Who am I? What is one of my Greatest Financial Achievements?

My Name is Steve.

I have been an Systems Engineer on Space Systems such as Titans and Atlases, I was a Convoy Commander on shuttle missions, was the CEO of a IT company and now work on projects I enjoy as an independent contractor. These include doing senior engineering on a homeland security project to protect domestic water supplies, founding the National Association of Working Seniors, www.workingsenior.com and acting as the CFO and CMO for a small web development company, www.nit.cc.

My greatest financial feat was three years ago when I reached what is called financial critical mass. This means having enough money or investments so that you no longer have to work and therefore you can work for joy. This was achieved by delaying gratification on things my peers may have been doing to allow me this luxury. For example when my friends were getting new cars I was riding the bus, when they were buying big flat screen TVs I was satisfied with my 35 inch tube model. Instead of buying a new large house I added a second story to my existing home.

All of these acts may seem cheap or tight, but what I learned is happiness is not driven by what you have but by what you do and who you help. All of this led to the point that at 50 I was able to retire, with my home paid for and enough money to only have to do what I want to do. Now I help my friends with their businesses or coach my grandkids or simply go Kayak surfing if I feel like it.

So as I said in Blog issue one, start saving now and never stop.

YOU’VE GRADUATED. NOW WHAT?

So you've graduated. Now comes that thing you've always worried about... Going to work, paying bills, and essentially becoming an independent person. Sure you've been independent as you went to school, but somehow this is different.

Well don't worry. It really isn't all that different, except if you're lucky, you are making more money. I remember how wonderful it was to get that first real check. What to do with that money!!!! Obviously I am never going to pay off my school debts until I'm 110 so no sense worrying that, but I sure could use a new car.....

Whoa Whoa Whoa.

The biggest lesson I learned is that we quickly live up to our income. The money never seems to be enough and I was quickly wondering when I would get a raise. So what is my advice? Well the best thing I ever did for myself was start to save 10% before I bought or paid anything. This simple concept took me 10 years to figure out, it was my biggest mistake, and the best thing I ever started to do once I figured it out.

Have 10% of your check directly deposited into separate bank account. Commit to yourself you will not touch it for 5 years. You will be amazed what that will do for your comfort level, your financial confidence and in the end for long term financial health.