Author Topic: Best Spending Practices for People that Lack Discipline.  (Read 21922 times)

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17396
  • Total likes: 14333
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: Best Spending Practices for People that Lack Discipline.
« Reply #40 on: June 07, 2018, 06:39:26 PM »
There is an organization called Mesilah which helps people set up a financial plan.
Feelings don't care about your facts

Offline smart man

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2016
  • Posts: 289
  • Total likes: 83
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: Best Spending Practices for People that Lack Discipline.
« Reply #41 on: June 07, 2018, 07:13:41 PM »
Bottom line is that if you put $100-200 per month into a well diversified fund, you will retire a millionaire with nearly 100% probability.
Gotta love compound interest :) Dunno why there aren't more millionaire's around.

Online farmbochur

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2011
  • Posts: 1796
  • Total likes: 233
  • DansDeals.com Hat Tips 19
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #42 on: June 07, 2018, 07:14:58 PM »
Gotta love compound interest :) Dunno why there aren't more millionaire's around.
8th wonder of the world
Risk is opportunity

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #43 on: June 07, 2018, 07:30:35 PM »
There is an organization called Mesilah which helps people set up a financial plan.
Or Debtors anonymous, where they may tell you to cut up cc's.

I too lack the necessary discipline and we learned to work on an envelope system with fixed amounts coming out of our monthly income for things that we know that we may need money for in the future. Its not a perfect budget by any means, but it has worked for us. We have an envelope for Camps, Auto Repairs, Home emergency repairs, Childrens' activities, vacation, etc. Its a great feeling that when you need or wants something that fits in one of the envelope categories you go to the envelope and you have the money there. Remember a few years back we had a chimeny issue. Without the few hundred dollars saved in the home repair envelope we would never have been able to pay for the repairs.   
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline Ergel

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Jun 2010
  • Posts: 12818
  • Total likes: 905
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #44 on: June 07, 2018, 07:46:46 PM »
Gotta love compound interest :) Dunno why there aren't more millionaire's around.
At $100/month, you'd need a 11.5% annual return to be a millionaire after 40 years. Definitely possible, but not guaranteed.
Life isn't about checking the boxes. Nobody cares.

Offline shwarmabob

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2014
  • Posts: 1265
  • Total likes: 201
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #45 on: June 07, 2018, 07:52:30 PM »
There is an organization called Mesilah which helps people set up a financial plan.
first time I hear about them. It sounds great, this is what I meant by financial counselor.
http://www.mesila.org/about-us/need/

Offline keepingabudget

  • DansDeals Copper Elite
  • *
  • Join Date: Jun 2018
  • Posts: 12
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #46 on: June 07, 2018, 09:38:14 PM »
There is an organization called Mesilah which helps people set up a financial plan.

A quick google search brings up comments that they have a really long waiting list, like years.
Signed up anyways, let's see.

Online aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17396
  • Total likes: 14333
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: Best Spending Practices for People that Lack Discipline.
« Reply #47 on: June 07, 2018, 09:38:54 PM »
A quick google search brings up comments that they have a really long waiting list, like years.
Signed up anyways, let's see.
Where are you located?
Feelings don't care about your facts

Offline keepingabudget

  • DansDeals Copper Elite
  • *
  • Join Date: Jun 2018
  • Posts: 12
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #48 on: June 07, 2018, 09:44:25 PM »
Or Debtors anonymous, where they may tell you to cut up cc's.

Not a bad idea, and I got rid of all of them besides one.

Quote
I too lack the necessary discipline and we learned to work on an envelope system with fixed amounts coming out of our monthly income for things that we know that we may need money for in the future. Its not a perfect budget by any means, but it has worked for us. We have an envelope for Camps, Auto Repairs, Home emergency repairs, Childrens' activities, vacation, etc. Its a great feeling that when you need or wants something that fits in one of the envelope categories you go to the envelope and you have the money there. Remember a few years back we had a chimeny issue. Without the few hundred dollars saved in the home repair envelope we would never have been able to pay for the repairs.   

That's a interesting idea.
Thanks for sharing.

Offline keepingabudget

  • DansDeals Copper Elite
  • *
  • Join Date: Jun 2018
  • Posts: 12
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #49 on: June 07, 2018, 09:45:44 PM »

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25419
  • Total likes: 721
  • DansDeals.com Hat Tips 15
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Best Spending Practices for People that Lack Discipline.
« Reply #50 on: June 07, 2018, 10:03:00 PM »
Full-proof idea:

Send your wife to Mrs. AJK for a "tutorial."

