Home economics and financial lifestyle. How would you describe yours?

[EarlyBird]

But to answer your ?

Buy what you can afford!
Save for what you want or need!
Work extra hours at work, on the side, and use that as play money!
Know what it is that makes you happiest!
Realize there is always a tradeoff!! Time vs. money vs. effort in what ever it is that you do!
Do not get caught up in the game of keeping up with the Jone's!!!
And have a plan that you can stick too!
Get help from others that are successful!!!

 

[lilbcollins]

I live within my means...barely. I work a lot to give our family the opportunity of having a stay at home mom. I truly believe this is one area that America should go back to "the way it used to be" Its not easy and sacrifices have been made to do this...but my beliefs are that Kids are better off to stay at home and not in a daycare somewhere. I bought a nice house, in a good community, My wife drives a 10 year old SUV, and my car is 13 years old with 210,000 miles on it. I'm young and saving as much as possible for a future, as in a 401k, money market account, and also a mutual fund. We keep our credit card balances low...under 1k. We don't have a lot of material things, I mean we have a 25" Tv. Just like Warbird says "work extra hours for play money, and possible to work on the side" I'll take the opportunity to work now when I'm young, hopefully to save myself the trouble of having to do so much of it when I'm older.

Just my 2 cents

 

[F=MA]

I'll take the opportunity to work now when I'm young, hopefully to save myself the trouble of having to do so much of it when I'm older.

You sir, are wise beyond your years.

It's tough starting out, but extra effort invested in income producing assets, rather than material consumer goods, will pay off in the long run.

In the U.S. there really are three Americas. I've been fortunate to have lived in all of them. One America is the uneducated, underskilled side where it is difficult to keep up with the bills when everything is going according to plan. The transmission failing in one's car is a major crisis at this level.

The second is the America where bills are paid without concern...so long as the paycheck isn't interrupted. Some college education, or the good fortune of being able to land a really good job that doesn't require much education helps advance one into this America. This is what many consider "middle class".

The third America is the one where income flows in from multiple sources, not all directly related to ones primary occupation. A postgraduate degree, being born into a wealthy family, or lots of hard work, sacrifice, and investment are requirements for entry into this America. In this America, what one earns annually is less important than what one's balance sheet looks like.

Those are my thoughts, for whatever they're worth.

 

[alglag412]

make purchases wisely #@$* credit!!!!!!!

 

[Jailbait]

I was a stay at home mom and my girls turned out pretty good. One is a firefighter and the other bought a house at the age of 23. Not many at that age even have enough credit to do so. I am very proud of my girls.

 

[SAMBUSA]

I was a stay at home mom and my girls turned out pretty good. One is a firefighter and the other bought a house at the age of 23. Not many at that age even have enough credit to do so. I am very proud of my girls.

As you should be sweety. Obviously John was unsuccessfull at turning them into bums

 

[lilbcollins]

I bought my house at age 19... Even with a 30 year mortgage...if I would end up paying that long I'll be done at age 49. Most of my peers have not even thought of buying a house.

 

[el stumpo]

I don't think the recession will have much long term impact. Look at all the SUVs being driven around again because gas is under $2/gal. It seems that for people under 45ish, they have short term memories.

The economy will rebound in a few years (my prediction is barring any further catastrophies, we'll start to see the upswing before the end of the year). Things will get good again, and we'll forget the pain we are going through and fall back into consumption.

Very few learned from the tech bust in 2001 and the danger of holding all stock. That's why there is all the crying now. Hopefully we will remember what is happening now and make the change for life and not just until the economy gets better.

Afterthought - Subprime mortgages played a big part of the downturn. I am still getting letters "No qualification!" "No income verification!" "No money down!". I called a mortgage broker (re-fi) and he told me a DTI (debt to income ratio) of 50% was ok :stoopid:

 

[ditchdr]

Best advise I can give is dont buy what you dont need, and cut up every credit card you have..


Listen to Dave Ramsey, buy his books, go to his shows.. turcst me it works.

