How mush cash?

[GMN]

I wish i had $27,000 in savings, to me that is alot of money-

 

[GMN]

Another tip to save 2-3% on everything you buy is to use a good, cash back credit card. I have a Chase Inc. Business Cash card. I get between $3,000 to $4,000 cash back every year on my business expenses. Also, the IRS considers this a rebate and it is not taxable income. The only thing you have to do to make this work is PAY YOUR CREDIT CARD IN FULL EVERY MONTH!

are you single have any kids? Its way easier to be debt free when you have no dependents-and or a Dairy Farm-lol

 

[backhoeboogie]

For those of you who are debt free and have toys, is it possible simply because you have made a boat-load of money in your lifetime? I guess that explains a lot.

Don't buy a toy unless you can pay for it. I have bought a bunch of toys and resold them, for profit.

I remember when I didn't have the money to buy a coke, in the summer time. Hot. I waited until I got home.

GMN, $27,000 is nothing. My 401K has done nearly twice that this year.

Land has been good. I have never lost money on land. But you should never put all your eggs in one basket.

 

[backhoeboogie]

Herofan, without disclosing too much personal information, I generally keep no more than $10K in my checking account. I funnel some over to the new wife's checking account at times.

I have investments. I have land debts. I have no problem borrowing money if it will earn me income. I don't borrow money for toys. I will borrow money for land. My cows make a little over what the land payments and taxes cost. Now I am being pressured to sell that property, for high profit. That puts me in capital gains scenarios I don't want to be in.

I have a line of credit for $150K. I don't need that much. Ever. The bank wants to go higher. I don't need to. Maybe I think too small.

30 years ago life was pretty tough for me financially.

As far as equipment goes, I hardly ever buy anything new. Generally I buy wrecked junk and rebuild it. Or I build things like wood splitters from scratch and then sell them and build another. I have a '54 servis cutter than I will not part with. It will brush hog 6 inch thick cedar trees if you go slow into them. No one builds them like that any more. I also have a 12 foot mower. Not nearly as much as your friends spent but I had a lot of hours in it.

It cost over $130,000 to put my eldest daughter thru college back when. Patio stone sales paid for most of that. I have a full time day job too.

There is much to say but I would rather not disclose too much personal info. I have hustled all my life. One full time job was never enough.

 

[herofan]

GMN, $27,000 is nothing. My 401K has done nearly twice that this year. .

I guess that shows how different everyone is. To GMN and myself, it's a lot of money. To you, it's "nothing." I suppose you are rolling in it.

 

[TexasBred]

GMN, $27,000 is nothing. My 401K has done nearly twice that this year. .

I guess that shows how different everyone is. To GMN and myself, it's a lot of money. To you, it's "nothing." I suppose you are rolling in it.

don't you just love people that "drop numbers" $$$$$$$....as if anyone really gives a ratz a$$.

 

[John SD]

Herofan, you are ahead of the curve. Probably in the top 20% for savers. Depending how close you are to retirement age, you might want to invest some of that and try to grow it more on its own. Dave Ramsey's web site lists "endorsed local providers" for financial planners. It wouldn't hurt to go talk to a professional who has been pre-screened by the Ramsey organization and just see what they have to offer you.

+1. I tend to think of myself as a very independent"go it alone" kind of guy when it comes to financial stuff, but if I were to seek the advice of a "professional" I'd probably go to one of Dave's ELPs.

Dave had a 67 yr old guy called his show today who had done very well for himself over the years. Had accumulated over $2M with an income of $60K per year. His concern was that much of his $2M was in the bank earning peanuts and the rest was in real estate that he really wanted to get out of because he felt with his declining health he could not continue to manage it properly himself.

The greater and further concern was that he and his wife had an adult disabled daughter who was finanacially dependent on them. He was mostly concerned about how to make his money last to benefit the daughter after he and his wife were gone.

Dave offered his standard advice of investing in mutual funds with a good track record and real estate. He suggested that the guy was still sharp enough to oversee a hired real estate manager if he really wanted to, but if not, Dave understood. The money in the bank needed to be put to better use and that's where Dave suggested the guy visit the ELP, at least to see what other options were available.

