Who would argue that you should NOT pay the whole bill for your child's college education or home. In fact, some of the best businesses minds credit having to build their own foundation as the reason they do so well. Kids have a tendency to esteem lightly what they acquire too easily.
Of course, the American Dream is to provide all the college costs for a child. (I intend to help them save, earn, and get financing -- along with some financing from me.) I've rarely known children to have had homes purchased for them, however. I still subscribe to the school of thought that saving for my own retirement trumps paying for what my able-bodied kids can do somewhat on their own.
I think that this list at the Wall Street Journal says it all:
"There are things that aren't worth your attention, but the correct response is not to go on doing them while thinking about something else. The correct response is to do something else."
So I should be doing something else than grocery shopping since I deem it not worth my attention? Like preparing to meet God as I expire from starvation?
Seems kind of irresponsible to claim that kids are as cheap as cars. In 18 years college tuition will cost more than 400k. Sure it builds character and makes children suffer like we did to pay of student loans, but prospective parents should make sure that they're able to finance their kid's BA (or house while they establish themselves in a trade). Otherwise get a dog.
Zannie has a great point. Unfortunately, I haven't had the opportunity to work with a CSA organization, but, from what I've heard, they're a great way to get your hands on fresh, local produce.
I enjoy seeing shows and series with Derren Brown. Not only because I find it rather inspiring and fascinating, but also because I am going to start a new education soon.
I have read the threat, and I think it is totally waste of time to discuss wether DB uses actors or not. Even if he does (and even, if he says he don´t) he has skills that are unreacheable for anyone at the moment.
I am from Denmark, and in Denmark it is legal to promote and do shows with hypnotism. As far as I know, it is not in England???
Mind (what a word... in this thread), that Derren Brown first of all is an educated hypnotizer. This should stop the discussion about "mind-control or not"...
But besides that he have shown cardtricks and cardskills, that I have never seen before. So smooth and elegant, that its impossible to tell for a fact if it is tricks or just skills.
And furthermore he are intelligent and knows about both art in generel (with skills) and music.
Isn´t that enough? I find it revealing, that he in several occations tells us, that there is nothing mysterious or magical about, what he does. (well, it would allmost be easier to believe if there where...)
I can accept if accors are participating... but I must say, that I didn´t see any actors (besides the actors he actually told about). If there have been actors, they would be even more skilled, than Derren Brown himself. (IMHO)
Cheers...
I'm surprised you didn't mention Community Supported Agriculture. The basic idea is that you subscribe for regular delivery of fresh local produce. The one we use delivers to drop off points; every Wednesday I pick up our order from a yoga studio a couple of blocks from my office. Other programs deliver to your door. Ours allows us to pick what we get; with some you get what you get, and with others you have some but not total choice.
Zeitgeist watch this movie and alot of things will make sense i just left a six figure job in new york city. had no kids paid expensive rent lived an average lifestyle. then i moved to sweden had 3 children with my wife over the past 5 years. now my and my wifes income combined is no more than 60k we pay 2000usd in rent and utilities and each have our own car we take vacations twice and were happy wish we had more money but were doing ok
So if you're looking for a hybrid that just saves on gas, fine, but if you're also looking to feel good about what you're doing for the environment, definitely don't go with Toyota. For this reason I do hope that Honda gains some market share!
1. To the people proposing a boycott of the oil companies - don't be ridiculous. All you're hurting are the local businesspeople (unless you're going to run in for coffee and forget to fill up), there isn't a special Shell tanker that comes and fills the Shell station. Ergo, your attempt is useless.
2. America needs to use less oil before we go drilling for new sources. Drilling the ANWR and using only its output would supply America with oil for about a year and a half.
I am proudly an ant. I read often on MSN money boards, yesterday an idiot, IMHO, stated that we stockpilers/hoarders (groceries/and paper supplies only) are stupid for doing so. Has this man ever heard of Murphy's Law or just plain old hard times?
My family of 4 is facing a very lean summer. Coupons, meal planning, cutting off land line phone, cutting off cable and anything else I can do to help this summer eek by. I say be ready always, just in case. Never know what might happen, don't live in fear, but in preparedness. If you are not ready then it's already too late.
Thanks for the reminder about the Ant and grasshopper. That lazy grasshopper...
Lynn raised a good point, but I'd like to also add the following.
