Edit: Top of the page again!! Steven Otte, what do you suggest we offer the folks?
Dianne and I went for another colour drive today. What a difference three days makes! I'd say that 80-90% of the trees have changed. We went about 75 kms in total but luck would have it that the best colours were close to home. We will probably go again on Saturday.
The last few days have been quite warm. I was just getting used to the cooler weather when summer came back. That's all going to change by the weekend!
I have hired a snow removal company. They are the same guys who have been doing my lawns all summer and they have done a good job on the lawns. In addition to the driveway and the front walkway they have agreed to do the side and back walkways as well as the deck, and they will clear a path to the bird feeders too!
Paying for snow removal is kind of a tricky situation. We may or may not get much snow but we have to pay for five months regardless. Last year I had to clean the driveway less than a half dozen times. If we get the same snowfall this year it will work out to about $250 per cleaning. Some winters I have only had to use the snow blower a couple of times. Oh well, I don't want to (read 'can't') deal with the white stuff anymore so I will pay the price.
Cheers everyone!
Dave
I'm just a dude with a bad back having a lot of fun with model trains, and finally building a layout!
Thanks, TF, for the kind words.
I had my life planned out at 15 or 16 up to about 85 because that seemed to be the age when everyone died on both sides of the family. I just wanted what my parents had except without any debt.
My Dad worked for the Post Office and Mom taught piano and voice, we had a good middle-class life. I saw my parents really struggle in the early years with the mortgage of a brand new house and if a new car was needed unexpectedly. I thought if I didn't have to worry about those two things I would have an easy life.
I started learning all about investing starting at 16 and at 19 bought and rented out a high-end luxury Condo and the rent paid the mortgage. I thought that was easy so then bought a big old house that had been converted into five units and that more than paid the bills. A few years later I hated being a landlord and sold both properties that never cost me a dime and bought my own house in a very high-end part of town. I also pumped lots of money into the stock market every year starting at 17. I have never had a mortgage for my personal house, only the revenue houses and the renters paid the mortgage. I have always paid cash for new cars.
People don't plan to fail, they fail to plan.
I only have High School but have bought and read a lot of books, some were pretty expensive and some I could only buy at the University of British Columbia bookstore. I always wonder how I would do on some of the University exams if I wrote them. We don't know what we don't know, exams help you to find out what you don't know.
I am probably five times wealthier than my parents were at my age indexing for inflation as well. The only thing I ever borrowed money for was to make money. I have had an easy carefree life by not paying interest on things I should not have bought in the first place.
Elon Musk was asked what degrees people must have to work for him, he responded by saying "I hire people by what they know, not by what degree they have".
If these kids walked around with a book in their hands instead of a cell phone they could be learning a lot, the same goes for sitting in front of the TV.
I asked my kid last year if he applied for the interest-free Government loan for University, he qualified for $7000.00. He said he had enough money and didn't need to. I said it is interest-free until one year after you finish University. $7000.00 a year Government loan is $56,000.00 over the eight years of University. A year after he graduates that $56,000.00 should be over $100,000.00 if invested properly. He pays back the $56,000.00 to the Government and ends up with $50,000.00 dollars to use for his start in life. He now has $14,000.00 in the bank waiting for the upcoming, overdue market crash.
My kids really appreciate my guidance.
Brent
"All of the world's problems are the result of the difference between how we think and how the world works."
Brent, have you considered writing a book?
Also, how would you advise on where/how of starting investing? I wouldn't mind being a landlord either. I'm kinda in the same situation with my parents, they've done well but I want to do better.
I'd be starting from nothing though.
Steve
If everything seems under control, you're not going fast enough!
Steven,
Step one: stop buying things on credit. Stop it now before you head down that road.
Step 2 save save and save. If you pay yourself what you would pay the bank, or samsung each month, then you would have money to outright buy the stuff you need.
Think about purchases " do I really need this?"
I am not syaing you can't have things, but until you have money to buy the things it is better to wait.
Always, always look at how much something costs, not " how much is it a month"
"how much is it a month " gets people in debt up to their eyeballs quickly.
