Firebird
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Post by Firebird on Mar 31, 2011 15:13:53 GMT -5
It's a sign of the times. I hate to say it but in general our generation is a pretty entitled lot. I have found people our age who don't consider luxury to be the baseline they deserve for waking up in the morning to be the exception (not on this board, out in the real world).
But there are a lot of awesome people too ;D At the end of the day, you just kinda have to sit and stir your own pot and be glad you're watching out for your own back.
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strider
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Post by strider on Mar 31, 2011 15:22:17 GMT -5
Yes, very entitled. So many kids driving brand new cars in high school, college completely paid off, party like there is no tomorrow.
Nothing to show for it with the recession since they never worked. They went from the top to the bottom very fast.
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shandi76
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Post by shandi76 on Mar 31, 2011 15:28:35 GMT -5
Strider, you have made some very wise choices. If you want to see the options these could give you, and find some 20 and 30 somethings who have opted out of consumer culture to a greater or lesser extent, you might want to check out earlyretirementextreme.com/ As the name suggests, some of the ideas might seem rather extreme, but they have some good ideas and you might find a few kindred spirits.
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Firebird
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Post by Firebird on Mar 31, 2011 15:31:20 GMT -5
Don't forget to appreciate your good fortune in figuring this out early. I'm the biggest proponent of personal responsibility that I know and I think everyone needs to find a way to have their shit together, at least in a minimal sort of way, but there's no denying that a lot of people our age are in a lot of financial trouble. It's the norm for the reasons you mention as well as many others. It's very cool that you are figuring this stuff out at an early age and are doing something about it. Just remember to count your blessings I don't mean to sound condescending, by the way (I'm only a few years older than you, after all). But I remember being your age and pretty much thinking that I was the cat's meow because I was all financially smart. And then life events happened and I realized that yes, it was good that I was prepared early but I was also extremely fortunate.
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strider
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Post by strider on Mar 31, 2011 16:01:25 GMT -5
Well I can't deny that I think I'm the s**t lol (don't know if we can swear here), but I do realize that life does happen and sometimes in an unfortunate set of circumstances. I can't help thinking that I'm different and I feel well prepared for most responses. If my whole family were to get killed or if I lost my house to a fire then obviously I can't prepare 100% for that. However for a late bill or a layoff I'm as well prepared as I can be. I have skills that can translate elsewhere if I get laid off. I have the means to be mobile, and I always look for opportunity. No matter what I typically never 'settle'. Doesn't mean I don't enjoy things going well for me right now.
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strider
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Post by strider on Mar 31, 2011 16:02:59 GMT -5
Strider, you have made some very wise choices. If you want to see the options these could give you, and find some 20 and 30 somethings who have opted out of consumer culture to a greater or lesser extent, you might want to check out earlyretirementextreme.com/ As the name suggests, some of the ideas might seem rather extreme, but they have some good ideas and you might find a few kindred spirits. I may not go to the same excessive lengths but one or two good ideas can definitely go a long way. Thanks!
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Firebird
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Post by Firebird on Mar 31, 2011 16:08:53 GMT -5
Oh, definitely. You're doing good and you shouldn't feel guilty about enjoying it in the slightest. And preparing well *does* enable you to deal with most typical 20-something crises. Just - don't let the fact that you're good with money define your existence and become arrogant because of it like I did for awhile, I guess that's all I'm saying suggesting. Because it didn't make me a better person. That's the only real financial advice I can give you.
Be the best financial strider that you can be, but don't forget to be the best strider you can be too ;D
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strider
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Post by strider on Mar 31, 2011 16:20:57 GMT -5
Oh I fully understand that people don't have the same financial wherewithall. I try not to look down or anything lol. Hell I buy lots of drinks for friends without thinking at times. I save for myself. I don't do it to boast or brag to people I know IRL. I do it so I don't need to depend on people and/or alienate them. Being independent is a way to be a better friend. I don't like inconveniencing people. If my ducks are in a row then I can actually help people if they ask.
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ses
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Post by ses on Mar 31, 2011 17:01:58 GMT -5
if I lost my house to a fire then obviously I can't prepare 100% for that.
You do have renter's insurance, don't you.
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strider
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Post by strider on Mar 31, 2011 17:05:59 GMT -5
Not at the moment. I should get on that.
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midjd
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Post by midjd on Mar 31, 2011 17:24:43 GMT -5
Do it, it's incredibly cheap and the peace of mind is well worth it We had about $26K worth of coverage for all our stuff (WAY more than we needed) for less than $12 a month.
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strider
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Post by strider on Mar 31, 2011 17:33:19 GMT -5
Yeah, it just makes sense.
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strider
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Post by strider on Apr 1, 2011 14:56:47 GMT -5
I just heard layoffs won't happen until at least October. Great, even more insecurity until then because the legislature can't do their own jobs.
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Deleted
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Post by Deleted on Apr 1, 2011 15:06:16 GMT -5
I just heard layoffs won't happen until at least October. Great, even more insecurity until then because the legislature can't do their own jobs. Strider, life is never secure. That is why I said just do it! I would have not problem putting some money in a Roth, even with the penalty. Life will through crap into your life and you will learn to deal. I coupon, do surveys and have a renter to feel secure because that way I spend less and have income coming in from more than one source. You may find another way to cope, but you will cope.