Being older than Linsey is now (or than she was 10 years ago) isn't in and of itself a guarantee of having learned any financial lessons.
I just turned 40 this year. But I know of friends several decades my senior that still haven't figured out a few items on her list and think that my husband and I have it "easy". Not so. We still work hard, but not in the way they do.
And since Linsey is 29 this year, I dare say there are many her age that haven't learned those lessons yet as well.
Please bear in mind GTWISE, that just because you spend a great deal of time figuring out your finances and reading financial blogs, doesn't mean every single person out there does. Others may just be finding their way. We all grow at different rates.
10 years ago I was a 21 year old international student in my junior year in college with two suitcases of clothes and $20k+ in credit card debt (they have no government subsidized student loans for foreign students). I worked 40 hour weeks while taking on 17-18 credit hours of college classes including summer school to make ends meet and be able to graduate in 3.5 years. Then we put my wife through college, this time with government subsidized student loans, grants and scholaships (she graduated with $24k in the red). So I don't quite buy the argument about someone being "only" 19 10 years ago, I only had 2 years on her.
Linsay and I made different choices; we "only" have 2 chidlren, not 4 and I rather invest in multitude of businesses via stocks than a single family business. My father owns his own business and I can't say that I envy him. It's not easy and it's certainly not for me.
Linsay,
One of the great things about Wise Bread is that we have a wide variety of authors to fit the needs of several audiences.
This is why I keep reading Wisebread. I usually find the more in depth articles more stimulating and interesting. I think this time I simply expected more given the context of the monthly subject.
The subject of finance is less about "making money" but more about "earning freedom" (which I feel that I've done.)
I feel humbled and I have to admit I don't think I'm there yet, despite the investments and net worth numbers. I certainly don't feel like I have earned my freedom, I think I'm another 10 years away from it. In this case Linsay seems to be ahead of the curve, or at least ahead of me if nothing else....
On my 2007 tax return, I mistakenly put down the wrong SSN for one of my dependents. I received a notice in the mail from the IRS at the beginning of May and immediately called and corrected the problem. It fixed my refund for the taxes, and I asked if it would affect my stimulus payment. At the time they said no, but call back later to make sure. Well, my stimulus payment was reduced when I received it. When I called the IRS to inquire, they basically said too bad. The computer system they are dealing with is from the 1960's and it was not capable of correcting that error. The stimulus payment was based on my incorrect 2007 return. So basically I am most likely missing out on the additional $300. The IRS agent stated that maybe I might be able to claim it somehow on my 2008 return, but that hasn't been decided. So, my error cost me $300...... expensive error. :( Upset!
I'll agree that to some, my writing style may seem "superficial," or even slight. My goal is always to connect with readers, but unfortunately, we have to pick and choose our audience. One of the great things about Wise Bread is that we have a wide variety of authors to fit the needs of several audiences.
The subject of finance is less about "making money" but more about "earning freedom" (which I feel that I've done.) This post was a flashback of some of the most difficult lessons I've learned, and also a celebration for the life I have today. If this group post project was intended to cause everyone to "whip out" their net worth numbers and see who's the biggest, I'd probably lose hands down. I have strange investements (cattle, a family farm home, a home business, the most beautiful family, and a peace that I hope to share with others.)
I never intend to dish out a number to make a reader feel inferior. It's about building one another up, encouraging eachother to move past mistakes, and remembering what's important. And if we can't have a little fun along the way, what's the point?
There are plenty of other blogs that give you hard numbers. I'm just not wired that way. This is a labor of love for me.
@gtwise
The most important thing to consider when comparing Linsey's post to the other articles is that 10 years ago Linsey was 19 years old. Five Cent Nickel was in grad school w/a child. Free Money Finance owned a house. Mighty Bargain Hunter was in grad school (4 years in), No Credit Needed had been married for one year, and Get Rich Slowly had a full time job. They had at least 5 years of finance lessons on her.
While I'm sure if the post had focused on the last FIVE years Linsey might have more to say about the type of "accomplishments" that you wanted to see, these lessons she's chosen to focus on aren't superficial. Taken under the context of someone who was 19 years old and would in a few years be taking out pay day loans, they're completely valid, helpful, and honest.
I think this is great! Competition is good for the consumer, and provides incentives for corporations to adapt to the changing society. I think people are finally starting to come around and realize that our dependence on Big Oil is bad for our wallets and bad for our environment. If Honda can pull this off, I would definitely be an interested buyer!
