AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jun 15, 2015 13:32:01 GMT -5
I have benefitted in substantive ways from participation on this site; and I'm just curious what the top 1 or 2 things are you have implemented that helped you? I realize that a lot of us go back to another site, and I would allow that some of the things might go back to that- for me, that's true.
I benefitted from talking to other entrepreneurs and business owners, and the general reinforcement of good, sound financial principles like regular savings; tax avoidance tips; and frugal living tips (baggie rinsing notwithstanding).
Curious to hear how YMAM has helped you?
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bookkeeper
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Post by bookkeeper on Jun 15, 2015 13:56:10 GMT -5
This message board has reinforced behaviors that I learned from my parents (no they weren't crazy, but my mom was a baggie washer). It has also given me good advice in other areas too. It is enlightening to hear what taxes and the cost of living are in other parts of the country, and that the grass is not always greener some place else. I particularly benefited from this board during the real estate melt down in 2010 and 2011. Hearing first person stories about being under water on a mortgage and how property values had eroded gave me some insight when buying a short sale in 2011. We spent our first winter of retirement in that AZ short sale last year, and really enjoyed ourselves. We never thought we could afford to own two homes, but buying house #2 for less than half price made it possible. If the time comes we cannot use or support a second home, we can sell it at a nice little profit. Another way I have benefited comes to mind. Our sons were off to college from 2007 to 2014. Because of this board, I encouraged the boys to get student loans to finance their education while DH and I left the money we could have spent on college, invested in the market. That little pile of money had a nice run up through 2014 and now we can afford to help them purchase their first homes. My life is better because I have some like minded people to hang with on the internet!
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Blonde Granny
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Post by Blonde Granny on Jun 15, 2015 14:21:44 GMT -5
I saw many people talking about YNAB. Fine for them, but we'd never had a budget so I just brushed the idea off. Last winter, while reading here, someone posted that YNAB was on sale for $15. Being a little bored with a condo in St. Augustine once again, I bit the bullet and purchased.
After many trials and errors of getting to learn how it worked, and multiple PMs to MPL, I decided it was quite fun. Finally got DH to pay attention long enough to set up a real budget, and we sat and listed items that budget should include. How fun it was to see so many categories, then attempt to put a dollar amount into each one.
Here it is almost 6 months later and we're still using it. The best benefit is actually seeing where they money goes and trying to live within the allotment for each category.
If it wouldn't have been all the people who use YNAB I would have never given it another thought.
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MN-Investor
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Post by MN-Investor on Jun 15, 2015 14:28:36 GMT -5
I think I started posting at the predecessor of this board in the fall of '08.
We had some cash from an inheritance sitting in the bank and we weren't sure what to do with it. We attended a investment seminar which gave us Red Lobster gift cards for attending (that should have been a tip off). The seminar had good advice on asset allocation, etc., so we figured that we would meet with the presenter and show him our portfolio and get his input. Oh my! He was all into deferred variable annuities and whole life insurance. That sure didn't sound right to us, so I remember posting at the MSN board, asking if there was any reason to be investing in deferred variable annuities. The answer was a resounding NO. Or, at least, probably not. DH and I figured that the stock market was going to be recovering and investing there was our preference, so I canceled any further meetings with this financial "adviser." We invested that inheritance in the stock market and we're way ahead of where this adviser would have put us.
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gs11rmb
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Post by gs11rmb on Jun 15, 2015 14:54:32 GMT -5
I opened up a taxable account with Vanguard (SP500) thanks to advice on this board.
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Blonde Granny
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Post by Blonde Granny on Jun 15, 2015 15:03:21 GMT -5
My disclaimer for those who don't know much of my story: We've been retired for 20 years now. DH is 71 and I'm 70. Our lives are far different than most here since we've done the kid thing, the wealth building, etc. Now it's grandkids and Medicare. However there is still more I can learn.
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Gardening Grandma
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Post by Gardening Grandma on Jun 15, 2015 15:53:17 GMT -5
I discovered the old "Your Money" board in 2008 when DH retired. As the market tanked and we watched our IRA accounts shrink, I got really serious about budgeting. Although I had been budgeting, I hadn't really been hardcore about it. We never were big spenders and had never carried a lot of debt, but retirement was scary, especially in 2008.
This board was hugely helpful to me (I still learn new things about money here). My biggest takeaways: This board encouraged me NOT to cosign a loan to my son - I helped him in other ways This board introduced me to YNAB which BG covered well. I've been YNABing since Sept 2011 and it has made an enormous difference in how we view and handle money. This board inspired me to switch our IRA accounts from Smith Barney to Vanguard and to manage it myself - saving us $$$$
My husband thinks I'm "good" with money... He doesn't realize that I owe much to this board.
Thanks, Paul for starting this thread. And thanks to those who helped me so much.