If you look up Dave Ramsey he has some good ideas on this. His books are mostly to get you out of debt, but you can apply those principles to starting off debt free.
Let me tell you debt free starting off is the way you want to go. When I get a paycheck evey two weeks I am paying myself , not a bank, not a car lot, not samsung, not the tire dealer, ME.
I have 2 and a half years of my salary liquid cash in the bank , I have 7 times that in investments. I have acrued this in only 14 years. we paid off our house 14 years ago and have paid for cars. I never had anything more than a mortgage on a house and I had a car payment once. Last Feb we had to get a new car for the wife I wrote a check for it, no payments, nada, a check and we drove off.
Don't eat out a bunch, eating out is a money sucker. Some people claim eating out is cheaper but that is a lie.
You have to be careful about trying to buy a property and rent it to pay your mortgage, it has worked for some people like Brent but it does not take much to bring you down if your market goes bad. Sometimes people get in over thier heads trying to leverage properties.
The choice is ultimatley yours to make, but think long and hard.
Starting with nothing doesn't buy you much in the stock market.
Jim Cramer wrote some entertaining books that are in your local library.
As others have said, saving is not wasting money is the essential step. Look at all the NFL players and Hollywood types who blew through millions. But there is a balance. Life is to be enjoyed.
Henry
COB Potomac & Northern
Shenandoah Valley
Good morning
If starting out with nothing is bad, how about starting out in the hole with debt ?
Not good.
Best to save money and invest it wisely.
GARRY
HEARTLAND DIVISION, CB&Q RR
EVERYWHERE LOST; WE HUSTLE OUR CABOOSE FOR YOU
hon30critter Top of the page again!! Steven Otte, what do you suggest we offer the folks?
Top of the page again!! Steven Otte, what do you suggest we offer the folks?
How about we head over to Boston for some baked beans?
No, not those.
There we go. With lots of bacon.
What? Hey, it's Friday. I won't have to be here while you guys stink up the place the next two days.
--Steven Otte, Model Railroader senior associate editorsotte@kalmbach.com
NWP SWP Brent, have you considered writing a book? Also, how would you advise on where/how of starting investing? I wouldn't mind being a landlord either. I'm kinda in the same situation with my parents, they've done well but I want to do better. I'd be starting from nothing though.
Steven, you are not the first to suggest I write a book. People around me know I think differently than most and have experienced a lot in my life. Wanting to experience things requires money and that more than anything was my driving force.
We all know people that say they are overweight and out of shape and spend big bucks on exercise equipment and never use it. Just buying the equipment doesn't do anything but drain your wallet. Look at Ray and his great job of weight loss, how much does walking cost him. Think smart.
Vanity bankrupts many a soul. As long as you are a decent person that finds the good in things, don't care about what people think of you. Those that matter won't care and those that care don't matter. Kindness cost nothing, so always be kind. So many of my opportunities in life have come from doing things I didn't have to do for people, but people noticed when I did them. You know if you are a good person or not and that should give you enough self-esteem to avoid the Vanity purchases.
The day has 24 hours in it. Take away 10 for eating, sleeping, and other things, that leaves 14 hours a day, 98 hours a week. Take away commute time and that leaves 84 hours a week. At $10.00 an hour that is $840.00 a week, at $20.00 an hour $1680.00 a week. The secret is, once you find a job, keep looking for a better one and move on and then keep looking for a better one after that. What do you care what you do while your working, you are there for eight hours so do what pays the most. You live at home and have no responsibilities like a family and if you don't go into debt, you don't have to worry about bills to pay. Now is the time to make hay.
Don't ask me how to invest, educate yourself and learn how to invest. Read, read, read. You don't have to go to University to be educated. Books are like exercise equipment, you need to use it to succeed, talk is cheap.
Creating wealth is as easy as going into debt. You can turn right or left. I started with nothing, my Dad worked for the Post Office. Debt is a disease, like gambling.
My whole life I worked at a bottom rung job for one branch of Government or another. I hated school but loved learning and like exercising getting educated can be completely free.
