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whiteworks
09-03-2007, 03:38 PM
This is not meant to offend anyone in here I'm just thinking out loud. I have some acquaintances that were making some large $$ over the last few years and evidently blowing it as fast as it came in. living large, big boats, bigger houses, new cars, golf trips to Hawaii, all the trimmings of new found success. the part that baffles me is that they were intelligent enough to see a good thing and go after it but not smart enough to stash any money along the way.

vmjtc3
09-03-2007, 03:47 PM
Seen it happen a few times to some seemingly smart people. I think they have had to watch how they spend money in the past and when they finally make good money they just want to have fun and enjoy it.

vmjtc3
09-03-2007, 03:50 PM
A lot of people that have never been through it before don't realize that it probably won't last forever.
I have a friend whose wife makes $33k/month,
I think my wife needs a new career :eek:

XtrmWakeborder
09-03-2007, 03:53 PM
While it isn't too smart, maybe they realize they can't take it with them and want to live life. 22k a month buys a ton of life experiences i'd think. I'd be seriously so pissed if I died with 100k in my bank, when I could have had a nice boat on the water.

BLOWN HOWARD
09-03-2007, 04:03 PM
Seems like the american way to live outside your means

XtrmWakeborder
09-03-2007, 04:07 PM
They don't really experience life either. It's not like they travel the world. They just spend a lot of money on stuff, stuff like shoes and watches and sushi.
Hey, don't talk crap on sushi....lol The shoes, i'll have my g/f on here to chew you out for mentioning that..:D

RitcheyRch
09-03-2007, 04:07 PM
I know a couple like that. They constantly buying stuff and not saving for a rainy day.

YeLLowBoaT
09-03-2007, 04:11 PM
I know a few realeaste/title/ morage agents that were like that. Then I know others that built thier nest egg and are now sitting on 100k plus in IRA/stocks/ bonds/ investments. Guess which ones are not hurting really bad right now?
I also know some contractors that got flithy rich off of the boom of new housing and are now going belly up.

Jbb
09-03-2007, 04:14 PM
I just had this very discussion with Brown the other day......I was trying to convince him that the wanna be baller lifestyle he chooses......cars......cabins at the lake....fast boats...ect all to attract the younger chicks....with him paying for it with his Visa card ...would eventually bite him in his rare steak eatin ass......He just wont listen...:(

acatitude
09-03-2007, 04:15 PM
A lot of people that have never been through it before don't realize that it probably won't last forever.
I have a friend whose wife makes $33k/month, $22k after taxes, and they don't have a pot to piss in besides their house and a few toys. I usually have to feed him lunch the last couple days before her payday (she gets paid once a month).
when they get divorced will you hook me up with her?????:D :D

acatitude
09-03-2007, 04:19 PM
if they make 22k after taxes............. it works no pic needed lol;)

XtrmWakeborder
09-03-2007, 04:21 PM
if they make 22k after taxes............. it works no pic needed lol;)
I'll take one and you take the other.

acatitude
09-03-2007, 04:22 PM
I'll take one and you take the other.
works for me.. kemo sabie:rolleyes:

3queens
09-03-2007, 04:25 PM
my wifes friends bought a new pool,mbz, addition on to the house.
and that sob husband of hers has no job:sqeyes:
where do i sign up:D
they too are in turmoil she asked for a loan from us wtf?

Classic Daycruiser
09-03-2007, 04:39 PM
I still have my 1985 Eliminator, although looking at the trader online, and seeing all those 2005-2007 28+ Daytona's gets me thinking:idea: :idea: :D :D :idea: :idea:

Tom Brown
09-03-2007, 04:43 PM
I just had this very discussion with Brown the other day......I was trying to convince him that the wanna be baller lifestyle he chooses......cars......cabins at the lake....fast boats...ect all to attract the younger chicks....with him paying for it with his Visa card ...would eventually bite him in his rare steak eatin ass......He just wont listen...:(
People dream of the pimp ass lifestyle I'm living right now.

r erfert
09-03-2007, 04:45 PM
I'm a firm believer that poverty is a good motivator.
I’ve watched people play/cheat the system for years on credit and then file bankruptcy for over $150 on plastic alone and have a new truck on credit in the mothers name within the month....Some peoples 45+ year old kids??
Also know people that sold a 3 year old home and made good money...
Paid off some bills invested in a friends money making business and spent the rest on 2 new cars, while moving into another home of twice the value figuring the money will still be coming in.
With both working all is good....
Well one doesn’t have a job today (the one with the higher paying job)
and now the main theme is how to pay all the bills with little to NO savings??
Back to the top poverty is a good motivator.