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Bonny
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Post by Bonny on Jun 15, 2015 17:07:25 GMT -5
I have a willing audience for my family trainwreck and tenant stories.
Truthfully you all have been generally supportive as I've gone through some tough spots. Having some thoughtful third party feedback has kept situations from escalating.
And frankly while DH and I are certainly "comfortable" I'm most impressed with those of you who have dug yourselves out of some serious debt and have turned your lives around. It's really made me appreciate living a simpler life and the important things in life.
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Deleted
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Post by Deleted on Jun 15, 2015 17:45:34 GMT -5
phil5185 has actually helped me the most by making me focus on retirement because of his posts. I changed my investment strategy for the RSA-1 account (457b) to all stocks (index). I think of his "if you invest this at 11% . . . " every time I buy something even if I don't invest it. I also think of his para-whatever model that says you save real money by focusing on the large things (housing, transportation) instead of the small things (lattes).
But mostly I enjoy being able to come on here and talk about money issues. They aren't how to invest money. They are more life issues like sharing the cost to put on the date on my grandmother's marker or shutting off lights. My real-time friends wouldn't really be that interested in this type of discussion. And hearing lots of opinions does help. For example, a lot of you mentioned genealogy in the marker thread. My sister is very much into that. So maybe that's why it is so important to her but not me.
Anyway, thank you all! I enjoy being a member of this community.
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Deleted
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Post by Deleted on Jun 15, 2015 18:49:25 GMT -5
My big items are: - Fee's, they really matter.
- Index funds beat all the managed funds.
- Time and risk are directly related. 30 year timelines have minimal risk in index funds.
- Becoming a Millionaire is actually really simple, so simple most people don't believe it, thus never actually starting/trying.
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gooddecisions
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Post by gooddecisions on Jun 15, 2015 19:23:38 GMT -5
I found the old board in 2004. I wasn't making much money, but was proud to not be in any non-mortgage debt, contributing the 5% match to my 401(k) and prepaying my mortgage. I read many Phil posts- stopped prepaying my mortgage, maxed out my retirement and continued to increase my salary and opened a brokerage account. I also picked the right partner after almost settling for financial losers.
I had a lot of good habits already, but I really think the board fast-tracked me to the millionaire club.
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cronewitch
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I identify as a post-menopausal childless cat lady and I vote.
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Post by cronewitch on Jun 15, 2015 19:36:09 GMT -5
I have been on the boards before the board before this board and haven't changed much. It makes me more optimistic thinking 11% returns long term aren't unheard of so I am able to stay fully invested even in the down markets. The returns don't feel real getting thousands a month for nothing most months so I need you all to say it is real so I don't get scared and hide under a mattress with my money.
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NastyWoman
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Post by NastyWoman on Jun 15, 2015 20:04:21 GMT -5
Reading this board and its predecessor gave me the much needed confidence that I could do it when a late-in-live divorce left me with very little money at a time when I really should have had plenty socked away. It contained my eating cat-food-panic and I am in reasonably good financial shape now (not scared of retirement in a few years at all). Not as good as others, but fine nonetheless. And then there are the constant litany of things I had never even heard of before like the reduced value claim for an accident when the other driver was at fault. I hope that I'll never need it, but believe me if I do I will go after it.
That and the company keep me coming back for more.
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bobosensei
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Post by bobosensei on Jun 16, 2015 5:20:01 GMT -5
I credit MSN money, nonmsmmoney, and this board with teaching me most of what I know about finances. I grew up in a middle class family, but my mom didn't handle money well. Dad always said to invest in retirement accounts, but beyond that I didn't have a clue. I credit these boards and research I did on Motley Fool with opening a taxable account at Vanguard. Most of the people we know don't save as much as we do, so it helps to have like minded people to "talk" things through with. If I hadn't found these boards I might have continued spending a lot of money on frivolous things because I didn't realize that "regular" people can have a large investment balance. I get encouragement from many of the things posters here are doing, and I know that if/when I have a question financially savvy people will give me advice.
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bookkeeper
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Post by bookkeeper on Jun 16, 2015 8:02:17 GMT -5
My big items are: - Fee's, they really matter.
- Index funds beat all the managed funds.
- Time and risk are directly related. 30 year timelines have minimal risk in index funds.
- Becoming a Millionaire is actually really simple, so simple most people don't believe it, thus never actually starting/trying.
You have nailed it!
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garion2003
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Post by garion2003 on Jun 16, 2015 9:22:03 GMT -5
I've probably been around for about 10 years, starting with the old MSN board. I actually think I found that forum through Liz Weston. At the time I was leaving beyond my means, I had over $12,000 in credit card debt and was struggling to come up with monthly payments. Then my car needed $2,000 worth of work, I had no cash, so on the card it went. My wake up call was having a credit card company charge me a fee because I was over my limit. When I asked why they didn't just decline the card, they said "Oh, we thought you'd be embarrassed". I realized the REAL reason was they wanted that fee.
