I Wish I Had Read This Thirty Years Ago!

Dr. Cheese · #1 08-15-2010, 05:09 PM

http://finance.yahoo.com/banking-bud...d=bb-budgeting

This is just common sense at a certain level, but it's really good to know.

Pilgrim · #2 08-15-2010, 05:14 PM

Not everyone has the ambition or the drive - but more power to those who do.

evil-g · #3 08-15-2010, 06:59 PM

The book, The Millionaire Next Door is a great read. It does show that you really don't know who is living next door. People have had their eyes opened. Once you make the commitment to creating wealth it happens. I think the book is in its 5th or 6th edition now. Practicality works. No, I am not a millionaire but I'm not starving.

Thunderscreech · #4 08-15-2010, 07:23 PM

I will have to get a copy of that book.

Bigjohn · #5 08-15-2010, 11:30 PM

That's right. They're not evil. They're just smart, have successful habits, make good decisions and work hard.
The ones who flaunt it are often the 20% who inherited it. They're also the ones who are conflicted about it, have problems and feel guilty because they didn't earn it. They're often untalented due to their fathers and grandfathers breeding with airhead trophy wifes, lol.
And so it goes.

Dr. Cheese · #6 08-15-2010, 11:42 PM

That article was good for me because I have been doing a reassessment of myself lately. Like many of my generation, I let myself fall into a mindset of getting stuff, and often getting stuff quickly. That article reaffirmed that there is great reward in having good financial habits, and that often buying stuff is prety hollow.

Bigjohn · #7 08-15-2010, 11:48 PM

I find it's better to save and build a strong financial position so you will be able to take advantage of opportunites when they arise. And they always arise, in all economic circumstances. Particularly bad ones like now.

Quote:

Originally Posted by Dr. Cheese

That article was good for me because I have been doing a reassessment of myself lately. Like many of my generation, I let myself fall into a mindset of getting stuff, and often getting stuff quickly. That article reaffirmed that there is great reward in having good financial habits, and that often buying stuff is prety hollow.

jp58 · #8 08-15-2010, 11:52 PM

Quote:

Originally Posted by Bigjohn

That's right. They're not evil. They're just smart, have successful habits, make good decisions and work hard.
The ones who flaunt it are often the 20% who inherited it. They're also the ones who are conflicted about it, have problems and feel guilty because they didn't earn it. They're often untalented due to their fathers and grandfathers breeding with airhead trophy wifes, lol.
And so it goes.

Well done...

I know a few well to do people. Super nice, not evil, and his father worked for every penny they have right now. Hell, he even showed me how he had invested his money and the like in the hopes that I could learn how to be successful.

The son is getting his masters degree now and wants to be a children's psychologist, so I have no doubt he won't be in that 20%.

But they are the only wealthy family I know really closely so it may just be a bad sample.

Dr. Cheese · #9 08-15-2010, 11:54 PM

Quote:

Originally Posted by Bigjohn

I find it's better to save and build a strong financial position so you will be able to take advantage of opportunites when they arise. And they always arise, in all economic circumstances. Particularly bad ones like now.

So true!

Bigjohn · #10 08-16-2010, 12:04 AM

So ... maybe we should form a TB good money habits and investors club???
Anybody think GE is a good stock buy? It's down around $15 ...
I wish I was in position to have bought IBM when it was battered down in the early 1990's!

manage3 · #11 08-16-2010, 12:12 AM

Never too late to take note and make changes. People throw pennies on the ground o do not like change...just jar it for a month and it will change your mind and make anyone consider that "every penny counts"! The Millionaire Next Door is a good read and some chapters are available online for free and if you have Kindle, the ebook was free for a while...so check it out.

Simo98 · #12 08-16-2010, 02:01 AM

A Million dollars isn't that much money anymore.

jp58 · #13 08-16-2010, 02:11 AM

Quote:

Originally Posted by Simo98

A Million dollars isn't that much money anymore.

True, but somewhere in that neighborhood would make for a nice retirement fund.

Simo98 · #14 08-16-2010, 03:43 AM

Quote:

Originally Posted by jp58

True, but somewhere in that neighborhood would make for a nice retirement fund.

A million dollars would certainly be nice, ill give you that

But the term "Millionaire" is realistically a little dated in my opinion, when I say millionaire I think a couple of sports cars and a pool in his living room with a 20 year old girlfriend style rich, and a million dollars sure wouldn't buy you that. That being said, you won't see me turning down a cheque any time soon

FL Knifemaker · #15 08-16-2010, 06:00 AM

Great book. People in their early twenties could easily retire wealthy in their late forties. We have my daughter on her path already.

**jmattbassplaya** · #16 08-16-2010, 08:23 AM

Quote:

Originally Posted by FL Knifemaker

Great book. People in their early twenties could easily retire wealthy in their late forties. We have my daughter on her path already.

And what is that path?

FL Knifemaker · #17 08-16-2010, 08:32 AM

Quote:

Originally Posted by jmattbassplaya

And what is that path?

Basically saving and some low risk investing to start. She's going to school full time and only working 2 days per week. As parents, we are also going to get her set up with a first property ASAP. After that it's sticking to a game plan. Paying rent is one of the main wealth killers and we will do everything we can to eliminate that need while providing a solid investment/tax deduction at the same time. After that, HOW she makes her initial income will be up to her but hopefully we can help her maximize it by smart investment. More basically, the goal is building residual income in the least amount of time possible.

jp58 · #18 08-16-2010, 08:32 AM

Quote:

Originally Posted by Simo98

A million dollars would certainly be nice, ill give you that

But the term "Millionaire" is realistically a little dated in my opinion, when I say millionaire I think a couple of sports cars and a pool in his living room with a 20 year old girlfriend style rich, and a million dollars sure wouldn't buy you that. That being said, you won't see me turning down a cheque any time soon

I don't know too many 18-20 year old girls that would turn down "Hey baby I have a million dollars either. Million is dated, but we have quite reached the point here "billionaire" can replace it either. We need to use say "ten-millionaire" or something like that.

modulusman · #19 08-16-2010, 12:05 PM

I remember reading a long time ago that if an 18 year old put $2000.00 in an IRA just once and never contributed another dime they would have about the same amount at retirement as some one who waited until they were 30 and contributed 2 grand every year until they retired. Time is on your side.