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StahlBro
Trad climber
San Diego, CA
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Sep 20, 2018 - 04:04pm PT
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One must always be on guard for irrational exuberance. It runs in cycles, and is kind of like the “boiling a frog” metaphor. Eventually the frog dies.
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johntp
Trad climber
Little Rock and Loving It
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Sep 20, 2018 - 04:36pm PT
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Rollover: I don't see anyone posting lording their circumstances over you. Just relating their path to how they got there.
Many here have worked hard and long hours. Me, worked roughnecking in the Gulf of Mexico for two years at 19 (1979) for $17.00/hour. Twelve hour/day for 14 days, then 14 days off to climb and backpack. Went back to college in Cali and earned a degree with a lousy GPA.
While in Cali spent a lot of time climbing with career professionals. After graduating got an offer to be a mechanical engineer (my degree was in Marketing) from a friend and took it. Climbed and backpacked every weekend working 40 hour weeks.
Fast forward about nine years. Got an engineering job with a world leader in the engineering and construction business for power plants and refineries. Spent five years in the field working construction, commissioning and contracts management. Worked 12-16 hours seven days a week for months on end without a day off. After seven years at the firm my position was upgraded to Senior Mechanical Engineer.
Work smart and network. As said above, hard work doesn't give you anything unless you do it smart and keep a positive outlook even when things get rough.
If you wrap yourself in negativity it has only one outcome.
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John M
climber
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Sep 20, 2018 - 04:44pm PT
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work visas are government assistance
not if you show up with a butt load of talent and skills like Moose did. By your definition, anyone who immigrated to America got government assistance, even though America is looking for talent.
Anyone know who power crux is? I don't like talking to anonymous people. Especially those who act like trolls.
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johntp
Trad climber
Little Rock and Loving It
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Sep 20, 2018 - 04:50pm PT
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Anyone know who power crux is? I don't like talking to anonymous people. Especially those who act like trolls.
Agree with that. Haven't seen the moniker before.
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Reilly
Mountain climber
The Other Monrovia- CA
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Sep 20, 2018 - 06:17pm PT
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Hey, Moosie, you didn’t pick up on my comment on living in the Polak neighborhood! It had its advantages - good to live amongst good HARD WORKING people, plus they make great sausages! My brother likes ‘em so much he married two of ‘em! (not at the same time) 😄
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Reilly
Mountain climber
The Other Monrovia- CA
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Sep 20, 2018 - 06:40pm PT
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👍
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Larry Nelson
Social climber
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Sep 20, 2018 - 07:56pm PT
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Economists have predicted 11 of the last 3 recessions, and the stock market is a casino...but ya can still get ahead and have a retirement.
Good advice by Fritz and Reilly
Wife and I invested in real estate for 10 years...driving beaters, cheap vacations, no going out...every penny toward the next down payment...ended up with five houses in San Diego.
I worked 7/12's for 2 to 8 weeks at a time for over 10 years...maxed out my 401K's where ever I worked...ended up with one IRA annuity and one IRA in various markets.
I have 2 old friends who lived lives of instant gratification...living in their trucks now, each with a son rotating in and out of jail...breaks my heart but what can you do?
edit: Moose, Reilly...my brother's wife is Polack, wonderful lady.
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Lituya
Mountain climber
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Sep 20, 2018 - 08:31pm PT
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Wife and I invested in real estate for 10 years...driving beaters, cheap vacations, no going out...every penny toward the next down payment...ended up with five houses in San Diego.
I worked 7/12's for 2 to 8 weeks at a time for over 10 years...maxed out my 401K's where ever I worked...ended up with one IRA annuity and one IRA in various markets.
I have 2 old friends who lived lives of instant gratification...living in their trucks now, each with a son rotating in and out of jail...breaks my heart but what can you do?
Post of the month!! (Although we've never been bullish on real estate, it works for many.)
Work hard. (But don't get stepped on.) Get an education. (But don't let it confine you.) Invest in the future of companies you believe in. (Or let someone smart do it for you.) And, as Larry just said, skip the expensive vacations, restaurants, the new car until you're older--and, of course, abstain from nasty and expensive drug habits.
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John M
climber
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Sep 20, 2018 - 09:03pm PT
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Work hard. (But don't get stepped on.) Get an education. (But don't let it confine you.) Invest in the future of companies you believe in. (Or let someone smart do it for you.) And, as Larry just said, skip the expensive vacations, restaurants, the new car until you're older--and, of course, abstain from nasty and expensive drug habits.
That doesn't always work. Its good advice, but plenty of things can happen that can derail that.
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rottingjohnny
Sport climber
Sands Motel , Las Vegas
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Sep 20, 2018 - 09:24pm PT
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Marrying 2 sausages is low hanging fruit but congratulations either way...
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Lituya
Mountain climber
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Sep 20, 2018 - 09:47pm PT
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That doesn't always work. Its good advice, but plenty of things can happen that can derail that.
As an NHL survivor myself, I understand what you're saying. Still, the formula works most of the time. And just giving up--as Rollover seems to be doing--is certainly not going to work. Waiting for the revolution is probably a bad plan too.
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John M
climber
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Sep 20, 2018 - 10:18pm PT
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congratulations on beating cancer. Hockey can do that to you.
Yes, giving up is a bad idea. The problem is that our generation seems to be leaving the next generations some real messes. we keep sending the mess down the line and its getting pretty big.
On that note..
I would like to hear rollover's story. Not everyone recovered well from the last recession.
