Frugal couple accumulate large nest egg by choosing not to live beyond means

Seattle Times ^ | 01/04/04 | Kathleen Lynn

[BSunday]

Please name countries that honor the concept of free property

I don't know why you are thanking me in advance, since I freely agree that there are none (that I know of). I hope you're not confusing my criticism of my country on this subject for a lack of patriotism. (US Navy, Submarine Service, 16 yrs and counting)

[B4Ranch]

To tell you the entire truth, our success probably has more to do with my beautiful wife than the bit of investing that I did. Her pushing and proding was what kept me on track to stay informed and keep looking for good investments.

[B4Ranch]

The trouble I have with new cars is the financial loss that occurs when you drive it off the dealers lot. I buy cars from wholesale dealers only, that are 10 to 15 months old. These are generally from rental agencies. After a good 100% detailing job, they smell just like a new car and are always worth more than I paid for them.

[Hildy]

Did you get a kick out of doing that?

[RightOnline]

"I'm glad your kids are out of college--have you seen how tuition has gone up recently? When I was in college, many people worked their way through and emerged debt-free. That's not within reach these days."

We have seven children...........three in college right now. Two oldest graduate this year..........and both debt free, and they put themselves through school. Tuition, books, living expenses, you name it. Not a dime of debt.

One did it by holding down two or three jobs at a time, yet maintains an amazingly high GPA in a very rugged major. The other worked a job and had help from Uncle Sam (he's in the National Guard, plus did the Army ROTC thing, etc.).

It IS do-able. I couldn't be more proud of these kids, and the fact that THEY did it gives them immeasurable pride as well.

Their degrees plus zero debt......not a bad way to start one's career. :)

[MEGoody]

"There is absolutely no challenge in this."

I agree, but some people are so prideful, they wouldn't buy something on sale even if it was the perfect item.

[Mamzelle]

I still think the tuition increases are fraud. It's not like they're giving us a better product--

[MEGoody]

"but what good is money if you don't enjoy it once in a while?"

I agree. My hubby and I save for retirement, but we aren't obsessive about it. After all, we could retire and die the next day. On the other hand, we could live another 30 years. It's about striking a balance, I think.

[RightOnline]

No doubt about that at all.............you're SO right. When I see the way the university system(s) waste money...........grrrrrrrrrrrrrrr..........

[Bon mots]

Great story - good people - however I would say that no one ever owns property in the USA, even when there is no mortgage. Through never ending assessment of property taxes, and the burden of inheritance taxes, the state holds true ownership over the property now and forevermore.

EXACTLY!
Just don't pay your property taxes, you'll find out just who really does own your property faster than you can say 'forfeiture'.

[mewzilla]

So buy small. We paid off our home last year. No house payments. And our annual taxes on it amount to less money than the monthly mortgage payments many of our friends pay. I really hate rendering unto Caesar :)

[jslade]

Even with Prop. 13, you are still paying the government "rent" through property taxes. You still have a tax liability. I don't care whether you can afford it or not. Try not paying it sometime and see what happens.

[mel]

I was listening to NPR last week in am, well, it is better than traffic reports or Doug Steffen. At any rate, story about a lady who moved to Alaska lived in her car for several months. Then, she bought some land and built a 12x12 cabin. She has electricity but no plumbing.

[Malsua]

Compared to these $20,000 weddings which are very common (and insane!), its quite cheap. I got married at our house 7.5 years ago for under $2000. We had a Luau wedding. It wasn't that we couldn't afford an expensive wedding...we were making well over six figures at the time. The reason is, she did the white wedding/big debt/pay forever for a day thing once and refused to do it again. I was just looking for a no stress, happy event. It was catered, 75 people and in fact was really a 4 day(friday, sat, sun, mon on labor day) party with all our friends and family, including the minister who married us. The requirement? You must wear a flower shirt :). I figured, and rightly so, who can be stressed out wearing a flowered/Hawaiian shirt? Heh. After seeing any number of my friends do penguin weddings and the subsequent stress involved...I knew I had to do better. I must also add what has been stated repeatedly here. Get your debts paid off. I racked up a boat load of debt in my 20s(making low wages in high tech in Ohio). Even making as much as we do, it took a good 5 years to get it all put away. Now it's amazing how much money we have when we aren't paying all that interest.

[Lazamataz]

I had a car paid off, but got married to someone who had no car. Marriage over, he took my car, and I have another 18 months of car payments. Sigh...

Wow, what a wonderful example of keeping private things private. ;^)

I guess it's okay for her but not for me? Another one of those sort of deals?

[technochick99]

I did this before I decided to address the issue - show you how it feels, ya know. After I did it I realized that it wouldn't be effective since you wouldn't be able to tell that I was doing that. Mind you, this is once versus several times you have done it.

[pageonetoo]

Buy a home. Never rent. Debt on a home is always cheaper than rent... you own it someday! Fixing a used car is cheaper than any payments on a new one!

Buy land, and pay the taxes. Buy as much as you can find. they are not making any more.

I own land in 4 states, now, and have three houses, paid for! The taxes I pay on them, are worth every dime, though they are way too much... I can walk through them, whenever I wish!

[wjcsux]

One of the best things you can do to accumulate wealth is not to get divorced.

[Lazamataz]

did this before I decided to address the issue - show you how it feels, ya know.

The difference is, I don't have anything to hide. I've been very upfront with my addiction and my faults to the whole forum. I don't think you've been upfront even with yourself.

But listen, I can't fix you, nor do I care to try. You simply do not factor in my life as anything more than a past event from which I can, and have, drawn lessons -- and this is by your choice, mind you.

Further, this direct conversation is just going to degenerate to something very negative. I will continue to reference my life and my experiences. You cannot control everything; for example, you cannot control what I say. However, I will try like heck not to mention you. For the record, I've not listed what I view are your faults in any message, with the sole exception of the parting treatment. That's the only part where I find that to be very difficult not to mention you. But I imagine over time I will be able to get past that.

[pageonetoo]

...We just had a celebratory party for a collegue who's still at it at 90!

My dad is 80 (81 on the 26th). He 'retired' for the third time, to the Armed Forces retirement Home, in Nov. After settling in for the weekend, he went down to the chaplains' office, and 'volunteered' to help (he retired as an Episcopal Priest).

The head chaplain has cancer, so my dad has been doing his job. He just made an offer to the admins, to go full-time. He has no interest is 'retiring'! He just wants some reasoin to keep living! He is also hoping for a larger room...