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ses
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Post by ses on Apr 1, 2011 15:08:38 GMT -5
midwesternjd--It is good to "over insure" in renters insurance, you are insuring far more than just your "stuff". You are insuring against an "event". You have rental deposits on a new apartment and the costs of getting settled to consider, too.
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strider
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Post by strider on Apr 1, 2011 15:11:25 GMT -5
Good news is I'm more likely to put money into a Roth with 3 more months of guaranteed income!
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strider
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Post by strider on Apr 15, 2011 13:03:00 GMT -5
Update: So the job looks safe. We have more work than we know what to do with..... Problem is we get a paycut. Well, it's better than a layoff. I'm still saving $1200 a month (instead of $1300 on average). Oh well, basics are covered still. I did not invest in an IRA for this April. I did not feel that I should sacrifice my current financial security for future financial security. It's a balance and feel thing for me. Otherwise I'm still on track to save over a grand a month.
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strider
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Post by strider on Apr 15, 2011 13:04:16 GMT -5
I do plan on an IRA very soon. But I could use another few months to save up for a decent fund and I can also do the homework on it. I'm deciding against it at this moment in time. A few months my financial situation will be better.
I know have $6000 in the bank.
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tskeeter
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Post by tskeeter on Apr 15, 2011 13:40:32 GMT -5
strider, you've got your head screwed on straight. I'm betting that you'll have the option to retire at 50, if you choose to.
I do have one item that I suggest you put on your to do list. If you've never had the opportunity, plan to do some international traveling in the next few years. I waited until I was about 45 and wish that I'd done some much sooner. For me, learning a bit about how other people in the world live was a perspective altering experience. International travel doesn't have to be incredibly expensive. If you travel to Europe during the winter, airfares are about half the cost of summer season fares and hotels are cheaper, too. You could probably spend a week exploring Paris for about $1,500, if not less. Travel isn't just about recreation. It's also an investment in broadening your understanding of our world.
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strider
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Post by strider on Apr 15, 2011 15:18:24 GMT -5
strider, you've got your head screwed on straight. I'm betting that you'll have the option to retire at 50, if you choose to. I do have one item that I suggest you put on your to do list. If you've never had the opportunity, plan to do some international traveling in the next few years. I waited until I was about 45 and wish that I'd done some much sooner. For me, learning a bit about how other people in the world live was a perspective altering experience. International travel doesn't have to be incredibly expensive. If you travel to Europe during the winter, airfares are about half the cost of summer season fares and hotels are cheaper, too. You could probably spend a week exploring Paris for about $1,500, if not less. Travel isn't just about recreation. It's also an investment in broadening your understanding of our world. I absolutely want to travel internationally. The problem is that with the current economy I don't know many friends that have the cash that could go. It'd be just myself and I kind of want to share those memories. It's also a safety thing. I've decided I'm going to take a trip to Vegas in a few months. No gambling (well maybe some I'm willing to lose), but mostly shows and clubs. I definitely plan to do some 'young' things before I get a wife and kids. The problem is getting other single people to come with in this economy.
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reader79
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Post by reader79 on Apr 16, 2011 7:46:55 GMT -5
The economy has never crossed the mind of most 20somethings when they hear 'Vegas.' Plan well in advance, maybe make it a FB event, and you'll have company. I just went last month, and while it put back some debt payoff a while, I felt it was worth having the experience. The Jabbawockeez are the house show at the Monte Carlo, I really regret not seeing them.
Check Vegas.com for deals, my sister and her friends purchased $60 VIP wristbands that were good for all of the clubs at the Palms. Normally you pay $30 each, and have to wait on lines for upwards of 20 minutes. With the bands, they were waved right in, they felt it was totally worth it.
My international trip is going to come after I finish paying off my SL's and CC's. Three years max. Maybe by then i'll have someone to go with...
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phil5185
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Post by phil5185 on Apr 16, 2011 9:37:00 GMT -5
The problem is that with the current economy LOL - I'm 72, I've been hearing about the 'current economy' for about 55 years. It's the basis of decisions, the reason to delay adding a new building, new trucks, pieces of equipment. Or delaying trips due to gasoline prices. Or buying land, rental houses, due to 'high prices'. After about age 40 you quit that and realize those high/low aberrations are usually in the 5% range - almost insignificant in the top-down scheme of things.
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startsmart
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Post by startsmart on Apr 20, 2011 21:01:17 GMT -5
strider - nice to see another youngin' around here lol I'm 26 and have been around these boards for 3 years now. Personally met (and vacationed with!) firebird and sapphire, met Gin too.
I had to comment about your trip to Vegas because I've been with friends met on these message boards twice and it's a ton of fun. Also international travel doesn't have to be expensive, I did a 2 week trip to the UK for $2,000 last year and I'm working on a trip to Mexico and the Caribbean in the fall.
Despite the job insecurity you've got a lot going for you 1. only education debt 2. employed and in a good field 3. saving regularly 4. learning more about finances and retirement 5. you listen to advice which most YMers will tell you is extremely rare
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