Good afternoon
Steve O ... Thanks for the beans !
Brent .... Your advice is very good and your comments are well written.
As you said, Brent, we must make choices. Following is a true example ... When I lived in Michigan, I had a model train friend who accumulated wealth by saving his money and investing it wisely. He worked most of his adult life in a job where wages were modest. On his own time, he learned all he could about investing, and he did very well with that, Remarkably, his twin brother also worked his adult life in modest income jobs. His brother did not save his money and invest it wisely. By the time, he was ready to retire, he had no significant savings to invest for retirement income. He and his wife struggled to pay basic expenses.
In past month, we have also talked about finances here in the Diner. Then, I talked about the time value of money. Those who understand it, will use it to their advantage. Money can work for you providing income.
If a person saves money and invests it, he will have more money in the future. Interest compounds, and the money will keep growing greater amounts in the future becasue of that.
On the other hand, borrowed money also has compund interest. Debt will grow in greater amounts in the future as interest compounds.
Everybody can decide if they want wealth in future years or debt in future years.... Then they can act accordingly.
Brent, several years ago, I conducted classes on personal financial management at a church we once attended. Interestingly, there are many Bible verses with excellent advice on how to handle money. I will not quote any here because I don't think I should preach religion here. Suffice it to say, money itself is not at all evil, but the love of money is.
NWP SWP.... I hope you understand all of the comments about not borrowing money are taken as constructive suggestions. In no way do we want to sound negative towards you. ... If you see something for sale and they offer to sell with monthly payments, I suggest you do not believe them if they say they do not charge interest. You will pay interest indirectly. Before offering a deal to prospective customers, the seller already has factored into the payment the company's cost of capital. ..... Nothing is free.
Afternoon Diners
Flo, give the gang and I a please. Hum, no Ulrich again so far. Hope you are doing well Ulrich!
Wife Rehab She seemed to do a lot better today! She said "I feel better now than when I went, not as stiff." We go again this Monday and hope things go as well as they did today! As much as I don't want to, I need to get back to work. As of yesterday I have been off a full month.
Ed Thanks for the photos in the DCC section. Main thing I was worried about was piching the headlight wires. Front of the bolier is now off so I can route the wires. In the mean time I have the Mighty B&O F7's dragging the Heavy Weight PRR coaches.
Heartland Division CB&Q You will pay interest indirectly. Before offering a deal to prospective customers, the seller already has factored into the payment the company's cost of capital. ..... Nothing is free.
Gary never have ture words been said!
Steven The intrest is hidden in the cost of what you are buying. Where I work, we can go off 20% off tag prices. But, if the customer want's intrest free, well depending on the lenght of intrest free it will cut the discount between 3% to 8%.
Far as new tires, it was not till I was 28 I think I could afford all matching tires bought at one time on my 68 Road Runner.
Use Credit when you have to have something, not when you want something! Big car or in your case truck repair I understand. In my case it was house repairs and fences replacment that sunk me. I am paying around $300 a month in intrest on Credit Card and personal loans. Well I still have a roof over my head and cars to get to work in. I sure do regret having to do it, if I did not have the debit I could stop working at age 62. My dad retired at 52 I will ad, he saved a lot.
Later, Ken
I hate Rust
Thanks for the advice, I actually was at the bookstore today, got the SAT prep book and a Vinyl LP of one of my favorite musicians.
I'm going back next payday to get the SAT Subject test books (U.S. History and Literature), another prep book or two (the smaller "hacks" and tricks ones) and Alan Aldas "If I Understood You, Would I Have Tgis Look on My Face? My Adventures in the Art and Science of Relating and Communicating"
I'll pick up a investment book too.
Just to clarify my mom wouldn't let me drive my truck until I bought all new tires, and my old phone wouldn't make phone calls because the SIM card reader was corroded.
Steven OtteHow about we head over to Boston for some baked beans?
Sounds great!
Steven OtteHey, it's Friday. I won't have to be here while you guys stink up the place the next two days.
Remind me to avoid elevators!