@Linsey,
But you seriously didn't think I'd share the intimate details of my retirement plan and my investments, did you? ;)
Quite honestly I kind of did :-). Well at least to the point of at least acknowledging that you indeed are vested in these areas of personal finance and are on a good path towards financial stability in your future. I don't mind posting what my family has achieved in the past 10 years but I guess it's a bit different posting retirement and investment figures anonimously than with a name. Me and my wife have graduated from collegge (me class of 99, her class of 03) paid off our student loans and over $30k in credit card debt that I accumulated in my college years and our net worth is a bit over $220k with almost half of it in 401(k) while the other half in stocks, in our house as equity, other savings and personal belongings.
@Kat,
If you're too financially 'advanced' for this website or Linsey's articles, do us all a favor and opt out.
I'm not too financially advanced I just expected a bit more from a 10 year financial flashback than advice on who to lend money to or where not to get quick money in a bind. I guess common sense is not so common and I tend to forget that from time to time.....
However if you were to read the other articles in this month's theme about 10 year flashbacks on what people have acomplished in personal finance you would see that this one was the most shallow with no real claim of credit or acomplishemnt other than the general "I'm way better now than 10 years ago, let's all get warm and fuzzy!".
Kat, you might be correct though, I might be a bit over the struggles that other visitors of this site tend to face and Linsay likes to write about.
Who would argue that you should NOT pay the whole bill for your child's college education or home. In fact, some of the best businesses minds credit having to build their own foundation as the reason they do so well. Kids have a tendency to esteem lightly what they acquire too easily.
Of course, the American Dream is to provide all the college costs for a child. (I intend to help them save, earn, and get financing -- along with some financing from me.) I've rarely known children to have had homes purchased for them, however. I still subscribe to the school of thought that saving for my own retirement trumps paying for what my able-bodied kids can do somewhat on their own.
I think that this list at the Wall Street Journal says it all:
10 Things the Wealthy Should Leave Their Kids — Besides Money
"There are things that aren't worth your attention, but the correct response is not to go on doing them while thinking about something else. The correct response is to do something else."
So I should be doing something else than grocery shopping since I deem it not worth my attention? Like preparing to meet God as I expire from starvation?
Seems kind of irresponsible to claim that kids are as cheap as cars. In 18 years college tuition will cost more than 400k. Sure it builds character and makes children suffer like we did to pay of student loans, but prospective parents should make sure that they're able to finance their kid's BA (or house while they establish themselves in a trade). Otherwise get a dog.
Zannie has a great point. Unfortunately, I haven't had the opportunity to work with a CSA organization, but, from what I've heard, they're a great way to get your hands on fresh, local produce.
I enjoy seeing shows and series with Derren Brown. Not only because I find it rather inspiring and fascinating, but also because I am going to start a new education soon.
I have read the threat, and I think it is totally waste of time to discuss wether DB uses actors or not. Even if he does (and even, if he says he don´t) he has skills that are unreacheable for anyone at the moment.
I am from Denmark, and in Denmark it is legal to promote and do shows with hypnotism. As far as I know, it is not in England???
Mind (what a word... in this thread), that Derren Brown first of all is an educated hypnotizer. This should stop the discussion about "mind-control or not"...
But besides that he have shown cardtricks and cardskills, that I have never seen before. So smooth and elegant, that its impossible to tell for a fact if it is tricks or just skills.
And furthermore he are intelligent and knows about both art in generel (with skills) and music.
Isn´t that enough? I find it revealing, that he in several occations tells us, that there is nothing mysterious or magical about, what he does. (well, it would allmost be easier to believe if there where...)
I can accept if accors are participating... but I must say, that I didn´t see any actors (besides the actors he actually told about). If there have been actors, they would be even more skilled, than Derren Brown himself. (IMHO)
Cheers...
I'm surprised you didn't mention Community Supported Agriculture. The basic idea is that you subscribe for regular delivery of fresh local produce. The one we use delivers to drop off points; every Wednesday I pick up our order from a yoga studio a couple of blocks from my office. Other programs deliver to your door. Ours allows us to pick what we get; with some you get what you get, and with others you have some but not total choice.
