Something you do ‘right’ that’s ’wrong’?

[jesussaves7763]

What’s something financially you know you do right (for you) that this sub would disagree with and say you’re making a bad financial mistake?

 

[kretyen001]

@jesussaves7763 I've favored relatively lower paying jobs with less positive career prospects because of a more enjoyable lifestyle including things like working from home, enjoy my work most days, flexible schedule, not major time commitment, and team that respects each other.

 

[christian63years]

@kretyen001 What type jobs/industries are these?

 

[joncates]

@kretyen001 I did similar. Left a sales job with decent commission in a tax free place for a desk job in the Nordics. No stress, minimal expenses, peace and quiet, and a much better team. Even with the high taxes I'm still able to save close to 40% of my salary because my expenses are much lower.

 

[lll]

@jesussaves7763 When I bought my home, I had like $25 left over in my checking account, and no savings at all. I also used an old 401(k) account that had been sitting without growing for like 10 years (around $6k or so). It was a risk. But my logic was “if I can stabilize my housing payment, THEN I can really start saving once I get a raise.” And it did work out for me.

The first year I struggled, but after that I got a $12k raise and then shortly after that I got another $10k raise. Now my mortgage is a whole lot less than rents in the area and it’s so much easier for me to contribute to savings and retirement.

 

[naturelove]

@lll This is how it was for me. I had so little money I had to schedule closing for the day before I got paid so I would have enough money to move. I had to very carefully orchestrate my move-out and move-in dates so I didn't have to pay another month in rent (I couldn't actually).

 

[jesussaves7763]

@lll Had a similar story buying our 1st house back in 09…. All the experts would have said it was a bad idea. Paid off big time for us

 

[thecross3]

@jesussaves7763 We bought a brand new car (pluggable hybrid) off the lot.

Nice to have something that's got the complete warantee and has 100% of the battery life.

 

[jesussaves7763]

@thecross3 Yep did that myself, bought a brand new truck back in 12/2015… no regrets, paid off in 2yrs and still have it now.

 

[brendaah]

@jesussaves7763 I sold half my non-IRA/401K investments and used the money as a down payment for a beach house. I don't care if it's not the best use of that money. I want a beach house.

 

[sarahjamison19]

@brendaah What a coincidence! I want a friend with a beach house!

 

[jess1980]

@sarahjamison19 OMG soul family!! I too also always wanted a friend with a beach house!

 

[jesussaves7763]

I give my 16yr old what he would make per month at a part time job so he can afford to have a life and continue to put forth 110% effort into school.

 

[stefanm]

@jesussaves7763 That's a worthwhile investment.

 

[jesussaves7763]

@stefanm Thank you, in my eyes he’s earning every penny

 

[stefanm]

@jesussaves7763 After much discussion, my dad made the same bargain with me in college. My grades shot up once I didn't have to worry about making money.

 

[jesussaves7763]

@stefanm He’s maintained his grades the entire time. Really didn’t want to see that slip over a few hundred bucks a month.

 

[polcat]

@jesussaves7763 I was lucky enough to have my parents support me. I was able to earn several scholarships and have no student debt.

What you are doing is helping your child provide the best probability of entering a competitive college or university. I don’t see an issue with this decision.

 

[jesussaves7763]

@polcat I’m hoping the same for him.

 

[michjutt]

@jesussaves7763 You're a very good parent. I know people who could easily afford to do that but think that suffering and struggling is essential to life and will teach good lessons. Life can really suck sometimes but why not give people the opportunity for a better life?