Why Did It Take Me So Long To Finally Get It?

My wife Jo recently sent me some Facebook wisdom that abruptly grabbed my attention – like Wow! I muttered, “damn, a blinding flash of the obvious.”

I tried to advertise on Facebook and was banned; our articles didn’t meet their political standards. Some of their shenanigans are now coming to light. At this point, they don’t get my money. I post a daily quote on our Facebook page.

Jo regularly finds great life lessons, condensed into a couple of sentences.

So, what stopped me abruptly? A list of money secrets only old people admit.… Why do they call them secrets, they’re not hidden? It dawned on me – they are right, why did it take me decades to finally see and understand what was in plain sight?

I’m going to highlight the biggies I wish I’d understood earlier in life….

A paid for automobile is more comfortable than one with a fat payment booklet.

I detest automobile advertising. I particularly detest the ad showing a young man seething as the neighbors admire their new car in the driveway. The focus was not showcasing the car, but rather financing. “Come on down, our easy financing will let you outshine your neighbors.” The last scene fades out with new cars in both driveways.

The advertising works – sometimes too well. Edmunds reports:

More than 3 in 10 Americans trading in a vehicle today owe more on their loan than their car is worth.

The average underwater trade-in now carries $7,183 in negative equity, the highest ever.

The average new-vehicle monthly payment for a buyer rolling negative equity into their new loan is $932, $159 more than the typical car buyer.

Using the Edmunds stats, 17% of the payment is for the last car. What happened to the old adage, “When you are digging yourself into a hole, stop digging?”

CarPro adds:

“Even highly regarded vehicles known for holding their resale value are not immune to financing challenges. The list features popular trucks and SUVs, alongside traditional residual winners:

Bankrate continues:

“More Americans are late on their car payments than at any other point in the last 15 years.

…. New car payments over $1,000 now make up 18.96% of all new car loans.

This increase in monthly payment is due in part to the high cost of cars, with loan amounts for new cars averaging $43,925 at the beginning of 2026.

…. More of Americans’ budgets are being eaten up by car payments.

…. Economists and industry experts say the slow and steady rise in auto loan delinquencies shows that people are being pushed to the brink financially.”

The “secrets” list continues:

Nobody on their deathbed said, “I wish I’d bought more stuff.”

It may sound trite, but that was an epiphany moment for me. The underlying lesson is not about cars, boats, vacations, or stuff – it is much bigger.

I’ve defined the retirement goal as living a comfortable lifestyle, without constantly having to worry about money. No one argues with that definition – but – why wait until you are old or retired?

Younger working people living below their means with manageable debt – no $1,000 month upside-down car loan payments, outrageous credit card debt or multiple payment booklets – can still enjoy a comfortable lifestyle without constantly having to worry about money. Being debt free helps financially and emotionally, however making continued progress toward that goal can minimize money worries and stress.

Milestone markers

I wish I had recognized and understood some markers much earlier in life.

The process of debt reduction. In our younger years, paying something off meant freeing up cash to finance more stuff.

Anyone remember the “Friendly Bob Adams” commercials, advertising “debt consolidation loans?” Bring all your payment booklets, consolidate your debts into one lower monthly payment and reduce stress. Very appealing to those up to their eyeballs in debt, living from paycheck to paycheck.

A friend worked there and often joked about the TV store next door. Customers would walk out of his office, go next door, walk out with a new color TV and payment booklet. Soon they would be back in his office “consolidating” once again.

A few years later I got a debt consolidation loan, and was proud of myself for not going out and financing more stuff. I didn’t realize the process; with each monthly payment, I was inching toward reducing the stressful money worries.

Changing your mindset is a must. George Mrihe explains, “Wealth begins with a mindset before it begins with a bank account.” Unlike a fad diet, this is not a temporary event; but rather a sincere behavior change.

It was exhilarating when it happened. While we had little net worth, we turned the corner on debt reduction and vowed to never go back.

The exhilaration of not buying something. The first Chevy Corvette was introduced in the early 1950s, followed quickly by the Ford Thunderbird. As teenagers, full of testosterone, we lusted over those shiny, cool-looking chick-magnets.

Corvette still fuels that image with Baby Boomers. Hedges & Company reports about Corvette demographics for the new C8:

“Here’s the C8 age breakdown:

44 and under: 15%

45 to 54: 22%

55 to 64: 26%

over 65: 37%

C8 Corvette owners are overwhelmingly home owners. 99% own their home, and only 1% rent.

Here’s the breakdown of C8 household income:

Under $50,000: 10%

$50,000 to $74,999: 9%

$75,000 to $99,999: 17%

$100,000 to $124,999: 13%

over $125,000: 51%”

We have friends who got to that point in life where they could buy the “car of their dreams” and love it. Jo and I live in The Villages, FL, the largest retirement community in the world. The Corvette club is huge. It’s fun to not only look at the various models spanning almost 70 years, but also the grey haired and bald collectors – and their spouses.

