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Coach
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Posted: Mon Sep 29th, 2008 05:31 pm |
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Alright wrote: Becoming rich has far less to do with annual income and far more to do with financial discipline. Anyone who says this is out of touch and it pisses me off.
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RQ8
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Posted: Mon Sep 29th, 2008 05:33 pm |
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Paul Allen is a co-founder of the company, not a typical employee. If anything it only serves to make my point.
If you think you're "rich" working for someone else, consider what you could have working for yourself... You can ALWAYS do better. Always.
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Alright
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Posted: Mon Sep 29th, 2008 09:14 pm |
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Coach wrote: Alright wrote: Becoming rich has far less to do with annual income and far more to do with financial discipline. Anyone who says this is out of touch and it pisses me off.
This coming from a guy who probably saves/invests far less than he could or should.
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brudgers
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Posted: Mon Sep 29th, 2008 09:25 pm |
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Coach wrote: Alright wrote: Becoming rich has far less to do with annual income and far more to do with financial discipline. Anyone who says this is out of touch and it pisses me off.
The three best ways to become rich:
- Have Rich parents.
- Marry a rich person.
- Have a really good job.
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Coach
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Posted: Mon Sep 29th, 2008 11:26 pm |
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Alright wrote: Coach wrote: Alright wrote: Becoming rich has far less to do with annual income and far more to do with financial discipline. Anyone who says this is out of touch and it pisses me off.
This coming from a guy who probably saves/invests far less than he could or should. That's the point. You think you know everyone's situation but you have no clue. You're either buying into the line that is being fed to you or you've never had to really worry about money. Pick a number... Tell me how a family of four gets rich on $50K/yr.
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JarrHedd
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Posted: Tue Sep 30th, 2008 12:36 am |
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RQ8 wrote: The only ones that truly get rich or well-off are the ones who go on their own or who branch out from doing architectural practice and get into development.
Nobody ever got rich being an employee of someone else.
Hello...that's my next stop...on my own and developing my own projects. Hey, I may get to a point I just may have to hire an Architect. :-)
I've been reading all of these posts, and there are some good debates. However, I did manage to find a firm that does really good work, I like the work I'm doing for them, and, I control my own pay.
Let me explain....The firm I'm with pays the base 40-hour week, and anything worked over that - ahem, a given in our profession - is accounted for and paid out in an hourly rate on a quarterly bonus program....oh, yeah, they foot the tab for health care for me and my family (about a $15,000/year benefit). I would say that I am getting compensated very well.
And, yes, Wannabe2, you need to move on. I'm in the midwest, too, and my base is way over 42,500. I have 6+ years experience.
And, for those that think licensing is the road to raises, I just have to disagree a bit. Seeking/capitalizing on work opportunities as they come, and making sure that you do those jobs well, has been my key. I do agree, however, with someone's post about how a license opens more doors, job security and etc. I have just been recently taken into the partners' office and been given 3 new projects to manage on my own as a PM because they recongnized my leadership ability, enthusiasm and ability to stand out in my field. I take the viewpoint that I control my own career.
If you're finding it difficult to capitalize on opportunities, find a pet project within your firm that you can take on to advance the productivity, technology or the way you do business. Your boss should notice if you save them money by increasing productivity. And, yes, I agree, most bosses are blind. So TELL THEM WHAT YOU ARE DOING!!
Never go into salary negotiations, interviews or the like without your own bullet points on what you've done the past year and why you "deserve" that raise.
That's my 2 cents (IMHO)....and, this is for those of us that have to rely on a boss for the time being. Good luck, all.
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Alright
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Posted: Tue Sep 30th, 2008 03:17 am |
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Coach wrote: Alright wrote: Coach wrote: Alright wrote: Becoming rich has far less to do with annual income and far more to do with financial discipline. Anyone who says this is out of touch and it pisses me off.
This coming from a guy who probably saves/invests far less than he could or should. That's the point. You think you know everyone's situation but you have no clue. You're either buying into the line that is being fed to you or you've never had to really worry about money. Pick a number... Tell me how a family of four gets rich on $50K/yr.