 

[John SD]

GMN, $27,000 is nothing. My 401K has done nearly twice that this year. .

I guess that shows how different everyone is. To GMN and myself, it's a lot of money. To you, it's "nothing." I suppose you are rolling in it.

don't you just love people that "drop numbers" $$$$$$$....as if anyone really gives a ratz a$$.

Perhaps the post could have been worded better, but I really don't think BHB intended any offense by using real numbers. The reality is $27K really doesn't go nearly as far as it used to.

My single biggest expense each year is my health insurance. Between monthly premiums, my out of pocket health care costs, and the cost of my LTC policy, I'm spending $20K+ per year on health care alone :???: And it's not gonna get cheaper

 

[herofan]

Perhaps the post could have been worded better, but I really don't think BHB intended any offense by using real numbers. The reality is $27K really doesn't go nearly as far as it used to.

My single biggest expense each year is my health insurance. Between monthly premiums, my out of pocket health care costs, and the cost of my LTC policy, I'm spending $20K+ per year on health care alone :???: And it's not gonna get cheaper

I was actually the first one to drop numbers with my first post, and I certainly wasn't doing it to brag. It's like i said, my brother and i are just constantly amazed at how people manage their finances. I only know how mine works and what i feel i can do.

When I pass by my doctor's house and realize my house could probably fit in his den, or when my local bank president gets a new tractor every year, I'm not puzzled at all. I assume they are loaded. When I see people, however, who have a similar job and life situation as mine, yet they seem to have everything under the sun, I become puzzled. It just makes me curious as to how they manage their money.

I always thought I was a decent money manager, but maybe I'm not. I'm not even saying I want all that stuff, but I'm just curious. Maybe it's simple. Maybe most of those people make $150-$200k a year. Who knows.

 

[Brute 23]

You need to read The Millionaire Next Door. There is a big difference between wealthy people and people who have high incomes.

A lot of those big earners are big spenders. A lot of millionaires never maid more than $100K.

Every ones cash on hand should be different depending on their situation.

 

[hurleyjd]

Perhaps the post could have been worded better, but I really don't think BHB intended any offense by using real numbers. The reality is $27K really doesn't go nearly as far as it used to.

My single biggest expense each year is my health insurance. Between monthly premiums, my out of pocket health care costs, and the cost of my LTC policy, I'm spending $20K+ per year on health care alone :???: And it's not gonna get cheaper

I was actually the first one to drop numbers with my first post, and I certainly wasn't doing it to brag. It's like i said, my brother and i are just constantly amazed at how people manage their finances. I only know how mine works and what i feel i can do.

When I pass by my doctor's house and realize my house could probably fit in his den, or when my local bank president gets a new tractor every year, I'm not puzzled at all. I assume they are loaded. When I see people, however, who have a similar job and life situation as mine, yet they seem to have everything under the sun, I become puzzled. It just makes me curious as to how they manage their money.

I always thought I was a decent money manager, but maybe I'm not. I'm not even saying I want all that stuff, but I'm just curious. Maybe it's simple. Maybe most of those people make $150-$200k a year. Who knows.

My Father said the only way to manage money is not to spend it.

What was the parable in the bible about folks given talents to use and invest. One hid his because he thought someone might steal it. The others increased theirs. Someone please post this parable.

 

[backhoeboogie]

The reality is $27K really doesn't go nearly as far as it used to.

One car wreck, one surgery, or one wild fire will take that and more in a minutes notice.
One lawyer.

Invest in something. Find a way. I dug patio stone with a shovel and rock bar. Then a loaded. Then a backhoe. It was hard work. I worked on drilling rigs on weekends. Managed a service station in the evenings. Welded. Built fence. Worked cattle. Sold cedar posts. Sold firewood.

Put myself thru what college I have going at night.

I know what it is like to be hungry. I know extreme poverty from my childhood.

I ain't "loaded". I simply don't live beyond my means.