So I started looking for resources, and soon realizing I had to start budgeting. I tracked my expenses for a month, had a better sense of where my money was going, and came up with a budget that focused on paying off credit cards. For probably 2 years I put every spare penny I could find into becoming debt free. During this period I received a promotion at work which helped with cashflow.
Eventually I paid off the cards, established an EF, and now am working on building up retirement savings (with employer contributions I'm saving about 26%).
Things I learned from Liz/YM/YMAM:
1. live below your means 2. have an EF 3. budget 4. allow some fun money in your spending
The 60% solution was an eye opener for me as well - can't find the original article but it was helpful.
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Blonde Granny
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Post by Blonde Granny on Jun 16, 2015 9:29:01 GMT -5
Thanks garion, I was trying last night to remember the name that went along with Donna Freedman...it was Liz Weston.
That was just about when I found msnmoney and started reading. My first adventure was into the forum on TMF called LBYM (live below your means). Never will forget the topic of cutting the top off the toothpaste tube to get an extra week out of it. Seattle Pioneer I believe was the one who posted it.
Its still a popular forum over there, but I prefer the knowledge, help and friendly people here.
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Value Buy
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Post by Value Buy on Jun 16, 2015 9:36:02 GMT -5
Myself, despite Phil's best efforts, I have been shown how uptight I was with money. This board freed me up to enjoy it. I was a much larger tightwad before this, and the old MSN board.
Thanks, enjoying life to a much fuller extent.
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murphath
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Post by murphath on Jun 16, 2015 11:06:47 GMT -5
I appreciate the fact that I can come here and ask any financial question and get a great response. These boards have helped me (since 2008) with investing info, window replacement questions, flooring options, couponing, etc.. And, of course, all the interesting threads started by caiwau (now The Haitian). A big "thanks" to all of you.
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Tiny
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Post by Tiny on Jun 16, 2015 14:11:52 GMT -5
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Tiny
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Post by Tiny on Jun 16, 2015 14:25:23 GMT -5
The best part of YM/YMAM for me - is the fact that there are lots of different income levels and folks at different points in their lives (newlyweds, starting families to college aged kids, new retirees, and already retired people). Being able to hear about the finanical issues/hurdles and how each person/family needs to mold the "tried and true wisdom" about money to their own situations was incredibly helpful. It meant that doing exactly X wasn't necessary to achieve a goal, I'd have to figure out how to put a spin on X to get a version of X to fit my circumstances. That kind of thinking helped steer me clear of "this is the ONLY way to 'get rich'" kind of thinking... There's more than one solution to the problem. As I'm getting closer to retirement - it's nice to hear how other people are handling the money side of it. I don't have many people In Real Life to follow/ask questions. I know it's a ways away for me, but it certainly doesn't hurt to consider how decisions today may effect my future retirement. Thanks to YMAM, 'retirement' isn't quite so fuzzy a financial concept (I have to admit FIREcalc.org made my brain melt but once I got my mind wrapped around it... it really did help - much better than some of the other retirement calculators out there).
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jun 16, 2015 16:15:34 GMT -5
- YNAB
- The concept of sinking funds
- Analyzing a budget
- Analyzing wants vs. needs
- That I need more in retirement
- Learning to work with DH who has a different financial philosophy from me
- A sounding board to talk about finances because Dh doesn't want to talk about them more than once per month.
- analyzing debt paydown based on interest rate.
Those are the things I've learned the past decade since MSN YM that have impacted my financial life for the better.
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joemilitary
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Post by joemilitary on Jun 16, 2015 19:37:58 GMT -5
found the MSN board (Liz Weston) in like 2005.....
what I have learned
1) WCP can be an "interesting" sometimes
2) Miss Margarita and Miss Tequilla are "easy" (although both have vanished, although Miss Tequilla still makes an occasional rare appearance (MM we miss you ))
3) Everyone loves the Muscleup (except the mods that banned him)
4) The EE crowd can really drink
5) People need a makeover once a while...Dark changed his name, so did Cawiau
6) MJ got a divorce, is back on the market and likes white preppy dudes (maybe I have a shot now!)
I'll think of more later
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jun 16, 2015 19:41:07 GMT -5
found the MSN board (Liz Weston) in like 2005.....
what I have learned
1) WCP can be an "interesting" sometimes
2) Miss Margarita and Miss Tequilla are "easy" (although both have vanished, although Miss Tequilla still makes an occasional rare appearance (MM we miss you ))
3) Everyone loves the Muscleup (except the mods that banned him)
4) The EE crowd can really drink
5) People need a makeover once a while...Dark changed his name, so did Cawiau
6) MJ got a divorce, is back on the market and likes white preppy dudes (maybe I have a shot now!)
