Inspiring People in your life

[money100]

This is a thread for MONEY inspirations. We all have personal heroes and great people in our lives but let's focus on the folks that are doing the "right" money things and having it pay off.

I'm unlucky enough to know B from a distance so I can't "study" her well ;D I work next to her department and see her enough in the caf that I can understand what's what, though. B takes a 15 min break in the morning, half hour for lunch and a 15 min break in the afternoon. She brings her meal/snacks for each of these meals except occasionally, she will buy the smallest size coffee available. She wears very very working class clothes -- not fancy or beautiful but clean, appropriate and very well taken care of. She has a low-maintenance hairstyle and minimal jewelry and make-up.

She's worked at this job for nearly 30 years, at the company for 35 total so that makes her at least 55 years old. (She looks amazing, btw!) It also means she's been making roughly $40K CAD each year. In this time, she's raised 2 kids (through uni, weddings, and now enjoying grands) and socked away for retirement.

My "in" to figure out her secrets was at her 35-year anniversary when they threw a tea for her. I sidled up and said, "You look amazing! How are you celebrating 35 years at XYC Inc when I thought you were 35 years old all this time?!" After tittering a bit with the compliment, she tried really hard to impart some pearls to me. She wanted me to understand incredibly basic stuff that I'd known but never put into practice: leave your work at the door, take care of your financial self so you're not stressing about holding on to a job, spending way below your means ensures never having money troubles, prioritizing family time means having less time for expensive hobbies, and then when something really special and pricey comes along, not having to think twice about the splurge.

I think she was a pivotal person for me to meet at this point in my life ($30K in debt; no assets to speak of) because she is 30 years older and living proof that all the "right" things pay off. If she'd written a book, it would have been "Stop Acting Rich" by Thomas J Stanley.

Please feel free to share your stories! We all need inspiration to stay the course

[bobbysgirl]

Most people today have been trained to desire instant gratification. This is the biggest deterrent to being wealthy. All things begin to wear down the minute they are produced. Keep this in mind when you want the newest and latest. Then picture the item 2 years down the road. Will something new come on the market and the item is replaced? Think before engaging.

I have a motto when I am angry, I wait 48 hours before I reveal the anger to anyone. In this time I will know whether it is a good anger or I'm just being a nitwit. The same goes for purchases. Now the question would be, "Do I stick with this motto 100% of the time?" No. I think it's impossible for anyone to not make a mistake here and there. I will say however, I don't waste time chastising myself. I move on with resolution not to make the same mistake again. The second time would not be a mistake. It would be a choice.

I am genetically wired frugal, but many people have learned the behavior. Any benefits far out weigh any down side to the life style choice.

[motherto2]

I don't really have a lot of role models that are near my age, because I think they have all fallen into that comfort zone of having a steady paycheck and not having to overly worry about their job security. I was in a retirement class last week, and I looked around at the 35 or so people in there (most I knew, a couple I didn't) and figured out of all of them in there, and knowing their particular personality types, I figured only about 6 probably had been diligent about putting extra money away, like in IRA's, investments, etc. I don't know what most of their lifestyles are, because only a few of them I know socially, but knowing them through work, I figured I had pegged them pretty well. Sort of a sad thought. And one funny thought is that one of my coworkers was gooing on about how you need a mortgage for the tax writeoff. I tried to tell her that wasn't really the truth and she got mad! Figured I'd keep my mouth shut.

[Regis]

My grandfather drove a truck and delivered bottled gas. My grandmother never worked outside the home. Lived in the same two bedroom house all of their married life together. Both knew the value of investing their money at an early age. Enjoyed life to the absolute fullest. Died as multimillionaires and left a legacy.

[azphx1972]

I vividly remember my high school American History teacher, who was extremely frugal (and looked it) but told my class something that I never forgot. One day in class, he decided to tell us about his retirement plan, and how it had almost 100k in it. He then said that the state would match whatever he contributed, so he always made sure that he put in his contribution so that along with the power of compounding, he could retire comfortably one day. That had a *huge* impact on me at the time, and got me interested in saving and staying out of debt. I may dig out my old high school yearbook and look him up on facebook, so I can send him a thank you note.