Tough day at the office today. I'm a little bummed out. I did not get my basement done. This is nothing new, you think you're faster than you really are sometimes. You work hard all day and never see the light at the end of the tunnel. So much for my three days off this week. It looks like I'm going to have to work Saturday
BATMAN Elon Musk was asked what degrees people must have to work for him, he responded by saying "I hire people by what they know, not by what degree they have".
I enjoyed reading over what you had to say Brent. If there was anything said that I would disagree with, I would say so. I'm a man that says it like it is. I actually agreed with everything.
The statement above I cannot say any better. I've been telling acquaintances this for years.
It's a shame these days how things have changed. Decades ago a person was hired, especially by unions for life experience. Now the only people hired are mainly people with degrees. The problem with that is, although these people may be well-educated. They are equipped with theory from books.
Trial and error and hands-on life experience always outweighs textbook theory. Textbook theory does not problem solve complex situations that happen on a daily basis in the real world.
Knowing what to do from life experience way outshines a college education. Too bad very few companies see it that way anymore. I'm sure there's a few that still do
Good evening — here it is Friday already!
cudakenFlo, give the gang and I a please. Hum, no Ulrich again so far. Hope you are doing well Ulrich!
I see that Ulrich replied to a thread on the East Penn traction Co. on 9 October so he has been around. Let's hope he pops in the diner for... beans
Glad those photos helped you get your Pennsy steam back on the rails, Ken
All the discussion about borrowing money has me thinking about my loathing for all the predatory lenders out there. States used to have usury laws but it seems these are a thing of the past.
Talk about kicking a guy when he's down, these payday lenders are very unscrupulous. I'm glad the authorities caught up with this Scott Tucker guy and locked him up. Three other payday lending schemes were tried in Kansas City with convictions in all of them. Tucker used American Indian tribes to front his business so he could avoid laws and taxes. There's still thousands more like them out there. Those "rent-to-own" places aren't any better.
https://www.kansascity.com/news/business/article193241289.html
The idea is as old as money itself, just like the "Company Store" in poor mining regions, to keep you indentured to the owners.
NWP SWPand Alan Aldas "If I Understood You, Would I Have Tgis Look on My Face?
I listened to that book on "Books On Tape" which is my prefered method of "reading". I've always liked Alan Alda. There are lots of library sponsored audiobook programs out there where downloading free audiobooks is possible. I enjoy working on the layout with a good book playing in the background.
If you don't mind, allow me to suggest what I found to be a great book on leadership and dealing with people. Colin Powel's "It Worked For Me"
https://www.npr.org/2012/05/22/153296714/it-worked-for-me-life-lessons-from-colin-powell
I found the book to be very worth while.
I hope everyone is doing well and has an enjoyable weekend...
Cheers! Ed
Evenin' Folks!
Been busier than a cat covering poop on a marble floor today.... Went over to the fieldhouse and put in my 4 miles. Much nicer now that the main door in the back has been closed and they have the heat back on! With it cooler in their I find my heart rate doesn't get into the "cardio" area nearly as much. That may also be because my body is in better shape as well, of course.
BATMANLook at Ray and his great job of weight loss, how much does walking cost him.
Well, the community walking pass is going up to $58 this coming January, but that is not bad for the yearly pass and includes the use of a lot of training equipment that can be used as desired (Weights, pull-up stations, flying rings, matts, stretching stations, and other equipment. For a small extra fee we can use the basketball courts, squash courts, tennis courts, etc if we are with a "full" member.) The biggest cost for me is that since I started getting serious I have spent well over $2,000 on clothing! Much better than having to buy clothing because I got too fat to wear the old clothes though.
Yesterday I got out my old Carhartt winter work coat I bought a couple years ago. Ha! It could be pulled out about 7 inches from where my tummy now is. and was rediculously sloppy and large on me. So after I got home from tending my sister's kitties in Canandaigua I stopped in at our local owned and run discount clothing store downtown and spent about $60 on a new Carhartt Jacket. he, he, he..... The old one was a 2X large size. The new one is........... a Large. Two sizes smaller. YES! I will be wearing it over my "Uniform" this weekend at "Pumpkin Patch Trains" out at the Museum.