Havasu1986
09-03-2007, 04:46 PM
They all do. They don't work, they own a casino, if you catch my drift. ;)
Pechanga ??? I didn't think Indians paid taxes with there casino $$. Because us non Indian already had. :confused: How did I do on the quote SWB :D

Tequila-John
09-03-2007, 04:48 PM
times are tough for alot of people out there. Sometime stepping back and cutting some of your over head is a great thing to do. I did it

Sherpa
09-03-2007, 04:54 PM
my a-hole inlaws basically stole my wife's mothers house out from underneath
here (wifes sister and husband).......... they got the place for nothing...
now with their "getting a loan to pay for renovations" which turned into
getting a 2nd, then refi I don't know how many times, they owe about
500K + on a house that was free.......... and now she doesn't even like the
guy, and could walk away form him, but she stays because she can't make
the mortgage.......
I just wait for the day they loose the house....... I'll have a party on their
front lawn in their honor............... barbeques on me ...
--Sherpa

MBlaster
09-03-2007, 04:58 PM
I have a friend whose wife makes $33k/month, $22k after taxes, and they don't have a pot to piss in besides their house and a few toys. I usually have to feed him lunch the last couple days before her payday (she gets paid once a month).
You sure are a good friend.
My wife doesn't make squat and I'm lucky if my friends offer to buy me a costco dog when I'm broke.

HocusPocus
09-03-2007, 05:08 PM
temptations.. all around us. we bought our Ca house over 10 years ago and watched the equity pile up, i can't tell you how many times we were tempted to cash out and go shopping or sell it and buy a bigger house. with so many friends and family doing just that and then telling us we were crazy to just sit back and not use the equity. well we still have our little house, equity, little 5.5% 30 year fixed rate mtg and others we know havn't been so fortunate. its just too easy to get caught up in the frenzy of newer, bigger, faster and nicer.

3 daytona`s
09-03-2007, 05:10 PM
Most people are/were jealous of friends, neighbors when things were smoking,but now love to see them burn:idea:

Blown 472
09-03-2007, 05:11 PM
People dream of the pimp ass lifestyle I'm living right now.
That inclued the tv behind the garage??

Jyruiz
09-03-2007, 05:37 PM
Had a friend that was a key grip, he would make 60k every six months back in the late 90's and early 2000's. I had to lent him money all the time, he would blow it faster than he could make it. I finally told him I was not his personal bank, told him he could call anytime he wants so we could have a beer and shoot the shit, but the money lending was over because now he was taking advantage of it. Well, after that conversation, he never called again. Funny how your best friend and best man at your wedding can just throw that friendship away because I would no longer lent him money.

HocusPocus
09-03-2007, 05:40 PM
Had a friend that was a key grip, he would make 60k every six months back in the late 90's and early 2000's. I had to lent him money all the time, he would blow it faster than he could make it. I finally told him I was not his personal bank, told him he could call anytime he wants so we could have a beer and shoot the shit, but the money lending was over because now he was taking advantage of it. Well, after that conversation, he never called again. Funny how your best friend and best man at your wedding can just throw that friendship away because I would no longer lent him money.
i hear ya.. i have lost a few friends over the years by lending them money. your the hero when you lend it to them and an as*hole when you want it back.

Tom Brown
09-03-2007, 05:44 PM
That inclued the tv behind the garage??
No. Sadly, the TV behind the shop is gone. :(

Blown 472
09-03-2007, 05:46 PM
No. Sadly, the TV behind the shop is gone. :(
Just like jeffersons, you done moved up.

Jbb
09-03-2007, 05:46 PM
No. Sadly, the TV behind the shop is gone. :(
I believe I made an appearance on that TV....:jawdrop:...That's the one Care put her foot thru...Isn't it?...:D

Jyruiz
09-03-2007, 05:50 PM
i hear ya.. i have lost a few friends over the years by lending them money. your the hero when you lend it to them and an as*hole when you want it back.
He always paid, but it got out of control. At that time, I wasn't even scratching 60k for the year and hear I was bailing him out every week. He had a boat, house in Havi jetski, nice truck and rented a 3 bedroom house in HB being single WTF.:idea: I was always making those payment when they came. He got so confortable that one time he called to ask what was the largest amount of money I could lend him at one time because the bank was going to repo his truck. It just got out of control.

Pussywhippled
09-03-2007, 05:51 PM
Is there such a thing as living beyond your means temporarily?
House, river house, cars, trucks, boat, all the trimmings...
When your customers are not paying and stringing you out (about $240k right now) all over 30 up to 75 days.
But when they do pay (which they will, dealt with them for years) you can resume normal life.
Just a question...