Local Harvest can help people find CSAs and other local food sources: http://www.localharvest.org/
Zeitgeist watch this movie and alot of things will make sense i just left a six figure job in new york city. had no kids paid expensive rent lived an average lifestyle. then i moved to sweden had 3 children with my wife over the past 5 years. now my and my wifes income combined is no more than 60k we pay 2000usd in rent and utilities and each have our own car we take vacations twice and were happy wish we had more money but were doing ok
one amazing thing I read was that Building A Prius Outdoes Hummers in Environmental Damage
So if you're looking for a hybrid that just saves on gas, fine, but if you're also looking to feel good about what you're doing for the environment, definitely don't go with Toyota. For this reason I do hope that Honda gains some market share!
If I made you smile, then I feel I've done a good days work. And Bill, those cars are most definitely happy. Thanks guys, and have a nice day.
1. To the people proposing a boycott of the oil companies - don't be ridiculous. All you're hurting are the local businesspeople (unless you're going to run in for coffee and forget to fill up), there isn't a special Shell tanker that comes and fills the Shell station. Ergo, your attempt is useless.
2. America needs to use less oil before we go drilling for new sources. Drilling the ANWR and using only its output would supply America with oil for about a year and a half.
I like the book "Grow your children intelligent and rich" by Andreas Stein. It's a great read and a huge help in raising kids. Here is the link:
http://www.lulu.com/content/1523976
Honda is awesome. I hope they get it done.
I am proudly an ant. I read often on MSN money boards, yesterday an idiot, IMHO, stated that we stockpilers/hoarders (groceries/and paper supplies only) are stupid for doing so. Has this man ever heard of Murphy's Law or just plain old hard times?
My family of 4 is facing a very lean summer. Coupons, meal planning, cutting off land line phone, cutting off cable and anything else I can do to help this summer eek by. I say be ready always, just in case. Never know what might happen, don't live in fear, but in preparedness. If you are not ready then it's already too late.
Thanks for the reminder about the Ant and grasshopper. That lazy grasshopper...
Bill Geist on CBS Sunday Morning
Jeremy Clarkson on BBC's Top Gear
Bruce Weiner Microcar Museum
smart center Buckhead
Lynn raised a good point, but I'd like to also add the following.
Being older than Linsey is now (or than she was 10 years ago) isn't in and of itself a guarantee of having learned any financial lessons.
I just turned 40 this year. But I know of friends several decades my senior that still haven't figured out a few items on her list and think that my husband and I have it "easy". Not so. We still work hard, but not in the way they do.
And since Linsey is 29 this year, I dare say there are many her age that haven't learned those lessons yet as well.
Please bear in mind GTWISE, that just because you spend a great deal of time figuring out your finances and reading financial blogs, doesn't mean every single person out there does. Others may just be finding their way. We all grow at different rates.
@Lynn Truong,
10 years ago Linsey was 19 years old.
10 years ago I was a 21 year old international student in my junior year in college with two suitcases of clothes and $20k+ in credit card debt (they have no government subsidized student loans for foreign students). I worked 40 hour weeks while taking on 17-18 credit hours of college classes including summer school to make ends meet and be able to graduate in 3.5 years. Then we put my wife through college, this time with government subsidized student loans, grants and scholaships (she graduated with $24k in the red). So I don't quite buy the argument about someone being "only" 19 10 years ago, I only had 2 years on her.
Linsay and I made different choices; we "only" have 2 chidlren, not 4 and I rather invest in multitude of businesses via stocks than a single family business. My father owns his own business and I can't say that I envy him. It's not easy and it's certainly not for me.
Linsay,
One of the great things about Wise Bread is that we have a wide variety of authors to fit the needs of several audiences.
This is why I keep reading Wisebread. I usually find the more in depth articles more stimulating and interesting. I think this time I simply expected more given the context of the monthly subject.
The subject of finance is less about "making money" but more about "earning freedom" (which I feel that I've done.)
I feel humbled and I have to admit I don't think I'm there yet, despite the investments and net worth numbers. I certainly don't feel like I have earned my freedom, I think I'm another 10 years away from it. In this case Linsay seems to be ahead of the curve, or at least ahead of me if nothing else....
TP is the one thing I refuse to skimp on! No thanks.