BTW, Batman, Your advise to the younger guys is right on the money! Now, I did put the new Jacket on the Credit Card, but..... My card costs me nothing. 0% interest and no other fees from the Credit Union as long as I pay it off in full every month. I know exactly how much I have available to spend on that and never let the ballance get over what can be paid off in full the first of every month. I have a cheap flip phone for taking with me when I need it. No texts, no other extra crap on it. Don't need it. I can call almost anywhere in the world up to 200 minutes a month (Never have used more than 10 in any month over the last decade) and my cost is all of $39.73 a month. The phone was free with the plan. When I bought the Chevy Volt (Total came to about $34,000), I paid cash.... Much cheaper than paying interest, and yes I have been told I was foolish by some salesmen (they get more by screwing you to get the company car loan I think). Within the next year or so I will likely be doing some remodeling here at home and some much needed repairs. That will probably run around $20,000 or so. It will be paid in cash! Only thing loans are good for is lining the pockets of Billionairs who already have way more than their fair share!
OK, rant over. BTW, one reason I hate TV, etc. is the constant ads glorifiying buying complete crap that people don't need and should not be wasting money on.
OK, Got to get myself into sleep mode as tomorrow morning will come early. Need to be at the Museum for Safety Meeting by 9AM and it's an hour drive from my house to the museum.
Just remember:
73
Ray Seneca Lake, Ontario, and Western R.R. (S.L.O.&W.) in HO
We'll get there sooner or later!
Good for you Ray.
You should be proud of yourself. From reading what you had to say, I know that you are. You should be.
I don't really know you, besides a few brushed paths on the Forum here.... I am proud of you. Keep up the good work
BATMANIn 2008 after having a lifetime of staying out of personal debt the markets crashed big time. I owed not a dime to anyone and the bank had given us a $450,000.00 line of credit even though we didn't ask for it, we had never used it. I said to the wife, where are the line of credit cheques. She had to look hard to find them. I wrote a cheque for $300,000.00 and sent it off to our broker and now ten years later am going to pay it off as I think big storm clouds are once again on the horizon. Buy the way, that $300,000.00 turned into $940,000.00 as of my last statement.
Congratulations. You did very well. But I think your advice (I really should say good luck) should be taken with a large container of salt. What you did is called timing the market...i.e. picking the bottom of the market and investing everything hoping to sell when you think the market is at the top. Very few can do this successfully. You were lucky that the market has been on a somewhat incresing trend since 2008. It could have easily taken a further dump in 2009, in which case "you'd be in a heap of trouble".
maxman BATMAN In 2008 after having a lifetime of staying out of personal debt the markets crashed big time. I owed not a dime to anyone and the bank had given us a $450,000.00 line of credit even though we didn't ask for it, we had never used it. I said to the wife, where are the line of credit cheques. She had to look hard to find them. I wrote a cheque for $300,000.00 and sent it off to our broker and now ten years later am going to pay it off as I think big storm clouds are once again on the horizon. Buy the way, that $300,000.00 turned into $940,000.00 as of my last statement. Congratulations. You did very well. But I think your advice (I really should say good luck) should be taken with a large container of salt. What you did is called timing the market...i.e. picking the bottom of the market and investing everything hoping to sell when you think the market is at the top. Very few can do this successfully. You were lucky that the market has been on a somewhat incresing trend since 2008. It could have easily taken a further dump in 2009, in which case "you'd be in a heap of trouble".
BATMAN In 2008 after having a lifetime of staying out of personal debt the markets crashed big time. I owed not a dime to anyone and the bank had given us a $450,000.00 line of credit even though we didn't ask for it, we had never used it. I said to the wife, where are the line of credit cheques. She had to look hard to find them. I wrote a cheque for $300,000.00 and sent it off to our broker and now ten years later am going to pay it off as I think big storm clouds are once again on the horizon. Buy the way, that $300,000.00 turned into $940,000.00 as of my last statement.