River Runin
09-03-2007, 05:51 PM
This is not meant to offend anyone in here I'm just thinking out loud. I have some acquaintances that were making some large $$ over the last few years and evidently blowing it as fast as it came in. living large, big boats, bigger houses, new cars, golf trips to Hawaii, all the trimmings of new found success. the part that baffles me is that they were intelligent enough to see a good thing and go after it but not smart enough to stash any money along the way.
OK Who Are you?? And, :confused: How do you know us?? :D

Tom Brown
09-03-2007, 05:54 PM
Is there such a thing as living beyond your means temporarily?
Yes.
I used to work for a financial institution and was really surprised at how tightly they had it all worked out. They could estimate sustainable spending levels based on lifestyle and come pretty close.
It's amazing how many people don't understand that spending more than you make will cause financial failure. We had a guy come in and request an $80K credit card amalgamation loan. The problem he cited wasn't that his interest rate was too high, it was that he could no longer use his maxed out cards.

Jbb
09-03-2007, 05:56 PM
The problem he cited wasn't that his interest rate was too high, it was that he could no longer use his maxed out cards.
Makes perfect sense to me...:D

3 daytona`s
09-03-2007, 06:04 PM
Makes perfect sense to me...:D
To eliminate the Fat Ass bumping the gal? IMO Enough is enough:idea: :idea:

Tom Brown
09-03-2007, 06:06 PM
To eliminate the Fat Ass bumping the gal? IMO Enough is enough:idea: :idea:
That's the classic opening footage from season 4, episode 1 of the Trailer Park Boys. Randy was taking the bus home from jail. :D
You don't care for it? :confused:

iRepo
09-03-2007, 06:06 PM
I would like to encourage everyone to live well beyond their means. Come on. Finance, finance, finance... If you can live like a baller on credit, why not??

dragboat
09-03-2007, 06:08 PM
I know a few realeaste/title/ morage agents that were like that. Then I know others that built thier nest egg and are now sitting on 100k plus in IRA/stocks/ bonds/ investments. Guess which ones are not hurting really bad right now?
I also know some contractors that got flithy rich off of the boom of new housing and are now going belly up.
We made a buck or two on the housing boom (very thankful) (read GREATFULL!) and did not take it for granted. Used the extra to pay everything off. Used the rest to pay for college for three, in advance (again GREATFULL). I guess I must have been listening to mom when she preached about making a budget and sticking to it.
It's troubling to see good people making risky decisions with the use of credit. It should be used as a tool instead of a windfall. It will be interesting to see how the sub prime deal plays out.:idea: :idea:

3 daytona`s
09-03-2007, 06:10 PM
That's the classic opening footage from season 4, episode 1 of the Trailer Park Boys. Randy was taking the bus home from jail. :D
You don't care for it? :confused:
Stupid me? I`ll attempt more homework in the future:idea:

MBlaster
09-03-2007, 06:12 PM
Funny how your best friend and best man at your wedding can just throw that friendship away because I would no longer lent him money.
Sux jyuiz, but I don't think that guy was ever your friend.
He was just taking advantage of your one sided friendship.

Jbb
09-03-2007, 06:16 PM
To eliminate the Fat Ass bumping the gal? IMO Enough is enough:idea: :idea:
Are you the signature monitor..?
Enough .......is NEVER enough.....:jawdrop:

dragboat
09-03-2007, 06:16 PM
Sux jyuiz, but I don't think that guy was ever your friend.
He was just taking advantage of your one sided friendship.
Like Harold used to say: Sometimes when you lend someone $20bux and never see them again .............. it's worth it.

Tom Brown
09-03-2007, 06:17 PM
Are you the signature monitor..?
I didn't want to say anything earlier but you seem prickly and combative.

Jbb
09-03-2007, 06:18 PM
I didn't want to say anything earlier but you seem prickly and combative.
It was that whole Jeep.....and name spelling thing.....:jawdrop:

dragboat
09-03-2007, 06:23 PM
Are you the signature monitor..?
Enough .......is NEVER enough.....:jawdrop:
The picture, it's to small.........I cant quite read her........... is she discusted.............or...........impressed.:idea :
Maybe Bilge could lend a hand?:idea:
:D

Parker Dreamin
09-03-2007, 06:36 PM
times are tough for alot of people out there. Sometime stepping back and cutting some of your over head is a great thing to do. I did it
Taking a bite of your pride sandwich is easy to do when you can see the writing on the wall. Glad we did it when we did bud.