She'll come back bloodied, bruised, indoctrinated, and malleable. She'll also come back with dozens of new credit cards all of which will be used sparingly and with great discretion.

...all for the low, low, introductory, one-time price of $999.99, payable in 12 monthly installments, 0% interest for the first 90 days.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Dr Moose

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2013
  • Posts: 4196
  • Total likes: 180
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #51 on: June 07, 2018, 10:05:34 PM »
Full-proof idea:

Send your wife to Mrs. AJK for a "tutorial."

She'll come back bloodied, bruised, indoctrinated, and malleable. She'll also come back with dozens of new credit cards all of which will be used sparingly and with great discretion.

...all for the low, low, introductory, one-time price of $999.99, payable in 12 monthly installments, 0% interest for the first 90 days.
I'll do it!

That will pay for itself in one week.
Hey there! I am using DansDeals Forums.

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7218
  • Total likes: 978
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Best Spending Practices for People that Lack Discipline.
« Reply #52 on: June 07, 2018, 10:20:30 PM »


Full-proof idea:

Send your wife to Mrs. AJK for a "tutorial."

She'll come back bloodied, bruised, indoctrinated, and malleable. She'll also come back with dozens of new credit cards all of which will be used sparingly and with great discretion.

...all for the low, low, introductory, one-time price of $999.99, payable in 12 monthly installments, 0% interest for the first 90 days.

If you can get me approved for dozens of new CC like that(assuming they have SUBs) I'm certainly in.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline 12HRS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 5108
  • Total likes: 575
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #53 on: June 07, 2018, 10:34:51 PM »
Full-proof idea:

Send your wife to Mrs. AJK for a "tutorial."

She'll come back bloodied, bruised, indoctrinated, and malleable. She'll also come back with dozens of new credit cards all of which will be used sparingly and with great discretion.

...all for the low, low, introductory, one-time price of $999.99, payable in 12 monthly installments, 0% interest for the first 90 days.

Full-proof?

Offline Abey

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2017
  • Posts: 1006
  • Total likes: 193
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #54 on: June 07, 2018, 11:12:23 PM »
AMEX offered a limit on AU's card, might be an option.
But again won't you just take out the Primary card if the AU is maxed!?
Stick with Debit/cash.
Chase on biz cards too

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Best Spending Practices for People that Lack Discipline.
« Reply #55 on: June 07, 2018, 11:17:18 PM »
Full-proof?
fool-proof
(even a fool can't mess it up)
My favorite cause: cssy.org

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25419
  • Total likes: 721
  • DansDeals.com Hat Tips 15
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Best Spending Practices for People that Lack Discipline.
« Reply #56 on: June 07, 2018, 11:18:20 PM »
Yes, it's full of proof. But, fine, fool proof also works.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline yitrap

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2014
  • Posts: 3288
  • Total likes: 55
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #57 on: June 08, 2018, 07:58:45 AM »



She'll come back bloodied, bruised, indoctrinated, and malleable.

I thought you said that injury you got was from falling down the stairs

Offline whYME

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 3213
  • Total likes: 1240
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Best Spending Practices for People that Lack Discipline.
« Reply #58 on: June 08, 2018, 10:30:00 AM »
I too lack the necessary discipline and we learned to work on an envelope system with fixed amounts coming out of our monthly income for things that we know that we may need money for in the future. Its not a perfect budget by any means, but it has worked for us. We have an envelope for Camps, Auto Repairs, Home emergency repairs, Childrens' activities, vacation, etc. Its a great feeling that when you need or wants something that fits in one of the envelope categories you go to the envelope and you have the money there. Remember a few years back we had a chimeny issue. Without the few hundred dollars saved in the home repair envelope we would never have been able to pay for the repairs.   
Someone mentioned YNAB upthread.
This idea here is a big part of their system.

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: Best Spending Practices for People that Lack Discipline.
« Reply #59 on: June 08, 2018, 12:08:10 PM »
I started using YNAB few years ago and it’s very helpful with personal budgeting.

For me the biggest advantage was that I was finally able to put all credit cards and gift cards balances together. The idea is to treat credit cards like a debit card.
how does ynab compare to MInt.com?
#TYH