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Add a Financial Planning/Success Forum

Discussion in 'Site Suggestions' started by HBMurphy, Sep 2, 2009.

?

Who has a written plan for:

  1. The future mods of their truck

    6 vote(s)
    17.1%
  2. Their financial future

    18 vote(s)
    51.4%
  3. I don't have a written plan for either

    14 vote(s)
    40.0%
  1. Sep 2, 2009 at 9:28 AM
    #1
    HBMurphy

    HBMurphy [OP] Ban Pending

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    There are a lot a great people on this board.

    I sometimes sometimes cringe at the thought of some of the money that is spent by myself and others. I'm not saying not to mod etc. I am saying that the $1800 stereo, or $1500 bumper, an amount of money that could be the start of a good savings/investment program.

    One of my points of entertainment has been investing. It was drilled into me at an early age by a mentor - I still have the first stock cert that I bought. I was about 19 and I bought Chrysler when Lee Iaccoca took charge and I bought a gold stock. It wasn't much - I think I paid as much in commissions as I received in stock! I think anyone can become financially successful and that makes a hell of a difference in the decisions that you make towards your long term happiness - and having the job/income that you want.

    There is a great mastermind in this group and there are A LOT of people on here with knowledge that could help our all our brothers.

    One other point is I hear people talking about being unemployed/under employed and think - why do they not post what they are looking to do? I know it is due to pride, misconceptions, defensiveness etc. - all very natural.

    My best jobs have been from people that were not employers - In otherwords, from networking. What about a forum pertaining to JOBs/Employment. I know we have unemployed brothers on this board and I know that there are people being hired within companies that other members know about or could know about if asked the question: "Who do you know that I should talk to?" JUST LOOK AT THE CREATIVE PROBLEM SOLVING THAT PEOPLE LIKE Chris4X4 HAS DISPLAYED ON THIS BOARD! There is absolutely no reason why someone has not scooped him up through connections on this board!!! :mad:

    There is a lot of power and wealth of knowledge on this board that could make a great impact on this families of the members of this board (in addition to Taco knowledge). I know that members (both givers and takers) could be greatly enriched by such a forum.

    I hope everyone has a successful day!
     
  2. Sep 2, 2009 at 10:10 AM
    #2
    thestrangebrew

    thestrangebrew AlphaPlanner

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    +1 This is a great idea. I'd vote but I don't have a plan for either of them. And I know I should have a financial plan for my future. I just saw a post about Dave Ramsey on here yesterday and I decided to download his podcast but I haven't had a chance to listen to it yet. I've got a little girl on the way so my priority is my new family, I'm just looking for the little things I can do to my ride before I plan on making huge investments to mod it out with.
     
  3. Sep 2, 2009 at 10:17 AM
    #3
    HBMurphy

    HBMurphy [OP] Ban Pending

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    Congrats on daddyhood! That's great! Good luck! If there is anything I can do or if you'd like suggestions, or anwers to questions, etc. PM me.
     
  4. Sep 2, 2009 at 10:29 AM
    #4
    05PreRunner

    05PreRunner "Living life in the FAST lane..."

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    Great idea for the forum! :thumbsup:

    I too have been guilty of not planning out a financial future...:eek:
    ..time to slow down on the modding i guess...
    I've been looking at investing too, but honestly..don't know what the best options out there are..:eek:
     
  5. Sep 2, 2009 at 10:35 AM
    #5
    HBMurphy

    HBMurphy [OP] Ban Pending

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    You don't have to go on overload...

    Noe, if you just put away 8-10% of your paycheck into some type of investment account (tax sheltered preferred) by the time you are 35 you will be able to do "what you want when you want to." If you do it early and do it with every check, you will not have to worry about money later in your life.
     
  6. Sep 2, 2009 at 11:13 AM
    #6
    HBMurphy

    HBMurphy [OP] Ban Pending

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    I just got asked about money market funds out there and general question about tax sheltered accounts.

