Let's Talk Money

I think it’s important to clarify what I do and why I do it.
Like I said earlier, I am NOT a Financial Advisor. I am not registered or licensed by FINRA or the SEC. I do not advise people on what investments are best or how much they should be putting away for retirement.
I am not here for the 35 year old guy making $180k/year with $1M in assets to advise him on how to optimize his investment strategy. That’s not what I’m about.
I am a Financial Coach. Check out this article if you’re unsure of the difference. https://www.quickenloans.com/blog/financial-coach-vs-financial-advisor

I am here to help people who have an unhealthy relationship with money… The 22 year old kid who grew up in a house that was broke with a Dad who told him he couldn’t get ahead because “you have to grow up with money to retire with money”… The newly single Mom with 2 young kids who now has to figure out how to make a budget and build her confidence in the financial world… The 58 year old guy whose wife just passed, she always paid the bills and now he has to figure out how to operate the household money.

I am qualified to speak into these people’s situations because I’ve been there… I was that 22 year old kid. I’ve gone through the process of reading the books, studying how personal finance works, working on my own mindset and challenging my own preconceptions. I’ve also gone through a training and certification program on Financial Coaching with the Ramsey team. And I practice what I preach… I have paid for coaches and I currently have a business coach and mentor. I’ve worked in lucrative sales positions and worked with coaches and mentors on how to improve my game.

I am here for the guy or gal reading this thread who hasn’t responded because they’re embarrassed about their situation… If this thread challenges that person to look inward, challenge themselves, and DECIDE to change their future because they have the power to do so, then I’ve accomplished what I set out to do.

 

I can see how the thread got a bit sideways. Maybe more descriptive title or description like a life coach for money would clarify it. Helping make good choices.

Like pay rent, don’t buy meth. That sort of thing. (Unless you can afford both)

 

It would be helpful if most people read my first few posts in the thread... lol.
I actually said this isn't a conversation about investments per se... and I never claimed to be a financial advisor because I'm not.
I talked about personal development, limiting beliefs around money, and how our thoughts affect our financial situation.

And as a side note: I consciously chose NOT to put this thread in the "Stocks and Investments" forum because I didn't want to give people the wrong idea. I originally posted this in the "Off-topic discussion" forum, but the mods moved it here.

 

That might be the dumbest comment I’ve read in this thread yet. You seem to have a very skewed and ignorant view of money, wealth, and professionalism

 

We just set aside saving in a separate account we control to pay for K-12 private and college. That’s our money and we weren’t going to cede any control over it. No school, no money. K-12 was paid for a year at a time which gave us a discount. College tuition, books, etc, paid for each semester. We are finished this December when my youngest will have earned her Masters. My daughter never mentions we have paid for school for her to her colleagues or friends, many of which are drowning in loan debt. She also isn’t interested in any “privilege” conversations about it either. My son would just tell someone to mind their own damn business.

 

Just called up the bank that holds my mortgage. I can refinance to a 15yr fixed for 2.625%, monthly increase would be about $200 and they won't require my taxes in escrow.

At the current rate that I've added extra onto the principal I'd pay it off 3yrs 4mo early. Not fantastic. (8/2041)

Refinanced to a 15yr, I'd save an additional 6 years on the mortgage, paying it off sometime in 2036. (and I'd only be sending another $100 on top of what I currently send anyway, easy.)

I'm not super happy about that interest rate, I'd prefer it closer to 2% than that, but I'll keep looking around.

 

Does anyone want to talk about the dumbest stuff they've done with a pile of money?

I've had my fair share of follies.

 

Financed a brand new dirt bike with no money down.

I've come a long way since then
That decision was actually one of the things that pushed me to realize I was doing all the wrong things... Live and learn!

 

Bought a Tacoma

 

Now this is an idea I can get behind

 

It’s so much worse when you don’t have the pile of money to back it!

I can’t say I didn’t buy a Yamaha on a cc with an introduction rate.

 

I got one that can’t be beat, if it really happened? I may OR may not have financed a GSXR 600 in college no money down while living in an apartment complex. The first payment for insurance may or may not have bounced and insurance dropped. The bike may or may not have then been stolen from the apt complex while insurance was or was not lapsed.

I will leave the rest out, it gets worse.

Edit, funniest part is I am/was an insurance adjuster and investigator for 20 years as a career

 

Brutal

 

Dude was talking about being rich and a quick Google search determined he was probably average. Why is that ignorant?

 

I’m gonna go ahead and reiterate ^THIS.

 

Why Google him? It is his business. If he is telling the truth or lying, what does that do for you? No one else here will care.

Money makes people’s priorities whacked sometimes. This is why I left my job in June. My priorities were everyone’s but mine and my families. I was working constantly, no life enjoyment. I was mentally baked, in a high stress job dealing with difficult customers and thankless company. I also began to health issues.

I had a choice, one path is prioritizing money and hope I don’t have a stroke behind my computer or make a change. I made a change. If I need to sell my house and downsize, or liquidate, or live a different lifestyle to be able to be with my family and live the way I want, that is what I am doing. I control my life, not money.

Everones situation is different. Some enjoy always working, not me.

 

Sounds like you picked the wrong profession. If you do what you love its not work.... its passion!

 

I agree 100% there. Hated my job for years. IT SUCKED but paid mad money, so.

 

You miss the mark by just a bit…do what you love, but if that doesn’t pay your bills it’s a fools folly. I’m reading a lot of articles about student debt and people pursuing advance degrees from elite (expensive) schools (e.g. Film) who run up huge debt with no chance of financial security or stability yet they want society to bail them out. Your premise is stupid if your individual circumstances cannot support your aspirations.

 

You are confusing stupid people who want to go to college and not work. Most people are not driven enough to work and go to school so they borrow money to fund their lifestyle and pay for a degree that is total bullshit! Its stupid. I was making money as a roofer/welder right out of high school and had enough to pay for school and still have a home and some goodies. You know how much me and my buddy made roofing houses on the side? Several thousand in a weekend, was it hard work? Of course but I knew it would pay off eventually.

The solution is simple just Google "Top ten highest earning degrees" and go from there... like I said before, it's not rocket science!