[cael]

My grampy was probably the only person in my life who'd have been financially inspiring for me. My parents were close to train wrecks for most of my childhood (and have much improved now!), but my grandparents were amazing. This was my mother's mother & her stepdad. Gramps was a great businessman, investor and saver and managed to build a nice estate for himself over the course of his life. I wish I'd had the interest and presence of mind to pick his brain about financials when he was still alive - he's been gone 4 years now. He could've taught me anything I wanted to know about investing. He was frugal, rational, never flashed anything he had around, preferred the simple things in life.

[998fbird]

I would have to say my dad, in positive and negative ways. He gave me some of the best money advice I ever heard 'If your out go exceeds your income, then your up keep will be your down fall'. But as someone who grew up during the depression he had a lot of fear about money and could never have enough to really enjoy himself. I have tried to have balance about money. Money is a tool, you need to respect it and handle it with care, but sometimes you need to just allow yourself a little enjoyment. For me good money behavior includes keeping things in balance.

[money100]

motherto2, I'm really sorry about your retirement class experience. My recent one was quite similar. Most of the attendees were women and they looked to be about 45-55. It was very scary how many of these folks were unacquainted with the basics -- figuring out how much you'll need to live in today's dollars by adding up all the usual expenses is one example that comes to mind. I really don't know what their plan was but it was painful to see how scared they became over the course of the seminar and yes, defensive, as well.

azphx1972, I sure hope you have some time to contact your former teacher. Two of my most favourite teachers were terrific men and amazing role models (even for me as a young girl) when I was growing up. In both cases, my chance to give my heartfelt thanks has passed so I urge you to "make hay while the sun shines."

cael, I'm really pleased that you shared your story. Your example reminded me of my MIL's parents -- specifically her mom, with whom I am in love. I didn't have any grandparents growing up and sort of got an idea of what they would be like from the telly. My MIL's mom is a total lovely stereotype. I'm truly grateful she is in my life (but that is a story for a personal heroes thread )

Thanks everyone for posting your thoughts. I really appreciate the input and inspiration!

[chiver78]

Mar 10, 2011 17:37:07 GMT -5 azphx1972 said:

I vividly remember my high school American History teacher, who was extremely frugal (and looked it) but told my class something that I never forgot. One day in class, he decided to tell us about his retirement plan, and how it had almost 100k in it. He then said that the state would match whatever he contributed, so he always made sure that he put in his contribution so that along with the power of compounding, he could retire comfortably one day. That had a *huge* impact on me at the time, and got me interested in saving and staying out of debt. I may dig out my old high school yearbook and look him up on facebook, so I can send him a thank you note.

thanks for your post. you just jogged my memory....again, as it's recently been jogged by the recent obituary of my jr HS history teacher, who was absolutely one of my favorites. I think if he had ever issued any financial advice during any of my 8th grade classes, I would have taken it to heart. I can honestly say that I've taken all of the other 'life advice' he ever gave us and applied it to my life. I hope you do reach out over FB, or whatever other means. he's obviously made a major impact on your life, I think he'd appreciate the acknowledgement. I wish I could do the same.

[money100]

Ok, what is the deal with History teachers? One of my role models was MY HS American History teacher (the other was a French teacher). Yay, history teachers!

[azphx1972]

Mar 10, 2011 22:16:37 GMT -5 chiver78 said:

thanks for your post. you just jogged my memory....again, as it's recently been jogged by the recent obituary of my jr HS history teacher, who was absolutely one of my favorites. I think if he had ever issued any financial advice during any of my 8th grade classes, I would have taken it to heart. I can honestly say that I've taken all of the other 'life advice' he ever gave us and applied it to my life. I hope you do reach out over FB, or whatever other means. he's obviously made a major impact on your life, I think he'd appreciate the acknowledgement. I wish I could do the same.

Thanks for sharing. I guess history teachers are wise from their studies of the past, and unlike the rest of us, are capable of learning from other people's mistakes.

