(07-24-2019, 05:45 PM)jagibelieve Wrote:

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

You have always provided me with sound advice on here over the years. I appreciate all of that. Thankfully I also have a 401K set up with work and I have nice a little nest built up in there already from over the course of the last seven years. Hoping my wife can knock out this real estate state test soon so she can bank a bit more. 

I owe about $61K on my mortgage. Trying to knock that off my books before I reach the age of 45. Remember about two, three years ago when I was asking around about pricing for vehicles and how to get good deals? I never bought one... 

Still riding my same old, beat up Kia from my senior year of high school. Had to get the radiator replaced though and now my driver side door handle is in shambles. Been trying to put off having another car payment man. But I'll have to cave in shortly. Eyeing a Ford F-150 now. Really like this 2014 F-150 FX4 at $25K at the moment. But still haven't found the courage to go shopping yet. 

May just keep riding that damn Kia into the dirt. LOL. 

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