The Best Financial Advice Ever from MSN Money

N

nirvinerealtor_IHB

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<p> These happen to be my rules to live by - NIR</p>

<p> </p>



<p class="MsoNormal" style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #ebf4fb; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-border-top-alt: solid white .5pt; mso-line-height-alt: 14.4pt; mso-outline-level: 2; mso-padding-alt: 0in 0in 0in 0in">The best financial advice ever</p>



<p class="MsoNormal" style="LINE-HEIGHT: 16.8pt; mso-outline-level: 3">Advice on saving </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 14.4pt">"No matter how much or how little you make, always save a little bit." </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"Save hard for the first 10 years of your married life." </p>

<p class="MsoNormal" style="LINE-HEIGHT: 16.8pt; mso-outline-level: 3">Advice on spending </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 14.4pt">"Know the difference between needs and wants." </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"Think of the true cost."</p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"Don't co-sign a loan."</p>

<p class="MsoNormal" style="LINE-HEIGHT: 16.8pt; mso-outline-level: 3">Advice on building wealth </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 14.4pt">"If you need more money, then go out and make more money." </p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"You pay in advance for capacity."</p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"Own your own business -- including the building it's in."</p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt">"Prince Charming is not coming"</p>

<p class="MsoNormal" style="BACKGROUND: white; LINE-HEIGHT: 16.8pt"><strong></strong></p>
 
<p>"Prince Charming is not coming"</p>

<p> </p>

<p>What? This is the OC baby! Prince Charming = Mr. Right Now! </p>

<p>It just blows me away that alot of young guys I work with don't save anything for the future. And instead of getting ANY matching money, they throw it away for the now.... Oh well..</p>

<p>-bix</p>
 
<p>Great advice NIR!</p>

<p>The advice "If you need more money, then go out and make more money" reminds me of what a realtor told me a few years back about buying a home with an I/O loan. "When the loan resets, you would need to generate more revenue to make the new higher payments." I loved the term "generate more revenue." In other words, just go to my boss and ask for 2 paychecks instead of one because I would need to make the house payments. Sure, that'll fly...not!</p>

<p>Fortunately, I knew "the difference between needs and wants", forwent the glories of homeownership, and kept renting instead.</p>

<p>However, many who yielded to the siren songs of the RE industry during this past boom will probably become very acquainted with the virtues of saving what little they can afford to put away (after the huge mortgage payments), not just for the first 10 years of marriage, but their entire lives.</p>
 
<p>I don't know, I think the market will bounce back, but it will take time and ALOT of hard work. People tend to forget that taking care of problems usually takes lots of work and its not pleasant. Goodluck</p>

<p>-bix</p>
 
<p>Bis,</p>

<p><strong>"Prince Charming is not coming"</strong></p>

<p>I can not stress enough on this one. Though, I want to add: </p>

<p><strong>"Princess Charming is not coming"</strong></p>

<p>Major,</p>



<p class="MsoNormal"><strong>"If you need more money, then go out and make more money."</strong> </p>

<p class="MsoNormal">Another way to look at is as "required continuous improvement", not a bad thing to be in.</p>
 
If you "need" more money, maybe you really need to learn to be content with less stuff. Just maybe.<p>



NIR - you may want to close off your bold html code
 
<p>awgee,</p>

<p>I am not sure how to turn off the bold html code.</p>

<p>BTW - Great idea with learning to live with less stuff. Sometimes "less" is "more"!!!</p>
 
<p><strong>""if you need more money then go out and make more money"</strong></p>

<p>I did that, but in this market its not helping. </p>
 
The advice is not without merit, the financial requirements of home ownership has gone way up.





I was chatting with an older friend, he said some years ago he was listening to a radio program. An elderly gentlemen was on and he was commenting on the government's report that our standard of living has improved. He said when he was young, he needed a job, so he went to a gas station and got a job. Then he got married and needed a house, so he went to the bank and got a loan and bought a small house with yard (here in Southern California). He commented that it was impossible for someone to do the same today here, so he doesn't understand why people think our standard or quality of living as improved.





If you want to argue against, it's easy to point out that the houses have gotten a lot bigger, the guy was probably white and got a supervisor job at the full service gas station with minorities working under him (and making less), there were far fewer people here back then and land was cheap, etc. But the guy does have a point. Even if RE prices fall by 30% tomorrow, it'd still be very difficult for many in working class to afford a home here. So, if you want to be a home owner, you gotta go out and make more $.
 
My standard of living hasn't improved much in ten years. To be fair, I moved from a low-cost area to a high-cost area but my income increased as well. In terms of the roof over my head and the things I own, not that much has changed. Lately I've been yearning to leave CA, go somewhere with $120k homes, and enjoy a job at half the pay. Right back where I started, in other words.
 
It's funny I am a local and I think about leaving. I guess I fall into that category of the age 24-35 that the OC business council shows how they are leaving in droves and how that rate tripled since 1990 in leaving OC. Find me great food and 200k homes with decent weather I will be off. Of course I will keep my home and rent it to any IHB'er for a great rate.
 
<p>It's the weather part that screws us up. We're spoiled here. I have a love of bizarre foods, and watching the <a href="http://travel.discovery.com/tv/bizarre-foods/bizarre-foods.html">program</a> has piqued my interest in the Gulf Coast. I love blues, too -- It's a taste I just recently picked up. </p>

<p>I hear there's a shortage of IT folk in the Big Easy.</p>
 
<p>oc....my house is in Chester, CT....a quant little artist colony town near the CT shoreline. I have an acre of land if you can believe that ! And a water/cove view and can watch the antique steam train toot by 6 times a day from my front steps. sigh.</p>

<p>Also, watch out for the Big Easy....absolute lawlessness going on there still.</p>

<p> </p>
 
<p>LOL, I had moved here in 1996 for my job. In 2005 I sold out at the height of the market....family member got sick back home so I took a leave of absence and went back there for a year. Plunked my money down on a house there b/c it had already fallen 50K from listing price, and I knew I'd be going back there for retirement....11 years from now. </p>

<p>Basically, I came back because I have an excellent pension and benefits package where I work. I'm 40, so I really didn't care to start over again back in CT with a new job. Biting the bullet for the pension....outta here as soon as I can swing it financially. </p>
 
<p>Trooper,</p>

<p>I have friends who moved from CA to CT to lower cost of living, then CT back to CA. They were glad to be back to CA and would never again thinking of leaving CA. Could you relate to this at all? I am in the business and I have seen many cases like this. I lived in CA most of my life so I do not know any better.</p>
 
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