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Mid Michigan | You can't expect an IRA to be a big money maker in 3 years. Look at it after 30 years and then decide if its been a waste. The biggest amount of money you make will not be on the interest you earn on your investments but by the interest you avoid paying by staying out of debt. In other words pay cash for EVERYTHING and if you can't pay for it don't buy it. And for gods sake don't buy a house. They are one of the biggest interest sucking money pits ever invented. If you can pay cash for the house go for it. Otherwise, live in a small rental or a cardboard box for that matter. Everybody wants you to buy a house because then you can be just like them and pay a huge mortgage like they do. Don't be afraid to do things different than most people 'who are most likely in debt themselves'. Like Dave Ramsey says, "don't take financial advice from broke people". I work with people who live in $200,000 dollar homes that can't afford a 50 cent cup of coffee. New house, new car, new truck and BROKE. They look rich and they are broke. Not people to take financial advice from. 30 years from now they will have a $200,000 dollar paid for house (maybe) that cost them half a million in interest. There are a lot of other things in life to buy that are more fullfilling than a house payment every 30 days. Let Bill Gates and Warren Buffet drive new vehicles. You really don't need one. Be good at fixing older vehicles and have ambition and don't pay a fortune in interest and you will be on your way to being one rich dude by the time your 40 ish. Pack your lunch every day and eat at home as much as you can. Eating out all the time is an expensive habit. I had a guy about your age come up to me at work tonight and ask if I knew about any cheap houses. As a matter of fact I did. In our small town there is a nice 3 bedroom house fixed up very well for $19,000 dollars. He looked at it and is going to go check it out. Nice small town, class D school, hardly any crime, 20 mile drive to work for him, has city sewer, water, and natural gas. I thought about buying it for a rental but decided I had enough "hobbies" to keep me busy! I hope he gets it and saves himself a lot of money over the next 20 years. Oh, and don't have any kids until you're about, well just don't have any kids! | |
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- Being young and married, What to invest in? - Boomer8960 : 11/14/2009 22:40
- Re: Being young and married, What to invest in? - Jbatmick : 11/14/2009 22:45
- RE: Being young and married, What to invest in? - Dingaling : 11/14/2009 22:46
- RE: Being young and married, What to invest in? - Art Swannack : 11/14/2009 23:11
- RE: Being young and married, What to invest in? - tom : 11/15/2009 12:15
- RE: Being young and married, What to invest in? - seth47591 : 11/15/2009 13:24
- RE: Being young and married, What to invest in? - PRNDL : 11/15/2009 13:25
- Re: Being young and married, What to invest in? - lancef53 : 11/15/2009 15:15
- RE: Being young and married, What to invest in? - Delmarva Ag : 11/15/2009 15:46
- RE: Being young and married, What to invest in? - farmman : 11/15/2009 20:24
- RE: Being young and married, What to invest in? - Chadsu42 : 11/15/2009 21:01
- RE: Being young and married, What to invest in? - Tim in WI : 11/15/2009 21:12
- RE: Being young and married, What to invest in? - B58 Hustler : 11/16/2009 16:23
- Re: Being young and married, What to invest in? - pabucks : 11/16/2009 17:06
- children! n/t - gmark : 11/17/2009 02:37
- RE: Being young and married, What to invest in? - davpal : 11/19/2009 02:13
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Being young and married, What to invest in?
