How are your finances?

[breebreerocks]

PTC with five kids you could be a millionaire and not even notice! That's one thing I've realised with all my friend's just starting to have kids. It doesn't matter how much you earn, once they are in the picture, every cent becomes about looking after the littlies.

 

[Zarkov]

My number one asset? You`ve stumped me Markos.I have nothing of any value.
No car,no TV (thanks ex).Material goods, I would say my tredly and all the accessories,panniers and all the gear that goes in them - compact tent,sleeping
bag,gas cooker etc.Worth bugger all money wise but the value I have gotten out of them is priceless.All the times it`s been me and the bike,totally self sufficient carrying all my food etc. for days at a time are just priceless.
Apart from that,my mind.I have spent a lot of dough and time educating and improving myself and although a lot of that education hasn`t directly benefited me it was all worth it.

 

[Kyle Aaron]

I would say that my prime asset is trust.

The trust others have in me, the trust I have in them. It's the basis for everything else. Once earned, you have to protect it. Once lost, it is almost impossible to regain, and all else is lost.

 

[Zarkov]

PTC with five kids you could be a millionaire and not even notice! That's one thing I've realised with all my friend's just starting to have kids. It doesn't matter how much you earn, once they are in the picture, every cent becomes about looking after the littlies.

My good friends` kid`s are in HS now and the costs over here are just horrendous.They bath make pretty good money and I jokingly said they would be so rich if they didn`t have kids.The woman said yes but there life would be so poor.

 

[katie]

I don't know what my prime asset is... maybe my brain, because, like Zarkov, I've spent a lot of time and money on educating it?? And it enables me to have a great job right now.

In response to Zarkov's original question, if hubby and I both lost our incomes right now, we could live and meet mortgage repayments for 1 year without finding another job, but after our year is up our house would probably get repossessed... So we have to keep working, really... at least until our home is paid off. Sydney house prices are crazy!!

I was raised in a family that didn't have much money, and I managed to make it into private schools on full scholarships. Which was probably a definitive part of my childhood. I always felt acutely that I was different to everyone else because my parents didn't drive Beemers or have gigantic mansions. Yet one of my friends had everything that money could buy her (due to excessively wealthy parents), and the most dysfunctional home life That taught me that having money is not everything it's cracked up to be. Relationships are far more important to me.

 

[PTC]

Meandering a bit from the original question, and wandering on to what you deem as successful.

When I was 15, I thought that playing league football would mean I was successful - failed

When I was 25 I thought bench pressing 400lbs would meen I was successful - failed

When I was 35 I thought having the toughest fastest car on the panet would mean I was successful - failed

At 45, I just wanted my kids to be as successful as I had been.

I have to admit, I never thought a dollar ammount was any measure of success.

 

[Tekkerz]

Interesting that you link being succesful with having money, possibly your upbringing.

I know lots of people with money, not sure theyre succesful though.

I also know lots of succesful people without money.

Intersting topic with no right or wrong, just peoples perspectives.

Nice thread.

Here is my perspective...

I'm the only one out of the boys in my family not to have been sent to prison. I consider that to be my greatest success.

As for money, yeah I live week to week at the moment and probably will for another few years but that doesn't bother me really, Im working on learning all those financial skills which I really need but never had the oppurtunity to learn as a child and although I don't have much in the way of material goods, I'm happy with what I've got and I know there are people out there less fortunate than me so I don't complain when things aren't going my way, I just find out what I need to do and make it happen.

 

[PTC]

Keep going buddy, youre as successful as anybody on here.

 

[Tall_Tim]

Another problem with money is people dont take in the big picture...

I work in a factory doing powder coating and metal fabrication. (Im not a tradesman) Anyway, this one guy who was a lazy, stupid, annoying and irresponsible vegetable who was anywhere from 10 mins to 45 mins late every day (despite living less than 10 mins drive from work) with shit for brains who didnt like being told what to do despite being a labouror. (however was quite happy to tell other how to do the jobs they were doing for several years before he came - even the tradies)

Anyway, he left because he was not reaching his "potential" and not earning enough blah blah blah i didnt care i was glad to see him go. So he got a job packing shelves at Woolworths! No crap! now here is the interesting part...

He earns less than hourly rate as he used to.
He has a 5:30am start as opposed to 8:00am
Has a hour long luch break (means he finishes later in the day too)
Has longer to drive every day
Has less working hours
He buys his lunch everyday from McDonalds, KFC etc cause he has no time to make his own at home
He still lives at home with his parents

I sleep in till 7:15 every morning
I have a 30 min lunch nreak so i can leave earlier
I live 10 mins from work too, but I ride a mountain bike and its only 17 or so - plus it makes my fuel bill a little less per week
I have 40 hours every week minimum
I make my lunch every day - cheaper and healthier
I live on my own and I love it!

