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Fiscal Responsibility

N2Advnture

N2Advnture

Active Member
Joined
Oct 10, 2005
Messages
1,839
This has been on my mind for quite some time and only write this with the most heartfelt intentions.

I have noticed something that is a little disturbing to me but really none of my business but as a friend to many, I thought it best to express my views. (especially with newer/younger BOTLs)

The problem?

I've noticed many BOTLs who are over extended on their credit in the name of acquiring more cigars. I've heard some disturbing balances being maintained on their credit cards due to large number of purchases of cigars.

I believe that with the amount of discussions in the forums, pictures of collections being shown, crazy sales by retailers, that it is easy to get caught up in the "keeping with the Jones'" mentality but I would be remiss if I didn't express my concern.

PLEASE keep in mind that cigars are a hobby and should be BUDGETED for and is SOLELY based on disposable income. You SHOULD NOT be "investing" in cigars - they are a consumable that are susceptible to damage (fire, water, improper storage, beetles, theft, etc...).

People talk about a "cigar budget" and we all laugh when we blow that budget. But like any other aspect of your life, you REALLY should have a "cigar budget" and stick that budget the same as you would for emergency savings (6+ months), vacation savings, retirement, etc...

The senseless act of carrying credit card debt just to amass a cigar collection is not fiscally responsible and you are doing yourself a disservice in the long run.

The one thing that I have learned over the nearly 2 decades of being into cigars is that it's is not about the cigars. The cigars are just a compliment to the commaradarie. Yeah, the cigars are good but meeting new people and developing longer term friendships has been the best part of the hobby to me. There are many people that I now consider friends (some stay at my home) and I wouldn't have met them otherwise.

My point?

In the great scheme of the cigar community, cigar are meaningless and should not be coveted to the point where we throw away common sense and fiscal responsibility.

So please, take a step back and look at YOUR financial plan (if you don't have one, then make one!). It is your responsibility to take care of your financial security.

Happy smoking my friends.

~Mark


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Gee Mark, No one here does anything like that...I'm sure!!!
Anyway with that being said, when that SCHIP bill passes I am going to take as MUCH disposable income as possible and purchace as MANY cigars as I can...it is the responsible thing to do!!!
 
That's good advice Mark, nicely stated. I peruse the BST and Retailers sections here in much the same manner that I watch The Travel Channel and Rick Steve's Europe. At this point I can't afford to indulge in either but I can get some vicarious enjoyment out of watching. My wife thinks I'm a voyeur.
 
Being an econ major, and studying this sort of thing, I can comment that there are many ways to beat the recession we are in. I'll provide a few key points from a personal perspective. Keep in mind there are many different opinions as to what one can do, but inevitably there is only one result. Also, if anyone is curious as to my stances on firm specific conquering of recession, feel free to message me, as it's a bit much to type here.

From a personal perspective, if you plan on continued stock investment, the best way to go is with high yielding stocks, as they aren't as risky during an economic downturn. Otherwise, save, save, save and invest where the risk is low. If you are considering long-term investment, time is on your side. Long term investments allow for fluctuations in the market, just make sure your investments are at a risk level you are comfortable sticking to if the market takes a downfall. We've seen what happens when investment confidence takes a turn for the worst, so stick to your guns.

Treat your normal routines like Starbucks and going to the movies as "gifts" and develop a knack for not giving yourself Christmas everyday. There are a lot of ways to manage this, such as conserving gas by running multiple errands at a time or on the way home from work and eating cheap. No, you don't need to go out to dinner every night, or smoke expensive stogies often.

It is also important to try and stimulate the local economy. Shop at independent stores and eat at independent restaurants instead of chains. The idea here is that locally owned and operated stores are more likely to spend their profits locally. And if you are employed by a local firm, there is a greater chance that sales and revenues won't see as large of a downturn as commercial chains. There is a higher chance of continued employment for many individuals if this is considered by a large majority....everyone benefits.

