(07-24-2019, 02:30 PM)Rico Wrote:

(07-24-2019, 01:30 PM)Caldrac Wrote: Yes it did. Can't remember if it was over the What-a-burger chains or some other failed investment. But he lost quite a bit of money. That's why you saw his [BLEEP] backing-up QB's up until the age of 41.

Real estate.  Just before the big crash.  He was too heavily invested in real estate.

You beat me to it.  If I remember right, he wasn't the only one heavily invested in it.  I want to say that it was a group of 4 or 5 players or former players that had all invested in it (some kind of development) and lost a ton of money when the housing bubble burst.

(07-24-2019, 04:16 PM)Caldrac Wrote:

(07-24-2019, 04:11 PM)StroudCrowd1 Wrote: Even better advice is don't put anything on a credit card you can't pay off in a month!

True. When I was 18 I slowly built my credit score up by just using it to get maybe $20 - $25 worth of gas here and there for my car or a pack of smokes for my mom and I would just pay it off every two weeks with a paycheck. Within 6 months of doing that they jacked my $500 credit line up to $1500. Then more offers started coming in the mail. 

It's a weird little game you have to play in this Country with the credit system. But I get it now. You just have to have discipline. It's still hard for me at the age of 31. Thankfully my wife keeps me in check. She'll withdraw $200 out every paycheck I get and just store it away in an envelope around the house somewhere safe.

Rather than storing that money in an envelope around the house, think about opening up a money market savings account and/or buying CD's (not the kind we used to listen to).  I started a while back with $500 in a money market account and put a dedicated amount in each paycheck along with any "loose change" that we collected or any "gifts" that we got.  It didn't take long for that $500 to become well over $10,000 in a liquid asset.  $10,000 was my first goal for that account because I earned just a little bit more on my money.  My next goal that I reached was to get the balance to $25,000 because I earned just a little bit more in interest on it which I reached some time ago.

My point is to not carry any credit card debt and save every penny (pennies do matter).

As far as this thread topic, it happens more than people realize.  Give a 21, 22 or 23 year old a ton of money and they go "spending crazy".  Huge house, fancy car, a home for mom, "bling" to wear, etc. not to mention dining in fine restaurants and drinking expensive drinks.  They pretty much burn through a large portion of their earnings before they know it.  Throw in the predators that are out there and it makes it worse.  Why does someone making that kind of money need to take out loans?  It's because of the "instant gratification" and the "lavish lifestyles" that they choose.  Sooner or later the money runs out and they have to pay those loans back.

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