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Interesting financial article on wealth
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Originally posted by tom125446 View PostIf you haven't already, check out Thomas J. Stanley's books. They made me even more proud to drive my paid off Toyota Camry and sport my Timex watch.
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I sadly have to admit that I am one of those that does not budget. Never have. My approach (good, bad, or indifferent) was to auto withdraw for retirement, savings and investments not tied to retirement (it's our bridge to 65 fund). Any money left over, my wife and I were free to spend. This account had to cover ALL living expenses and we were in agreement to never buy anything we didn't already have the money for (no credit card debt). I have always accused my wife of being nuts. We have somewhere approaching 10 different bank account and she refuses to consolidate. In her mind, it looks like we don't have much money (it's spread out), and she HATES to see an account decrease (she focusses on the percent drop mores than the dollar drop), so it makes her very frugal. We probably violate every money management rule in the book. But it has worked for us. Probably because we hit pretty much every other item in the article.Last edited by Rush2Judge; 04-26-2017, 10:35 AM.
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Rush2Judge,
There's another book out there that actually references that as a perfect tactic (auto withdraw, not the different accounts), called Automatic Millionaire.
I actually sold my truck this past fall, to get out of that new truck payment and bought an older perfectly running one for cash, and am now throwing the truck payment money at my mortgage since that's my only debt. A combination of Dave Ramsey and Thomas Stanley.
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Yes, #8 is what I have experienced with folks that have positioned themselves wisely.
Originally posted by tim21877 View Postyes sir, I read his first one The Millionaire Next Door and I'm about to start on The Millionaire Mind. I find it helpful to read a portion every time I get the itch for a new truck or a new gun.
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Originally posted by Merc View PostRush2Judge,
There's another book out there that actually references that as a perfect tactic (auto withdraw, not the different accounts), called Automatic Millionaire.
I actually sold my truck this past fall, to get out of that new truck payment and bought an older perfectly running one for cash, and am now throwing the truck payment money at my mortgage since that's my only debt. A combination of Dave Ramsey and Thomas Stanley.
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OP,
Good stuff... basics that form a solid financial planning foundation.
Originally posted by Merc View PostI actually sold my truck this past fall, to get out of that new truck payment and bought an older perfectly running one for cash, and am now throwing the truck payment money at my mortgage since that's my only debt. A combination of Dave Ramsey and Thomas Stanley.
You couldn't pay me to buy down my mortgage at 3.00% when market investments can perform at 8% easily... well I guess you could pay me more than 5% to do that.
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