The chance of losing it all is unlikely in the extreme, the world would need to end. If the market continued down which is a possibility we would only have lost if we had to sell which we also had no worry of needing to do. You haven't lost ( or made) anything until you sell. As far as the monthly payment on the loan of $300,000.00 we had no other debt and by that point, in my old age, the monthly payment wasn't even noticed.
It is very important to build firewalls through your life as far as your wealth goes. I never understand how people lose everything.
BATMANI never understand how people lose everything.
My Wife can drain an account pretty quick........ But she keep's leaving food on the porch ..... so I keep going back.
Rust...... It's a good thing !
Hey how are you all doing.
I just took a step away from everything a few minutes ago.
I listened to Emerson Lake and Palmer Lucky Man I enjoyed listening to it and I think that song sums everything up here
If you have a copy in your means I highly recommend you go listen to it
Ewe what a lucky man he was
The vinyl I got is the Bleachers "Gone Now" I've posted some of the songs from it, there's some really great songs on both Gone Now and Strange Desire, I really recommend Gone Now though, there's this whole quasi-80s thing going on but the same time its fresh and new and different.
Sorry I really love good music.
Here's three of my favorites from the album.
My retirement career is stock trading. I belong to a paid trading forum and one of our rules is we don't discuss dollar amounts. The forum has newbies and it has money managers, so financial differences between members are substantial.
There is investing, swing trading (which might be days weeks or months) and day trading, which can be minutes. Borrowing money to buy stocks is risky. Amazon was a $2,000 stock on Oct 1st and people were raising the price target to $2,500. Two weeks later it was $1,700
Options are just as bad. The come on is that you risk less to make more. You are actually risking 100%. You can be up 50% in a position and some unexpected news comes out overnight and you can be down 50% as soon as the market opens.
As an investor in quality stocks, you can make money in the stock market. Being a trader, is hard, really hard. You can succeed, but you need rules and you need to follow those rules. To put it into perspective, it is much harder than mastering DCC
Track Fiddler; We had a discount store called EJ Korvettes. I saw an album from ELP and although I had never heard of them, I liked the cover and loved the album
Steven post it for us old men that don't have a copy
Emerson Lake and Palmer Lucky Man
I'll post it with one condition, please listen to at least one of those Bleachers songs, they're really good.
Ok I tried posting ELP Lucky Man but YouTube isn't cooperating.
I'll try again in a bit.
Great song:
.
-Kevin
Living the dream.
Now Kevin, you know you don't mess around with Jim!
Same goes for Bad, Bad Leroy Brown.
Dial zero for the Operator, she can help you place your call since the matchbook is old and faded.
Here's the link too.
https://youtu.be/oK0fhSr-ARY
Henry, I had accounts at seven different brokerages at one time. I have now folded everything into just two. When my health started to go downhill I gradually turned all trading over to a firm that manages and trades for me as I had lost interest enough that the returns I was getting were declining. They started to take over 14 years ago and have averaged 12% P/A since.
Now it is just numbers on a page that will let my kids live a really comfortable life. I quit work at 52 and so did my wife, she was 47. Daughter finishes High school this year and big changes will be made, it's nice to know we can do whatever we want, health permitting.
Money doesn't solve your health problems, however, it is just one less thing to worry about. I would give it all away for good health.
Best decision I ever made was listening to my Dad.
"One difference between pessimists and optimists is that while pessimists are more often right, optimists have far more fun."
Track fiddler Hey how are you all doing. I just took a step away from everything a few minutes ago. I listened to Emerson Lake and Palmer Lucky Man I enjoyed listening to it and I think that song sums everything up here If you have a copy in your means I highly recommend you go listen to it Ewe what a lucky man he was Ewe what a lucky man he was
Did I hear Emerson, Lake and Palmer?
Yes, Lucky Man is a great song. But, Still You Turn Me On is even better.
But, if you want to hear the best of ELP, listen to Karn Evil 9 - 1st Impression - Part 2.
Welcome back my friends to the show that never ends. We're so glad you could attend, come inside, come inside..... Come inside the show's about to start. Guaranteed to blow your head apart.
Rich
Alton Junction