    Also for those that are new to this whole thing, about 20 years ago I used to go to a place called Mother's Market for dinner once a week. There I would talk with the bus boy from time to time. He would ask me about investments and we would engage in this subject on a semi regular basis.

    Long story short, about a year ago I saw his name where he had developed a training program about financial success that he was teaching to high school and college peeps. I think it's a great idea and this may be a great 'group buy' for guys that want a good introduction to financial success. If I remember correctly, its a couple hundred dollars but would last far longer than a new spare tire! ;)

    Back to the issue of money markets and tax sheltered accounts.

    Simple answer:

    As you develop your own personal strategy you will find better things to do with your money and from whom you get advice. I know very wealthy folks that pay top dollar and top fees for good advice. I also know the same that pay the same for marginal advice. My purpose here is to only get you started.

    EDIT: REMEMBER THIS 'SAVINGS' is not to be used in the following manner - "Oh I'll take it out of savings." That by definition is not savings - savings in my definition is for a minimum period of 10 years or more! Otherwise it is Checking! Just Checking Okay!?

    The first thing you need to do is to start saving on a regular basis (same amount, same time each week, month, etc - when you get paid). You don't need to worry about where as long as they are not raping you on fees. So, you could open an ING account. Send your money there until you get enough to buy a no load mutual fund, market index fund or something that will provide you with some level of diversification (spreading eggs to different baskets).

    My personal opinion is buy the market - not a product and stay away from life insurance 'investments.' They are investments to one entity - the guy that sold it to you! More on specifics later.

    Regarding tax sheltered accounts (meaning you are not paying taxes on your gains each year), 401k with matching is probably the best but you only get them if your employer offers them, IRAs (for employed folks) and SEP's for us poor bastards that are self employed. Look up each term in google and you should get a good understanding of them.

    Sorry if it was too basic or too short but I have to go see clients.

    Good Luck!

    Also, remember that most stock tips are stories of past performance and you are interested in future performance too!

    One last thing - I am not a licensed advisor - I am a schmuck. I have had some good luck in my life of investments. I have a masters degree that specialized in investments from a good school and I am a licensed real estate agent... but this is intended only as entertainment and to stir you to get real advice through great readily available resources and start mapping your financial future. I will talk in generalities to get you to do some homework. Above all I truly hope that you are touched by someone to invest in your financial future while keeping your integrity, good soul and connection/contribution to others.
     
  7. Sep 2, 2009 at 11:25 AM
    #7
    thestrangebrew

    thestrangebrew AlphaPlanner

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    Thanks appreciate it! Looking forward to starting another chapter in my life. Learning how to deal with finances has been a major prob till I met my wife so I'm starting to do better. Financial planning for the future will be way more beneficial than modding out my truck, so that's the route I'm going. I'll do the mods as the cash presents itself after I pay my family first!
     
  8. Sep 2, 2009 at 11:38 AM
    #8
    HBMurphy

    HBMurphy [OP] Ban Pending

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    just read this and thought this was very good mind food... enjoy a mind lunch:


    Article by Singapore's Youngest Millionaire - Adam Khoo (author of I Am Gifted, and So Are You)


    Some of you may already know that I travel around the region pretty
    frequently, having to visit and conduct seminars at my offices in
    Malaysia, Indonesia, Thailand and Suzhou (China). I am in the airport
    almost every other week so I get to bump into many people who have
    attended my seminars or have read my books.

    Recently, someone came up to me on a plane to KL and looked rather
    shocked.
    He asked, 'How come a millionaire like you is travelling economy?' My
    reply was, 'That's why I am a millionaire.' He still looked pretty
    confused. This again confirms that greatest lie ever told about
    wealth (which I wrote about in my latest book 'Secrets of Self Made
    Millionaires'). Many people have been brainwashed to think that
    millionaires have to wear Gucci, Hugo Boss, Rolex, and sit on first
    class in air travel. This is why so many people never become rich
    because the moment that earn more money, they think that it is only
    natural that
    they spend more, putting them back to square one.