I'll think of more later
Silly, that's not based in finances.
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joemilitary
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Post by joemilitary on Jun 16, 2015 20:08:07 GMT -5
found the MSN board (Liz Weston) in like 2005.....
what I have learned
1) WCP can be an "interesting" sometimes
2) Miss Margarita and Miss Tequilla are "easy" (although both have vanished, although Miss Tequilla still makes an occasional rare appearance (MM we miss you ))
3) Everyone loves the Muscleup (except the mods that banned him)
4) The EE crowd can really drink
5) People need a makeover once a while...Dark changed his name, so did Cawiau
6) MJ got a divorce, is back on the market and likes white preppy dudes (maybe I have a shot now!)
I'll think of more later
Silly, that's not based in finances.
Ok then how about this:
1) Do the opposite of everything Doxie does
2) follow the opposite of whatever Loony's business advice / practices are
3) Phil is always right, follow him to the promised land of 11%
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jun 16, 2015 20:09:00 GMT -5
Silly, that's not based in finances.
Ok then how about this:
1) Do the opposite of everything Doxie does
2) follow the opposite of whatever Loony's business advice / practices are
3) Phil is always right, follow him to the promised land of 11%
That's better and equally entertaining.
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MarleyKeezy78
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Post by MarleyKeezy78 on Jun 17, 2015 9:28:40 GMT -5
While we still have a long way to go, finding you guys has helped us to start setting aside for retirement (just over $30k and counting) in the last six or seven years. We also now have life insurance for all of us and a college fund set up for DS. Still paying off debt but getting there and once we do, upping the amount that goes into retirement You guys planted those seeds for us and a huge thank you for that!!! I grew up in a household that struggled along and wasn't stable, water, lights or phones turned off, never anything saved. No one taught me about money or how to manage it so I made a loottt of mistakes early on (still make a few) but without YM, I think we would still be struggling badly.
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flamingo
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Member is Online
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Post by flamingo on Jun 17, 2015 9:39:27 GMT -5
I started lurking back in the msn money days, but didn't start posting until things moved over here. I mostly try to learn from others mistakes. The budgeting threads helped me figure out ways to cut my own costs and save more. Because of the emphasis people put on retirement savings here, I've upped my retirement contributions and, for the most part, have managed to increase my EF savings rate. I still shop too much and don't save as much as I could, but I'm not in debt and prefer to enjoy life a little. And, this site helps me not nag my DH with all my money related questions/concerns. He'd get annoyed really quickly with me if I brought this stuff up with him as often as I think about it!
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Jun 17, 2015 17:53:25 GMT -5
phil5185 has actually helped me the most by making me focus on retirement because of his posts. I changed my investment strategy for the RSA-1 account (457b) to all stocks (index). I think of his "if you invest this at 11% . . . " every time I buy something even if I don't invest it. I also think of his para-whatever model that says you save real money by focusing on the large things (housing, transportation) instead of the small things (lattes).
But mostly I enjoy being able to come on here and talk about money issues. They aren't how to invest money. They are more life issues like sharing the cost to put on the date on my grandmother's marker or shutting off lights. My real-time friends wouldn't really be that interested in this type of discussion. And hearing lots of opinions does help. For example, a lot of you mentioned genealogy in the marker thread. My sister is very much into that. So maybe that's why it is so important to her but not me.
Anyway, thank you all! I enjoy being a member of this community. Awesome- I almost forgot the Phil Calculator tool. Extremely valuable. Realizing that if I can just cut down a few squares of toilet paper every year, and re-use those baggies to save $17.33, that will compound into $1.9 billion by the time I retire.
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Deleted
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Post by Deleted on Jun 17, 2015 18:29:58 GMT -5
phil5185 has actually helped me the most by making me focus on retirement because of his posts. I changed my investment strategy for the RSA-1 account (457b) to all stocks (index). I think of his "if you invest this at 11% . . . " every time I buy something even if I don't invest it. I also think of his para-whatever model that says you save real money by focusing on the large things (housing, transportation) instead of the small things (lattes).
But mostly I enjoy being able to come on here and talk about money issues. They aren't how to invest money. They are more life issues like sharing the cost to put on the date on my grandmother's marker or shutting off lights. My real-time friends wouldn't really be that interested in this type of discussion. And hearing lots of opinions does help. For example, a lot of you mentioned genealogy in the marker thread. My sister is very much into that. So maybe that's why it is so important to her but not me.
Anyway, thank you all! I enjoy being a member of this community. Awesome- I almost forgot the Phil Calculator tool. Extremely valuable. Realizing that if I can just cut down a few squares of toilet paper every year, and re-use those baggies to save $17.33, that will compound into $1.9 billion by the time I retire. Cute, Paul, but phil5185 actually said just the opposite. Save on the big things, and the little stuff like lattes (or squares of toilet paper) are immaterial.
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