TR, I think you are very wise in what you are doing.
My son is 18 months old and one of my fears is that he will turn into an entitled little douche. As soon as he gets old enough to understand, we are going to make him do chores. When he gets a bit older, he will start bussing tables at my cousins' restaurant. A little after that, he will go to work with my top hand on my rental properties. My goal is that he will learn to work hard and learn to work smart, and realize money is simply a tool, not a lifestyle.
I borrowed my way through college and law school and came out with just under $200,000 in student loan debt. Fortunately, I go into an area of law that can pay well. When I received my fees on a mass torts case, I paid off the remaining balance immediately. I had them done in less than 10 years. It was one of the best days of my career. Friends, and financial advisors, told me I should only pay half of them off and invest the other half. No way. I had my CPA calculate the taxes and I held that part out and paid off the debt.
Unlike a lot of my peers, I live below my means and invest in real estate, the market, and a couple of side businesses. Don't get me wrong, I'm not a miser and I enjoy the fruits of my labor, but I learned a long time ago that trying to impress other people with things, money, status is a game for losers. The only kind of people who would be impressed with that ****, are people I would not care to be around anyway. Money definitely makes life easier, but if you make it your god, you end up living a very shallow, ego driven life. My goal is to minimize and eliminate any debt I incur, and increase income producing assets, and not lose my soul doing it.
My advice is be patient. Understand and embrace the concept of deferred gratification. Learn the value of passive income. Learn how to use credit as a tool, not as a means of support for a lifestyle. Stay out of debt, unless it is for real estate (and in that case make sure you come with a good down payment). Don't make money your god. BE PATIENT.
My son is 18 months old and one of my fears is that he will turn into an entitled little douche. As soon as he gets old enough to understand, we are going to make him do chores. When he gets a bit older, he will start bussing tables at my cousins' restaurant. A little after that, he will go to work with my top hand on my rental properties. My goal is that he will learn to work hard and learn to work smart, and realize money is simply a tool, not a lifestyle.
I borrowed my way through college and law school and came out with just under $200,000 in student loan debt. Fortunately, I go into an area of law that can pay well. When I received my fees on a mass torts case, I paid off the remaining balance immediately. I had them done in less than 10 years. It was one of the best days of my career. Friends, and financial advisors, told me I should only pay half of them off and invest the other half. No way. I had my CPA calculate the taxes and I held that part out and paid off the debt.
Unlike a lot of my peers, I live below my means and invest in real estate, the market, and a couple of side businesses. Don't get me wrong, I'm not a miser and I enjoy the fruits of my labor, but I learned a long time ago that trying to impress other people with things, money, status is a game for losers. The only kind of people who would be impressed with that ****, are people I would not care to be around anyway. Money definitely makes life easier, but if you make it your god, you end up living a very shallow, ego driven life. My goal is to minimize and eliminate any debt I incur, and increase income producing assets, and not lose my soul doing it.
My advice is be patient. Understand and embrace the concept of deferred gratification. Learn the value of passive income. Learn how to use credit as a tool, not as a means of support for a lifestyle. Stay out of debt, unless it is for real estate (and in that case make sure you come with a good down payment). Don't make money your god. BE PATIENT.
