit that i can plunge myself into debt in order to cover an emergency

    But in a matter of fact... i've got to borrow a quarter million dollars give or take just to cover input expenses... and i have to pay insane amounts of interest on it until i can pay it off. Farming is in this context, nearly impossible to get into or take over a family farm these days, with inflation considered, 30 years ago even my father stated it wasn't remotely this bad.
     
  5. Calliers

    Calliers HH's MC Staff Member

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    That's just too bad. :(

    I didn't know it was that bad. I have several wealthy family members plus a brother living in Canada as well who has a really good job, so I have tonnes of safety nets, that said, I would never want to use them. A man must stand on his own two, and it is kind of embarrassing when you have to rely on someone else. I also have two very good friends, one of them my best friend, that are millionaires whom I know would never let me live on the streets if it ever came to that. But of course I would have to be very very unfortunate for it to reach that level.

    That aside, I am trying to build my cash nest egg, and getting ready to purchase a house eventually by the age of 40 completely paid for, so that I don't have to pay down a mortgage. Although I probably won't live in it at first, but instead will rent it out and keep renting just to add to cash flow for the first 5-10 years of owning it.

    The time frame gives me a lot of leeway, so I'm not sweating it much at this point.
     
    Last edited: Jan 13, 2019
  6. niceguyrichy

    niceguyrichy c c c COFFEE

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    I have nothing
    absolutely nothing
     
    Tyrsonswood likes this.
  7. Calliers

    Calliers HH's MC Staff Member

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    No, you are rich in other ways. I have not been fortunate enough (yet at least) to meet anyone special. I am happily single but I wouldn't mind it if someone came along with whom I could share the journey of life with. You have your wife and daughter. And all your friends, that is worth more than any amount of money will ever be.
     
  8. Trusteft

    Trusteft HH's Asteroids' Dominator

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    You are free.
     

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