Talking about my personal finances getting out of hand?

[Bustedaw11]

I've spent $0 so far this month

No worries. Thanks. I'm doing MUCH BETTER now this year so far. I've actually managed to save a lot more money and invested some of it too

Good job!
My curiosity gets the better of me sometimes.
Sometimes when I'm feeling down I like to buy new things. Temporary good feeling. Is this the case with why you spent so much? How's everything going aside from rc man?

Honestly with mine. I just make it. I havnt figured "it" out yet. I often say I feel like I'm on a boat with no sail, no rudder, and no compass. Seems like just floating around aimlessly while wondering how the boat next to me seems to be a jet boat with GPS and a big screen.

I was once told not to worry about it. That if I thought the grass was greener on the otherside to wake up and realize its just astro turf.

 

[Doom!]

Good job!
My curiosity gets the better of me sometimes.
Sometimes when I'm feeling down I like to buy new things. Temporary good feeling. Is this the case with why you spent so much? How's everything going aside from rc man?

Honestly with mine. I just make it. I havnt figured "it" out yet. I often say I feel like I'm on a boat with no sail, no rudder, and no compass. Seems like just floating around aimlessly while wondering how the boat next to me seems to be a jet boat with GPS and a big screen.

I was once told not to worry about it. That if I thought the grass was greener on the otherside to wake up and realize its just astro turf.

Anyone who says money can't buy you happiness doesn't RC!

Seriously it's hard not to get caught up in the grab the newest thing on the market trap. That's why Apple is so successful. Just need to remember to enjoy what you have, before collecting more. (Says the guy who's out of storage space).

 

[Armarookie43]

Good job!
My curiosity gets the better of me sometimes.
Sometimes when I'm feeling down I like to buy new things. Temporary good feeling. Is this the case with why you spent so much? How's everything going aside from rc man?

Honestly with mine. I just make it. I havnt figured "it" out yet. I often say I feel like I'm on a boat with no sail, no rudder, and no compass. Seems like just floating around aimlessly while wondering how the boat next to me seems to be a jet boat with GPS and a big screen.

I was once told not to worry about it. That if I thought the grass was greener on the otherside to wake up and realize its just astro turf.

I have been an impulse spender all my life honestly. I would just buy crap without thinking about it. Without thinking about the consequences if it's too much. Then I got into maxing out credit cards and it went downhill from there. So I've adjusted my ways completely. It's like I'm another person. I just couldn't drag my wife through any more crap. And my kids too. I'm not a complete idoit either. I've been able to save some of my money into my retirement account and I've been paying down my house and I don't drive new cars (just good reliable used ones). Now with this new me, I'll be able to save even more, no more credit cards, no more loans for anything, I'll be able to put more into my retirement accounts, save more for my kids and still play with the fewer rc vehicles I got left. I feel good about myself. I have no problem working at least 15 more years. I'm always talking to people about finaces, my personal pitfalls, their pitfalls, and it's very interesting. I've become a lot more organized too. I write down almost everything I do. When it comes to buying houses, simple investing, car buying, I got some good advice. At least in my head

 

[RC-Dude]

Look at all your rigs. All of the were one that one thing you really really wanted. But there is always that next one. Obviously that last rig did not do the trick for a long time. They all have 4 wheels, servo, drive train - and just look a bit different. Not worth damaging finances over that. Enjoy what you have. The next rig is often just grass which seems greener on the other side.

There is a certain thrill in minimizing. Getting rid of stuff. Creating space. Also a lot of dignity in that.
Read something like "Rich dad, poor dad" to work on mindset.

 

[MisterEMM]

AF is like RC anonymous.

"Hi, my name is SRC and I have an RC'ing Problem".

My name is MisterEMM and I have a problem WITHOUT RCs

 

[Armarookie43]

Look at all your rigs. All of the were one that one thing you really really wanted. But there is always that next one. Obviously that last rig did not do the trick for a long time. They all have 4 wheels, servo, drive train - and just look a bit different. Not worth damaging finances over that. Enjoy what you have. The next rig is often just grass which seems greener on the other side.

There is a certain thrill in minimizing. Getting rid of stuff. Creating space. Also a lot of dignity in that.
Read something like "Rich dad, poor dad" to work on mindset.

Good advice. I have YT red, so I've been watching the good financial channels for months now, like the money guy show,, which is my favorite.

Look at all your rigs. All of the were one that one thing you really really wanted. But there is always that next one. Obviously that last rig did not do the trick for a long time. They all have 4 wheels, servo, drive train - and just look a bit different. Not worth damaging finances over that. Enjoy what you have. The next rig is often just grass which seems greener on the other side.

