Where or who taught you personal finance

BatZion

Thu, Sep 29 2022, 1:10 pm

justforfun87 wrote:

Are you on Facebook? I just joined an few groups that really break it down. I also have been reading financial blogs. Really the basics 101 is you need to cut costs and make more... wish it was that simple. I am actually sort of starting a journey in this whole process as it seems it is a male dominated world. There is not too many frum women who speak on this. Any financial guru can't justify paying tuition so its hard to understand the religious world from a financial perspective. I just watched an incredible youtube video that touches on the frum lifestyle and finances.. Look up Kosher Money on Youtube. The interview was done with Naftali Horowitz.

Yes! Kosher Money is great!

amother

Mimosa

Thu, Sep 29 2022, 2:38 pm

My parents.

Part from watching...we never felt we were lacking, but they definitely were careful.
Once I started working, my father sat me down. He showed me bank and investment statements and explained the basics. Then he said I can continue to room and board for free, clothing in moderation would be covered-- on condition I invested majority of my salary. So happy he did this. I went into marriage a year or 2 years later with a small nest egg. I haven't touched most of it in the 21 years I've been married and it's probably tripled in value.

amother

DarkYellow

Thu, Sep 29 2022, 4:41 pm

I grew up with the idea "FIRST buy a house". Once you have a house, you can start an emergency fund (usually 3-6 months expenses). After that, invest with little risk for each childs wedding and start retirement plans.

At this point I'm still trying to save for a house and will educate myself for the rest with time.

As for daily life, I taught my husband how to use Quickbooks and we record every transaction. We run monthly Profit and Loss reports with comparisons to other months/years and think three times before spending.

amother

Thu, Sep 29 2022, 6:35 pm

I'm embarrassed to discuss our money habits or lack therof after reading all of this
though both of us weren't taught better
I'm feeling quite inept right now Can't Believe It

amother

Cantaloupe

Thu, Sep 29 2022, 6:52 pm

amother OP wrote:

I'm embarrassed to discuss our money habits or lack therof after reading all of this
though both of us weren't taught better
I'm feeling quite inept right now Can't Believe It

That makes 2 of us.

justforfun87

Thu, Sep 29 2022, 8:45 pm

amother OP wrote:

I'm embarrassed to discuss our money habits or lack therof after reading all of this
though both of us weren't taught better
I'm feeling quite inept right now Can't Believe It

Don't feel bad. Life is so expensive. It is painful. What is your biggest hurdle?

amother

Thu, Sep 29 2022, 9:45 pm

my deepest pain is knowing that sparing a miracle there is no way I can ever be financial independance
I have about $70K debt
and even though BARUCH HASHEM I'm not creating more debt right now
I dont see how I can ever save or invest when I'm sooooo far from paying this off

justforfun87

Thu, Sep 29 2022, 10:17 pm

amother OP wrote:

What sort of debt is it? Is interest accruing? What tangible steps are you doing to attack the debt?

amother

Fri, Sep 30 2022, 10:12 am

it's from a time in my life when my husband was in a severe depression with no job
regular expenses + doc + therapy got us into this hole
b'h he is semi-stable now but I cant get rid of this mountain load of debt TMI

justforfun87

Fri, Sep 30 2022, 10:40 am

amother OP wrote:

No interest! Bh!! you can do this! We have student loans way more than that. Have you had time to sit down and write out all your expenses? I am really really new at this and confused about finances myself but if you want to PM me I can try to help you look at your spending from an outside view or ways to cut costs.

amother

Fri, Sep 30 2022, 11:09 am

you're so nice to offer
I went through my expenses with the finest tooth comb I can get

I style my own wigs
I buy stuff to wear for myself on sale in Macy's
I walk to work when possible
I don't eat out. ever.
we eat chicken. no meat.
I take minimal cleaning help so that I can keep the house somewhat while being the main breadwinner
[husband has a job but earns a very entry-level salary and cant earn more due to his ocnditions]
I cook our food
I got discounts at the schools as much as possible