Money and career tips for EX-JWs.... (page 3)

donkey

Yes, you really did misunderstand my thread. Somewhere between scraping by and getting rich is what I'm talking about.
Good points so far from everyone else.

Sorry - I guess I need a better education then.

donkey

How do you know I'm not rich?

I have no idea if you are rich or if you aren't - my post was not directed at anyone in particular. Sorry if you took it that way - no offense intended.

It amazed me how many dubs during the stock market bubble all of a sudden became experts. From window washers to garbage haulers they were all getting their series 7 licenses and passing themselves off as financial experts to the other dubs - mostly selling crap like annuities and the like. So many of those who were taken advantage of are now quite bitter but they can't sue their brothers.

Dawn

I agree with donkey totally on the aspect of saving money - like he said, if you make 150,000 a year but spend 170,000 a year you're headed for trouble!

My husband and I found good advice by going to a CPA right after we were married - he gave us all kinds of information from when to buy a house to the best way to save for our children's college. We followed his advice and have never regretted it.

Nadsam

I can give you all some advice ..for free.

I trusted an elder dub in a business deal ! It cost me 15K to fix up the crap he caused !

Just because they're dubs doesn't means they're not judasses!

larc

One time, my son was having financial trouble. I told him he had two choices, either spend less, or earn more - even if it means working over time or getting a second job. I am retired. I am not rich, but I am comfortable, because I started early on to plan for my retirement. I hope that you all do the same.

larc

I wanted to add one other thing. When someone is young, they think that retirement is far away that they don't plan for it. This is true of many people, not just the Witnesses. My opinion is that the earlier you start, the better off you will be. If you put money aside in your 20's, it will grow at a rate that you can not match at the age of 40, unless you are really rich at the age of 40. Of course, it is tough to save money in your 20's. You have all kinds of expenses related to getting married, having kids, and paying for all the stuff you need to get started in life.

maxwell

I echo the 401K advice. I work for the government so we have the Thrift Savings Plan which is somewhat like a 401k. It's a tax-deferred savings plan and they match up to the first 5% of your income that you put in. Nothing can beat an immediate 100% return. We only have a few investment options in the plan, but they are so broad that it would be very difficult to have a 50% loss. It also helps that this money is taken out before you even get paid. I hardly even miss it. I started my payroll deduction for the Plan as soon as I had been there long enough to get the matching and there would be no reason to stop it now. I also used to play around with some of the calculators on fool.com. Just plugging a few numbers into some of those calculators will demonstrate that what others posters have been saying about time is true.

Navigator

Education is always a good investment and can never be lost in the stock market. I would invest a bit in aptitude tests to see what sort of work you like to do. Counselors at Community Colleges can make these tests available at very reasonable cost. Life is too short to be stuck in a job that makes you miserable. If you are specializing in a technical area, don't neglect the business side such as economics, money & banking, business law, managment, etc.. You may want to go into business for yourself someday. Take advantage of 401k's and 457's (for public employees) as much as possible. Subscribe to a good financial magazine. It is a wonderful souce of information and advice. MONEY and FORBES are both excellent. You don't have to pay commissions to a salesman to buy mutual funds. There are excellent "no loads" available which have low annual management expenses and no 12b1 fees. Buy low cost term insurance and invest the difference. Pay your credit cards in full every month. Avoid debt like the plague except for a home mortgage.

Phantom Stranger

Brad, congrats on the transfer acceptance, and gald to see a thread that doesn't involve Chomsky.

I think many of the replies to this thread highlight the point Brad made in his original post - that JW's raised in the faith have no mental process of planning for the future financially. The tactics that can be used (IRA's, 401K's, etc.) are useful, but discussing tactics does not address the fundamental issue - that many of us don't think in a way that allows us to make effective decisions in this area.

The two main areas that have been discussed have been career choices and financial strategies. I'm a firm believer in two approaches which might sound contradictory but really aren't:

1) Do what you love and the money will follow.

2) Start planning now for the future, especially for retirement.

I know of a woman who wanted to teach children, but wanted to afford some things that she felt she couldn't on a teacher's salary. She went to real estate school, and sells houses during the summer, and teaches during the school year (she also takes a nice vacation in the summer). I think that this is the perfect example of doing what you love and taking responsibility for your future at the same time. I ended up starting my own consulting business to avoid the limits of lacking a college degree, and my annual income has tripled since 1995.

While I can't say I'm a fan of her TV show, I highly recommend Suz Orman's book 9 Steps to Financial Freedom. What I love about this book is that it spends a great deal of time looking at your early formative experiences with money (which is what I believe Brad was discussing originally in this thread). NO get-rich-quick schemes, but a good grounding in what we feel emotionally and how it affects what we do financially, and how to change it.

Peace, out.

PS

franklin J

many good posts here and I ditto all of them.....

also add that our life will ultimately be what we make of it. If you want something; work for it and you will recieve it. The old adage of "Jehovah will provide" just will not cut it in the real world.

Frank

Money and career tips for EX-JWs....

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