You'reasian Posted January 13, 2009 Posted January 13, 2009 Been reading threads about women complaining about their men being financially unstable and mentall unstable or what have you, so I thought I would start a thread on the issue of financial stability - from the armchair financial manager's point of view. The first thing that you need to become financially stable is a steady job. If it is a job that brings your interests, talents and passions together, consider yourself lucky . The unfortunate news is that unemployment rate is at a 15-year high at 4.6%, with 4+ million indivduals out of work who will not be returning to previous employment. I am fortunate in that I am doing a job that I truly enjoy and hopefully will continue to progress in the direction intended. Make sure that you are doing things to balance your life out so that you can go full bore at work, be focused, productive and motivated. Make it your goal to make your bosses job easier. Secondly, now is the time to create a budget. In this armchair financial managers's opinion, you create wealth by saving more than you are spending. If you can do it cheaper without a loss of quality, now is the time to do so. Check out books and movies rather than buy or borrow from friends - if you must buy pick up a used copy; workout at your local highschool track or community fitness center instead of higher-priced gyms - you don't need alot of equipment to stay in top shape. Go out less - but when you do go out, schedule it for something special - something that you've earned or to really treat someone. Besides, cooking your own meals is cheaper and if utilized properly, can be turned into some quality time with your woman or your kids. Block out an hour and a half for dinner - take your time with your woman, forget about work, flirt crazily with her, woo her and remind her why the two of you are together . Thankfully, gas prices are cheap - but check out sites like gasbuddy.com to find stations that offer the quality of fuel you need for the best price. This is especially helpful if you drive an automobile that requires alot of gas and isn't the most fuel efficient. Buy grocieries at your wholesale market since bulk offers cheaper prices per unit - it'll save you on gas to the grociery store. If you can bicycle to work, even better. Create a financial plan. Talk with a financial advisor about how you can better manage your savings through investments and cash management. They are paid professionals, so its good to hear out what they have to say. It can't hurt to keep yourself financially educated either by attending community seminars on the topic of investing or by checking out a few books on the subject. Granted, you won't have a series 6 license, CPA/CFA like an advisor, but you will have a solid understanding of the fundamentals and be able to understand exactly what the experts are saying. Hope this is helpful.
carhill Posted January 13, 2009 Posted January 13, 2009 The best thing about marrying a spender if you're a saver is, when she leaves and takes everything, she leaves and takes everything Seriously, IMO, the single most important thing anyone can learn about finances and lifestyle is that health is not static. It changes. The only certain thing is that it will (outside of the "death and taxes" joke) change. Being comfortable with change and accepting the contractions with the expansions is a key psychological component to healthy financial well being. For example, I do the exact opposite of what many people in my peer group do. I save when I'm busy and making a lot of money and invest when I'm slow and not making much. The psychological component is, essentially, frugality. I can't feel confident about making good financial decisions when my time and energy is consumed with work, so I save. When I have time to make educated and reasoned decisions, I move forward with those plans. Our current real estate projects are an example of that. The cool thing is, when business is slow, and particularly now with the economy contracting, products and services are really negotiable so it creates even more value. I grew up with a financial adviser, a CPA by profession. Thanks, dad
Author You'reasian Posted January 13, 2009 Author Posted January 13, 2009 The best thing about marrying a spender if you're a saver is, when she leaves and takes everything, she leaves and takes everything Pre-nup? You bring up a good point - perhaps when you consider the traits of your mate, having similar financial habits would be a good thing. Aren't finances one of the major causes of divorce? Haven't had the pleasure of marrying or the displeasure of divorce as of yet. Seriously, IMO, the single most important thing anyone can learn about finances and lifestyle is that health is not static. It changes. The only certain thing is that it will (outside of the "death and taxes" joke) change. Being comfortable with change and accepting the contractions with the expansions is a key psychological component to healthy financial well being. Good point. Especially during these times. For example, I do the exact opposite of what many people in my peer group do. I save when I'm busy and making a lot of money and invest when I'm slow and not making much. The psychological component is, essentially, frugality. I can't feel confident about making good financial decisions when my time and energy is consumed with work, so I save. When I have time to make educated and reasoned decisions, I move forward with those plans. Our current real estate projects are an example of that. The cool thing is, when business is slow, and particularly now with the economy contracting, products and services are really negotiable so it creates even more value. I grew up with a financial adviser, a CPA by profession. Thanks, dad Thanks for that. I'm not a sophisticated real estate investor, but what I've been told is that the buy-fix-sell flip strategy that became hot in the early 2000's and insolvency thereafter is partially the cause of the sub-prime mortgage crisis.
Trialbyfire Posted January 14, 2009 Posted January 14, 2009 Here's my personal take on financial security. Make your fortune previous to getting married, get a prenup signed, then ensure that you keep those assets separate, within individual accounts under your name only. This is applicable for both men and women. Don't get screwed!
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