Any wealthy, Financially-Free Audiokarma members, feel free to chime in.

Spend less than your income. Save a set amount every month. Don't invest in a company that puts the stockholders and management before everything else.
 
I probably would be if stuff would stop breaking that I have to fix because I can't afford to purchase new. Did that make sense?
 
WOW guys. this thread has gotten way more attention than any of my other ones. It interesting to see the position that you are all at in life, and how that corresponds with your financial philosophies.

I think that people who barley scrape by tend to move towards the "I don't need that much money" mentality. (I'm not trying to antagonize anyone this is ok if you are happy)

After that I've noticed there are some people who have made some money working for formal organizations who have been around for awhile, and are able to live that classic lifestyle that everyone in corporate America planned on having in the 70-80-90's. (Work 40/hr/weeks, make a great amount of money, retire with a pension).

Nowadays jobs like this are far and few however people raised in the 70's to 80's still seem to push people towards college so they can work for an organization. The difference between making 70k/year and $125k/year back in the day was a college education. People who didn't go to college feel like they've missed out and as a result don't want their kids to miss out and pound the idea of college into them.

The majority of people are not financially free in America today. So why should we take the majorities advice on going to college? Everyone says go to college so you can almost guarantee yourself a job AND make more money. While college is a requirement for most jobs today, id rather own the business rather than work for one.

The majority is not wealthy so why should we take their life advice on making a living especially if its a different living than you want to make?

Keep your laptop screens open for another interesting question in the future and thanks for all the comments
Nick
 
Spend less than your income. Save a set amount every month. Don't invest in a company that puts the stockholders and management before everything else.
Thats good investing advice. Companies who care about the employees will naturally flourish
 
As my dear ol` Grandma once said, "Best way to end up with a small fortune is to start with a much larger one".
for the majority of people...yes. when someone unexpectedly gets money, they spend it. If you invest it, you will make a larger fortune.
 
So why should we take the majorities advice on going to college? Everyone says go to college so you can almost guarantee yourself a job AND make more money. While college is a requirement for most jobs today, id rather own the business rather than work for one.

Couple of issues here.

There was a time where a college education pretty much got you a job. I'm a perfect example of that. Graduated from HS in 1968, Junior College in '70, and finished my Bachelor's in 1973. Had several jobs after graduation, and the best paying job I ever had I got because of the degree. Had nothing to do with the job, but it showed the company I had the ability to stick with something and finish it. It was between me and one other person, and the degree tipped the scales. Made enough money there that I could quit and open my own business in 1981.

But that also presents a problem. Back then, it didn't matter what the degree was in. Today, it does - but too many college students don't realize that, and get degrees in useless majors like underwater basket weaving that are totally worthless. The requirement for college education in job hunting is partially there for a cutoff point - so employers will only get a half a million applicants instead of three quarters. From that point, WHAT the degree is in will be taken into consideration.

Just yesterday I got a card in the mail introducing a young lady who sells real estate. We're selling our property, and once the word is out, you get a bazillion things like that. She listed all of her accomplishments and at the end, her two Masters Degrees. I won't way what they were in so as not to offend anyone, but they had nothing to do with business or real estate, and probably cost her tons of money. I doubt any of her clients care. If one of those degrees were in business, she might own the company instead of working for someone else.

You used to go to college to get a degree. Nowadays, you need to go to get an education in something you enjoy and has the ability to help you become productive. The degree is just the proof. We sent both of our kids through college. Our son got his degree in electrical engineering, and our daughter in business. They both had jobs even before they graduated, and are gainfully employed and on their own. And both are in positions where they give orders as well as get them - perfect for learning how to run their own businesses in the future if they so desire. And, they're making the money it takes to get started.

All I'm saying is don't brush off your dad's idea of college. If you go, major in something you like and can use in the future. If all else fails, a degree in business is ALWAYS useful.

Explore all your options before you toss any of them out.
 
