05-08-2021, 04:17 PM
(05-08-2021, 10:43 AM)NilesMike Wrote:Interesting conversation to me. People lead their lives different ways. I can't imagine how much money I would have if I stayed single because I figured out financial planning early in life. I'm happy though. We wouldn't have two nickels to rub together if my wife were in charge of the main accounts. Thirty years ago she told my mother she gets no gratification out of saving money. It's a waste of perfectly good spending money in so many words.(05-08-2021, 08:53 AM)ChadR Wrote: Fenders, I know a few that did the Dave Ramsey method and don't have a credit score, but they do have a ton of investments.
Now HVAC guys are a different. I know a couple that are like him and do a lot of work under the table. Most have a ton of cash sitting in a safe. One client from a previous job told me he had around $400k sitting in cash in his safe. Thought all financial planners were crooks (pot meet kettle) and he didn't trust the stock market. That was about 7 years ago so I wouldn't be surprised if he wasn't sitting on $600k or more now. He missed out on a huge market bull run, but he didn't want to pay taxes.
I appraised a downtown Chicago condo, new construction, for a buyer once. He was paying cash, but wanted to know how much he was under water (GFC had just hit), made his money selling $1.50 hot dogs!
I let her do her thing. She worked about 25 years and made her car payments, bought stuff for the family she found pleasure in buying. She had the new car, I drove the used truck. I mostly tamed her and she let me handle the rest. She understands now how much different life would be going forward if we hadn't done it this way. Most everyone she socializes with, and her family will be working until 65 minimum, and 90% of them won't be in better shape even after that effort.And I've never heard of a Hot Dog tycoon that didn't have his face on the package at the grocery store lol.