I know some jobs might run your credit if you have some substantial financial or collections aspect to your role, but definitely not the majority of jobs out there.

And what types of insurance carriers use your FICO score? I am not aware of any. ?

Some jobs, in the financial sector. Allstate is one.

Coverage for what though?

State Farm too, on every policy we have. They use it to determine what kind of "risk" you are.

Great playing - acting on what you saw and feel. Personally I NEVER SHORT. The downside is almost unlimited and the risk more than I want to take, regardless of my gut feeling. I've personally tried to invest in things I thought were going "well" rather than betting on something going bad. I can't tell you how many times I could have made some serious ROI shorting... but I just won't do it. I stick to what I "think" I know. :rolleyes:

I bought Apple 5 years ago when I was at the mall - and noticed the only store in the entire mall that had people coming out the front door waiting to pay for the stuff they'd bought.... I came home and said - hmmmmmm.... That looks like a growing business to me.... Some call that the Peter Lynch version of investing. I tend to agree with that version of investment style. Something I can see - no analyst required. I wish I could repeat that "winner" on a more consistent basis. I have others we won't mention. :rofl:

I'm not a "gambler" -- I don't day trade - I don't short - I don't buy anything with money I can't afford to lose. People say that - but they don't stick to it. I'm a stick to it kinda guy. I came from nothing... got lucky a couple of times - and have a total fear of returning to my roots... I DO NOT GAMBLE - that is different from "I never lose" because I lose all the time... I stick to the 5% rule - never more than 5% in any investment EVER... if the investment grows and is 8% - I take some off and invest in something else - I'm never a pig. I never "average down". I have a separate bucket of risk investment - think "Venture Capital"... that is a completely different investment play than the apartments I own. BALANCE is the way to not go broke. I've been broke - it's not nearly as much fun. I do take calculated risk... and sometimes they don't work out... but it never affects my lifestyle... nor causes me to have to bail on a winner to cover.

A quick story - neighbor comes over 3 years ago - says he just inherited 3/4's of a mil - and wants to know what stocks to buy. I asked him about his "other" investments - to which he says he has none. I asked him how much does it cost you to live a year? He tells me - I say where's that come from... He's retired - but he's NEGATIVE CASH FLOW... So I said - here's the way I'd go about this: Take 4 years of the negative flow - stick it in laddered CD's... SO THAT YOU DON'T HAVE TO SELL IN A DOWN MARKET.... and then pick 10 or so stocks - and buy into them over TIME... not all at once. So if you target Apple, for instance - and want to invest 10K in it - buy 2500 worth every quarter - up or down - stick to that... BUT DO NOT BUY ALL AT ONCE... I tell him.... There's a guy on Wall Street - when you buy -- he yells to his buddies "okay guys - he's in - take 'er down!" -- then when you sell -- He says - "he's out -- take 'er up!"

Needless to say he did what he wanted to do and his house is for sale. :willy:

Am I smart -- Have any of you ever met me? :wow: The answer is ABSOLUTELY NOT... but, better lucky, than smart! is my favorite saying. And I want to live to be able to play another day. I don't do anything well - I do it all "average" - I realize this and I stick to it. Right now - I know lots of really broke smart people. They were greedy and margined their accounts and they leased their cars - and bought way more house than I... and have way nicer cars and toys. I hope they enjoyed them.

It just occurred to me why I'm an "average" guy...

I'm more afraid to loose what I have, which is way more than I ever dreamed of - than I am of loosing out on something better, or bigger, or more.

I never dreamed of having a Ferrari, ever, not once so just because I could now have one why would I? I've always dreamed of owning/building a decent hot rod. I never dreamed about owning a "yacht"... but always wanted a decent boat...

I try to keep that in "perspective". I have way more than I ever dreamed of and I intend to keep it at that.

Does that make sense?

Very much so!

Shiny Side Up!
Bill

Makes perfect sense Greg.:cheers:

I get what you guys are saying, and honestly, I fell victim to the "college credit card" out of high school, and not having a lick of financial smarts, it ruined me. And know I am paying for it, in more ways than one. But as of this year, short of my house and small car payment, I will be debt free, making 70k a year. I am just upset that it has taken me until I am 30 to finally figure it out, however, my wife and I would like to have another child, and move to a bigger house (the house we have now is not above our means) but my past will haunt me once again, so what are my options? Credit seems like it takes so long to build back up, but so easy to ruin. And I ghfear that when looking at the next house, it will be unbeleivably hard to get a decent loan. what are your guys opinions on this? (sorry if this is off track or a hi-jack)

I love that kind of question INDY ---

Well.... Yes and no... :lol:

I'd say - stay where you are for at least 2 years - with no debt other than as you stated - make sure you don't change jobs either... unless you're taking a big move up.


STABILITY and track record will help you. It's kinda like your GPA -- everybody screws the pooch the first quarter at college - but if you figure it out and start doing what you should from then on - GREAT.

Todd can jump in and tell you what you need to qualify for a house - he deals with that... so would know what the banks are demanding currently - down - rates - FICO - etc.

This whole "housing" thing gets me. Back in the day - the sole reason you bought a house - was to work to pay it off - so that you could live for "free" when you retired. So a 30 year mortgage was paid off when you were 60... earlier if you were "smart". People raised whole families in 1400 sq ft ramblers and post war bungalows. They knew all their neighbors - and their kids... they started out young families and grew old together. Why is it we all have to have "more" house now? I didn't have my own bedroom til my brother went to Vietnam! Now a married couple no kids (DINKS?) have to have 5000 sq ft 4 bedroom 5 bath house in the burbs... they live there 3 years and move - never knowing anyone. WTF is up with that? :rofl: You (not YOU personally - it's a rhetorical "you") have to be a complete moron to be 50 years old and taking out a 30 year $4,000 a month mortgage!! How are you EVER going to pay that off - let alone retire? Oh -- wait -- I know!! You're hoping like hell that it DOUBLES in price... good luck with that.