RitcheyRch
09-03-2007, 06:37 PM
Money is the root of all evil.
Had a friend that was a key grip, he would make 60k every six months back in the late 90's and early 2000's. I had to lent him money all the time, he would blow it faster than he could make it. I finally told him I was not his personal bank, told him he could call anytime he wants so we could have a beer and shoot the shit, but the money lending was over because now he was taking advantage of it. Well, after that conversation, he never called again. Funny how your best friend and best man at your wedding can just throw that friendship away because I would no longer lent him money.

3 daytona`s
09-03-2007, 06:48 PM
That's the classic opening footage from season 4, episode 1 of the Trailer Park Boys. Randy was taking the bus home from jail. :D
You don't care for it? :confused:
and understand totally

3 daytona`s
09-03-2007, 06:59 PM
Are you the signature monitor..?
Enough .......is NEVER enough.....:jawdrop:
I got it:)

Jbb
09-03-2007, 07:02 PM
I got it:)
Excellent...
http://www.***boat.com/image_center/data/500/ani_belly-bump.gif
http://www.***boat.com/image_center/data/500/ani_belly-bump.gif
http://www.***boat.com/image_center/data/500/ani_belly-bump.gif
http://www.***boat.com/image_center/data/500/ani_belly-bump.gif
http://www.***boat.com/image_center/data/500/ani_belly-bump.gif

Jbb
09-03-2007, 07:09 PM
Watch the first 30 seconds.....of this video! (http://video.google.com/videoplay?docid=2831544471786914614&q=never+cry+shitwolf&total=2&start=0&num=10&so=0&type=search&plindex=0)

hoolign
09-03-2007, 07:09 PM
You see it all the time in the oil patch. When roughnecks come from earning 1500 bucks a month at a menial job then all of a sudden they clear 5K every two weeks.. at a entry level..they figure the cash is going to continue to flow like the gas we're brigin on. As soon as break up comes (which is typically a month or two depending on weather) they are flat assed broke. 18 - 20 years old, just made 80K and 50 bucks in thier pockets. It;s a great thing for those who stash cash away beacuse there is always someone who'll sell their toys for 50 cents on the buck to make rent :D It escalates as they move up the ladder! They can blow 100k a year without batting an eye..livin large ..and sellin large when things slow down. There are consultants that pull an easy 400k and have 20 - 30 K in payments a month. I don't see how someone can rack up a monthly tab of 20 - 30 k of monthly payments, live like they are a rock star, then expect to make it through the lean times??
We make pretty good money but can live on 3K a month if need be. We invest in real estate and always have something else on the go bringing in some extra cash.

voodoomedman
09-03-2007, 07:20 PM
They all do. They don't work, they own a casino, if you catch my drift. ;)
Well from your electricity thread I would say that they are part of the Pechanga tribe.

voodoomedman
09-03-2007, 07:29 PM
Correct. She is, he's not.
They meaning her and her two sisters.

hoolign
09-03-2007, 07:48 PM
Watch the first 30 seconds.....of this video! (http://video.google.com/videoplay?docid=2831544471786914614&q=never+cry+shitwolf&total=2&start=0&num=10&so=0&type=search&plindex=0)
This aint your trailerpark! So Quit 'Bossin" ...Julian.... or dare I say ...lahey:)

Tom Brown
09-03-2007, 07:52 PM
You see it all the time in the oil patch. When roughnecks come from earning 1500 bucks a month at a menial job then all of a sudden they clear 5K every two weeks..
No amount of money can overwhelm bad spending habits.

Jbb
09-04-2007, 02:10 AM
This aint your trailerpark! So Quit 'Bossin" ...Julian.... or dare I say ...lahey:)
Correction Rig pig.......This very much is, my Trailer Park!....:)

hoolign
09-04-2007, 02:14 AM
Correction Rig pig.......This very much is, my Trailer Park!....:)
Your so new to the Trailer Park ..you would be lucky to carry Bubbles lens cleaner :D

Jbb
09-04-2007, 02:29 AM
Your so new to the Trailer Park ..you would be lucky to carry Bubbles lens cleaner :D
:jawdrop:

River Lynchmob
09-04-2007, 10:51 AM
It's funny a few of us had this conversation this weekend. Someone said something about buying a boat and what the payments would be...to me a big mistake. I guess after listening to my dad for the last 25 years..."never buy anything unless you can write a check for it" "save for a rainy day" and more recently "let someone else take the bath on it when they buy it new" With the obvious exception of a house I have stuck with that. The truck, boats, bikes and desert toys are all paid off. What is good about now is people are fire saling things and the once that saved and were careful can pick up smoking deals.
I guess sometimes the ball goes flat on the baller lifestyle :D

