# Keys to Financial Success



## CPAjeff (Dec 20, 2014)

Over the past couple weeks, I’ve thought a lot about financial success and what measures people have done to maintain harmony in their marriage dealing with finances. 

One of the smallest decision, but has become such a huge success, was establishing an adult allowance. Each month, my wife and I each have a small portion built into the budget for us to spend on what we want. She usually spends hers on lunch/dinner/shopping with her sister and friends. I spend my allowance on hunting stuff. We have been doing this since day one of our marriage and we’ve never had a disagreement on this portion of finances. 

So, what has worked or what hasn’t worked for y’all?


----------



## bowgy (Oct 10, 2007)

CPAjeff said:


> Over the past couple weeks, I've thought a lot about financial success and what measures people have done to maintain harmony in their marriage dealing with finances.
> 
> *So, what has worked or what hasn't worked for y'all?*


I give my wife my paycheck and forget about it;-)


----------



## caddis8 (Sep 10, 2007)

I referee basketball to pay for extra things like hunting lease, guns, etc, and have cash around. Just bought 13.5 dozen decoys for a steal of a deal. $15,000 if purchased new. Got them for a LOT less. 

I just try to spend less than I make and save. Some months i'm able to save a bunch, and others aren't as pretty. House insurance is coming up for me, and that's a bit expensive.

I'll admit it, I'm a tightwad and strongly dislike spending money.


----------



## Critter (Mar 20, 2010)

The problem with financial success is different for different people. 

When I was working I worked as much OT as I could. I also paid cash for my play toys such as my 4 wheeler, firearms, and fishing and hunting gear. If I didn't have the money to pay cash for it I waited. I also tried to live on my straight time paycheck plus putting some of it into savings. I also maxed out my 401K contributions and had a couple of other investments that I used my straight time paycheck for. 

Yes, there were times that I had to cut back on investments or use some of my OT pay to cover other unexpected expenses but it worked out for me. 

In the end I can live very comfortable on what my investments did for me. One thing that I did with Social Security was to get out the old calculator and did some math on how much I would receive at age 62, 65, or 67. I found that if I started taking it at 62 that I would get more money out of it than at the other ages until I reached my mid 70's. So I decided to start taking it at 62 instead of waiting.


----------



## DallanC (Jan 13, 2009)

We've always followed the 10% rule. No more than 10% of a check ever goes to anything "frivolous" like eating out, trips, hunting, recreation etc. After bills, most went to paying down mortgage ASAP, then investing once that was done. 

My dad had a favorite saying: "Only 2 things to know about interest, you collect it or you pay it... and its alot more fun to collect it"

-DallanC


----------



## Fowlmouth (Oct 4, 2008)

Things that have worked for us:
savings 
budget
No credit card debt, vehicle payments or otherwise. Just an affordable mortgage.


----------



## johnnycake (Jul 19, 2011)

This is loosely based on my life:


----------



## taxidermist (Sep 11, 2007)

I can attest that after two divorces, I know what not to do...……….. GET MARIED AGAIN. 


I hate spending money if I cant see a return on my purchase or investment. I thank my parents for teaching me the value of money and what's "important" in life. I have tried to be frugal, and was blessed with a mind for investing. You either get it, or you don't from what I've found. 


Just don't spend more than you make! CC are the worse! I've always payed the balance at the end of the month on what I've purchased. (mostly gas, etc.) I'll keep my CC max usage to $200 a month. It's easier to pay that off than thousands!


----------



## Bax* (Dec 14, 2008)

I just tell my wife guns cost $100


----------



## 2full (Apr 8, 2010)

I never told my wife how much I was putting away. I just showed her the take home each check. We lived on that. Bonus checks were pretty much put into investments. 
About 5 years ago I showed her how much was was put away, she was quite happy, her family is terrible with money. 
We didn't buy new trucks and cars till we had too. Same with toys. If we couldn't pay cash for 4 wheelers and like items, didn't buy em. 
Worked out quite well.


----------



## AF CYN (Mar 19, 2009)

Things that have worked for our marriage:

1. We don't care very much about lots of money/wealth, just being comfortable, happy and having enough for our expenses. 
2. Some flexible spending money for things we want to buy or do
3. Total financial transparency with each other
4. No credit card debt
5. Live within means
6. Save and invest
7. Tithing 
8. We just refinanced with a 3% rate and will try to pay off the house by the time I retire


----------



## middlefork (Nov 2, 2008)

Insurance.

Doesn't matter how much money you have, somebody will try and take it from you.


----------



## Kevin D (Sep 15, 2007)

I've always been debt adverse. I remember in college hearing professors explaining the difference between good debt and bad debt, but somehow the concept was lost on me. I viewed debt a sometimes necessary evil to be avoided if possible. I did finance the first 3 vehicles I ever owned, but have since paid cash. I bought a house in 1990 after putting 20% down then financed the rest on a 15 year mortgage that I paid off early. A couple years ago my wife and I built a new house and paid it off in full upon completion, and we still own the first one.

That said I have never owned a new car or truck, credit cards get paid in full every month, and I only take out what I need to get by on month to month. The rest stays invested in the company, of which my yearly take home pay is almost always less than my lowest paid employee.

