Looking for Wisdom from those Posters w/ a Lot of Life Experiences

[Tanko]

I know there are a few posters here who are a "little" older than most of us and I'd like to hear their thoughts on how to approach living life. Don't get me wrong. These are poster that aren't near the end of their journey but have traveled many roads and learned life's lessons.

I'm guessing here but a few come to mind that might fit this description: @keithrichard , @quantumleap , @Capitalist Pig . I know there are others.

Anyone can reply with their opinion.


> Would you recommend living life the fullest that you can while going through life, taking risks, enjoy everything you can while younger but, realizing that it may cost you some years off the end?

OR

> Do you recommend toning it down a little while still having some moderate level of "fun" so that you can live longer and spend more time with family, friends, and BMR?

There are plusses and minuses to each but in general what are you feelings and why?

 

[Wagerallsports]

Tank I'm a little confused

When you say taking risks, or toning it down but still having a little fun, it sounds like you are referring to drinking, partying, or drugs...??

 

[JDS]

Great questions for the "old heads" of BMR, poster @pipe comes to mind to drop in some knowledge and experience.

 

[Tanko]

Tank I'm a little confused

When you say taking risks, or toning it down but still having a little fun, it sounds like you are talking drinking, partying, or drugs...??

That could be part of it but its more than that.

Here are some of the ideas that came to mind for me:

• Should you settle down (i.e. with wife and family) earlier in life or keep the single life going for a long time?
• Should you focus on health more while younger or let it go and try and catch up later in life?
• Do you spend and have a good time or save and plan for a more comfortable retirement?

Things like that.

 

[Tanko]

I posted this thread because one friend I used to work with, recently retired at 68 and saved as much money as he could so that he and his family could have a great retirement. The dude was rich because he lived a frugal life.

Right after he retired, he quickly developed dementia and could not enjoy the retirement he worked so hard for. It hit him like a ton of bricks.

During the periods that he is relatively "aware" he always expresses regret about not living more and spending his money while he was younger.

 

[KingKolzig]

My dad has dementia he's a sneaky toddler

 

[Wagerallsports]

That could be part of it but its more than that.

Here are some of the ideas that came to mind for me:

• Should you settle down (i.e. with wife and family) earlier in life or keep the single life going for a long time?
• Should you focus on health more while younger or let it go and try and catch up later in life?
• Do you spend and have a good time or save and plan for a more comfortable retirement?

Things like that.

I would say we mostly know the answers to those questions but we don't think about those things when we are younger nor do we listen to our elders who try to advise us what we'll regret later on

 

[djefferis]

Too many variables in my opinion.

- Lots of people “settled down” early in life with the wrong person. The results made them think they chose the wrong option. They did - but not in settling down - they chose the wrong person.

- Healthy living vs enjoying life - again varies greatly. Knew a guy - ran 2-3 miles 3 time a week / worked out and stayed active - dead at 51 from a heart attack (no family history) - his BIL drank and smoke 2 packs a day - never exercised and had a largely sedentary lifestyle. 88 and going still (lots of health issues - but to be expected - still gets around).

- Spend vs save - again - ALOT of very wise people put 20% of their income into a 401k - did them no good as they worked at Enron and the only choice of investment in their 401k was company stock (and it came at a 15% discount to market so looked like a great deal).

Hell - my sister has saved jack shit in her life - I on the other hand have tried to maintain a balance of some sort - saving and spending. We shared inherited property - I’m the custodian and have control. Recently got a hefty offer to lease said property. She has done nothing - and falls ass backwards into a payday benefitting from our parents hard work and later my efforts. A lot of stupid people got in on things like crypto early and fell ass backwards into fortunes - likewise a lot of smart people worked their ass off on assembly lines at GM/Ford and saved in retirement funds full of company stock. Think of how many very bright people work everyday as engineering types at Boeing - wanna bet they aren’t wishing they never put a dime into that company stock ? It’s sometimes just blind luck - 9/11 happens and markets crash / COVID hits and markets crash - somehow the rally a year after both events - only to be more turbulent in between.

 

[jjgold]

Don’t gamble , don’t drink, don’t womanize work hard and put money in index funds there’s nothing more to say

this is the last place I would ask

 

[djefferis]

I once knew an elderly black man when I was around 22. He gave me these words of advice - more than anything else in life you need to get an education - go to school as long as you can - you might be smart - but going to school is the only way to get smarter.

So here I sit 28 years later - he’s dead and gone and I’m making 6 figures sitting in my 2nd house - getting ready to take one of my 4 cars in for an oil change. Would having gone to school longer REALLY have made me smarter ? Would I be happier - debatable but I don’t think so.

You see it’s all a matter of perspective - to him - education was EVERYTHING as it was the one thing he was denied at my age at the time. He could get a job - and a decent paying one at that - working in a factory - union/pension/all that. What he couldn’t do at 21 though was go to any college - at least not near his family. There were few schools for blacks at the time - mainly in the South - and his choice was go to work and make a good living or pick up - leave behind everything he knew and try to get into a college. He knew he was smarter than a lot of people around him - but he realized the odds against him were steep and the path of least resistance was likely also the better option - so he followed - but always regretted it.

Sometimes we only want what we can’t have - not realizing we have it pretty damn good already and the things we can’t achieve are just not what are best for us.

 

[BMR Genie]

When you're young, you have time but no money, when you grow old you have money but no time. The irony of life.

 

[DiggityDaggityDo]

What about @fishhead ?

He’s 83

 

[djefferis]

Don’t gamble , don’t drink, don’t womanize work hard and put money in index funds there’s nothing more to say

this is the last place I would ask

This is the best place to ask advice - learn from others mistakes - it’s a hell of alot cheaper.