I don't "think I know everyone's situation". And I'm not "buying into the line that is being fed to me", whatever the hell that is. I said becoming rich has more to do with financial discipline than income. Think of how many people out there with a high income have almost zero net worth.
Yes, I have had to worry about money. Hello, this is the architecture industry. I was out of work for 11 months just 9 months out of College. You don't think I learned the value of a dollar?
You are right, a family of 4 living on $50K a year is probably screwed. It's a shame that 2 babies appeared on their doorstep one day, and they didn't put themselves in a position to raise a family with their head above water before some strange person put 2 babies on their doorstep. You sound like one of those people who thinks life is what happens to them, instead of carefully planning ahead and anticipating such things at children, layoffs, etc.
But it is still all relative, while that family will probably never gain riches, save a miracle, they can still end up in a far better position than they currently find themselves, via utilizing financial discipline.
Listen to Dave Ramsey, read The Millionaire Next Door, etc. Try to not have such a defeatist attitude. I know it "pisses you off" that I'm "out of touch", but I should be far more upset right now... I lost about $2,500 today in the market! 
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dottie
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Posted: Tue Sep 30th, 2008 06:44 am |
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Alright wrote:
I don't "think I know everyone's situation". And I'm not "buying into the line that is being fed to me", whatever the hell that is. I said becoming rich has more to do with financial discipline than income. Think of how many people out there with a high income have almost zero net worth.
Yes, I have had to worry about money. Hello, this is the architecture industry. I was out of work for 11 months just 9 months out of College. You don't think I learned the value of a dollar?
You are right, a family of 4 living on $50K a year is probably screwed. It's a shame that 2 babies appeared on their doorstep one day, and they didn't put themselves in a position to raise a family with their head above water before some strange person put 2 babies on their doorstep. You sound like one of those people who thinks life is what happens to them, instead of carefully planning ahead and anticipating such things at children, layoffs, etc.
But it is still all relative, while that family will probably never gain riches, save a miracle, they can still end up in a far better position than they currently find themselves, via utilizing financial discipline.
Listen to Dave Ramsey, read The Millionaire Next Door, etc. Try to not have such a defeatist attitude. I know it "pisses you off" that I'm "out of touch", but I should be far more upset right now... I lost about $2,500 today in the market!
Somehow this whole thing really angers this mama bear! I am so mad at these statements, I don't even know what to say! *Pause* OKAY, now I do........
I had a female professor in college who was 47 years old when she met my 3 year old. She said, "I was so busy in my career in my 30's, I wish I had had children."
I had children in my 30's, worked my hours plus a second job, and now, in my 40's, I am pursuing my career as I should. No regrets!
I wanted children then, however, financially, I did not plan for kids or had the time frame to plan for them, but they just kind of fit in. My time clock was ticking. I am in debt up to my ears, but I would never, and I mean never trade them for anything! I love going to work, I love my job, my family, packing lunches, going to football and soccer practice every night. Hate brooding over the bills, but every minute is worth it!
It is nice Alright that you are making plans, and congratulations for all of your savvy. I wish I had $2500 to piss away without worrying about how to make the mortgage payment. In the meantime, I got kids to hug and kiss goodnight, that love me and don't feel deprived in anyway.
Alright, don't judge people because they live paycheck to paycheck. Life happens. You don't know any of the personal situations here. Medical and special needs children or family member can drain a savings account faster than lightening. In my opinion, you are being a mean bully on this thread instead of a sympathetic ear with some helpful suggestions. Shame on you.
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brudgers
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Posted: Tue Sep 30th, 2008 03:36 pm |
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If poor people don't have kids, then everyone will have rich parents.
Then everyone can easily become rich (just by being born).
Someone who could afford to be out of work for 11 months, nine months after college when most people's student loans are due...hmmm.
Apparently no kids.
Thanks Darwin.