C-2
09-04-2007, 11:19 AM
Along with the inflated housing market – inflated incomes also created a false sense of security (and inflated ego’s too). I would think it's hard to know what your "means" are when all some people have known is the kick arse housing market for the past 5 years?
Having made baller income for a few years, only to see it adjust to a modest income – I gotta tell ya – it sux! Been there, done that…and learned invaluable lessons along the way.
FWIW, Lesson #1 - DON'T WAIT, ACT NOW. If you are starting to have problems, do something now cuz things ARE NOT going to get better.
One of the first things I should have done when I was losing my arse - fired all my employees. I tapped personal credit lines, unsecured loans etc. to keep people employed for a year or so, but eventually I had to let them go anyways. After the dust settled, did any of them say "Hey, thanks for trying and keeping me employed for the past year"? NOT A SINGLE FAWKING ONE OF THEM. Like I said, when the writing was on the wall, I should have sent everybody walking, would have saved me $150K.
I don’t understand all the hateful comments, it’s sad to see friends and family lose stuff.:(
.
.

dragboat
09-06-2007, 06:07 PM
Along with the inflated housing market – inflated incomes also created a false sense of security (and inflated ego’s too). I would think it's hard to know what your "means" are when all some people have known is the kick arse housing market for the past 5 years?
Having made baller income for a few years, only to see it adjust to a modest income – I gotta tell ya – it sux! Been there, done that…and learned invaluable lessons along the way.
FWIW, Lesson #1 - DON'T WAIT, ACT NOW. If you are starting to have problems, do something now cuz things ARE NOT going to get better.
One of the first things I should have done when I was losing my arse - fired all my employees. I tapped personal credit lines, unsecured loans etc. to keep people employed for a year or so, but eventually I had to let them go anyways. After the dust settled, did any of them say "Hey, thanks for trying and keeping me employed for the past year"? NOT A SINGLE FAWKING ONE OF THEM. Like I said, when the writing was on the wall, I should have sent everybody walking, would have saved me $150K.
Thats sad but true. I told my employees I would not borrow money to make parole just to loose money. Business has to be profitable. It has to be that way.
How long would they borrow money to pay you? With VERY few exceptions the boss does not have friends at work.

whiteworks
09-07-2007, 04:45 PM
one of my subcontractors is chasing the ego dragon as we speak. I have told him till I'm blue in the face "If your digging a hole, put the shovel down" He is rolling an S class with big shoes and robbing Peter to pay Paul, kiting checks and selling jobs for less than he should just pay the vig. it wont be long before the house of cards tumbles. I feel bad for the guy but he wont listen. all he needs to do is let some guys go and get back in the trenches. makes me nauseous just thinking about living like that.

centerhill condor
09-07-2007, 04:58 PM
yea, a year ago these guys post about borrowing money for a boat...claimed they could make more money on investing than the interest would cost them...
don't have to ask, "how's that goin' for you?"....guys laughed at me and others for paying cash money for toys...
CC

CA Stu
09-07-2007, 05:05 PM
I know a few realeaste/title/ morage agents that were like that. Then I know others that built thier nest egg and are now sitting on 100k plus in IRA/stocks/ bonds/ investments. Guess which ones are not hurting really bad right now?
That's great, if you're 23.
Thanks
CA Stu

dragboat
09-10-2007, 03:12 PM
yea, a year ago these guys post about borrowing money for a boat...claimed they could make more money on investing than the interest would cost them...
don't have to ask, "how's that goin' for you?"....guys laughed at me and others for paying cash money for toys...
CC
I agree 100%
If you want to help someone understand the concept of financial literacy go get them the book, or in my case book on tape "Rich Dad Poor Dad".
It should be taught in high school.
It makes this point right out loud.
And it works. :idea:

H20 Toie
09-10-2007, 03:28 PM
But then how about the people that save there money and have the great nest egg, have there house paid for and die right after they retire.
I wonder how many people laying on there death bed wish they had worked more and saved more money.
Spending more then you make is stupid but if you pay your bills, why not.
and if times get tight then sell the toys :( Until someone comes up with a guarentee on how long your going to be around i say enjoy life while you can.
But then that is just my opinion and i could be wrong :)

talkinghead
09-10-2007, 07:29 PM
But then how about the people that save there money and have the great nest egg, have there house paid for and die right after they retire.
I wonder how many people laying on there death bed wish they had worked more and saved more money.
Spending more then you make is stupid but if you pay your bills, why not.
and if times get tight then sell the toys :( Until someone comes up with a guarentee on how long your going to be around i say enjoy life while you can.
But then that is just my opinion and i could be wrong :)
I agree. Paying cash for toys? As I have said before, I just don't have 25k laying around for that new 275HP Verado - I have to finance at least a portion of it. It's all part of the new social contract - I'll get Social Security anyway...