The funny part was when he told me I am the thickskulled deadbeat who works in a crap job. Well, i got enough in the bank to put towards a deposit for a house. He's barley got 10k and just got his own car (he borrowed his dads for almost 5 years to get to work) So after 6 years of full time work he has NOTHING to show for it. I do, but not everyone sees it because its in the bank term deposit.

Who is reallly better off?

 

[apiewithhoboliftingaroma]

Don't have excess savings because I don't need it at the moment. But when I need it I have no problems saving.

I am a uni student, so the income is never big.

But I'm always prepared. You have to have a safety net.

 

[The Hulk]

Meandering a bit from the original question, and wandering on to what you deem as successful.

When I was 15, I thought that playing league football would mean I was successful - failed

When I was 25 I thought bench pressing 400lbs would meen I was successful - failed

When I was 35 I thought having the toughest fastest car on the panet would mean I was successful - failed

At 45, I just wanted my kids to be as successful as I had been.

I have to admit, I never thought a dollar ammount was any measure of success.

"Success is the completion of anything intended." In other words success is finishing what you planned to do.

"Success is the result of steadily taking action on our most important goals. When we consistently focus our energies and our efforts upon what matters most, we can't help but be successful".

Success has different meanings for everybody.
Career, business, financial, emotional, health, etc.

I would say that if you mastered all these areas, you should be considered extremly successful.

This is a great tool to work out your weaknesses and live a more balanced life:

 

[katie]

That's a great chart, Hulk, but what on earth does physical environment refer to?

 

[The Hulk]

That's a great chart, Hulk, but what on earth does physical environment refer to?

I suppose that would be your home and where and how you spend your time when not doing all the other things listed in the chart.

The chart is basically to show you the things you need to improve to live a balanced/happy life.

All 8 segments on the chart are important.

 

[katie]

Ah, I geddit. Thanks for that

 

[PTC]

I dont know what I'm going to be doing in 5 minutes from now, I'm not kidding.

I'd rather live than plan, I have my reasons but I wont go into them on here. You'll have to trust me.

as you guys get older, you will see that your idea of success shifts dramaticaly.

 

[Kyle Aaron]

I don't think you can assess your life by means of a handy chart which you number. Things are messier than that. For example, many people could earn more but then would have less time at home, so they compromise on their work life for the sake of their family life. A strict numerical rating would say the two situations are the same, but in fact one would make the person happy and fulfilled and the other one miserable.

It's the people in our lives who matter. When they do studies of longevity, while aerobic fitness is up there for giving a long life, as important is social connections. The old lady who is a member of her church committee and visits sick people in hospital and has the daughter ring her up every day and the family around every Sunday for a big meal, she is likely to live longer than the old lady who gets shuffled off into a home, or the rich old lonely guy in his mansion.

People live a long time when they have a reason to! And that's family and friends, their community.

 

[Josh_GTiR]

I certainly have a plan that is centred on income and wealth, but it is not my only plan or most important plan.

Markos asked what is your most important asset? To me that is my family, we are all very close and now that I have my own family I cherish that more than anything.

I grew up with everything that I wanted but was not spoilt. There was never a large emphasis on money or anything like that, more to achieve as much as you can as a person and to be happy. We were always taught that money does not bring happiness, but I often think that lack of money can definitely lead to un-hapiness as well. So a good balance is definitely a good thing.

I know I want to provide a great life for my family and I am going to do all I can to give it to them. I will not, however, allow it to get in the way of my relationship with my family.

 

[toasted]

My most important asset of monetary value would have to be my share portfolio, followed by my cars.

The most important asset I have is my life.

Also as for what Markos is saying, Working as a financial planner i get to see what a lot of people want to have to be able to call them successful, Some people just want to be able to give there kids the best education others want to be able to travel the world when they retire but by far the most common is to be able to leave a financial legacy for the children and there grandchildren that isn’t a debit. But if you ask the same person what they need to call them successful 10 years apart will give you 2 different answers, people change every day, so success is constantly changing.

As for the original question, I would be able to survive 2months with no income, without selling anything I own, but I always have the ability to sell off my share portfolio and be able to survive a lot longer.

 

[Josh_GTiR]

One thing I can say, we had a lot more in reserve before we had Jake and Meg had about 7 months off work.

 

[The Hulk]

I don't think you can assess your life by means of a handy chart which you number. Things are messier than that. For example, many people could earn more but then would have less time at home, so they compromise on their work life for the sake of their family life. A strict numerical rating would say the two situations are the same, but in fact one would make the person happy and fulfilled and the other one miserable.

Kyle, the chart is supposed to show where your life is lacking, and most people will have an unbalanced life.
It's supposed to show you the areas you need to work on.

Earning more does not have to mean less time at home.
Why do some people earn $100/hour and others only $10, it's because they are more valuable to the marketplace.
Passive income takes no personal time at all.

Surely earning more would be lead to more time at home, at lesure, etc, not less.