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Coach
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Posted: Tue Sep 30th, 2008 05:55 pm |
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Alright wrote: I don't "think I know everyone's situation". And I'm not "buying into the line that is being fed to me", whatever the hell that is. Well, your rhetoric betrays you. Ramsay, jingoisitc books. Yeah, that's a lot of assuming and elitism. I said becoming rich has more to do with financial discipline than income. Think of how many people out there with a high income have almost zero net worth. Clearly you're incapable of thinking of people who do not hav ehigh incomes.. . whatever that means to you. Sounds to me like you're equating lower incomes with stupidity or a lack of discipline. Yes, I have had to worry about money. Hello, this is the architecture industry. I was out of work for 11 months just 9 months out of College. You don't think I learned the value of a dollar? Worrying and claiming to know are two different things. Ditto what brudgers said. You are right, a family of 4 living on $50K a year is probably screwed. It's a shame that 2 babies appeared on their doorstep one day, and they didn't put themselves in a position to raise a family with their head above water before some strange person put 2 babies on their doorstep. You sound like one of those people who thinks life is what happens to them, instead of carefully planning ahead and anticipating such things at children, layoffs, etc. And this, my friends (apologies to McCain), is the arrogant a$$hole comment of the year. Where's the line? Fine, let's assume I'm an asshole too and we go to the same country club. Do we think that a single person making 50K can get rich with discipline? If so, then excuse me while I get brain surgery to have half of mine removed so that I can remain a member of your club. But it is still all relative, while that family will probably never gain riches, save a miracle, they can still end up in a far better position than they currently find themselves, via utilizing financial discipline. Oh, here we go. The backpeddle. Sure. If they use cloth instead of disposable, they might save a buck fifty per month. Then again, you don't know because you've never used a diaper service. When was the last time you bought groceries? Listen to Dave Ramsey, read The Millionaire Next Door, etc. Try to not have such a defeatist attitude. I know it "pisses you off" that I'm "out of touch", but I should be far more upset right now... I lost about $2,500 today in the market! Pretty telling 5hit. It's not defeatism, it's reality. It's life. It's hard to pay yourself first, Suzy, when you're worried about covering the rent.
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Alright
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Posted: Tue Sep 30th, 2008 06:15 pm |
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dottie wrote: Alright wrote:
I don't "think I know everyone's situation". And I'm not "buying into the line that is being fed to me", whatever the hell that is. I said becoming rich has more to do with financial discipline than income. Think of how many people out there with a high income have almost zero net worth.
Yes, I have had to worry about money. Hello, this is the architecture industry. I was out of work for 11 months just 9 months out of College. You don't think I learned the value of a dollar?
You are right, a family of 4 living on $50K a year is probably screwed. It's a shame that 2 babies appeared on their doorstep one day, and they didn't put themselves in a position to raise a family with their head above water before some strange person put 2 babies on their doorstep. You sound like one of those people who thinks life is what happens to them, instead of carefully planning ahead and anticipating such things at children, layoffs, etc.
But it is still all relative, while that family will probably never gain riches, save a miracle, they can still end up in a far better position than they currently find themselves, via utilizing financial discipline.
Listen to Dave Ramsey, read The Millionaire Next Door, etc. Try to not have such a defeatist attitude. I know it "pisses you off" that I'm "out of touch", but I should be far more upset right now... I lost about $2,500 today in the market!
Somehow this whole thing really angers this mama bear! I am so mad at these statements, I don't even know what to say! *Pause* OKAY, now I do........
I had a female professor in college who was 47 years old when she met my 3 year old. She said, "I was so busy in my career in my 30's, I wish I had had children."
I had children in my 30's, worked my hours plus a second job, and now, in my 40's, I am pursuing my career as I should. No regrets!
I wanted children then, however, financially, I did not plan for kids or had the time frame to plan for them, but they just kind of fit in. My time clock was ticking. I am in debt up to my ears, but I would never, and I mean never trade them for anything! I love going to work, I love my job, my family, packing lunches, going to football and soccer practice every night. Hate brooding over the bills, but every minute is worth it!
It is nice Alright that you are making plans, and congratulations for all of your savvy. I wish I had $2500 to piss away without worrying about how to make the mortgage payment. In the meantime, I got kids to hug and kiss goodnight, that love me and don't feel deprived in anyway.
Alright, don't judge people because they live paycheck to paycheck. Life happens. You don't know any of the personal situations here. Medical and special needs children or family member can drain a savings account faster than lightening. In my opinion, you are being a mean bully on this thread instead of a sympathetic ear with some helpful suggestions. Shame on you.
