Comments on: Really Bad Decisions

By: Retirement Accounts: 7 Case Studies « How to Make 7 Million in 7 Years™

Retirement Accounts: 7 Case Studies « How to Make 7 Million in 7 Years™ — Wed, 11 Mar 2009 07:45:02 +0000

[...] Lee – Is at (or past) typical retirement age for most of us. He thinks that he has made some (a lot?) of mistakes with his finances, yet he at least has some money put aside. But, it’s not enough to meet his goals … and, is it really enough to live off? [...]

By: Jeff

Jeff — Fri, 27 Feb 2009 03:49:55 +0000

@ Diane – I’m no stranger to moving. This is number seven in 16 years, but this one seemed a bit different. I’m not sure why. Right now I’m chalking it up to the fact that it has been 6+ years since the last move…a record for me.

By: Diane

Diane — Fri, 27 Feb 2009 02:10:37 +0000

@ Jeff – Surely you’re used to seeing all your worldly possessions boxed and moved? Recently we considered my taking a job in Hawaii, but my fiance would have to quit his and spend it writing on the beach, and we figured we could really only stand perfect weather for 2 years, so we would store all our stuff. It is amazing how little you need and how much you want..the little details that make it “home” to you.

@Lee, they do say that what goes around comes around; I hope for you that comes true.

By: Adrian

Adrian — Thu, 26 Feb 2009 05:21:09 +0000

@ Lee – I learned a long time ago not to look at somebody and try and determine their wealth by their trappings (a) I’m probably wrong more often than right and (b) it becomes a bad example for my own behavior. Sounds like you have found your own path, now we just need to step it up a few notches …

By: Lee

Lee — Thu, 26 Feb 2009 03:28:56 +0000

Adrian -My own personal past experience tells me that the guy with all the credit cards is ‘not’ in good shape ‘if’ like me he didn’t pay them off monthly. Just because you have the credit cards doesn’t mean you know how to manage the money they represent.
My life style now is pretty much cash as you go. Credit is a no no.

By: Adrian

Adrian — Thu, 26 Feb 2009 03:21:05 +0000

@ Lee – I wonder who’s in better financial shape? The guy struggling to pull some cash out of his wallet or the guy with lots of c/cards? You might be surprised

Good luck with the site!

By: Lee

Lee — Wed, 25 Feb 2009 15:54:10 +0000

OH BY THE WAY this site and the adventure we are on has engendered a new website that I have produced at http://new-lifesupport.com I address our ten life purpose questions, and also the christian perspective to it. I also have a page for taking my grandchildren through Dave Ramsey’s budget stuff along with a humor page, a diet page and even a link to President Obama’s weekly viedo talks and finally I’ll probably as a book review page soon. Stop by and check it out and of course your comments are always welcomed.

By: Lee

Lee — Wed, 25 Feb 2009 15:36:08 +0000

FUNNY STORY, well maybe not real funny but at least interesting. The other day I was at a meeting with a fellow minister and we went to the book table to purchase the speakers book. I stood there counting my cash to see if I could afford the book while my friend contimuplated which major credit card he would use. As I looked at all the credit cards he had I was thankful that I had learned to stop using the credit cards years ago, even if I had to learn the hard way.

I sort of had my own personal “bail out” years ago, I bailed out of using credit cards. Feel pretty good.

By: Adrian

Adrian — Wed, 25 Feb 2009 04:12:29 +0000

@ Jeff – We went through the same process and it’s interesting (because most our stuff will be in storage for months while we renovate our new house) that all we really NEED are some clothes, kitchen stuff, bikes, and a filing cabinet (with our personal papers); we can actually ‘make do’ with rental stuff for all the rest … shows you how (not) valuable ‘stuff’ really is. If ‘stuff’ isn’t valuable, then why do we even need (much) money?

@ Lee – You’ve still managed to put away $40k and build up a similar amount as equity in your home (depending upon current valuations); AND it seems that you have learned your ‘lesson’ on car loans i.e. the importance of not having any Puts you way ahead of many …

I agree that if you started over, you should be putting money ‘away’ … where to put it is another matter entirely …

By: Jeff

Jeff — Wed, 25 Feb 2009 02:15:02 +0000

Lee, I had a similar discussion with my father this week.

I’ve been spending money hand over fist lately to fix a few things for my tenants in Virginia and to buy lunches and snacks for all the movers and packers that have been putting all my worldly possessions in boxes. It’s humbling to realize that everything you find familiar can be so easily stuffed in a box and trucked away.

As I lamented about how much money I was spending on others, my father reminded me that it’s all God’s money and we just pass it around.