I fell in love with the 1956 Thunderbird with the Continental Kit. When Ford added a back seat, modifying the design into a family car it changed the image. In my 30s I had a four-door and loved it, but it was a far cry from what the 56 represented.

Jo and I went to a car museum in Santa Fe, NM. There was the exact white one with Continental Kit that I’d described as my dream car. Jo found an article that Ford was introducing a retro-Thunderbird. It looked pretty neat.

We followed the progress for almost two years before it hit dealer showrooms. With checkbook in her purse, Jo and I headed off to the local Ford dealer, fully expecting to fulfill a boyhood dream and buy a new T-Bird.

The window sticker contained “Dealer Value adjustment – $10,000,” blatant price gouging. We slowly inspected the vehicle and climbed inside. I adjusted the seat, fiddled with some knobs and sat in silence. “Well?” Jo asked. Unable to hide my disappointment, “They blew it, I don’t like it.”

On the way home, we discussed our feelings. She was relieved, she felt the same way. We realized we could afford a new car, but we were exhilarated because we didn’t buy it. Ford discontinued production five years later.

There have been many times we’ve looked at things that would be “nice,” but decided it wasn’t worth it.

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Enjoy the journey.

While the secret was out in the open, why did it take so long for me to get it? For years I was paid monthly and fretted over payment booklets while slowly climbing out of debt. If I’d understood the significance of the small milestones of progress along the way, I would have saved many sleepless nights of unnecessary worry.

One “secret” that hit home simply said,

“The lottery you are waiting for is already here. It’s called good health.

Our 50th high school class reunion highlighted this issue. It was surprising how many classmates didn’t make it, while others are in poor health.

Now, well past our 50th reunion, biology is catching up with all of us. Steve Jobs, founder of Apple, was worth billions when he died at age 56. I’m sure he would tell his surviving classmates they were the winners of life’s lottery.

Advice??

If I had a do-over I would change my attitude about money. Having debt versus being debt-free is binary, you are either a lender or borrower. You don’t have to be debt-free to not have to worry about money.

The learning came over time. Managing your money wisely, understanding the benefit of doing the right things, reducing your debts, learning to live below your means, saving and accumulating wealth, learning how to invest wisely is part of a life-long process. Some learn quickly, while others never learn.

If you are following a plan, keeping your priorities of financial and emotional independence in focus, celebrate your progress and sleep well along the way.

You don’t have to be retired to have a comfortable lifestyle without constantly having to worry about money.

Chill out. Set your priorities, follow your plan and enjoy the journey.

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On The Lighter Side…

I told my webmaster I felt I needed some time off. I’m fed up and frustrated with what I see going on. When I got Jo’s note, I decided to write something from the heart.

When the Democrats are in charge, Republicans gleefully love it when inflation and gas prices increase. The situation reverses when Republicans are in office. For decades presidential candidates from both parties promised the voters they would prevent Iran from having a nuclear weapon, for good reason. Fearing they are getting close; President Trump is doing something. It makes sense to err on the side of caution.

The politics is maddening. Ignoring the fact that Politicos from all parties have insisted that Iran should not have nuclear weapons, they’re more concerned about the mid-term elections. Iran is dragging things out because they understand American politics very well.

Our founding fathers envisioned “citizen legislators” temporarily serving their country, not career politicians. When I see senior politicians of all parties trumpeting their “Many decades of public service” I get angry.

Can’t we all work together for the good of America? Why can’t we elect politicians who are primarily concerned about what is right for America, not their overriding concern about being reelected for generations?

Sorry to get on a soap box, but congressional term limits are a must. Sorry for the rant!

Quote of the Week…

This week we’ll combine several that make our point:

“Happiness is achieved when you stop waiting for your life to begin and start making the most of the moment you are in.” — Germany Kent

“Happiness is not a state to arrive at, but rather a manner of traveling.” — Margaret Lee Runback

“Happiness, properly defined, is a sense of well-being that comes from a great sense of knowing that you’re on the right path.” — Mark Anielski

And Finally…

We will close the week with some more of Jo’s Facebook wisdom:

It’s never too late for an apology.

When giving a toast, short and sweet is good.

Make time for your parents on their birthday, it’s a special day for them.

When you stand up to a bully, you only have to do it once.

Never answer the phone at the supper table unless it is a real emergency.

Avoid losing your cool, particularly at work.

Don’t wait until the gas tank is almost empty to buy gas.

Show up for the moments that matter for people you care about.

Never pass up a chance to say “thank you.”

And my favorite:

• It’s OK to want nice things, just be willing to work for them.

Until next time…

Dennis Miller

“Economic independence is the foundation of the only sort of freedom worth a damn.” – H. L. Mencken

 

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