HEDJUG
09-11-2007, 04:37 AM
I agree 100%
If you want to help someone understand the concept of financial literacy go get them the book, or in my case book on tape "Rich Dad Poor Dad".
It should be taught in high school.
It makes this point right out loud.
And it works. :idea:
Rich Dad, poor dad... it works.
So does the "Guns & Butter" way of doing things. In the old days, guns were $$ as was butter. Butter was sweet & yummie but melted away quickly, guns were boring to some & couldn't be used all that often, but they lasted forever & usually went up in value.
My wifes old man, the rich dad, taught me the best lesson of all. On top of the traditional guns & butter lesson, he taught me how to have gun like butter.
Example:
I own a 1979 26'er that is ugly & tired. It's slow, beaten up & needs some tlc. But it rides like a tank & runs well. All for 5k. It takes the longest to get to the party, gets laughed at on the way in & is 100% the fugliest boat in the raft up... But after 1/2 hour or so, it's where the party is at. I don't have to worry about spilling beer, food dumping, people hitting me. You can come aboard & party like a rock star. I don't care, you can't break it.
I paid 5k to party on that boat, the dude next to me paid 200k & he's worried about every bit of dirt or spilled beer. He may be able to sell his boat for 100k in a few years, I will get 5k. My boats a gun that tastes like butter.

sleekcraft80
09-11-2007, 04:44 AM
I bought my boat out of an impound yard for $2500. it needs alot of work but thats ok. When I get low on money it gets put aside until I have a little extra. I can't live beyond my means because I have very little to live period. I have to work two jobs just to make it.

flatnutz110
09-11-2007, 08:50 PM
What club won most of the races at the inventinal I thenk it was region3

Sportin' Wood
09-12-2007, 07:10 AM
Along with the inflated housing market – inflated incomes also created a false sense of security (and inflated ego’s too).
One of the first things I should have done when I was losing my arse - fired all my employees. I tapped personal credit lines, unsecured loans etc. to keep people employed for a year or so, but eventually I had to let them go anyways. After the dust settled, did any of them say "Hey, thanks for trying and keeping me employed for the past year"? NOT A SINGLE FAWKING ONE OF THEM. Like I said, when the writing was on the wall, I should have sent everybody walking, would have saved me $150K.
.
.
When I started my business 9 years ago, an old timer gave me a little advice. He said that I should never take the equity outta my house to fund the business. I would never do it and it created friction in the partnership.(among other things) So as the market turned I sold my interest in 9 years of blood sweat and tears. It was hard, and I have doubts every day about the choice. But at the end of the day your statement about employee's hits the nail on the head. They would not piss on me if I we're on fire. If I'm gonna tap my equity its gonna be for me and mine, not some hand's out do nothing's that jump for the bigger better deal. I have to admit its pretty nice taking care of all the things I never had time for in 9 years. Like taking my 14 year old to school every morning, and doing an extensive restoration of our ranch. Being home when the kids get there is pretty cool, it change my opinion of the stay at home parent thats for sure.
The title of this thread reminds me of a Jerk boss I had that told me I was "living beyond my means" Scraping by with a wife and new born making $9.00 an hour running plumbing jobs in the mid 90's. Top Ramen, and peanut butter was living beyond our means so we could afford to take advantage of the down turn housing market and buy a fixer upper with Plywood window's and broken drywall. I promptly told that prick to go to hell and got a job the same day for $3.00 an hour more. I am glad I was living beyond my means. That house was the beginning of everything Angie and I have.
So in some cases living beyond your means is justified.
For the guys that like " Rich Dad Poor Dad" Try " Richest man in Babylon" Gearge S Clason. It seems that Rich Dad is the modern version of the classic to me. Both are great books.
The tide will turn again some day, but untill then I'm just gonna tread water, and enjoy life. When the wave starts to build I will be well rested and ready to hang ten!
SW

