Originally Posted By: sleddriver
As someone with a paid-off house and the sled bought with cash, I can attest to the benefits. I'm quite conservative when it comes to spending money. Always have been though. I have no downsides to your point.
I will add that at your age, it will pay off over the long-term to learn to do all of the home/car/stuff maintainence you have time for. My indy mechanic is now over $100/hr. Need a plumber or electrician? The same. Get your house painted? Roof replaced? New windows? New insulation? Fix the dishwasher, clothes washer, etc?
I didn't grow up doing any of this as my old man payed someone else to do it. However, I've always had a keen interest and an unsatiatable curiosity about all sorts of things, including turning my own wrench, holding my own paintbrush, etc. I sought out and learned the best way possible. By doing so I've greatly elevated my own skills to a very high level. IOW, I've really invested in myself. I didn't spend the money for some institution, which is at an insane level these days.
By taking care of as much of the "reachable" things that come up in ownership as you can, you can save a LOT of money over the years AND you educate yourself as well.
I now have neighbors pay me to fix these same things for them because they know I'll do it right, give them honest advice and not rip them off.
Even if you don't have time to do all of it, by educating yourself on the pertinent details, you can protect yourself and your family from getting ripped off on the repairs. By asking the right questions beforehand, you'll be seen as someone who has done their homework rather than the fool.
Life's hard enough as is. It's even harder when you're stupid.
It's tough to put a dollar amount to the money I've saved over 30+ years of home ownership and education. All self-taught. This eduction will also work well in your favor when looking at houses. Do your own inspection. When you're told about the nice new granite countertops, you'll want to inspect the roof, the water heater, look for previous signs of water intrusion and check out the attic and basement...with a camera in hand. You'll also have a hand on what's involved fixing these things and just how well that "fresh coat of paint" is hiding something underneath.
You can also educate your kids and spend time with them as they grow up. I once knew a guy who made his girls help him fix appliances when they broke. When they'd ask "WHY?" he'd reply "How long would you like to wash dishes by hand? Wash your clothes in the bathtub?" He also taught them about cars as part of the deal to them using them. Change a tire, check the oil, wash the car inside & out. They learned by doing and educated themselves on something never taught in school.
Sounds like you're off to a good start!
I'm VERY familiar with this, and I agree.
I have had the luxury of growing up under a jack of all trades for a father. Yeah, there are many of them out there who can 'get the job done', but he truly is a talented individual in all respects. Just a natural
That said, growing up, I soaked up a lot through his projects: when I was young, the family was on one income, forcing him to buy a less than stellar condition ranch home. I watched as he fixed it up over the years, adding an attached garage, steel siding, roof, trim, windows, doors, installing furnace and AC, landscaping, renovating this, fixing that. All top notch work that even gets admired by professionals!
Cars? I grew up working on mostly FWD Cadillacs - then moved on to everything else later. Everything else seems easy after that!
And while I don't believe I'll ever attain his proficiency at...well, everything, what I've picked up has already helped dramatically. When I bought my house, it was about 15 years old - which apparently is a ripe age for appliance failure because 3 years in and I've repaired many of them - furnace, AC unit, dishwasher and washing machine. I had to replace a window, repair some flashing around the garage door and roof. I've completed many electrical updates throughout the house Right now, I'm in the process of stick building a 10x12 shed on a monolithic slab w/curb I poured last year. All pretty minor projects, but it all adds up. I've yet had the need to call a 3rd party into my home. As you, I've already saved thousands and anticipate saving more as the years go by and continue to learn. As dad always said in reference to contractors: "They don't look any smarter than us!"
Now, that said, I realize that none of this will make me rich. Frankly, the financial benefits aren't even the motivation for the DIY projects - it's the fact that I really don't trust anyone else to complete them to my standards. I HATE when I redo sloppy work that I've paid for. For them, time is money. For me, I just want it done right the first time.
Originally Posted By: jaj
Originally Posted By: oilpsi2high
This depends entirely on the field in which you're employed. Throwing money away just to take classes with no return on your investment is awful advice. Most people would not see any additional pay increases by taking extra classes, but they'd blindly go into debt for it. This is why the USA has such a massive student loan crisis right now.
You're better off with certifications and continuing professional education courses to stay current in your field of work, rather than overpaying for college courses that aren't even needed.
I couldn't agree more - choose your field of endeavor carefully and invest strategically. For instance, as the OP said, his wife is a high school teacher, and where I live, a teacher with a Masters degree earns more than a teacher with a Bachelors. Once earned, the higher pay scale stays until they retire.
Yeah, here as well. She completed her Master's degree about 5 years ago. Extra certs as well, as she specializes in special ed. Sadly, while it certainly helps, it's a disgrace that such a high level of education in such an important field doesn't net more compensation. Teaching must be a labor of love - certainly can't be about the money!