You are the last person who should be giving life advice thought likely. Knowing you say not to ask here only suggest poster is on the right track.

Index funds are for followers - not trailblazers. You can only go as far as the people pumping money in behind you allow you to go - it’s a big pyramid and if you’re on the bottom with no new money - you will lose.

 

[Tanko]

Don’t gamble , don’t drink, don’t womanize work hard and put money in index funds there’s nothing more to say

this is the last place I would ask

How many of these words of wisdom have you followed JJ?

 

[jjgold]

The education thing is an absolute waste of time unless you’re going to be a doctor, engineer, maybe programming

Go find successful people and work for free and you’ll see how positive things come out of that

As far as wealth creation, it’s not from education and working for someone and that means even a doctor

it’s going out there and taking risks and starting your own stuff

 

[BMR Genie]

 

[quantumleap]

Each person is different. Some should take it easy and safe as they have a need for safety and security. Others (like me) need to take life by the horns, take risks and live a good life.

Yes, it has cost me financial security in the past but I am so glad for all the things I've done and places I've visited.

My physical stature is more like my Mom's side of the family. I hope I inherit their longevity. Most have lived well into their 90s and are healthy. This means that I hope I have a few good years left in me after retirement to continue being adventurous. If not, I've lived a pretty good life.

Now get off my lawn!

 

[Capitalist Pig]

> Would you recommend living life the fullest that you can while going through life, taking risks, enjoy everything you can while younger but, realizing that it may cost you some years off the end?

I went the route above and still live that way, Army/combat right out of high school, best thing I may have ever done, be a man among men. Prospected after the Army with the largest 1% mc club in FL for a couple years, became a full patched member in mid 80s and still am till this day. Ride to live, live to ride!

I was lucky met a beautiful woman 35 + years ago, and have been happily married since then, actually lucky twice, she was/is wealthy so for me I was able to own a construction business then a firearms shop, and retire in my 50s, very fortunate and grateful for that.

The big variable is health, nobody knows when there time is up, and whether your willing to admit it or not we all get some health related issues sooner or later , regardless of whether you live life as a saint or a hell raiser, so you might as well live like every day it is your last, because it may very well be.

 

[djefferis]

I posted this thread because one friend I used to work with, recently retired at 68 and saved as much money as he could so that he and his family could have a great retirement. The dude was rich because he lived a frugal life.

Right after he retired, he quickly developed dementia and could not enjoy the retirement he worked so hard for. It hit him like a ton of bricks.

During the periods that he is relatively "aware" he always expresses regret about not living more and spending his money while he was younger.

I can relate to this - my parents lived a fairly successful life - balancing both work and enjoying what they had. Starting out - had very little aside from the ability to work. Old man left home the day he turned 18 - wound up in Newark, NJ and in short had a pretty good time until he hit the lottery at 22. Unfortunately the lottery he hit was the US draft lottery and the grand prize was all expenses paid tour of SE Asia in less than first class accommodations.

He came home - but said he was done with city life and returned to his parents home. Met up with my mom - took a job back to working for the airlines until he had enough of the life and returned back “home” about 2 years later. He wound up working for a local industry (now long gone) and mom got a job clerking for an attorney. He lasted until he could retire at 55 - mom did clerical stuff until taking a job with dads uncle as a clerk - when that business closed - we took a chance, bought another business and ran that for a decade plus.

Dad was smart - got out at 55 and then sold the business shortly thereafter. Weren’t rich - but had enough saved up. Then got another blessing when we leased ground we owned for a nice sum. Right before 65 he developed cancer - fought it as he could but was gone shortly after turning 67. Mom had issues for the last decade and after dad passed managed well for a few years - but eventually Parkinson’s caught up and died 3 years later - spent the last 18 months in nursing homes.

I asked him if he ever regretted anything - really didn’t have any. He enjoyed living and kept all things in balance. That to me is the key - everything in balance, don’t overdo it either way and don’t take stupid chances - but still take chances. Don’t rely on stocks to make you happy or wealthy - they will do neither. Find what you love to do and then find a way to do it for a living.

Love gambling - there are plenty of opportunities aside from being a gambler. Hell - knew a guy who was the elevator operator in an AC Casino - he was happy - was around gamblers all day and could talk sports/gambling/horses all day and get paid for it. Who knows - could be me one day - work for a company who has some very specialized companies dealing in gambling/casino and horse racing operations (I do nothing close to these in my job/company) - of course I’d probably fail the background those guys have to go through - but opportunities are there.

Just be a decent human - try to help someone and take care of yourself and the rest will resolve itself. 22 years ago I met a guy working out in the gym of the place I worked - started talking to him everyday and became friendly. Typical old dude - I worked midnights and ended shift at 6am - so hit the gym after my shift and showered there - old dude started his day there. We would talk maybe 5-10 minutes about just general things. No idea who he was - thought he was day security guard/front desk to be honest. Finally one day one of my co workers stopped in and saw us talking - after old guy left coworker started with the questions. How do you know him - what’s he like - I’m like no idea just see him down here most every day - turns out he was the freaking CEO/owner of the very large company. Continued to talk with him for many months every morning - it eventually led to some great opportunities that I just built on from there in the industry after leaving his company (I left 2 weeks after he passed away). Has been a hell of a run for a job I expected to last 6 months tops before I moved on to something more permanent. 22 years later - I’m still doing it.

 

[edawg]

Life is a fistfight for most people the secret is to learn to welcome the sight and taste of your own blood. It means your still living.