Managing money wisely

Fish 004-A

Hawaii.

Three of David’s co-workers have declared bankruptcy, one of them three times during his lifetime.  Unbelievable, because they earn much more than David.  They obviously over extended themselves, financially.

I really admire my husband for being a good provider.  Despite his demotion and $23,000 pay cut in 2010, we have been able to live quite well, mainly due to a reverse mortgage.  Please google it if you don’t know what a reverse mortgage is.  Last year, we had a new roof and solar water heater installed, and we visited India for 15 days.  This year, we are going to stay on the East coast for a week.

But, David has always been good with money.  When he was a young teenager, David had a newspaper route in the afternoon.  With the money he earned, he purchased a telescope, a movie camera, a movie projector, and a movie screen.  Amazing!  These are things I never had as a child.  Heck, in those days, I didn’t even own a stereo!  David didn’t beg his father to buy those items.  He bought them himself.

As a comptroller, he often sees fellow employees ask for an advance on their paycheck.  He has never done so.  We live within our means.

David’s advice:  MANAGE YOUR MONEY WISELY!!! PAY OFF YOUR CREDIT CARD BALANCE AT THE END OF THE MONTH AND DON’T GET INTO DEBT.

I hope we never find ourselves filing for bankruptcy.  How humiliating that would be.

13 Responses to “Managing money wisely”

  1. nanny2011 Says:

    David is a wise man and his advice is the best anyone could give. If only more people would live by these words!!
    I agree with your comment you left, I wish I would post more often but somedays I just can’t find the time.

  2. SchmidleysScribbling Says:

    I believe the rules for declaring bankruptcy have been changed recently. With all the foreclosures, it is hard to think ill of people who got caught without the means to get on. Too many folks still out of work too.

    David and I are fiscally conservative. I attribute that to having Depression Era parents. D~

  3. Christine Says:

    It does make sense to live within one’s means.

  4. L...w Says:

    I definitely second living within one’s means….wish our government would do the same with our tax dollars.

  5. Cathy Says:

    Like you we’ve been in the ‘redundancy or demotion’ predicament and lived to tell the tale. It certainly makes you realise how much you need as opposed to how much you want!

    People seem to think there is no benefit in paying your CC off in full – they love to add to it but hate having to repay it. Ours is cleared each month – I use it a lot these days – gave up the cheque book years ago, the banks were charging the earth for the priviledge and that didn’t sit well with me. Its used for just about anything if its accepted – but the purchases are necessary ones and certainly budgeted ones. FFpoints are to be had if its paid off and that means some free travel somewhere along the line
    Take care
    Cathy

  6. Jeanie Says:

    Not getting into debt is the key I think, but I know that is hard for people to avoid. I used to work with a bankruptcy attorney and there were some really tragic stories.

  7. LC Says:

    Live below your means was what my Depression-era parents taught me by their words and example.Bravo David, but it takes a cooperative partner, so Bravo, Gigi, too.

  8. Suzanne Says:

    I have 2 female friends I search for on occasion that I lost touch with many years ago. One I can’t find at all. The other one lives in North Carolina and opened a bakery. I e-mailed her business last year but I did not hear back. Oh well.

  9. Suzanne Says:

    I posted on the wrong post somehow. Oops!

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