You likely would’ve sold the Apple stock somewhere along the way and never seen it grow to a million dollars. But....I totally understand looking at what was spent on cars in my younger years.
Don't spend too much on 1st car, mine cost me 2 million dollars...
- Thread starter dareo
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Good post! Like I always say,you can’t take it with you. Enjoy life now,it has an expiration date.
It was about 35 cents in 03, split adjusted, and when it got to $7 in 2007 i would have sold it for sure, if not sooner! Would have been enough to put down payment on a house and buy a new corvette after taxes. Not bad for 4 years!
My house is worth a considerable sum and is paid off. We remolded our kitchen-put high end laminate flooring throughout the entire house, and then replaced our aging 8 year old 30 foot travel trailer that I literally pulled coast to coast. Right now I'm trying to figure out how much money I need to last the rest of my life so I can spend the rest. I figure if I leave a paid off house to my three kids-and the grand kids then I will have a clear conscience. So yes-I'm buying a new truck every few years-or so. Figure the new travel trailer will last long enough that probably will not want to go RVing when it wears out.
Retired at 55 years of age.
Invested in rental properties 35 years ago.
Retired at 55 years of age.
Invested in rental properties 35 years ago.
Don't put all your eggs in one basket or something. A hobby (or other engaging reason(s) to exist) is important but not an alternative towards not investing for the future, because crap happens, like the current pandemic thing that caught many off guard.
You need a nest egg but not necessarily $2M. You can't take it with you when you die.
You need a nest egg but not necessarily $2M. You can't take it with you when you die.
I'll agree but is is still a liability.
Thousands upon thousands I have spent on cars and women. The rest I wasted.
Balance is key, weed-hopper. Save for the down times and future. But ya gotta enjoy the fruits of your labor.
Being a hard head, I had to buy 4 Corvettes to learn a Corvette won't make me happy.
There is one point to remember. You ain't gonna work forever.
One more: It is far better to be the one who can give a little than to be the one who needs a little.
Good luck.
Being a hard head, I had to buy 4 Corvettes to learn a Corvette won't make me happy.
There is one point to remember. You ain't gonna work forever.
One more: It is far better to be the one who can give a little than to be the one who needs a little.
Good luck.
Things that generally appreciate in value;
a good wife
Rolex watches
real estate
travel memories
a grandchild's smile
a good wife
Rolex watches
real estate
travel memories
a grandchild's smile
And I know someone who had the benefit of sound financial advice when she was young, and took it to heart. Worked her ass off from 16 and invested, retired financially independent in late 30's. I'd rather be in her shoes than someone who tried to finance a lifestyle until they were 50.
I like that you recognize the appropriate term for this: Opportunity Cost
Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. It underlies every single financial decision we make. It's the opposite of enjoying what you chose: In choosing to enjoy an SR20-powered 240, I'm choosing *not* to enjoy [insert alternative here].
You can't beat yourself up over opportunity costs you could never predict though. If we could accurately weigh opportunity costs of not making a particular investment, we'd all be billionaires. It's really no different than knowing when to play back or red on the roulette wheel. That's not real opportunity cost.
Assuming you raised your kids and they have done well-do you wish to-it's not a must. Do you wish to leave a "legacy" to your grandkids?
Perhaps he is saying helping his family get a good start makes him happy.
In my life, I have some grand nieces whose father passed away when they were little.
I have committed to help them through college, if they should choose to do so.
This will make me very happy.
Opportunity cost simply means money only spends once.
All good.
Time value of invested money is insane. For example, if your 18 and spend/invest $10.00, that money could be worth $1280 by retirement if you can get a 10.29% average return the whole time. $10 Lunch could cost you $1280! Adjust that for future inflation and its still $320-$640 retirement value.
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I didn't. My parents were really old when they had me, and are both products of the Great Depression. The lessons of my childhood have been with me my entire life.
I think there's a balance here. The experiences you had destroying your 240SX are part of who you are--no sense regretting it. Besides, your Metro may have gotten sideswiped by a bus (since you wouldn't have been going as fast) and you wouldn't even be here to complain about the Apple stock you didn't buy!
Having to work until you're 70 isn't cool--but neither is amassing a small fortune and getting ill or dropping dead before you can enjoy it.
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