There is a certain thrill in minimizing. Getting rid of stuff. Creating space. Also a lot of dignity in that.
Read something like "Rich dad, poor dad" to work on mindset.

I'm actually a walking contradiction, because I have a modest home, I drive used vehicles, but then I would go and spend a crazy amount of money on the hobby and other hobbies . It's ok, it's under control now. You are the only person that can save you from yourself
Once I really get my stuff together, I'm seriously thinking about getting a CPA license and becoming an advisor (a Feduciary one) for federal workers (and general public) as a part time job once I retire from the post office when I'm around 62. But those are just plans for now. I really like talking to people about finances, taxes, investing, retirement planning and such. I would just do it for like 4 hours a day from home. Something like that. Hehe.

 

[gotnitro]

Good advice. I have YT red, so I've been watching the good financial channels for months now, like the money guy show,, which is my favorite.

I'm actually a walking contradiction, because I have a modest home, I drive used vehicles, but then I would go and spend a crazy amount of money on the hobby and other hobbies . It's ok, it's under control now. You are the only person that can save you from yourself
Once I really get my stuff together, I'm seriously thinking about getting a CPA license and becoming an advisor (a Feduciary one) for federal workers (and general public) as a part time job once I retire from the post office when I'm around 62. But those are just plans for now. I really like talking to people about finances, taxes, investing, retirement planning and such. I would just do it for like 4 hours a day from home. Something like that. Hehe.

Is it a Need or a Want vs. can I afford it rule.

My father-in-law told me once a looooong time ago, if you want to buy something on a CC, make sure you have the money already in the bank. He was kinda deep that way. In other words, don't buy it to pay interest.

Life for me now at 49 is to sock away as much as possible so when I do retire, I can live how I do now. Unless you want to be a day trader, investing is buying stock, monitoring it but never having the intensions of taking it out till you need it. Remember, in stocks you never loose till you sell.

 

[Sandracer_NL]

I know a dog groomer that makes 380K a year, does 5 dogs a day and works 4 days a week

Assuming 50 workable weeks that relates to 380 per .

 

[razorrc]

I think it’s possible with most hobbies to make the hobby work for you, rather than the other way around.

 

[King blitz]

Anyone who says money can't buy you happiness doesn't RC!

Seriously it's hard not to get caught up in the grab the newest thing on the market trap. That's why Apple is so successful. Just need to remember to enjoy what you have, before collecting more. (Says the guy who's out of storage space).

I still have a rotary phone,my kids laugh when I talk on it.. I say hey ,it will last longer than your I phone ever will

 

[Tex Koder]

Assuming 50 workable weeks that relates to 380 per .

Must be some other "off menu" Extra services on the side...?

 

[Armarookie43]

Is it a Need or a Want vs. can I afford it rule.

My father-in-law told me once a looooong time ago, if you want to buy something on a CC, make sure you have the money already in the bank. He was kinda deep that way. In other words, don't buy it to pay interest.

Life for me now at 49 is to sock away as much as possible so when I do retire, I can live how I do now. Unless you want to be a day trader, investing is buying stock, monitoring it but never having the intensions of taking it out till you need it. Remember, in stocks you never loose till you sell.

Credit cards can work, only if you can pay the full balance by the end of the month IMHO. If you start carrying a balance, and have to pay RIDICULOUS APR, then you can forget about it. Cut that credit card up. It takes discipline and knowing when it's just too much for you.

I think it’s possible with most hobbies to make the hobby work for you, rather than the other way around.

Yup. It's supposed to be fun, not work. My problem was that I was CONSTANTLY working on my 15+ rigs and buying parts constantly, breaking them, etc. It was like an obsession. An addiction. That's not good. Moderation is key
This being responsible with my finances has given me such a mental clarity, that it's amazing. And everyday feels better. I'm getting more organized in every aspect of my life. Finances touch just about every part of your life anyway.

 

[Bustedaw11]

Look at all your rigs. All of the were one that one thing you really really wanted. But there is always that next one. Obviously that last rig did not do the trick for a long time. They all have 4 wheels, servo, drive train - and just look a bit different. Not worth damaging finances over that. Enjoy what you have. The next rig is often just grass which seems greener on the other side.

There is a certain thrill in minimizing. Getting rid of stuff. Creating space. Also a lot of dignity in that.
Read something like "Rich dad, poor dad" to work on mindset.

Credit cards can work, only if you can pay the full balance by the end of the month IMHO. If you start carrying a balance, and have to pay RIDICULOUS APR, then you can forget about it. Cut that credit card up. It takes discipline and knowing when it's just too much for you.

Yup. It's supposed to be fun, not work. My problem was that I was CONSTANTLY working on my 15+ rigs and buying parts constantly, breaking them, etc. It was like an obsession. An addiction. That's not good. Moderation is key

I don't have a single credit card. Wife doesn't either.
Its way to easy to throw a charge on a piece of plastic!
Its definitely a decision that is not great for my credit score, but I'm a million times better with money because of it.

I had a credit card one time. It got away from me way to easy. I had 18k in debt in absolutely no time. I got that paid off and said no more.
I don't do loans either. Everything I have is bought straight out up front. If I can't afford it, I can't afford it.
So I am 100% debt free and I LOVE that.

 

[Armarookie43]

I don't have a single credit card. Wife doesn't either.
Its way to easy to throw a charge on a piece of plastic!
Its definitely a decision that is not great for my credit score, but I'm a million times better with money because of it.

I had a credit card one time. It got away from me way to easy. I had 18k in debt in absolutely no time. I got that paid off and said no more.
I don't do loans either. Everything I have is bought straight out up front. If I can't afford it, I can't afford it.
So I am 100% debt free and I LOVE that.

Yup 'the bankruptcy closed every single card for me. I only have Debit cards and no more loans for anything for me! . My mom uses a CC for everything, then pays the whole thing at once every month. She gets about $300 every year cash back. It can work, but you have to be on your A game. On the top of things.

 

[Tex Koder]

...
Life for me now at 49 is to sock away as much as possible so when I do retire, I can live how I do now. Unless you want to be a day trader, investing is buying stock, monitoring it but never having the intensions of taking it out till you need it. Remember, in stocks you never loose till you sell.

That's Not always true.
Sometimes your stocks can "automatically" go to Zero even if you just hold onto it.

ie:
If you held onto stocks from companies that just happens to have terrible management (wasn't like that originally, But in the end..) and they tank the company with multiple bad decisions (or pure deception) and run the company into the ground/bankruptcy/oblivion.
The value of the stocks previously can go to nil near instantly...

Some examples:
Motorola
American Airlines
Enron
Lehmann Brothers
Circuit City

 

[gotnitro]

That's Not always true.
Sometimes your stocks can "automatically" go to Zero even if you just hold onto it.

ie:
If you held onto stocks from companies that just happens to have terrible management (wasn't like that originally, But in the end..) and they tank the company with multiple bad decisions (or pure deception) and run the company into the ground/bankruptcy/oblivion.
The value of the stocks previously can go to nil near instantly...

Some examples:
Motorola
American Airlines
Enron
Lehmann Brothers
Circuit City

Agreed, that’s why I said monitoring it. Obviously you’d pull it before crap got too bad.

 

[Bustedaw11]

Yup 'the bankruptcy closed every single card for me. I only have Debit cards and no more loans for anything for me!

There is a certain amount of satisfaction that comes from paying outright for the things you buy.
Its all to common for folks in 2023 to have massive debt racked up.
Almost like after you have so much they just give in and keep adding to it. Like screw it, in debts in debt.

Its harder for sure but there isn't anything I need that badly that requires me to buy something I can't pay for.

I also have an h&r tax pro in my family. That is helpful because with thier help I tend to get around $15k back at the beginning of each year. So big purchases tend to happen then. Its truly helpful to have your taxs setup to work for you rather then against you. Its not THAT noticeable to take a little extra out of each paycheck in order to get that "reward" at the end of the year.

 

[Tex Koder]

Agreed, that’s why I said monitoring it. Obviously you’d pull it before crap got too bad.

Yes.
Unfortunately, sometimes you're not in the position to "pull it" due to whatever clause they have on the number of shares you are given/own..
Either due to your short tenure and the shares are not considered matured or what have you.

You may be Allowed to purchase more shares ,but are restricted from selling.. Until a certain time as lapsed.

 

[gotnitro]

Yes.
Unfortunately, sometimes you're not in the position to "pull it" due to whatever clause they have on the number of shares you are given/own..
Either due to your short tenure and the shares are not considered matured or what have you.

You may be Allowed to purchase more shares ,but are restricted from selling.. Until a certain time as lapsed.

If you own that many shares, you have enough money

 

[RC-Dude]

Having money means having options.
Having debt limits options.
Living well within own means reduces stress.

RC cars are not an investment. Just an expense. The first one or two cars may qualify as an investment into the hobby. Everything else following is just an expense.
Investments are there to increase in value. RC cars just don't fit into that category. Unless you have a YouTube channel that generates the income for the expenses.