I've never been concerned about appearances, it doesn't bother me to drive around in an old rust bucket as long as it's dependable, and I'm okay living in a small house. Ironically, a few years ago I was given a Christmas food basket that they were handing out to the poor families in the ward, which I am still uncomfortable with. Just because I don't have a big house that's mortgaged to the hilt and drive the latest model SUV doesn't mean I'm destitute, it's just that I've chosen a different financial route. I can still afford a Christmas turkey.

My advise is to have enough self discipline to resist the mentality that "I gotta have it now."


----------



## SX3 (Jun 3, 2014)

My son runs a plasma donation center. He tried for a long time to talk me into donating but I allowed the stigma to keep me from doing it. Finally a few years ago he talked me into it. I now donate twice a week. I bank about $500 a month to lay down, relax after work and watch Netflix. We have taken several nice vacations including a recent trip to Mesquite to ride side by sides and shoot in the Mesquite Senor games. This is the easiest source of secondary income I have ever found. There are business men, housewife's, students, soldiers and all walks of life donating. It also helps create lifesaving drugs and is one of the things they are looking at regarding COVID 19.


----------



## Critter (Mar 20, 2010)

SX3 said:


> My son runs a plasma donation center. He tried for a long time to talk me into donating but I allowed the stigma to keep me from doing it. Finally a few years ago he talked me into it. I now donate twice a week. I bank about $500 a month to lay down, relax after work and watch Netflix. We have taken several nice vacations including a recent trip to Mesquite to ride side by sides and shoot in the Mesquite Senor games. This is the easiest source of secondary income I have ever found. There are business men, housewife's, students, soldiers and all walks of life donating. It also helps create lifesaving drugs and is one of the things they are looking at regarding COVID 19.


I tried donating plasma once but I got too dizzy when they put me on the centrifuge to start separating it.-()/-


----------



## 3arabians (Dec 9, 2014)

SX3 said:


> My son runs a plasma donation center. He tried for a long time to talk me into donating but I allowed the stigma to keep me from doing it. Finally a few years ago he talked me into it. I now donate twice a week. I bank about $500 a month to lay down, relax after work and watch Netflix. We have taken several nice vacations including a recent trip to Mesquite to ride side by sides and shoot in the Mesquite Senor games. This is the easiest source of secondary income I have ever found. There are business men, housewife's, students, soldiers and all walks of life donating. It also helps create lifesaving drugs and is one of the things they are looking at regarding COVID 19.


This worked well for me for awhile. I paid for my mtn lion mount with a years worth of money donating plasma. After that I used my plasma money for investments. Then my veins just couldn't handle it anymore. It seemed like every other donation I was having to deal with a double stick, so I gave it up.


----------



## stellawinxie (3 mo ago)

Proper allocation of the family budget is a very important thing for financial success. Many couples suffer greatly from this because they do not know the field of economics. When receiving a salary, they spend money incorrectly. I believe that in your family, you have come to a clever solution to the issue of finances. If you still have some accumulated money after all the spending, then you are doubly great! For example, my wife and I have been saving money for a long time to pay the first installment of a mortgage. It took us a long time to get a mortgage, but the specialists from Mortgage Broker Northampton helped us a lot and succeeded.


----------



## brisket (Mar 3, 2015)

Old thread, but back to the original question. We did the same thing as CPAJeff, having a slush fund of equal amounts go into separate accounts, one for each of us. The only rule of these accounts is “no questions asked” about what we spend it on. Mine typically goes to guns, ammo, archery, optics, etc. To this day, she has no idea how much I spent on my Swarovski’s and that is a beautiful thing. 😁

That has worked out great for us. Additionally it helps to marry someone fairly frugal. We’ve had similar financial goals, such as getting completely out of debt and worked hard to make that happen. Finally made the last mortgage payment earlier this year and it feels great getting those chain of slavery off us. It seems like everyone around us is always going on expensive vacations and we didn’t so we could make those financial goals. It’s tough to tell what is right, though…perhaps we should have done more of that while the kids were younger, to build more memories? Either way, it’s been awesome funneling the mortgage payment into some fun stuff and not so stressed out of about loosing my job when cutbacks happen.


----------



## JerryH (Jun 17, 2014)

When we paid off the mortgage it was the best feeling. Nothing better than having that monkey off your back. We are loading up our retirement accounts. I do have some regrets though. In hindsight I wish we would bought land instead. I feel we would make a better returns on our money.


----------



## Bax* (Dec 14, 2008)

stellawinxie said:


> Very important thing for financial success. Many couples suffer greatly from this because they do not know the field of economics. When receiving a salary, they spend money incorrectly.


Are they paying via NFTs or are ETF fees eating them alive? Or are they taking lower APRs with a balance transfer via a LIR on one singular debt holder to create the perception of a lower DIR? I mean they could pay via ACH to keep postage costs down vs laying by check.


----------



## wyogoob (Sep 7, 2007)

I own three string trimmers.


----------



## MrShane (Jul 21, 2019)

wyogoob said:


> I own three string trimmers.


If they are Shindaiwas, that is gold!


----------

