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Old 02-08-2013, 07:11 AM   #1
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preparing "long term" for the new economy we live in ?

Neither my husband and were given an inheritence, I know people are not given a "head start" in life......we went wayward in trying to get a college education, meaning that even though I finished college, it was not a degree that can actually be used to make any viable amount of money (as well as I feel that homeschooling my kids is more important than going out and earning $7.50 an hour at a law firm as a secretary....anyways)...... we do not own a home, we do not own a house....we effectivly "rent"........HOWEVER, I am finding myself wanting/needing to invest in something that will provide for my kids in the long term...I do not mean a handout to them....I mean perhaps have some family land that they could start out on when they get married....... or have a family business that they can learn and then perhaps one day run in order to earn an income.....something that will live past me, ya know. What do you think? I want to be wise, but really do not even know what I am thinking about here....just feeling the need to be less dependant on an employer or the government as I get older....????


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Old 02-08-2013, 07:24 AM   #2
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I guess we try to go back to the way my grand parents lived. We teach all of our kids from a young, age to do for themselves. They all learn to sew, cook from scratch, change oil, basic handy man fixes. They learn about financial independence from an early age. They learn debt is saved for a house not credit cards. We teach then to save fire wyatt they want instead of buying on credit. We make then save half their bday and any earned $ from baby hood (we save for them).

I feel this is something that I can give my kids. I think economy is such that financial awareness and tools for that are becoming top priority.
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Old 02-08-2013, 08:03 AM   #3
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Re: preparing "long term" for the new economy we live in ?

We will pay off our home in just over a year. Our goal is to buy 100 acre nearby where DH (an eventually the boys) can hunt, where we could build our dream house eventually. We are hoping that then we can give the boys each a corner to build their own home. It's definitely a ploy to get them to come back home - you know, after they meet beautiful, hard working women at college.
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Old 02-08-2013, 08:03 AM   #4
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Re: preparing "long term" for the new economy we live in ?

I'm feeling just like you are. I got a degree, in Sociology of all things. Completely useless (even though I love it). I am going to train to be a doula, because women will ALWAYS be having babies, and I've always wanted to be a part of the birthing process. Also, dh and I are planning on buying a chunk of land when he retires from the military, a place where we can build our house, and when our children grow and need houses, they can build there too. We plan to have chickens, rabbits, and horses (two for eating, one for working/companionship) as well as dogs and rifles for hunting. We also plan to grow a LARGE garden to eat from and to stockpile basics. It's not that I think the economy is going to totally tank or anything, or even that anarchy will break out, I really don't think it will, basically we're doing this to get back to our roots. To be self sufficient (as much as possible) and to focus on our family and neighbors. The difference is that I do anticipate receiving a quite large inheritance, however dh and I want to make our own wealth, then if the inheritance does happen it's just extra to be more secure.
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Old 02-08-2013, 08:33 AM   #5
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Re: preparing "long term" for the new economy we live in ?

The best thing my parents did for me (who are still alive and live in the suburbs, so no inheritance and no land) is pay for college. They borrowed most of the money in the form of parent loans (or they paid my student loans). This allowed me to graduate without debt and not start off my adult life already "indebted".

I look at my peers and see what crushing debt does to people emotionally, physically, etc. College not only gave me the education to get a good job, but without debt, it gave me the opportunity, which I took, to stay home with my son/future kids. With debt, I know I would have pressure from all sides (including from myself) to get a job to contribute to the family income

Yes, we live very frugally, but I love my life, and would not have had the opportunity to live comfortably this way without being school-debt free.

This is what I will do for my kids (and save enough so that I as a parent don't go into debt). They can then start their adult lives with a good education and not be in the red from the very beginning.
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Old 02-08-2013, 08:55 AM   #6
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Re: preparing "long term" for the new economy we live in ?

Our goal is the same - to give our children a college education and thus a start on a debt-free life (DH had the same, I did not - so at least we only had one share of student loans to pay off, plus I had a full-tuition scholarship, which allowed me to finish my masters degree without any additional loans).
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Old 02-08-2013, 09:33 AM   #7
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My goal is to pay off student loans and house over the next 7 years then work toward saving 12k per year over the next 20+ years. I figure we'll need to save at least 240k to have a frugal retirement. If the kids want to go to college they will have to find a way to pay for it themselves. We will offer then free room and board if they are in school though
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Old 02-08-2013, 10:36 AM   #8
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Re: preparing "long term" for the new economy we live in ?

DH and I have been talking about this lately. It might seem selfish, but I think the best thing that we can do for our kids is make sure that we (DH and I) are financially stable in the future. DH's parents haven't made the best decisions and have started hinting at us buying a place so they can come live with us (sorry, not gonna happen!). My parents are doing okay, but they could have done better if they had saved more during the good times.

We've both recently gotten sizeable pay increases, and we've made a conscious decision to keep living frugally and putting everything else away in savings, mostly because we don't want our kids to feel burdened by us when we get older.

I also want to teach my kids to be financially responsible. My dad's advice to me before I started college was to take every loan I could and not work in college I know he meant well (he wanted me to focus on my studies), but I really don't want to teach my kids that it's okay to borrow money they don't need.
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Old 02-08-2013, 10:41 AM   #9
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Re: preparing "long term" for the new economy we live in ?

Ditto to it's become SO important to teach our kids to live without debt or with little debt.

We are about to move and really really thinking out what kind of mortgage we want, how to pay off quicker, to buy with the thoughts of if we have to resell in 5 years(DH
s work) have money to save for the kids.

Having said that I do know that we would have inheritance coming from 3 sources(and have been told so mostly) so that will be helpful in later life........

I think I have always had the debt free view....but with the way things are DH is definately coming around to that thought too which is good.
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Old 02-08-2013, 10:46 AM   #10
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My parents bought 35 acres of my grandaddys land out in the country and Im hoping we can buy a little from them and build a lovely log cabin house in a few years.
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