Financial Advice from a Man Who's Been Retired Since 1969

Leonard McCracken worked for a steel company until he retired in 1969. He's now 107 and has been living on savings, Social Security, and an annuity payment ever since. Bankrate.com's Jennie L. Phipps asked McCracken to share his wisdom about managing personal finances that permitted him to remain retired for 41 years. Among his suggestions was to always get a job, even if it's for much lower pay than you're used to:

McCracken was unemployed about 45 years ago after his previous employer went bankrupt. He had to take a job driving a truck that paid $5 per day. It was a low point in his life, but between that and a commission sales job that he took at night, he and his family muddled through until he got back on his feet.


Link via Glenn Reynolds | Photo: Bankrate

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Good advice:

Don't borrow on credit cards...huge rip-off.
Live frugally
Save money...but I would suggest stock mutual funds in an IRA or 401-k
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