[happyscooter]

A friend named Tim. When we were building our house we were going to get a 30 year loan. We didn't discuss specifics but about a month before we were supposed to close, Tim said 'a 20 year loan will only be about $50 more a month'. Then he said 'make sure that you ask for an amortization schedule so you can make extra payments and get the loan paid off before 20 years.' We said 'there is no way we can make an extra payment every month'. THIS WAS IN THE EARLY 80S WHEN THE INTEREST RATES WERE HIGH DOUBLE DIGITS. Tim said 'no you pay extra on the principle, not a whole payment'. So I called the realtor who told the bank we wanted a 20 year loan. 'sputter, sputter' went the loan officer. 'When we went for closing I asked for an amortization schedule. 'sputter, sputter' went the loan officer. Apparently they don't like you knowing these things.

Paid the mortgage off in 12 1/2 years.

Thanks Tim.

[Urban Chicago]

My grandparents are not the nicest people, but they are incredibly frugal and were able to do a lot with their money, including getting all of us started in the stock market.
As gifts for grandkids (and now great-grandkids) they gave us stock, rather than cash. Usually it was in "kiddy" stock like Disney or Hershey. For those of us who never sold the stock, we have a much greater net worth than we ever would have had on our own.
Stock, not cash has taught me plenty about how the market works and all about delayed gratification.

[kimber45]

MY FIL. Grew up one of the eldest of 21, only went to the 6th grade, BUT worked his a$$ off from an early age, lives frugaly (to an extent that sometimes pi$$es DH off) paid cash for everything he has ever bought including houses etc (no mortgage ever) and does not owe a dime to anyone.

[dividend]

My mom's mom, who passed away last fall a week before her 89th birthday in a very nice assisted living apartment complex that she had plenty of money to pay for.

She and my grandfather started a foundation repair business when he returned fro WW2, from literally nothing. She tells me that in some of the first years, they were lucky to make $4,000. She worked the business side of things for over 60 years (and for as long as he lived my grandfather ran the foundation repair crew), working in the same tiny 2 bedroom house in which they raised my mom and my uncle. She made appointments, did scheduling, worked contracts, and did most of the financials and tax stuff herself with just a high school education. And she saved for retirement, before there was even such a thing as dedicated retirement accounts. She used to joke that if my grandfather had had any say in things, he'd have spent it all. She lived in that same house that they bought together for $4,000 until December 2009, having retired from the business only a couple of years earlier for health reasons. Because of her smart financial planning from an early age, she had enough money that cost was never a factor in end of life care. She left an estate worth probably $2M all told. That's paid off my brother and my student loans and my parents mortgage, my brother now lives in her house, and my uncle owns the family business. She not only took care of herself, but was able to continue taking care of her family even after she passed on.

[Sum Dum Gai]

Lately I've been spending a lot of time thinking about Homeless Viper Guy (not his real name obviously). I've posted about him once or twice on the MSN YM. To say that this guy wears some pretty plain clothes to work would be the understatement of the year. He really does flirt with the line between looking frugal and homeless on a near daily basis. However, he rolls up everyday in a Viper that he paid cash for, so he's obviously got some financial stuff figured out. It wouldn't surprise me at all to learn that the guy has socked away several million for his retirement, but he's in his mid sixties now and as far as I know has no plans to retire anytime soon. He'll probably be one of those guys that leaves a huge windfall to some charity out of the blue when he passes. Not bad for a single guy living in a pretty expensive area with a fairly average job.

[patchwork150]

How about the reverse? I lived fairly poor. Parents lost the house to the bank, never had $, always fighting. I decided that I did NOT want the life my parents had lived (especially my mother) and that is the driving force for me to continually improve my life.

[Sum Dum Gai]

How about the reverse? I lived fairly poor. Parents lost the house to the bank, never had $, always fighting. I decided that I did NOT want the life my parents had lived (especially my mother) and that is the driving force for me to continually improve my life.

Sadly, I have lot more people like that in my life, especially from when I was a kid. I didn't have good money role models, but I was surrounded by good examples of what not to do.