What's your financial story?

[floyd80]

Even if the govt does support me in my old age i will have paid in more than i will ever get back out of it.

[HogHunter34]

I visit with families everyday of the week. You would be amazed at the amount of debit MOST people have!!! They might make $150k a year but they have $300k in debit!! Boats, toys, $80k trucks, $80k SUV's, travelling youth team sports, Country Club memberships..... It is ridiculous!!!

Yep I’ve heard this is common. I believe some financial statistics say 75-80% of Americans live pay check to pay check

[Chef]

And those numbers generally dont include the Home and Auto debit. The highest total debit load I've seen in awhile was over $2M... the house was only $500k of that!!

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[TxAg]

You mean debt

[chase15]

I am 25 years old, single, and just graduated college. I am extremely blessed to be debt free but I am broke. I am currently working in commercial real estate specializing in office space in Houston. Right now I am 100% commission but I am about to qualify for a draw with the company. Which is basically a loan from the company. I love my industry and I hope I do well but in this business you either starve or do really well. So hopefully I am not looking for a job in the next year.

Best of luck to everyone. Being an adult is expensive.

Stick with it, if you work hard it will pay off big. Been a commercial broker for 7or so years now. Its not an industry you can be lazy in but there arent many you can make $250K+ without being a CEO.

[jds247]

I guess I'm in the minority. I max my 401k and Roth every year..I have enough in savings to be jobless for 6 months.. but I use a credit card for the miles . I pay it off every month.. I'm not busting my butt and scrounging away every dollar to retire and die 10 years later. I'm gonna have fun while I can and before I'm too old to do the things I want to do..

[HogHunter34]

I guess I'm in the minority. I max my 401k and Roth every year..I have enough in savings to be jobless for 6 months.. but I use a credit card for the miles . I pay it off every month.. I'm not busting my butt and scrounging away every dollar to retire and die 10 years later. I'm gonna have fun while I can and before I'm too old to do the things I want to do..

If you are maxing 401k & have emergency fund fully funded then you have a good foundation. Beyond that pay down debt & prevent building debt.

[jds247]

If you are maxing 401k & have emergency fund fully funded then you have a good foundation. Beyond that pay down debt & prevent building debt.

I get where you are coming from I guess we just see things differently.. other than a boat and land I'm debt free.. but I dont let debt free stop me from enjoying life..

[Abcdj]

My wife is a miracle worker with money. Both of us are teachers.We only owe on our houses. Bought 5 acres with 2 houses 2 years ago to get closer to the grandkids. We rent one out to make that payment.

Our daughter's are 31 and 27. We got both thru college debt free. Both have good jobs now. Unfortunately one has 25k and the other has 15k on credit cards.

Well, Nana found out about it last week. Both are paying minimum payments or a little over. They are paying 22-24% interest. Nana decided we are going into high finance. We are paying their debt off and setting up a 42 month payment plan with 10% interest. They have to get rid of their cards too.

We aren't making 10% on some of our investments now. This allows us to help them and make money rather than the cc company getting it. When we are gone they will be getting their own money back! Win Win to me.

[HogHunter34]

I get where you are coming from I guess we just see things differently.. other than a boat and land I'm debt free.. but I dont let debt free stop me from enjoying life..

I get it. Main thing is don’t carry too much over into retirement

[Huntingfool]

There has been a massive shift in our country over the last ten years that many people never stop and think about or realize.

I am 65 years old. As I grew up and during my working life most every person working for a company of any type had a pension plan. You worked for the same company 30-40 years and then you retired with a GUARANTEED pension income for both your lifetime and your spouses lifetime. Corporations began moving away from this model because the cost to them was huge.

In today's world the pension has gone by the wayside (other than municipalities - police, fire, etc.) Instead employers are offering 401k plans where they allow you to invest part of your paycheck and if you are lucky they will match a small part of it. The 401k success will be based off of how the stock market performs and if you are disciplined enough to keep putting your money into it over time.

So bottom lin is that the onus is now on the worker to provide their own "pension" rather than the company providing it. Unfortunately when many folks are left on their own to save for their retirement it does not happen.

[Huntingfool]

...................................

[fullsizeaggie]

I could have a lot of nice things if I didn’t have kids!

[AgTag23]

There has been a massive shift in our country over the last ten years that many people never stop and think about or realize.

I am 65 years old. As I grew up and during my working life most every person working for a company of any type had a pension plan. You worked for the same company 30-40 years and then you retired with a GUARANTEED pension income for both your lifetime and your spouses lifetime. Corporations began moving away from this model because the cost to them was huge.

In today's world the pension has gone by the wayside (other than municipalities - police, fire, etc.) Instead employers are offering 401k plans where they allow you to invest part of your paycheck and if you are lucky they will match a small part of it. The 401k success will be based off of how the stock market performs and if you are disciplined enough to keep putting your money into it over time.

So bottom lin is that the onus is now on the worker to provide their own "pension" rather than the company providing it. Unfortunately when many folks are left on their own to save for their retirement it does not happen.

Very good point. I think a common theme here is discipline. The ones who have a "successful story" practice discipline over a long time period whereas those who's story isn't as successful lack the discipline.

[AgTag23]

Been a great thread so far. Great to hear everyone's stories. Gets me thinking about 2019 resolutions and goals