 

[Dr E]

In short we chose not to follow the Jones (no offense to anyone here named Jones), we are five year away from paying off our home and at that time we will owe no one a dime. No credit card bills to date. My father lived through the depression and I watched my in-laws go through bankruptcy years ago. We could have jumped on the band wagon and bought a big fancy house, but I wanted to live life and enjoy my family and time with them...not held a slave to a job to pay bills that would extend me out 40 years.

I have long said, I miss one phone company, passbook savings, brown paper bags at the grocery store and the check out clerk who knew your name. I may miss those things but I have tried very hard to keep my family clear of debt. Going through school was the hardest thing I ever did as it meant I had to eat debt to make something happen. It paid its self off in spades...but that is it.

Follow your hear, follow your dreams, just don't let someone else kill those aspirations by making you think you have to get it by going deep in debt. Some of the best things in life are free. You ask what...how about talking to friends here on the site.

 

[Projekt]

In short we chose not to follow the Jones (no offense to anyone here named Jones), we are five year away from paying off our home and at that time we will owe no one a dime. No credit card bills to date. My father lived through the depression and I watched my in-laws go through bankruptcy years ago. We could have jumped on the band wagon and bought a big fancy house, but I wanted to live life and enjoy my family and time with them...not held a slave to a job to pay bills that would extend me out 40 years.

I have long said, I miss one phone company, passbook savings, brown paper bags at the grocery store and the check out clerk who knew your name. I may miss those things but I have tried very hard to keep my family clear of debt. Going through school was the hardest thing I ever did as it meant I had to eat debt to make something happen. It paid its self off in spades...but that is it.

Follow your hear, follow your dreams, just don't let someone else kill those aspirations by making you think you have to get it by going deep in debt. Some of the best things in life are free. You ask what...how about talking to friends here on the site.

That is a great mentality.. I am not afraid of hard work but I would rather not be enslaved to work by being in debt. So I choose this way of life and keep things simple.

 

[Revlis]

But then again there are many who love their jobs, spend like a dickens, and have all the cool fun toys they want without this GLOOM AND DOOM slaving away to a job notion.

One could argue that the entire "slaving away" mindset is just another form of self inflicted Class based oppression/scapegoating. Often the "don't spend anything on credit crowd" seems to completely forget, ignore, or just cannot believe that there are millions of Americans out there with careers they love, earning their 6 figure salary, and truly enjoying what they do. It's not scary at all to owe money on a house, car, business, whatever it may be, cause they love what they do and they do it well.

A lot of the "slaving away" comments start sounding like sour grapes, a way to make one feel better about NOT being able to afford some cool toy, new thing, or a bigger house. Much easier to accept that you're not in the Big house with the fancy cars if you can convince yourself that all those that live that lifestyle are actually miserable wage slaves. Many I think find it hard to accept that millions of folks out there with the shiny fancy things are living well within their means, and are quite happy.

There may be a lot of discontent folks out there that hate their jobs and are "slaving away" but if you are, fix it. The beauty of this country is that if you do not like where you are at it's completely up to you to improve it. School, training, hard work and some effort and you might just find yourself doing something you love to do for a living and HOPE that you get to do it for as long as you can, it's no longer drudgery...

If/when you find that, then the 30yr Mortgage, fancy cars, etc are a lot less scary, and you don't spend another minute "Slaving Away" ever.


Finally remember, our country was and is supported by each of us spending a fair chunk of our hard earned cash. Right now part of the Countries problem is so many clinging to their every last dollar out of fear. Look around, we are a country of consumers, over ran by ignorant notions of the Trappings of Success= respect. Millions over extend and buy stuff they don't need/cannot afford in an effort to live a lifestyle they think will impress the Jones crew.

America comes to a skidding halt when everyone stops spending... Just remember to live within your budget, that's all many Americans need to learn to do. Credit is a darn handy tool if used correctly and not having credit cards and an extensive credit history can really hurt you when you need a loan for something.

 

[captain]

In my house we don't buy anything that will put us in a financial upside down. We all have bills, we just decide how much we want to live now and how much we want to save for the future.

I know people that saved every dollar they ever earned, they worked several jobs and when retirement came along they didnt have any friends to spend it with or their health was bad enought to keep them from traveling.

I think there is a fine line on living to save and living to have fun. We still put a little back in our account each month but were enjoying life and each other each day.