On my 2007 tax return, I mistakenly put down the wrong SSN for one of my dependents. I received a notice in the mail from the IRS at the beginning of May and immediately called and corrected the problem. It fixed my refund for the taxes, and I asked if it would affect my stimulus payment. At the time they said no, but call back later to make sure. Well, my stimulus payment was reduced when I received it. When I called the IRS to inquire, they basically said too bad. The computer system they are dealing with is from the 1960's and it was not capable of correcting that error. The stimulus payment was based on my incorrect 2007 return. So basically I am most likely missing out on the additional $300. The IRS agent stated that maybe I might be able to claim it somehow on my 2008 return, but that hasn't been decided. So, my error cost me $300...... expensive error. :( Upset!
You make me smile...
Thanks so much for this post. (And the graphic.)
I'll agree that to some, my writing style may seem "superficial," or even slight. My goal is always to connect with readers, but unfortunately, we have to pick and choose our audience. One of the great things about Wise Bread is that we have a wide variety of authors to fit the needs of several audiences.
The subject of finance is less about "making money" but more about "earning freedom" (which I feel that I've done.) This post was a flashback of some of the most difficult lessons I've learned, and also a celebration for the life I have today. If this group post project was intended to cause everyone to "whip out" their net worth numbers and see who's the biggest, I'd probably lose hands down. I have strange investements (cattle, a family farm home, a home business, the most beautiful family, and a peace that I hope to share with others.)
I never intend to dish out a number to make a reader feel inferior. It's about building one another up, encouraging eachother to move past mistakes, and remembering what's important. And if we can't have a little fun along the way, what's the point?
There are plenty of other blogs that give you hard numbers. I'm just not wired that way. This is a labor of love for me.
Thanks!
@gtwise
The most important thing to consider when comparing Linsey's post to the other articles is that 10 years ago Linsey was 19 years old. Five Cent Nickel was in grad school w/a child. Free Money Finance owned a house. Mighty Bargain Hunter was in grad school (4 years in), No Credit Needed had been married for one year, and Get Rich Slowly had a full time job. They had at least 5 years of finance lessons on her.
While I'm sure if the post had focused on the last FIVE years Linsey might have more to say about the type of "accomplishments" that you wanted to see, these lessons she's chosen to focus on aren't superficial. Taken under the context of someone who was 19 years old and would in a few years be taking out pay day loans, they're completely valid, helpful, and honest.
I think this is great! Competition is good for the consumer, and provides incentives for corporations to adapt to the changing society. I think people are finally starting to come around and realize that our dependence on Big Oil is bad for our wallets and bad for our environment. If Honda can pull this off, I would definitely be an interested buyer!
Wow I loved this post. I just started using baby wipes and I use the wipes for 1 and drop them in the little trash bin near the toilet.
I use TP for #2 but I sometimes swipe with a baby wipe after. It makes me feel so fresh and happy...I can see why babies smile so much. :-)
I think I am going to move towards the use of wipes more because it just feels better.
This is great. Good for Honda. We need cars that help the enviornment. And if Detroit is smart, it'll really make a commitment to a "greener" world.
Come on, we know that our dependence on oil is killing us.
By the way, great graphic of those 2 yellow cars. I bet they're happy.
I dig your site. Keep posting.
Bill
@Linsey,
But you seriously didn't think I'd share the intimate details of my retirement plan and my investments, did you? ;)
Quite honestly I kind of did :-). Well at least to the point of at least acknowledging that you indeed are vested in these areas of personal finance and are on a good path towards financial stability in your future. I don't mind posting what my family has achieved in the past 10 years but I guess it's a bit different posting retirement and investment figures anonimously than with a name. Me and my wife have graduated from collegge (me class of 99, her class of 03) paid off our student loans and over $30k in credit card debt that I accumulated in my college years and our net worth is a bit over $220k with almost half of it in 401(k) while the other half in stocks, in our house as equity, other savings and personal belongings.
@Kat,
If you're too financially 'advanced' for this website or Linsey's articles, do us all a favor and opt out.
I'm not too financially advanced I just expected a bit more from a 10 year financial flashback than advice on who to lend money to or where not to get quick money in a bind. I guess common sense is not so common and I tend to forget that from time to time.....
However if you were to read the other articles in this month's theme about 10 year flashbacks on what people have acomplished in personal finance you would see that this one was the most shallow with no real claim of credit or acomplishemnt other than the general "I'm way better now than 10 years ago, let's all get warm and fuzzy!".
Kat, you might be correct though, I might be a bit over the struggles that other visitors of this site tend to face and Linsay likes to write about.