Dottie, why are you attacking me?
Someone said you can never become rich by working for someone else. I, then, tried to remind people that becoming rich has a ton to do with determination and disciplined planning. I doubt you disagree with me here. You might consider yourself rich with children. You verey well may be; you can't put a monetary value on kids.
But if you had kids in your 30s, what did you do for the 10 or so years leading up to then when you had disposable income? Please don't say you had no idea you would one day have kids, and you took lavish vacations and spent too much money on vehicles and meals, instead of getting out of debt, then saving and investing.
Any architect on this board can anticipate earning abour $2 Million in their lifetime. The goal is keeping as much of that as possible. Then getting it to work for you. This takes discipline, something most people (and especially Americans) don't have.
- Alright
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Alright
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Posted: Tue Sep 30th, 2008 06:18 pm |
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brudgers wrote: If poor people don't have kids, then everyone will have rich parents.
Then everyone can easily become rich (just by being born).
Someone who could afford to be out of work for 11 months, nine months after college when most people's student loans are due...hmmm.
Apparently no kids.
Thanks Darwin.
If everyone is rich, then nobody is rich. Rich is relative.
And if you are implying that I was able to survive for 11 months because of my parents, you are wrong.
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Alright
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Posted: Tue Sep 30th, 2008 06:22 pm |
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Coach wrote: Alright wrote: I don't "think I know everyone's situation". And I'm not "buying into the line that is being fed to me", whatever the hell that is. Well, your rhetoric betrays you. Ramsay, jingoisitc books. Yeah, that's a lot of assuming and elitism. I said becoming rich has more to do with financial discipline than income. Think of how many people out there with a high income have almost zero net worth. Clearly you're incapable of thinking of people who do not hav ehigh incomes.. . whatever that means to you. Sounds to me like you're equating lower incomes with stupidity or a lack of discipline. Yes, I have had to worry about money. Hello, this is the architecture industry. I was out of work for 11 months just 9 months out of College. You don't think I learned the value of a dollar? Worrying and claiming to know are two different things. Ditto what brudgers said. You are right, a family of 4 living on $50K a year is probably screwed. It's a shame that 2 babies appeared on their doorstep one day, and they didn't put themselves in a position to raise a family with their head above water before some strange person put 2 babies on their doorstep. You sound like one of those people who thinks life is what happens to them, instead of carefully planning ahead and anticipating such things at children, layoffs, etc. And this, my friends (apologies to McCain), is the arrogant a$$hole comment of the year. Where's the line? Fine, let's assume I'm an asshole too and we go to the same country club. Do we think that a single person making 50K can get rich with discipline? If so, then excuse me while I get brain surgery to have half of mine removed so that I can remain a member of your club. But it is still all relative, while that family will probably never gain riches, save a miracle, they can still end up in a far better position than they currently find themselves, via utilizing financial discipline. Oh, here we go. The backpeddle. Sure. If they use cloth instead of disposable, they might save a buck fifty per month. Then again, you don't know because you've never used a diaper service. When was the last time you bought groceries? Listen to Dave Ramsey, read The Millionaire Next Door, etc. Try to not have such a defeatist attitude. I know it "pisses you off" that I'm "out of touch", but I should be far more upset right now... I lost about $2,500 today in the market! Pretty telling 5hit. It's not defeatism, it's reality. It's life. It's hard to pay yourself first, Suzy, when you're worried about covering the rent.
You should change your name. You sure aren't a very optimistic Coach. You sound like a coach that loses a lot. I'd like to respond to you but it's difficult because your arguments are presented like those of a small child.
Dottie and Brudgers are at least speaking on an adult level.
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Alright
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Posted: Tue Sep 30th, 2008 06:31 pm |
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Table 3-5 on page 97 of The Millionaire Next Door (mods, if this is against forum policy, please delete) lists that a 54 year old prodigious accumulator of wealth who earns $51.5K per year can have a net worth of $629,400.
It also states that 59.6% of these "middle-income" folks will have a net worth of $1,000,000 or more. 41% of these people work for someone else. It can be done.
