Fiscal Responsibility

N2Advnture · 11-26-2008, 05:08 AM

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 collect 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

.

68TriShield · 11-26-2008, 05:14 AM

Me thinks Mark was looking in the mirror when he typed this

Seriously though,this is sage advice Mark.

Thanks for posting it

11-26-2008, 05:17 AM

Words of Wisedom that should be heeded!!!!!!

This should be a Sticky!!!!!!!!!!

Buena Fortuna · 11-26-2008, 05:27 AM

Absolutely! Cash is king, debt is death...

BroncoHorvath · 11-26-2008, 05:53 AM

Great post Mark. Hopefully some of the people in those situations will take your advice seriously. Bottom line, don't spend money you don't have.

TripleF · 11-26-2008, 06:04 AM

Great advise Mark!! Thanks. In 2 years of smoking cigars I have yet to charge any cigar, or cigar related purchase.

Unfortunately most who read this, will not reply because charging and paying the minimum monthly fee is the way of life in today's world.

11-26-2008, 07:31 AM

Quote:

Originally Posted by Ron1YY

Words of Wisedom that should be heeded!!!!!!

This should be a Sticky!!!!!!!!!!

Agreed....a sticky this must become. This is a hard lesson I've had to learn and over the past few months, sat down, faced the harsh realization that at the rate I was spending, more money was going out than was coming in. I, too, felt the need to "keep up with the Joneses," and this is not necessary with the fine folks on this forum. Let me say that again: IT IS NOT NECESSARY TO OVEREXTEND YOURSELF FINANCIALLY TO KEEP UP WITH EVERYONE ELSE'S CIGAR COLLECTION!!! We will all "ooooh! and ahhhh!" over it, but take it from someone who knows...you will hurt in the end. There are some great people on this board who could honestly care less whether or not you have 2,000 premium cigars or 2 bargain sticks in your humidor....they just appreciate your friendship. If this place ever had any sort of "elitist" feel to it, I'd certainly not be here. During this time of Thanksgiving, i'm thankful for a place to meet with like-minded individuals for a few moments of each day. I hope all of you have a very safe and happy holiday with your families, and as always....smoke 'em IF you've got em!

Jason

macpappy · 11-26-2008, 05:25 AM

Thanks Mark. I have been thinking along the same lines myself and while I don't have a cigar budget per se, I believe I have a reasonable approach that works for me. I'm self employed and have a set number of clients that I can count on for a solid base income every week. Usually once or twice a month I have small jobs come in that aren't on my weekly schedule. I take half of the income from the "non-scheduled" work and that's what the wife and I use for splurge spending - I use mine to buy cigars.

I have never been able to wrap my mind around the whole "invest in cigars" thing. In my mind, "invest" means you're going to see a profit from your expenditure. When I buy cigars I know I'm not going to re-sell them so there is no profit.

Now I do admit that I have a small stockpile for future enjoyment, but that's different.

ucla695 · 11-26-2008, 06:35 AM

Well said Mark. Cigars are a luxury and not a necessity.

11-26-2008, 06:47 AM

If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

11-26-2008, 06:49 AM

Quote:

Originally Posted by Tombstone

If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

Live like no one else so later you can LIVE like no on else

Tenor CS · 11-26-2008, 07:06 AM

Quote:

Originally Posted by Tombstone

If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

Is there a specific book or website or something you recommend for this?

Edited to add: Also, as a retailer, I think that Mark has a unique and useful insight into this.

11-26-2008, 07:18 AM

Quote:

Originally Posted by Tenor CS

Is there a specific book or website or something you recommend for this?

Edited to add: Also, as a retailer, I think that Mark has a unique and useful insight into this.

Try the links below. If you are motivated and follow his rules it will work!!

http://www.daveramsey.com/

http://www.amazon.com/Total-Money-Ma...7709042&sr=8-1

TripleF · 11-26-2008, 07:26 AM

Quote:

Originally Posted by Tombstone

If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

How'd I know you'd be in here Tombstone?

11-26-2008, 07:56 AM

Quote:

Originally Posted by TripleF

How'd I know you'd be in here Tombstone?

Great minds think alike.

11-26-2008, 11:32 AM

Thanks Mark, you just saved me and lost you money... no really thanks. Good advice. This forum is like poison to me - every thread I see - I end up asking myself have I tried that? Everyone else seems to have experienced this or that - why not me!? And I spend more than I should - That explains why I'm broke!

My budget is zero - starting.... now......

Snake Hips · 11-26-2008, 12:14 PM

I only spend what I don't need for anything else, and only spend what I've got. My responsibilities go first, and I only use debit.

But this is a good read, and should be stickied.

hotreds · 09-01-2010, 09:56 AM

Sticky!

Mr B · 09-01-2010, 12:34 PM

Quote:

Originally Posted by Buena Fortuna

Absolutely! Cash is king, debt is death...

Quote:

Originally Posted by rck70

Don't be Slave to the Lender........Cash is King....

Quote:

Originally Posted by Tombstone

If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

Agree 100%. Ramsey's Total Money Makeover will change your life.

Awesome Post. I have thought it many times but never had the nerve to post it.
Thanks Mark.