We have fed and clothed many children. I even paid for a child's surgery 2 years ago. That was my choice. Just glad I could do it.

TB I truly don't give a rats what you think.

Brute you are dead on. A person can have 10 million and go broke

 

[backhoeboogie]

There was a song I remember from my early teens that was funny. "Work your fingers to the bone, what do you get?" - "Bony fingers". There's a lot of truth in that.

 

[Williamsv]

Parable of the Talents Matthew 25: 14- 30

 

[John SD]

Invest in something. Find a way. I dug patio stone with a shovel and rock bar. Then a loaded. Then a backhoe. It was hard work. I worked on drilling rigs on weekends. Managed a service station in the evenings. Welded. Built fence. Worked cattle. Sold cedar posts. Sold firewood.

Dave R advises similar to his listeners who are predominantly 9-5 city folks :nod: I can't remember his exact quote, but it goes something like investing is 80% behavior and 20% mental. Just do it.

Dave advises folks to find a way to earn extra cash, whether it's mowing lawns, delivering pizzas, etc. Yes, those ideas probably wouldn't work very well in a rural setting Basically anything that require little to no investment and a lot of elbow grease and sweat equity. In other words, try to think "out of the box" to earn extra some income wherever you can.

Many ranchers "here" bought cattle pots and diversified into trucking during the lean times. Some of them still do it, and it's handy to have their own truck to do their own work. One guy with a gravel trailer and a wheel loader turns down jobs because there is just not enough of him to go around.

 

[bball]

since I don't owe anyone a dime.

That is freedom.

X2. Greatest feeling in the world, not owing anyone one red cent..I agree with most here, if I can't buy it outright, then I probably dont need it. Remaining debt free is paramount in this day and age..but I would be willing to bet, most of those folks with all the toys are in debt upto their eyeballs...which means you really don't own those toys if you owe somebody else the money for them. We don't live extravagant, but every damn thing we have is bought and paid for and I'm pretty proud of that..you should be too. :2cents:

 

[D2Cat]

The borrower is servant to the lender. You like being a slave, keep on borrowing. Just be ready to jump when the master calls.

 

[Brute 23]

Invest in something. Find a way. I dug patio stone with a shovel and rock bar. Then a loaded. Then a backhoe. It was hard work. I worked on drilling rigs on weekends. Managed a service station in the evenings. Welded. Built fence. Worked cattle. Sold cedar posts. Sold firewood.

Dave R advises similar to his listeners who are predominantly 9-5 city folks :nod: I can't remember his exact quote, but it goes something like investing is 80% behavior and 20% mental. Just do it.

Dave advises folks to find a way to earn extra cash, whether it's mowing lawns, delivering pizzas, etc. Yes, those ideas probably wouldn't work very well in a rural setting Basically anything that require little to no investment and a lot of elbow grease and sweat equity. In other words, try to think "out of the box" to earn extra some income wherever you can.

Many ranchers "here" bought cattle pots and diversified into trucking during the lean times. Some of them still do it, and it's handy to have their own truck to do their own work. One guy with a gravel trailer and a wheel loader turns down jobs because there is just not enough of him to go around.

I'm a Dave Ramsey follower.... in no way do I work 9-5.... I have no less than 3 jobs going at one time... live in a town of less than 3K.... He is very popular around here. There are classes in most local churches in the area.

He is 100% correct it's behavior. When you change your mentality, change the way you look at money... its a lot easier. Those of us who have been through the transition know that the peace on the other side it far more fun than the toys.

We run our family ranch, o&g company, the properties I manage, my buiness, all with the principles he teaches. It's a pretty basic idea. Spend what you have, not what you think your going to make. It's a pretty simple concept and it hard to go wrong living that way.

 

[backhoeboogie]

I suppose you are rolling in it.

I can afford sugar water for hummingbird feeders. Probably a stupid waste by some people's standards. But I enjoy watching them outside the window. The grandkids really like it too up until they are around 6 years old.

 

[TexasBred]

TB I truly don't give a rats what you think.

Excellent. Had me worried to death. :mrgreen: :lol2: :lol2: :lol2: