Young and Dumb

[bratch]

A couple people on here know me most don't.

I am graduating school in May with a GOOD job already set up in my hometown like I've wanted for the past 4 years.

I bought a house in 2003 at the end of my freshman year that needed work and I now have a nice equity built up in it after making the repairs.  I bought a newer truck in April that I owe on.  Other than my truck and house I am debt free.

Tonight I was talking  with a buddy who is graduating with me.  We said something about savings and he mentioned what he had and it was comparale to mine but I started with substantially more out of high school.  That got me thinking and I've looked back over the past couple years. I've bought a motorcycle put a couple hundred miles on it and sold it.  I've went through numerous other hobbies and toys accounting for untold amounts.  Since April '04 I've spent 10-15K on shooting stuff alone.

I don't know if its the stress of senior year or what but I'm kind of bummed with the choices I've made.  I'll graduate debt free except for the truck and house with a good amount of cash on hand for downpayment on a new place, furniture, etc but I can't help but think where I would be if I wasn't so dumb the past 3 years.  I've always said I'd budget and do better once I was working fulltime and I've already set a budget up for when I do start only wish I had been a little smarter earlier and graduated with alot more cash in hand.

[brimic]

Congratulations, you're an adult now!

When you can look back at things that you 'wasted' money on and start thinking about the future its a big step in maturity.

I can think of tons of really dumb and useless stuff I wasted money on when I was in college.

[Larry Ashcraft]

Relax,

You've got a great career ahead of you in a growing field.  A guy's got a right to splurge on a few toys now and then, and at least firearms stuff doesn't lose much value.  In fact, it usually gains.

You'll do fine.

[mtnbkr]

I'm sorry, I'm confused.

You're graduating college with no debt other than a HOUSE (not bad debt IMO) and a vehicle?  You have money in the bank?  You have a job lined up?

Sounds like you're doing ok to me.  It took me 6 years to get to that point after school (well, I got the job within a couple months of graduation).

Chris

[cfabe]

I went through that on a smaller scale. Once during college I bought a gun when I couldn't really afford it and ended up having to carry some credit card debt for a few months until I got back to my co-op job. That taught me that lesson.

In the grand scheme I think you're doing just fine. You musta started out with a hefty savings account or had a good job during college to afford 15k in guns and buy a house and truck.

This epiphany will help you make financial decicsions in the future. If over spending on a few toys was all it took to get you to see the light, that's a pretty good deal. Lots of people never see it.

Don't forget that the best choice from a financial standpoint is not always the best decicsion overall. After I graduated college and started working I told myself I would avoid all the common new-grad pitfalls (moving out and spending lots of money on TVs and fancy furniture for the new pad, buying a flashy new car, running up credit card debt willy-nilly, etc. Well, I avoided the first and the third of those, but I did get the new car. After wrenching on and driving clunkers since I was 16 I decided it was worth it to myself to have a nice car I could just drive and not have to worry if it'd make it or not when I was on a trip for work. It wasn't the best financial decicsion, but it was the best decicsion for me at the time.

[bratch]

Thanks guys.  I had a decent savings plus scholarships and had good internships each summer that have all helped me financially.

I know my guns haven't been too bad of a purchase I've got friends who've dropped $1000 on bar tabs over big party weekends.  All they have to show now is well nothing since they can't remember most of the weekend.

Still just have a nagging what if....

Good to hear from you Larry.  How are things in your parts?

[Jamisjockey]

Congratulations, you're an adult now!

When you can look back at things that you 'wasted' money on and start thinking about the future its a big step in maturity.

I can think of tons of really dumb and useless stuff I wasted money on when I was in college.

But then, you're 31, walking out of the coffee shop thinking Did I really need that $4.00 Caffe Mocha?
We still waste money, even as real adults.  

Where you're at, with a house and only real bills (car payment, house payment), is a good place.  You're what, 22?  Not married?  House, job, and no stupid credit card debt.
Come up with a better savings plan, but you should still allow yourself to spend money on the things that you enjoy.  Otherwise, you end up old and cranky, like some of the aholes I've worked with in my past.

[BryanP]

Look at it this way - you're way ahead of the vast majority of your comtemporaries.  

Now pay off the truck, build up a substantial savings account, and then go to work paying off the house.

[Larry Ashcraft]

Hey Bratch, things are OK here except retail really sucks right now.  Gonna be a thin Christmas.  So you got that job in your hometown?  Great!  I know you really didn't want to live in Denver (who would?).

Whenever I start feeling like I really could have done better, financially, I look around at some of the people my age who have totally screwed up.  I know of at least two couples in their mid to late 50's who owe three times on their houses what they paid for them.  They just keep refinancing to pay CC bills or buy toys.  We may not have much but we are debt free except for a small mortgage, have a place we love, and should be fine, if not rich, in our retirement.

[brimic]

But then, you're 31, walking out of the coffee shop thinking Did I really need that $4.00 Caffe Mocha?
We still waste money, even as real adults.

Touche'

Not to mention the guy who walks out of the coffee shop and who gets into his $50,000 BMW that he's making monthly payments on that would almost equal a mortgage payment, while carrying $20,000 total debt on 5 credit cards and is making just enough money to make the mortgage payment at the end of the month.

Methinks Bratch has his head screwed on better than a good portion of people twice his age.

[grampster]

Life is all about choices.  Some good and some bad.  Some of the bad choices that I made gave me the most joy.  Happiness is elusive, joy is a virtue.  Be joyfull and live life to the fullest.

[Larry Ashcraft]

Methinks Bratch has his head screwed on better than a good portion of people twice his age.

At the risk of inflating his ego, I'll agree with you.

I met Bratch this past summer for a range session and then we had him and his folks over for supper.  I was impressed with his maturity and what he has accomplished so far.

Some of the bad choices that I made gave me the most joy.

True.  My biggest investment is easily in my children, but they and my grandchildren give me more joy than anything I can think of.

[bratch]

Thanks for the kind words guys.  I'm probably being a little mellow dramatic with the stresses of finals and liife setting in on me I guess I'm just not my chipper self right now hopefully I can shake them off quickly.

I've got a great family that has made me what I am today.

Larry sad to hear that times are slow but I'm sure you'll have a wonderful time with the kids and shooting those 28s of yours over the holidays:) You know what a good time my folks and I had at your place over the summer.  I'm looking forward to seeing you again in April if you get to make it to Tulsa.

ADVICE:  For those with kids about to enter college  and wanting a technical degree have them look at Petroleum Engineering.  The scholarship support is wonderful and the job market is great.  I had multiple offers around the country and physically ran out of time to interview and had to turn a few companies down for second interviews due to time crunches.

[Art Eatman]

1.  I owuldn't be for buying any new house, right now.  IMO, cash is king.  If I was heading out of town to a new job, I'd rent for a good while.  I don't trust the real estate market...

I spent a lot of money on women, sports car racing and whiskey.  The rest of it I just wasted.

, Art

[Guest]

My Daddy told me, "Everyone makes mistakes; try to make smaller ones than the other guy."

[grampster]

But Art, tell us about the bad decisions that your made.  Heh.

[bratch]

Art,

I'm just moving around in the same "town" I've grown up in.  Current house would be about an hour commute a little farther than I want to drive.  Renting is a little diffiicult having two dogs.  The market around here isn't too bad.  Can find nice houses in the $65-85/ sq. ft. range.

[Leatherneck]

Bratch:
Money gone is money gone. Don't weep over it--just keep learning from your mistakes.

Always PAY YOURSELF FIRST. Put aside as much as you can and let it start compounding. From the perspective of an almost-retiree, I wish I had put aside something in my earliest working days. Once I realized how critically important that was, it was harder to make the kind of sacrifices necessary for a comfortable retirement. You have the advantage of a long career ahead of you, and time is your best friend. Good luck.

TC