Mugen910 · 11-26-2008, 08:01 AM

Great advice Mark! I will be honest...when I first started in May I overextended myself with credit cards...not because I wanted to "Keep up with the Jones'" but because I usually jump in head first in most things I do. I have however been diligent in making cash be king. If I can't afford it on cash (not just cigars but in general) then I cannot afford to put myself in more debt.

11-26-2008, 05:08 AM	#1
N2Advnture www.Cigarmony.com Join Date: Oct 2008 Posts: 642 Trading: (43)	Fiscal Responsibility 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 collect 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 . __________________ Home of the patented Humidity Bead System® humidifiers www.HBSHumidifiers.com

11-26-2008, 05:14 AM	#2
68TriShield Got Torque? Join Date: Oct 2008 First Name: Dave Location: Maryland Posts: 7,194 Trading: (40)	Re: Fiscal Responsibility Me thinks Mark was looking in the mirror when he typed this Seriously though,this is sage advice Mark. Thanks for posting it

11-26-2008, 05:17 AM	#3
Ron1YY Guest Posts: n/a	Re: Fiscal Responsibility Words of Wisedom that should be heeded!!!!!! This should be a Sticky!!!!!!!!!!

11-26-2008, 05:27 AM	#4
Buena Fortuna Feeling at Home Join Date: Oct 2008 First Name: Sam Location: SE Michigan Posts: 637 Trading: (18)	Re: Fiscal Responsibility Absolutely! Cash is king, debt is death...

11-26-2008, 05:53 AM	#5
BroncoHorvath Life is Great ! Join Date: Oct 2008 First Name: Steve Location: on the water.... Posts: 412 Trading: (6)	Re: Fiscal Responsibility Great post Mark. Hopefully some of the people in those situations will take your advice seriously. Bottom line, don't spend money you don't have. __________________ There's nothing like a great cigar and being Canadian

11-26-2008, 06:04 AM	#6
TripleF 11/11/11 EPIC IV Join Date: Oct 2008 First Name: Scott Location: Clearwater, FL Posts: 5,626 Trading: (176)	Re: Fiscal Responsibility Great advise Mark!! Thanks. In 2 years of smoking cigars I have yet to charge any cigar, or cigar related purchase. Unfortunately most who read this, will not reply because charging and paying the minimum monthly fee is the way of life in today's world. __________________ Cool Cigar Shirts, Stickers & More

11-26-2008, 05:25 AM	#8
macpappy Rider on the storm. Join Date: Oct 2008 Location: Slidell, LA Posts: 851 Trading: (0)	Re: Fiscal Responsibility Thanks Mark. I have been thinking along the same lines myself and while I don't have a cigar budget per se, I believe I have a reasonable approach that works for me. I'm self employed and have a set number of clients that I can count on for a solid base income every week. Usually once or twice a month I have small jobs come in that aren't on my weekly schedule. I take half of the income from the "non-scheduled" work and that's what the wife and I use for splurge spending - I use mine to buy cigars. I have never been able to wrap my mind around the whole "invest in cigars" thing. In my mind, "invest" means you're going to see a profit from your expenditure. When I buy cigars I know I'm not going to re-sell them so there is no profit. Now I do admit that I have a small stockpile for future enjoyment, but that's different. __________________ WARNING: I am a Southern White Male. I have a brain and I know how to use it.

11-26-2008, 06:35 AM	#9
ucla695 Neither here, nor there Join Date: Oct 2008 Location: The Pool Posts: 3,696 Trading: (5)	Re: Fiscal Responsibility Well said Mark. Cigars are a luxury and not a necessity.

11-26-2008, 06:47 AM	#10
Tombstone Guest Posts: n/a	Re: Fiscal Responsibility If anyone is interested in getting out of debt...I suggest Dave Ramsey's plan. I followed his suggestions and paid off about 17k of debt in 6 months. Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW, as the status symbol of choice!

11-26-2008, 11:32 AM	#16
MLC Guest Posts: n/a	Re: Fiscal Responsibility Thanks Mark, you just saved me and lost you money... no really thanks. Good advice. This forum is like poison to me - every thread I see - I end up asking myself have I tried that? Everyone else seems to have experienced this or that - why not me!? And I spend more than I should - That explains why I'm broke! My budget is zero - starting.... now......

11-26-2008, 12:14 PM	#17
Snake Hips Götterdämmerung Join Date: Nov 2008 First Name: Tyler Location: Directly above the center of the Earth Posts: 1,013 Trading: (10)	Re: Fiscal Responsibility I only spend what I don't need for anything else, and only spend what I've got. My responsibilities go first, and I only use debit. But this is a good read, and should be stickied.

09-01-2010, 09:56 AM	#18
hotreds Ephesians 2:8 Join Date: Oct 2008 Location: 5 miles past "Resume Speed" Posts: 11,662 Trading: (63)	Re: Fiscal Responsibility Sticky! __________________ God loves you so much, that he made you read this, just to let you know.

11-26-2008, 08:01 AM	#20
Mugen910 I <3 Huy Join Date: Oct 2008 First Name: Location Location: First Name Posts: 8,387 Trading: (106)	Re: Fiscal Responsibility Great advice Mark! I will be honest...when I first started in May I overextended myself with credit cards...not because I wanted to "Keep up with the Jones'" but because I usually jump in head first in most things I do. I have however been diligent in making cash be king. If I can't afford it on cash (not just cigars but in general) then I cannot afford to put myself in more debt. __________________ I'm not antisocial, I just think people are stupid.