    The truth is that most self-made millionaires are frugal and only
    spend on what is necessary and of value. That is why they are able to
    accumulate and multiply their wealth so much faster. Over the last 7
    years, I have saved about 80% of my income while today I save only
    about 60% (because I have my wife, mother in law, 2 maids, 2 kids, etc.
    to support).
    Still, it is way above most people who save 10% of their income (if they
    are lucky).
    I refuse to buy a first class ticket or to buy a $300 shirt because I
    think that it is a complete waste of money. However, I happily pay
    $1,300 to send my 2-year old daughter to Julia Gabriel Speech and
    Drama without thinking twice.

    When I joined the YEO (Young Entrepreneur's Organization) a few years
    back (YEO is an exclusive club open to those who are under 40 and make
    over $1m a year in their own business) I discovered that those who
    were self-made thought like me. Many of them with net worths well
    over $5m, travelled economy class and some even drove Toyota's and
    Nissans (not Audis, Mercs, BMWs).

    I noticed that it was only those who never had to work hard to build
    their own wealth (there were also a few ministers' and tycoons' sons
    in the club) who spent like there was no tomorrow. Somehow, when you did
    not have
    to build everything from scratch, you do not really value money. This
    is precisely the reason why a family's wealth (no matter how much)
    rarely lasts past the third generation. Thank God my rich dad (oh no!
    I sound like Kiyosaki) foresaw this terrible possibility and refused
    to give me a cent to start my business.

    Then some people ask me, 'What is the point in making so much money if
    you don't enjoy it?' The thing is that I don't really find happiness
    in buying branded clothes, jewellery or sitting first class. Even if
    buying something makes me happy it is only for a while, it does not
    last. Material happiness never lasts, it just give you a quick fix.
    After a
    while you feel lousy again and have to buy the next thing which you
    think will make you happy. I always think that if you need material
    things to make you happy, then you live a pretty sad and unfulfilled
    life.

    Instead, what make ME happy is when I see my children laughing and
    playing and learning so fast. What makes me happy is when I see by
    companies and trainers reaching more and more people every year in so
    many more countries. What makes me really happy is when I read all
    the emails about how my books and seminars have touched and inspired
    someone's life. What makes me really happy is reading all your
    wonderful posts about how this BLOG is inspiring you. This happiness
    makes me feel really good for a long time, much much more than what a
    Rolex would do for me.

    I think the point I want to put across is that happiness must come
    from doing your life's work (be in teaching, building homes,
    designing, trading, winning tournaments etc.) and the money that comes
    is only a by-product.
    If you hate what you are doing and rely on the money you earn to make
    you happy by buying stuff, then I think that you are living a life of
    meaningless.
     
  9. Sep 3, 2009 at 11:01 AM
    #9
    rpparkster

    rpparkster Well-Known Member

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    Bump! Good idea, but I'll charge you for any of my advice...haha.
     
  10. Sep 3, 2009 at 11:16 AM
    #10
    nad

    nad mmmm tacos!

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    I wrote out every mod I was going to get and how much they are going to cost when I bought the truck and found this site :)
     
  11. Sep 3, 2009 at 11:26 AM
    #11
    DanGer

    DanGer Avatar approved by 98tacomav6

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    I have a plan for neither. I am trying to pay my truck off from my parents, while maintaining enough to make it through college. However I don't have a plan for any of it (other than rounding up on half my paycheck to give to my parents.

    However with other peoples money I have every cent accounted for (see Pop N Lock group buy)
     
  12. Sep 3, 2009 at 11:28 AM
    #12
    HBMurphy

    HBMurphy [OP] Ban Pending

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    Yeah that's okay 'cause you give good advice and have a license.
     
  13. Sep 3, 2009 at 11:36 AM
    #13
    spasur

    spasur Well-Known Member

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    subscribed!

    As a student planning looking to have a good paying job in the near future, I'm looking for all the advice I can get on how to manage my money for the future.