MikeF
09-12-2007, 07:16 AM
The tide will turn again some day, but untill then I'm just gonna tread water, and enjoy life. When the wave starts to build I will be well rested and ready to hang ten!
SW
:D

skyskier
09-12-2007, 07:23 AM
[QUOTE=Sportin' Wood;2785119]When I started my business 9 years ago, an old timer gave me a little advice. He said that I should never take the equity outta my house to fund the business. I would never do it and it created friction in the partnership.(among other things) So as the market turned I sold my interest in 9 years of blood sweat and tears. It was hard, and I have doubts every day about the choice. But at the end of the day your statement about employee's hits the nail on the head. They would not piss on me if I we're on fire. If I'm gonna tap my equity its gonna be for me and mine, not some hand's out do nothing's that jump for the bigger better deal. I have to admit its pretty nice taking care of all the things I never had time for in 9 years. Like taking my 14 year old to school every morning, and doing an extensive restoration of our ranch. Being home when the kids get there is pretty cool, it change my opinion of the stay at home parent thats for sure.
The title of this thread reminds me of a Jerk boss I had that told me I was "living beyond my means" Scraping by with a wife and new born making $9.00 an hour running plumbing jobs in the mid 90's. Top Ramen, and peanut butter was living beyond our means so we could afford to take advantage of the down turn housing market and buy a fixer upper with Plywood window's and broken drywall. I promptly told that prick to go to hell and got a job the same day for $3.00 an hour more. I am glad I was living beyond my means. That house was the beginning of everything Angie and I have.
So in some cases living beyond your means is justified.
For the guys that like " Rich Dad Poor Dad" Try " Richest man in Babylon" Gearge S Clason. It seems that Rich Dad is the modern version of the classic to me. Both are great books.
The tide will turn again some day, but untill then I'm just gonna tread water, and enjoy life. When the wave starts to build I will be well rested and ready to hang ten!
Is your ranch between Garboni & Newport Roads?

Trailer Park Casanova
09-12-2007, 07:37 AM
Each month, Ya pay yourself first.
15% min. into your savings.
Never be late on the house payment. Never.
Never play with the house equity.
Credit Cards are for convenience and securing reservations, not for spending next months or next years money now.
Dining out; that can eat up a family budget real fast. Do you really want to? You would be astounded how much you spend on eating out.
Set a budget, and spend within it.
"I have everything I need" is a good thought when ya wanna spend outside of the budget.
Do you really need an iPhone?
A family budget that you stick to is as important to financial success as a business plan for a biz. It is essential.
I'd love to be steaming up the river in that Magic Sorcerer, but we opted for a new boat half the cost.
It's a greater feeling being debt free beyond having a low house payment, some savings and a 820 FICO.

catman-do
09-12-2007, 07:45 AM
I think there are two ways you can look at it. The person that lives beyond their means, realizes it early and corrects it before screwing up credit (in turn screwing the honest man by making rates/fees higher to re-coupe losses). Then there is the person that just doesnt give a sht, and buys everything, damn well knowing that it will get taken away eventually. :mad:
I myself was making excellent money, then both my wife and I lost our jobs when the company we worked for went belly-up. However, we had also started saving away money, and selling off toys (including the boat!) in order maintain a good credit rating. Its a hell of a lot easier to sell a boat and buy another one in a year with good credit, than to get the boat repo'd not loose any money and not be able to buy one for 7 years. just my .02

C.Fisher
09-12-2007, 08:26 AM
This thread cracks me up, only because I would love to show it to this girl that I let move in with me. She is piss poor and broke, she pats herself on the back about how she can budget money......the cold truth is that she budgets to spend every damn penny. No desire to save a buck. She could have 30 bucks to buy groceries but instead will come home with a pair of shoes or a purse. Add that to the other 57 pair of shoes she does not wear. I am glad I do not need her finacially. Some people are just to damn to stupid for there own damn good.

skygod73
09-12-2007, 09:15 AM
This thread cracks me up, only because I would love to show it to this girl that I let move in with me. She is piss poor and broke, she pats herself on the back about how she can budget money......the cold truth is that she budgets to spend every damn penny. No desire to save a buck. She could have 30 bucks to buy groceries but instead will come home with a pair of shoes or a purse. Add that to the other 57 pair of shoes she does not wear. I am glad I do not need her finacially. Some people are just to damn to stupid for there own damn good.
Sounds like my best buddy. Always bitchin about the bad situations he seems to "find" himself in. Divorce, alimony, and child support after he knew her only 2 months before the 22 month marriage. Prior to that it was a lawsuit that cost him 30K to settle. Then there are the 3 Super Duties he's sunk cash into (lift, wheels, tires) the last 4 years only to sell within a year because he can't afford them. All the credit cards that are maxed, and the bills that get paid 25 days late just before they go 30. Did I mention he moved in with me 2 1/2 years ago to "get on his feet" while going through the divorce which ended a year ago. I let him live with me rent free the first year, and he rolls up with a new 06 F350 Diesel 4x4 and can't understand why I started charging him rent on the spot. We've been friends for 21 years, and he's been there for me, but when it comes to money he can't spend it fast enough ever since we were kids. He sold the last truck 3 months ago and is driving an econo car. A few days ago he hinted about buying a used truck to give him something to feel good about. I told him it better come with a camper because your gone if you do. I don't understand how you can be comfortable living upstairs in your buds house in your 30s. Did I mention he lived with us 10 years ago for another 2 years? I know, i'm an enabler!

