Financial Responsibility

This thread is either going one of two ways... It was probably five years ago at age 31 that the light bulb came on in my head. I like everyone else like nice things. My tacoma, my boat, camper, hunting and fishing gear, tools, etc.... The problem I had was that in my ultimate quest to get the "newer" "better" items I found myself working all day every day to make payments to get enough saved to buy this miraculous new item. I would order it, use it a few times, and lovingly store it. Before I knew it something new and shiny caught my eye and the cycle repeated. I never went into serious debt, or missed a meal. One day I was steel head fishing in my awesome waders, with my bad ass fly rod, wearing my sweet vest, and carrying my amazing net in the stream. An older man in his late 60's early 70's was in the next hole up from me on the river just slaughtering the steelies. After a few hours he walked by and I looked at his gear. He had an ancient no name fly rod, holes in his vest, a ratty net and explained he would keep going but his waders had a leak and he was getting cold. He fished that river 4 days a week and helped me get my success rates up. We walked out to the parking area and he had an old chevy truck.
That night the lightbulb came on and I realized that I fell in love with fishing, not the equipment. If I quit buying I'd not have to work so hard and it would give me more days out on the water. Since this revelation, I am completely debt free other than my house. I paid off my 2015 taco in less than 2 years. I now can save 45% of my income because of some simple life choices. If I lost my job tomorrow I could probably go 6 months and not care. I write this to hopefully get some guys to be a little more conservative. Paycheck to paycheck is not living. Debt is voluntary slavery. Sometimes you are happier using the things you already have rather than chasing the newest I phone which will be obsolete in 2 years. By the way it doesn't do a damn thing more than the I phone 5 did!
Billions are spent in marketing to sucker you into believing that their item will change your life. Go fishing and ride a bike. It will change your life!

 

Awesome post! Couldn't agree more, it's an addiction that can be stopped. (I unfortunately still have work to do)

 

Fishing isn't nearly dangerous enough to make me happy. I can windowshop $100K+ per stupid ass hobby i have in just performance i feel debt or death are my only options lol

 

I spend money on trips, but I camp and bring my own food. What was crazy was when I figured out that I blew my money $10 at a time. I make my own coffee and pour it in a thermos, I carry a water bottle and refill it. I grow a garden for therapy and healthy food. I cook 95% of my meals. I ride my bike instead of driving when ever possible. I am married, I have two kids and it really isn't that hard. Our grandparents did it every day.

 

On the flip side, there is something to be said about buying quality products. For a while I was in the "buy cheap" phase *cough*harbor freight. And it's come back to bite me many times. Wish I would have paid extra for quality once.

 

Well said. I've come to the same realization. Thankfully this happened while I'm still young. Thanks to a few life changes and choice changes I'm able to save around 46% of my monthly paychecks and still live a happy life.

 

I still buy quality... ALWAYS! but I only buy what I need, take impeccably good care of it, and it lasts. I also love to take advantage of others financial stupidity. Thats where my boat and toys all came from.

 

i needed a tool box to hold my expensive tools, snap-on gets about $200 a month from me lol

 

Great post!! I hear you man. I have learned the same life lessons over the past few years. My 2012 DCSB was paid off 2 years early and is only the 2nd vehicle in over 30 years of driving I have had debt free. We have also paid off a 2nd mortgage we had about 3 months ago in 8 years instead of the 15 years financed. I only owe on my house my wife's car which the car will be paid off in a year or so. No Credit Cards or other debt. I now put almost double my house payment each month into my 401K. I am approximately 50 years old and will probably work God willing till I'm 65. I just wish I could have learned what you and hopefully I have learned a lot sooner. And that 65 could have been 55.

 

Totally agree! I want to hand things down to my boy one day and show how taking care of them is the only way to go!

 

I once went on an 18 month tear and paid off $32k of student loan debt. I was so glad to have that monkey off my back. I've been really tempted to move up in Tacoma, but my current one works just fine. What keeps me away from debt is despite being at the same career for six years I'm flighty and debt ties you down.

 

I have worked the skilled trades my whole life. I also have a mechanical engineering degree. I went to school at night. I am buying rental properties for retirement. I've got two free and clear. They were trashed when I got them and I have totally remodeled them. I now kinda pick and choose my work with my own business. It's just me doing HVAC and I've got some buddies who help out. My wife works for a hospital and that provides our health insurance. Once you get the finances right you are no longer a slave to the money. Employers want you to be broke. They love it when you are totally dependent on them because now you will do what ever it takes not to lose your job. The hospital leaves my wife alone because they know they need her more than she needs them. If they don't like it then she will just get a different job. If I don't get a bid on a job it's not the end of the world. Life is very different now that I have figured this out. It's not what you make it's what you keep and how you use it.

 

Far too many people (especially Americans) are caught in the "look at me" trap. Shiny new cars, fancy meals out, name brand everything. And, up to their eyeballs in debt.

I bought a house when I was 25, and paid it off in 20 years. I pay cash for my (used) vehicles, and keep them for 10-12 years until the rust belt catches up to them. As a result, I can do things like take the family on a 10 day tour of Scotland without any more thought than it takes to write the check.

Kudos to you for seeing through the smoke screen that is blinding people to the slavery that debt brings. Freedom!

 

Dang that Dave Ramsey!! 2011 tacoma I paid cash for, debt free except the house which should be done in a few years. Would love to have a newer Travel trailer but keep telling myself save and pay cash. Wish I would of started this in my 20's as probably could retire (52 Now). trying to teach and convince my kids to stay away from debt so they can have a great life. All can do this debt free living and it works. Just need a plan and follow it.

 

Rather than just squirrel my money away, my wife and I invest our money so that it can work for us instead of us having to work for money. My salary is being supplemented this year by the sale of our second home, that money will be reinvested again. Saving is good, and having a cushion for emergencies is important, but if you can get enough passive income to retire early and let you enjoy your youth and heath, why not?

 

Totally dig it @Capt Jrod !

Debt is the enemy. Period.

 

Not all debt is bad.
Have you ever read about using debt to make money? Rather than drop $200,000 cash on 1 house, put $40,000 down on 5 houses and rent out 4 of them for more than you spend each month. The ~$400 passive income from each pays your mortgage and they build equity in your real estate that can be exploited in the future to purchase additional property and grow your portfolio, which in turn increases your passive income and net worth at the same time.

 

Great post. I "learned" years ago the difference between "wants" & "needs" and enjoying/appreciating what you have. To this day when I consider purchasing something, I ask myself "do I really need that" and often the answer is still "NO".

 

Dave Ramsey has a decent system. It is great for those who need that level of help. It really just takes discipline. No fast food, no gas station $10 pop, chips, and candy bar. I don't know when I'll officially "retire". I spend tons of time with my kids and family, work enough to save, invest, and play. I just don't spend. Yesterday was kids day at the county fair. It cost me $7 to take my girls for the day. We ride our bikes, go to the park, paddle the canoe, and read tons of books. It just took me a while to realize that Applebee's doesn't make me $50 happy. Actually "happy" is the hardest thing to define. I love good food... But I also love cooking good food, sharing it with my friends and family, and knowing that the ingredients were sourced from a local market or my garden. Don't think that I live in poverty, my taco is spit shined and polished, and my rentals are nicer than the local private homes. I love cleaning out the house when people leave... They couldn't afford it but it is all pizza boxes and wal mart bags. New shoes, designer jackets, smart phones, and they can't afford a set of tires for their car. It is literally a sickness in our country. We don't teach this in school anymore. Check book? nobody takes checks!

 

Wow, great post! Sometimes, it's the simple things in life that matter most.