A degree in Business is a great all arounder. It's possible too that one might get the idea that becoming an entrepreneur can be a game changer and that thinking outside of the box can be also.

However, I think we have let a lot of young people down with the idea that a degree is the all in all. There is good money to be made in the Trades, Electrician, Hvac, machinist, plumbing contractor, etc.
 
Things have to be repaired and that ain't cheap. Ex. my neighbohe few thatr needed an exterminator to catch a critter in her wall. One quoted 700 another 600. Priced car repair or body/paint, HVAC or a plumber lately ? Have a custom piece of furniture made ?
My point exactly. The few that do these things can get whatever they want. No competition.
 
Money can sometimes be a curse. I accumulated my wealth overtime and enjoy a comfortable existence to the point I can do what I want but I make choices. Because there is freedom in not having to worry about money you worry if you lose it you will have to go back to worrying about bills and quality of life. I made investments and got lucky but now a days I'm more cautious. It' s true money can't buy you love or happiness but some people will disagree.
 
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Money can sometimes be a curse. I accumulated my wealth overtime and enjoy a comfortable existence to the point I can do what I want but I make choices. Because there is freedom in not having to worry about money you worry if you lose it you will have to go back to worrying about bills and quality of life. I made investments and got lucky but now a days I'm more cautious. It' s true money can' buy you love or happiness but some people will disagree.

It's raining for the third day, and I'm grumpy, so forgive my pessimism. But it occurs to me that money may not buy happiness, but happiness won't buy you a lousy cup of coffee.
 
It's raining for the third day, and I'm grumpy, so forgive my pessimism. But it occurs to me that money may not buy happiness, but happiness won't buy you a lousy cup of coffee.

I'm sorry to hear of your lack of sunshine. Also sorry to hear you're in low spirits. Although life treats us like a baby does a diaper, we can always hope it's a #1 day in a #2 world.

No matter my personal mood, I make it a point to elicit a laugh out of everyone that I cross paths with, although not 100% effective, it always makes me feel better.
 
Money not everything - you never hear a poor person say

Money gets you to front of health queues quicker (Eg private hospitals) you get those hip replacements and cataracts done in a flash I bet there are more examples.
 
Money not everything - you never hear a poor person say

Money gets you to front of health queues quicker (Eg private hospitals) you get those hip replacements and cataracts done in a flash I bet there are more examples.
I get these things if needed through my pension medical plan. After 33 years I'm fully vested. During the dotcom boom I saw people chasing the money by leaving jobs for promises of wealth by working for start ups and turning their back on security. It worked out for a handful but for most people had to start over when the bubble burst.
 
I get these things if needed through my pension medical plan. After 33 years I'm fully vested. During the dotcom boom I saw people chasing the money by leaving jobs for promises of wealth by working for start ups and turning their back on security. It worked out for a handful but for most people had to start over when the bubble burst.
You are one of the lucky ones to have a pension and ongoing medical. For the majority of working people, the 401k is all they have and many do not utilize it in the best ways. At least 10% and it should go into the Roth 401k section while company match has to go into the regular taxable pot.

Last year, my wife and I purchased Cash For Life Annuities, which is essentially buying your own Pension. In 8.5 years, they turn on and we will get $$$ each year until both of us are dead.

Social Security won't cover squat in 15 years if it still exists. As of now it barely pays for part of your medical, so if you don't have any money, your screwed and then become a burden on the rest of society as they have to pay your way along with their own.

I am 56, really don't plan to retire until full age of 67 because if I went out at 65, I lose 2 years of good medical and several hundred thousand dollars and company 401K matching money.

I hope some of the younger folks here are taking early action because it's going to be even harder when they retire. All surveys say at my age, I need about 2 million to survive retirement thru old age and death, I am far from that mark and don't think I will ever hit it but doing everything now to have as close to a Zero Tax Footprint with retirement income. I am also in the process of Roth Conversions of older rolled over to IRA from 401ks with other employers.
 
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