mbrown2
09-12-2007, 09:19 AM
I told him it better come with a camper because your gone if you do.
That's funny.....:)....You might be an enabler, but you are also a very good friend it sounds like..

skygod73
09-12-2007, 01:45 PM
Thanks.:)

driverno8
09-12-2007, 03:14 PM
Is there such a thing as living beyond your means temporarily?
House, river house, cars, trucks, boat, all the trimmings...
When your customers are not paying and stringing you out (about $240k right now) all over 30 up to 75 days.
But when they do pay (which they will, dealt with them for years) you can resume normal life.
Just a question...
GOD!!! This sounds soooo familiar. Guess that happens when you work for your self. $500 one month, $20,000 the next. Get's old quick.

C-2
09-12-2007, 03:19 PM
$500 on month, $20,000 the next. Get's old quick.
Ain't that the fawkin truth...guess you can imagine what kind of month I'm having. :mad: :mad: :mad:
My editing department [wife] advised against a friendly collection letter to a 20 year client who has decided that 90-120 is prompt payment.:mad:

ChumpChange
09-12-2007, 03:38 PM
Is there such a thing as living beyond your means temporarily?
House, river house, cars, trucks, boat, all the trimmings...
When your customers are not paying and stringing you out (about $240k right now) all over 30 up to 75 days.
But when they do pay (which they will, dealt with them for years) you can resume normal life.
Just a question...
That's what business lines of credits are for.:D

driverno8
09-12-2007, 05:34 PM
Ain't that the fawkin truth...guess you can imagine what kind of month I'm having. :mad: :mad: :mad:
My editing department [wife] advised against a friendly collection letter to a 20 year client who has decided that 90-120 is prompt payment.:mad:
I'm with ya. Had one of those summers. One month I can live with (barely), but 3-4 months straight hurts in the worst way. I still wouldn't give up the freedom of working for your self though. I love it.
I'm in the process right now of re-vamping everything billing/payment/invoicing, etc wise when it comes to business. My dad's going to start handling everything. Floating me the loan so I can be put on a salary and get a normal paycheck 2 times a month. First thing out of his mouth when looking at some of my customers payment history was "Who's this customer and why does he pay 60+ days out. Ditch him." I told him I can't. He's worth $30k a year and just turned me onto another $27k+ job I have coming Feb. Sometimes you just got to bite the bullet. I'm just going to start adding a 10-15% price break if paid in 15 days. Of course only for the customers that decide to pay me when it's convenient for them. The prompt paying customers don't need to know about it.:D

lawbreaker2
09-12-2007, 06:03 PM
It's funny a few of us had this conversation this weekend. Someone said something about buying a boat and what the payments would be...to me a big mistake. I guess after listening to my dad for the last 25 years..."never buy anything unless you can write a check for it" "save for a rainy day" and more recently "let someone else take the bath on it when they buy it new" With the obvious exception of a house I have stuck with that. The truck, boats, bikes and desert toys are all paid off. What is good about now is people are fire saling things and the once that saved and were careful can pick up smoking deals.
I guess sometimes the ball goes flat on the baller lifestyle :D
So true, so true, I'm just waiting, Then I will pick up my havi house in the foothill, and that big 0 go fast boat, and pay cash for it.:D I never buy anything new, I just picked up a 01 pt cruzer for the wife to play with 32,000 miles on it, cash baby, and it wasn't much.

dragboat
09-15-2007, 06:40 PM
But then how about the people that save there money and have the great nest egg, have there house paid for and die right after they retire.
I wonder how many people laying on there death bed wish they had worked more and saved more money.
Spending more then you make is stupid but if you pay your bills, why not.
and if times get tight then sell the toys :( Until someone comes up with a guarentee on how long your going to be around i say enjoy life while you can.
But then that is just my opinion and i could be wrong :)
It does not have to be one or the other. You can get educated as easily as listening to some books on tape, just get the concepts. Anyone can achieve wonders with some direction. Lord knows, I am NOT a rocket scientist, it worked anyway. :)
But then that is just my opinion and i could be wrong :D :D
:D