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How much do you know about financial independence?

Dec. 8, 2014, 1:31 p.m.
Posts: 13932
Joined: Feb. 19, 2003

I couldn't agree more. Making a concious choice about the spend/save trade off is really important and something a lot of people could probably stand to do a little more of.

However, I still feel my bi-weekly house cleaner is some of the best money I spend every month.

Not going to lie, that particular cut still stings. :)

Dec. 8, 2014, 1:31 p.m.
Posts: 549
Joined: Sept. 2, 2010

It is really about balance.

If you would rather work than clean and you can afford it - get a cleaner.

I really enjoy my job for example.

So for me - Skiing/Biking/time with family is better than working but I would rather work than scrub toilets.

I would much rather work for 15 min than clean for an hour, hence we have a cleaning lady (not to mention she is faster and does a better job than I do.)

On the other hand - I like working on my truck, my bikes, my skis, etc (in reasonable doses) - so I do those myself even though it would be more efficient for me to bill another hour and pay a mechanic.

The balance for me is living life while realizing that being poor (in debt or without a financial cushion for example) can be stressful. I am not about to become a back to the lander logger/hippy type. I grew up like that and it gets old. But each to their own.

Dec. 8, 2014, 1:53 p.m.
Posts: 26384
Joined: Aug. 14, 2005

I couldn't agree more. Making a concious choice about the spend/save trade off is really important and something a lot of people could probably stand to do a little more of.

Also we could use a little downgrading as well as the size of some things we buy.

www.thisiswhy.co.uk

www.teamnfi.blogspot.com/

Dec. 8, 2014, 2:18 p.m.
Posts: 14380
Joined: Nov. 20, 2002

The big question IS what did you do with the money you made how much of the money did you hang on to?

For many folks the more they make the more they spend and I found when I was working a lot of OT/under the gun / too busy …I spent more

and then of course there are those who just spend whatever they got

Dec. 8, 2014, 2:22 p.m.
Posts: 6449
Joined: Nov. 19, 2002

Up in the Kispiox they call them "Hipnecks"

Rippie, please.

Dec. 8, 2014, 5:49 p.m.
Posts: 8256
Joined: Nov. 21, 2002

This is one thing I was always curious about - a lot of people here sees to be upgrading bikes every year to always have the latest [HTML_REMOVED] greatest bike (carbon, 650b, etc.) - how the heck does everyone afford to do this?

I wonder the same thing about the cars I see on the road, especially in the US. But I think like trailworker so I guess I'll never get it.

Having said that, I splash cash on carbon when I get a good deal. I mean I do spend a lot of time on it and I love every second of it.

WTB Frequency i23 rim, 650b NEW - $40

Dec. 8, 2014, 6:25 p.m.
Posts: 17768
Joined: Oct. 28, 2003

Couch surfer have tried mint.com? It'll save hours.

Dec. 8, 2014, 6:49 p.m.
Posts: 481
Joined: May 8, 2010

This summer after years of paying off debt I got onto a financial plan of buying into some stocks and funds… got my mom on it too after i found out she was just sitting on a bunch of cash after she retired. In 6 months, she has more than she started with, after withdrawing some money each money for living expenses. She regrets not doing it years sooner.

I notice little in my life with the changes I made. I was putting all my energy and as much money as I could into paying off debt for 9 years. Working 2 jobs for a part of that, and budgeting harshly. Now it's easy to save. I actually save and spend a fair amount on stuff. It's easy to do when you learn to live off nothing.

Dec. 8, 2014, 7:26 p.m.
Posts: 17768
Joined: Oct. 28, 2003

This summer after years of paying off debt I got onto a financial plan of buying into some stocks and funds… got my mom on it too after i found out she was just sitting on a bunch of cash after she retired. In 6 months, she has more than she started with, after withdrawing some money each money for living expenses. She regrets not doing it years sooner.
.

Does she know about asset allocation and risk?

All stocks and she should be prepared to lose half. Not a problem if you're 30, but could be a nightmare for a 60 year old who is using it as income.

Dec. 8, 2014, 8:37 p.m.
Posts: 481
Joined: May 8, 2010

Does she know about asset allocation and risk?

All stocks and she should be prepared to lose half. Not a problem if you're 30, but could be a nightmare for a 60 year old who is using it as income.

not all income…. a split off of OAS, CPP, and taking off of this. relax.

and not all stocks… should have probably explained it better…. stocks, equities, and bonds…. balanced 5% a year type shit…. nothing extreme….

point being doing something is better than doing nothing… i think you said that earlier…. I just wanted to show it's never too late.

Dec. 8, 2014, 9:31 p.m.
Posts: 0
Joined: April 29, 2004

Mans, this money math geek guy doesn't even know how to say numbers- It's not "ten thousand and five hundred" it's "ten thousand five hundred".

Doesn't anybody know that "and" always signifies a decimal point in this context?

This is why I keeps my money in mason jars in the floor joists.
And in bicycles. Mostly bicycles.

Dec. 8, 2014, 9:38 p.m.
Posts: 16126
Joined: Nov. 20, 2002

should have probably explained it better…. stocks, equities, and bonds….

Errrrmmm … stocks are equities. Equity means ownership of something. Stock is equity in a corporation.

When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.

Dec. 8, 2014, 9:50 p.m.
Posts: 16126
Joined: Nov. 20, 2002

The concepts are simple but action can be difficult.

- spend less than you earn.
- invest what you don't spend.
- learn to invest in things that generate an income stream.
- learn the difference between "want" and "need" -[HTML_REMOVED] it's surprising how many people think they know this difference, yet don't.
- treat yourself as a reward for good behaviour (occasionally) … get something you don't need, but want. But plan it in advance, work it into the budget.

wash, rinse, repeat.

My own method won't work for everyone, but if you happen to be in a position where you get bonuses, commissions or other unplanned income over top of a basic salary, then do this;

- live within the means offered by your base salary.
- whenever you get those extra $$$, take a small amount (less than 10% of the after tax amount) and buy something. Get that urge to splurge out of your system!
- invest the rest.

When one person suffers from a delusion, it is called insanity.

When many people suffer from a delusion, it is called religion.

Dec. 9, 2014, 7:58 a.m.
Posts: 1646
Joined: Jan. 12, 2010

This is why I keeps my money in mason jars in the floor joists.
And in bicycles. Mostly bicycles.

I've been keeping gasoline in my mason jars but with the price of oil where it is the return isn't what I was expecting.

Good thing the bicycles are still appreciating right?

Dec. 9, 2014, 9:06 a.m.
Posts: 7707
Joined: Sept. 11, 2003

One thing you can and should do is make your health (physical and mental) a priority. Investing in your health is probably one of the best choices you can make. Poor health could seriously erode your quality of life as well as your ability to maintain/manage your income. Another added bonus is if you f*ck up your finances, you get to hear people say "At least you still have your health."

I've been keeping gasoline in my mason jars but with the price of oil where it is the return isn't what I was expecting.

Good thing the bicycles are still appreciating right?

If someone was sneaking into your place while you aren't around, stealing your gasoline and replacing it with pee, how would you know?

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