    The networking and being able to help local people find jobs is also and EXCELLENT idea. How to implement it best may be the hardest part. I guess it should be regional, or even by metro?
     
  14. Sep 3, 2009 at 11:44 AM
    #14
    1BlkT

    1BlkT Mod'n on a Budget

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    I don't really have a plan either. I just knew I should start saving, so for the past 5 years each weekly paycheck I got I had a small amount deposited into an account that I wouldn't touch. It started with $50weekly but has worked its way to $100weekly since I've had less classes to take at college. I have a small chunk of change that I should probably invest instead of just sit in a checking account:eek:. I guess now would be a good time to start looking into that stuff
     
  15. Sep 3, 2009 at 12:26 PM
    #15
    ImpulseRed008

    ImpulseRed008 Gone But Not Forgotten

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    Yeah, don't do what I did...

    I got married at 19 and my (now) ex always said if you want if, buy it (on credit cards of course) and we'll pay for it later. Which we did for many years...

    Fast forward a few years and we get divorced. My "share" of the bills was over $13,000. I never realized how much I was paying in interest every month. Finally got smart and set up a budget and got my bills paid off.

    One credit card is used (only so I don't have to carry cash) and paid off each month. The only bills I have are my mortgage and truck.

    So any of you young guys out there... save your nickels, dimes, quarters and dollars. The sooner you start, the sooner it becomes a habit and you will be much better off in the long run. You can still have fun, but you need to be smart about your $$$$
     
  16. Sep 3, 2009 at 12:32 PM
    #16
    Incognito

    Incognito μολὼν λαβέ

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    Thanks! Great advice! :)
     
  17. Sep 3, 2009 at 12:37 PM
    #17
    tacoma08MZ

    tacoma08MZ Well-Known Member

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    this def gets me thinking, i just started my 401k about a year ago at 19, other than that stocks and investing is like reading chinese but i really wish i new somthing about it so i could start doing something with my money
     
  18. Sep 3, 2009 at 2:47 PM
    #18
    HBMurphy

    HBMurphy [OP] Ban Pending

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    You are perfect for this type of thing. You say it looks like Chinese but that is just because we all have things we don't think we understand but we really do. Look at the things that you do know about. Do you like Pepsi or do you like Coke. Do you think Walmart might be a good business to own if mall traffic is suffering? Did you want an iPod. Believe it or not some of the best investing ideas come from everyday life. Remove the politics for a minute and would you want to own part of Toyota or GM? Why? It is not as much Chinese as much as it is just thinking a little different.

    Edit: See Apple comment below.
     
  19. Sep 3, 2009 at 3:01 PM
    #19
    jonny

    jonny Betty White Edition Heep ZJ

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    very positive member.
    nothing but solid advice from this guy :thumbsup:
     
  20. Sep 3, 2009 at 3:38 PM
    #20
    HBMurphy

    HBMurphy [OP] Ban Pending

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    Just one point and some may find it unfair but if when I bought my last iPod last November (I also bought some of the stock the same day)...

    But If instead, I just kept my last iPod for another year and instead bought 3 shares of Apple for approx $270 and held it until now and sold it today, I would be able to buy my iPod for $250 and still have $250 to buy another stock...

    Once again, just food for thought and an example of how we may not think we know investing, but we really do.

    Best to all.

    One other note: If you really don't want to learn this kind of stuff, at least talk with someone like Roger. It may sound funny but trust your gut. Your advisors in your life will test you and it may not feel right all the time. But if you trust that person and they continue to prove that trust and that their interest is in your best interest, it will be clear. If you do not trust the person that you talk with, move on and keep searching until you find one that feels right and can prove to be trust worthy. There are many folks out there that will sell you 'savings products' that will make the 'advisor' wealthy like some insurance products and annuities and leave you with little to no gain. I know, I have bought them!

    I am not opposed to people being paid for advice and managing peoples wealth generation strategy. I am opposed to people feeling frustrated because of bills and the feeling of being defeated and or used.
     
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