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Gary
Social climber
Desolation Basin, Calif.
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Sep 21, 2018 - 06:26am PT
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We always called it Czech-cago.
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Bad Climber
Trad climber
The Lawless Border Regions
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Sep 21, 2018 - 08:22am PT
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Yep. Gotta be smart AND stick with it. Here's a cautionary true story.
I know a guy who's usually the smartest dude in the room. He dropped out of high school and got a GED because he found high school intolerable. He is of the generation that came of age with the dawn of the computer revolution and started working on small computers early on. Hardware first then programming. He went on to become quite the expert, flying all over the nation and world, working for high-end clients. Boat loads of cash coming in. He bought a great house in an expensive west coast city. All is rosy and light and he lived happily ever after? Hardly. Here's the turn.
He found the work more and more soul deadening. He'd always loved music, so in his mid/late 40's he decides to go for his dream! Go big or go home, right? He takes out a second mortgage on his home and works hard at trying to develop a commercial music career, which, not surprisingly, goes nowhere. Even with immense talent, such a career is like a moonshot.
All along, he was NOT investing, not thinking long term financial stability, just going from one high paying job to the next. Money was easy. It will always come, right? Er.... He finally realized the music gig is going nowhere, so he starts to look for tech jobs again, but now he's been out of the loop for years, is in his fifties, and has no fire for the labor on top of that. He gets a few jobs, including one start up that he puts huge labor into that goes nowhere. The founders never pay him wages. They were all betting on the outcome, which didn't come. The noose gets tighter and tighter. Eventually, he has to sell his big house because he can't make the payments. It has increased radically in value, so he makes a killing. Pays off his debts. And immediately moves into large, expensive rental houses BY HIMSELF, laying down big checks every month as if he's still bringing in a six figure income. This goes on for years. But the laws of physics and finance don't change because you choose to ignore them. Dood is now homeless.
Don't let this happen to you, kids. Save, invest. If you have the good fortune to get on the gravy train, plan with the knowledge that you could get kicked off at any time. Had this guy invested, used his resources even somewhat reasonably, he'd be totally fine now instead of scrounging on social security and medicaid.
As soon as I got a real income, I started investing. Nothing fancy--just well diversified mutual funds. It has made a HUGE difference. I have a very modest retirement now, but my time is my own, and my wife and I are leaving for City of Rocks on Monday. Not bad, IMHO. What we need is some serious financial education in our schools, but I got ZERO. I was lucky to have reasonably frugal, smart parents, and when I was younger, I drove around listening to a financial guy on the radio. I believe the show was "Money Talk" with Bob Brinker? I guess I was a nerdy twenty year old. Also, I had a friend back in junior college who got into investing very seriously as a hobby then career. He probably owns a private island at this point. All these influences helped move me in a financially responsible direction. Maybe some young guns will read this thread and start taking control of their own financial future. We can hope.
BAd
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Spider Savage
Mountain climber
The shaggy fringe of Los Angeles
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Sep 21, 2018 - 08:37am PT
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serious financial education in schools
Bingo.
Had to figure it out for self. Book Rich Dad Poor Dad lays it out well and concisely.
Bragging about circumstance - At age 20 I hitchhiked into LA from North Idaho with $17 a guitar and backpack. Didn't know anyone. High school drop-out. Camped in Gritth Park. About 35 years later achieved net worth making me a "qualified investor."
While my lack of formal education made circumstances more challenging my ability to figure things out put me on the ladder to success.
The wealthy rarely wait for permission or acceptance. They go after it.
One more key bit of advice I give to people longing for higher income: To get a lot of money you need to handle a lot of money. Manage big projects, get into industries where money flows, and make yourself useful through knowledge and productiveness.
Peons in the big Wall Street firms get paid about ten times the average. Though much of that is spent on rent.
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Larry Nelson
Social climber
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Sep 21, 2018 - 09:52am PT
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"The most powerful force in the universe is compound interest".
Albert Einstein
Good advice bad climber.
I didn't have a pot to pee in when I was 40 (the whoring years), but the wife and I hatched our plans and stuck with them. For a life plan to work out, you definitely need luck, and I admit I have always been lucky.
But if you consider yourself always unlucky, you'll never find happiness.
Visualize where you want to be in 10 years, 20 years, and plan it.
Visualize yourself on your deathbed as a 90 year old...what do you reflect on, what would you have done different?
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John M
climber
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Sep 21, 2018 - 01:34pm PT
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many schools of economics still teach trickle down economics and thus It becomes engrained in people. So be careful what you wish for.
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Toker Villain
Big Wall climber
Toquerville, Utah
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Sep 21, 2018 - 11:31pm PT
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I have commitment issues and,.... do they even make kosher sausages?
(fri night drunk post)
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Reilly
Mountain climber
The Other Monrovia- CA
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Sep 21, 2018 - 11:43pm PT
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If yer drunk enough I’m sure you could be excused,
or just claim you thought it was sheep sausage.
And given what you’ve probably made the last week, who cares?
A friend has been playing with Canuckian pot company stocks.
He made 100% on one in a day or two! He didn’t bet the farm
so it was just harmless fun.
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Toker Villain
Big Wall climber
Toquerville, Utah
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Sep 22, 2018 - 01:39am PT
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Actually found another way to play the green wave (hint; it's a cash only biz).
After all, they don't want all their assets to go up in smoke.
That could be a chronic problem.
It is high time to address this.
Could I be more blunt.
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