At the risk of dragging out my "creds", I have an MBA in finance and spent 30 years in the field managing millions of dollars for a large NY utility.
Rule # 1 is always work with other peoples' money. I am 72 and both of my houses have mortages that are at least 2% less than I can earn with that same money in the market (If you have an excellent broker).
Rule # 2 is to have long term health care insurance and get it at least 5 years before you may need it. (See Medicade lookback rules).
Rule # 3 live modestly. For example, my wife and I have 4 vehicles dating from 1991 to 2005.
None have 100,000 miles on them and being well maintained should outlast us.
Rule # 4 Do not call any of the TV or junk mail ads promising to make you rich or protect you from ever losing money.
Rule # 5 Move to a low/no tax state and check the inheritance laws carefully.
We live in WY & FL.
Rule # 6 If you can afford it, give your kids the maximum tax free gift every year.
Rule # 7 If you are a Vet, get hooked up with people who know all the benefits you may be entitled to. Were you ever in South East Asia on land, sea or air ? Did you get cancer or other pesticide related illness ? If, so you can get a nice tax free check every month and almost all your meds free. The VA will fight you tooth and nail, it took me three years of appeals, reexaminations, digging out government records etc,. but in the end I won and was reimbursed from the date I filed my claim plus a monthly check and all meds free.
Rule # 8 Take appropriate supplements to replace those you lose as you age. Leutein, Vita D3and a daily asprin are just 3 you shold be on. Also a small glass of red wine daily.
Rule # 9 Get an annual physical with a complete blood work up. Also a get a colonoscopy the day you turn 40 (recently moved back from 50) and repeat based on findings and Dr.'s orders.
Rule # 10 Don't: smoke, do snuff, drink hard booze. Walk a mile/day, get 8 hours sleep and avoid sun tans/burn.
My goal is to outlive the trolls who waste their lives and raise their blood pressure by constantly reappearing on the site each time they think they win by banning me. Ironic that a site with 50 thousand odd members is totally controlled by 8-10 cowards.
Last edited by bubahome; 12/18/14.