It may also prove beneficial to seek additional job training and become more diversified in your skills. Build a social network (as we do here), and save, save, save in case you become unemployed.

As the economy begins to rebound, whenever that may be, invest only a portion of your current investments into growth stocks. They will be more beneficial if in fact the market is becoming more stable.

There are a lot more ways to beat the recession, depending on what situation you may be in. Whether it be buying a home, or taking out a loan. For direct questions in the area, or you are seeking opinions, please feel free to ask. This post is about as condensed as I could make it.
 
BigJake6904 said:
There are a lot more ways to beat the recession, depending on what situation you may be in. Whether it be buying a home, or taking out a loan. For direct questions in the area, or you are seeking opinions, please feel free to ask. This post is about as condensed as I could make it.
Click to expand...

Well, I hope you're right. I hope this is about beating a recession. I have my doubts though. We've sent all of our production overseas, and we don't seem to have much to fall back on. Our economy is full to the brim with paper-pushing professions. I've always wondered how long that could last. This recession/depression could be something of much larger proportions, and could lead to a lot of 'trimming the fat' in this country. Time will tell.

There is one thing in the upcoming months I would very much like to see. MN's former US Attorney has recommended that a portion of that $700 billion go to the Department of Justice to prosecute anyone and everyone who was in on this giant mortgage scam. We've had a war on drugs, and now I'd like to see a war on the white collars. These c.cks.ckers have done as much, if not more, damage to this country than any drug dealer or gang banger. They deserve exactly the same, if not worse.

THAT needs to get done.

By the way Mark, great post.
 
tsmckenney said:
BigJake6904 said:
There are a lot more ways to beat the recession, depending on what situation you may be in. Whether it be buying a home, or taking out a loan. For direct questions in the area, or you are seeking opinions, please feel free to ask. This post is about as condensed as I could make it.
Click to expand...

Well, I hope you're right. I hope this is about beating a recession. I have my doubts though. We've sent all of our production overseas, and we don't seem to have much to fall back on. Our economy is full to the brim with paper-pushing professions. I've always wondered how long that could last. This recession/depression could be something of much larger proportions, and could lead to a lot of 'trimming the fat' in this country. Time will tell.

There is one thing in the upcoming months I would very much like to see. MN's former US Attorney has recommended that a portion of that $700 billion go to the Department of Justice to prosecute anyone and everyone who was in on this giant mortgage scam. We've had a war on drugs, and now I'd like to see a war on the white collars. These c.cks.ckers have done as much, if not more, damage to this country than any drug dealer or gang banger. They deserve exactly the same, if not worse.

THAT needs to get done.

By the way Mark, great post.
Click to expand...

Here in Erie, General Electric tore down a couple of buildings in order to save on taxes. The production that took place there was out-sourced to 'other locations', as were the jobs involved. We're not talking toasters here. This plant makes mainline locomotives for the international railroad industry.

Sad.
 
Great advice, Mark. We'd all do well to heed it, especially in these times.

Wilkey
 
This shows the caliber of Mark, he is a great guy to do business with and an asset to the board. I couldn't agree more with his post, seems too easy to overextend credit these days, so think twice about that purchase.
Mark, thanks again, you are one stand up business owner and CP member,
Rob
 
mark makes a great point. For the past 7 months I have been working out of state. Each state takes there state tax out of the moneys I earn (still having to pay state tax in the state I have residence). Mean while having to find the MONEYS for accomidations in the state I work and covering all the bills back home.

It has not been easy, yet I am happy to have a JOB.

As for what my Congress and House are doing, lets just say wall street can not make there own rules. They need legislation.

those that are quick to point the finger will always find FOUR pointing back.


As a tax paying, unable to vote American (felon and all) we should remember we have the power to change those who make bad decisions ON OUR BEHALFE, with OUR MONEY.
 
Mark, a point well made. We are all responsable for our actions, in good times and bad.
Thanks
Tom
 
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