Comments on: Act Your Age (Financially)

By: mjmcinto

mjmcinto — Fri, 11 Apr 2008 13:19:11 +0000

Jim, I’d hate to see what ground coffee you were drinking that was just a bit better than instant. I will say this though, once you get to whole beans, yes, the fresh ground does make a difference. But the biggest difference is in the different types of beans. By this I mean the region and roasting of the bean. It sounds like you have some Hawaiian, which might be good, or you might find you don’t like it. The biggest thing is to try different beans from different regions and roasters until you find one that you like. My wife and I order ours online, as we LOVE good Guatemalan coffee, and while we can find some around town, the roaster we found online has the best.

As for your financial path, I agree totally. When I have kids, they will be taken care of, but they won’t be given brand new expensive cars. They’ll either get cheap new cars, or dependable used. It’s my money, not theirs, and they need to learn to respect money, as I won’t be taking care of them forever, and once their on their own, they’ll feel a great sense of pride in knowing what they’ve accomplished if they aren’t spoiled from the beginning.

By: Laura

Laura — Tue, 08 Apr 2008 15:33:14 +0000

I think a good way to be Successful is working hard. laura. debt consolidation

By: Laura

Laura — Tue, 08 Apr 2008 15:31:21 +0000

I think if you work hard you´ll be Successful. laura. debt consolidation

By: Debt Free Revolution

Debt Free Revolution — Sun, 06 Apr 2008 16:09:49 +0000

Jim, I gotta agree with Micah: you blow your credibility with the insistance instant coffee “isn’t that bad.” I’d rather drink Army field coffee mer-mited out at noon!

It’s a shame because you bring up some very good points, *especially* about cars. I saw a 19 or 20 year old college kid with a Jaguar on campus just this past week. Granted, it was a few years old, but still … a Jaguar!

Although you do redeem yourself by acknowledging the Real LT as the greatest defensive player EVER.

By: Rachel @ Master Your Card

Rachel @ Master Your Card — Fri, 04 Apr 2008 18:53:31 +0000

What a great article and so very true. Thise people that try to grow up too quickly (i.e. borrow money) will pay the consequences when they are older.

By: Wayne Larimore

Wayne Larimore — Fri, 04 Apr 2008 16:31:12 +0000

I agree. Live within your means and have common sense. We bought a coffee grinder a year ago and a Bunn Coffee Maker. We buy our Hawaiian coffee beans from Sam’s. I see it as a HUGE money saver compared to the $5 a cup StarBuck alternative. This is how we’ve gotten to the point we are today. We have five kids, am totally debt-free (including mortgage) and can sleep well at night.

Wayne

By: Taking Charge

Taking Charge — Fri, 04 Apr 2008 15:13:55 +0000

I couldn’t agree with you more on this! I went to a high school in a very affluent neighborhood, and many parents’ gave their children new BMWs for 16th birthdays (and gave them additional new ones if they wrecked them). It made me sad for those kids — they were never going to appreciate that luxury later in life when they could actually afford it themselves. I totaled my first car, but it was a used 4Runner. I would have felt horrifically guilty had it been a luxury car. I graduated college in May and have been slowly upgrading my purchases — getting rid of the old full mattress for a nice new queen, upgrading linens from old hand-me-downs from my brother to nice new (and more girly) sheets and quilt. I still have many hand-me-downs, and will hang onto most of them as long as they continue to be satisfactory. But it is very enjoyable to slowly progress financially and earn the better things in life as I get there. I feel like I have acted my age financially quite well, but it’s sad for people who are given all of life’s luxuries before they’ve really earned them or know what it’s like without them. Or for people who think just because they have a credit card, they should live above their means. Thanks for this post.

By: Anonymous

Anonymous — Fri, 04 Apr 2008 13:08:38 +0000

What if you never progress financially? It is very hard living on minimum wage when you are old enough to join AARP.

By: Chief Family Officer

Chief Family Officer — Fri, 04 Apr 2008 03:49:10 +0000

I like your point. There are no shortcuts, or if there are, at least you have to earn them (e.g., a young person who takes a big risk to start their own company, which is then hugely successful). Alas, this lesson isn’t taught enough by parents and teachers alike.

By: Paul Petillo

Paul Petillo — Fri, 04 Apr 2008 00:23:18 +0000

I agree with Tyler. But it seesm that whatever rung of the ladder you are on, there is enough financial pornography out there to mess up any one’s mind. I am beginning to think that there is so much information that most of us don’t need or want to hear, we have begun to turn a deaf ear to the fact that he/she who ends up with the most money wins. My household is in excellent shape but I still think twice about nearly every purchase. Not so when I was a young buck.

And Jim is right as well. The whole idea that life is a path almost makes you wonder why are they all so different. I suspect that avoiding low hanging branches, working your way over downed obstacles are, for some folks, simply part of the journey. As Edna St, Vincent Millay once said, “It’s not true that life in one damn thing after another; it’s one damn thing over and over.”

By: jim

jim — Thu, 03 Apr 2008 23:54:50 +0000

hahaha Micah, cut me some slack

By: Micah

Micah — Thu, 03 Apr 2008 22:18:54 +0000

You make a good point, but anyone who claims that instant coffee is “really not bad at all” loses a lot of credibility.

By: Tyler @Dividend Money

Tyler @Dividend Money — Thu, 03 Apr 2008 19:47:52 +0000

Very well said Jim.
I have discussed this at length on Dividend Money as well and found out that there is a flipside to the argument.
I was VERY poor grwoing up. Trailer park and the whole nine – no joke.
Anyway, now that I am at the point in my life where I feel comfortable financially becasue I have no debt (other than 4% mortgage) I have realized that I am highly risk averse.
This has to do with your article because my experience down the path has now halted me becuase I am too afraid to take the next step. Not that buying nice “stuff” is exactly what I am talking about, but being scared to go into debt even on a well-thought out business plan that seems almost foolproof.
Bottom line: Growing up at either extreme of the socioeconomic ladder messes with your head!
-Tyler

By: jim

jim — Thu, 03 Apr 2008 19:36:08 +0000

He changed the game and elevated the importance of the blind side (the left side for right handed QBs) tackle... The Blind Side by Michael Lewis (author of Moneyball, another great book) is a great book that discusses it, both should be available at your local library now.

By: GBlogger

GBlogger — Thu, 03 Apr 2008 19:35:20 +0000

LT was a beast. I wish he hadn’t gone and done stuff like professional wrestling later…. but he still broke the mold for linebackers.

I liked this post and especially the example of cars. I see a lot of young professionals just starting their careers — seeing a lot of 0s in their salaries for the first time — running out and buying expensive cars. Some of them are being careful and can probably afford it. But I get the sense that many are stretching out their credit, as Jim suggests. For me though, I give a pass if they or Jim want to indulge in the $20 coffee product.