I’ve noticed some common themes among some of the people I’ve interacted with who were not financially successful. Now, I am myself about $15k in debt from college, just to give you an idea that i am not rich, yet.
This thread serves as a guideline as to what generally f*cks you when it comes to having a successful financial situation. Feel free to add some coherent and time-tested mishaps of your own.
1. Having a Kid. Just from financial standpoint this is a huge drain. I’ve read somewhere that by the age of 18 the parents invest over $200,000 into their child. You will need to pay child support if you decide not to get married, and that hurts. Be careful and use condoms.
2. Which brings us to Marriage. Ask anyone successful, this is a horrible idea unless you are already financially secure to some degree. First of all, ceremony, honeymoon and the ring alone will be a lot of money. Then you will need to get a place of your own and start buying a lot of stuff your wife thinks you need. Avoid marriage, find a woman you truly hate and buy her a house. ( Or just marry at 28-32 range)
3. DWI. Three letters that really suck. First of all, DWI will cost you around $3,000 (in MN), unless you get a good lawyer which can bring it to a number much higher than this. You should always get a lawyer because your insurance is going to rape you afterwards if DWI appears on your record. Do not drink and drive if possible. Multiple speeding tickets will also screw you. My friend has 4 and his insurance is $250 a month. That is almost as much as my rent.
4. Felony for something stupid. Do not steal small things, do not assault people when all of you are in drunken rage. Do not break and enter into places that might be cool. Do not be an idiot. Felonies will restrict your job options.
5. Addictions. Weed and alcohol alone can keep you down from financial success for a long time. Stop smoking so much and drink smart. I see a lot of people buying $50-$100 liquor bottles when they can’t afford them. These are the people who buy $10 drinks when going out. These people are living “ghetto rich” Do not be like this.
6. Hobbies that take up a lot of money. My teacher told me once that every person has something that they can justify spending a lot of money on. Some can’t afford cable but can’t live without expensive shoes, some don’t own a decent car but can’t go without buying the newest computer game. Assess what those hobies of yours are and take actions. Mine is clubbing. I used to spend a lot of money going out, but now I usually use a free pass 8/10 times. I also go to dollar drink nights, or get girls to buy me drinks.
7. Buying new things when you can buy used things. Cars depreciate 25% the moment they are driven off the lot. Smart people buy cars that are 1-3 years used. The computer I am typing this on was worth $2000. I bought it used for $999. It has been working great for 2 years now.
8. Dropping out of college. Unless you are starting your own business and realized that school is not going to teach you anything, do not waste your money dropping out. If your parents are paying for your education, your chances of dropping out are about 1000% higher
There are more things that can be added, but for now just make sure you avoid these. Do not let stupid decisions limit your ability to be successful.
This thread serves as a guideline as to what generally f*cks you when it comes to having a successful financial situation. Feel free to add some coherent and time-tested mishaps of your own.
1. Having a Kid. Just from financial standpoint this is a huge drain. I’ve read somewhere that by the age of 18 the parents invest over $200,000 into their child. You will need to pay child support if you decide not to get married, and that hurts. Be careful and use condoms.
2. Which brings us to Marriage. Ask anyone successful, this is a horrible idea unless you are already financially secure to some degree. First of all, ceremony, honeymoon and the ring alone will be a lot of money. Then you will need to get a place of your own and start buying a lot of stuff your wife thinks you need. Avoid marriage, find a woman you truly hate and buy her a house. ( Or just marry at 28-32 range)
3. DWI. Three letters that really suck. First of all, DWI will cost you around $3,000 (in MN), unless you get a good lawyer which can bring it to a number much higher than this. You should always get a lawyer because your insurance is going to rape you afterwards if DWI appears on your record. Do not drink and drive if possible. Multiple speeding tickets will also screw you. My friend has 4 and his insurance is $250 a month. That is almost as much as my rent.
4. Felony for something stupid. Do not steal small things, do not assault people when all of you are in drunken rage. Do not break and enter into places that might be cool. Do not be an idiot. Felonies will restrict your job options.
5. Addictions. Weed and alcohol alone can keep you down from financial success for a long time. Stop smoking so much and drink smart. I see a lot of people buying $50-$100 liquor bottles when they can’t afford them. These are the people who buy $10 drinks when going out. These people are living “ghetto rich” Do not be like this.
6. Hobbies that take up a lot of money. My teacher told me once that every person has something that they can justify spending a lot of money on. Some can’t afford cable but can’t live without expensive shoes, some don’t own a decent car but can’t go without buying the newest computer game. Assess what those hobies of yours are and take actions. Mine is clubbing. I used to spend a lot of money going out, but now I usually use a free pass 8/10 times. I also go to dollar drink nights, or get girls to buy me drinks.
7. Buying new things when you can buy used things. Cars depreciate 25% the moment they are driven off the lot. Smart people buy cars that are 1-3 years used. The computer I am typing this on was worth $2000. I bought it used for $999. It has been working great for 2 years now.
8. Dropping out of college. Unless you are starting your own business and realized that school is not going to teach you anything, do not waste your money dropping out. If your parents are paying for your education, your chances of dropping out are about 1000% higher
There are more things that can be added, but for now just make sure you avoid these. Do not let stupid decisions limit your ability to be successful.