Now some of you may not consider $630K "rich", and you are right. But it is certainly comfortable, and the people arguing against me would likely be shocked at how high this number is. This annual salary is in-line with a typical architect.
- Alright
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JarrHedd
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Posted: Tue Sep 30th, 2008 07:33 pm |
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Hey Dottie...looks like you and me have alot in common. Although, it would appear I'm about 10 years trailing behind you in my mid-30s. Like you, I love the spot I'm in. Yeah, first few years were tough financially with 2 and now 4 small kids and not licensed, but it's getting fantastic now and getting better every day (Still working on the license, though, so I can do my own thing....).
Quite the heated debate going on right now....I will agree The Millionaire Next Door IS a fantastic book. HOWEVER, it is not the only book. While it is a great read, don't put all your eggs into that basket...it's not the only read out there. The discipline strategies and concepts within the book are good, but I don't rely on the numbers within the tables. I'll rely on my Masters in Business to crunch my own numbers and come up with my definition of rich. Wait, I do consider myself "rich." I meant wealthy...another concept you either missed or did not talk about here in The Millionaire Next Door.
Kind of like when that Fidelity guy comes in and tells you to increase your 401K contributions to X amount and you will have Y when you're 59 1/2......ah, no, dummy (Fidelity guy, not anyone here), give me the whole story. Why don't you talk about fees, back-loading, yearly fees and all the crap you don't tell us that is killing our net gains, to include the tax-rate. Whoa....got off track for a bit. Point is, there are alot of backgrounds, alot of ways to get to a point in ones life, and not everyone takes the same path. My path was Marine Corps for 8 years (ahem, Jarrhedd?), undergrad for 3 1/2...kid, kid, Masters in Business from night school, kid, kid and all while working on IDP, all while practicing in our profession AND taking all 9 exams while doing my thesis....there ya go. I know what it takes to increase my salary, and what I need to do, so I take charge of my own career.
So...basic message, quit preaching about the "right" way to get into a situation (or how kids come into your life) and live your life. By the way, if you "plan" for kids or "wait" until the right moment for kids to come into your life financially, good luck. Ever hear of earnings potential....another Millionaire Next Door concept to take away....again, not the only book.
Too many other factors involved, like actually liking the person you're with to have kids with. Everyone is different....but, we all pay our taxes and bills. And, not all of us are given a background that affords us to go directly to college after high school....that's the beauty of our country, it allows one to take the long way around.
Last edited on Tue Sep 30th, 2008 07:47 pm by JarrHedd
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Coach
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Posted: Tue Sep 30th, 2008 08:06 pm |
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Alright wrote: You should change your name. You sure aren't a very optimistic Coach. You sound like a coach that loses a lot. I'd like to respond to you but it's difficult because your arguments are presented like those of a small child. You just have no response when you're defeated. Go on, I have no use for you. May your elitism treat you well.
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Alright
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Posted: Wed Oct 1st, 2008 04:22 am |
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I'm defeated? You've been the most pessimistic poster in this "debate". Although it's not much of a debate. I've tried to give people hope, and have presented facts from books I've read. You've reduced me to some "elitist" prick.
Not sure why you equate a thirst for knowledge (we don't have to quit learning after the ARE), and a rational financial discipline as elitist. I'm not even sure you know what the word means. I think you just threw it out there carelessly.
What have I said in this argument that has been elitist? Seriously.
- Alright
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Alright
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Posted: Wed Oct 1st, 2008 04:24 am |
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JarrHedd wrote: I will agree The Millionaire Next Door IS a fantastic book. HOWEVER, it is not the only book. While it is a great read, don't put all your eggs into that basket...it's not the only read out there. The discipline strategies and concepts within the book are good, but I don't rely on the numbers within the tables.
Of course it's not the only good read out there. Not once did I say it was. I'm just trying to lead horses to water here.  But some of them don't want to drink. That is their prerogative, but for me to be getting slammed and labeled an elitist in this thread is absurd.
- Alright
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brudgers
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Posted: Wed Oct 1st, 2008 03:07 pm |
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Alright wrote: Table 3-5 on page 97 of The Millionaire Next Door (mods, if this is against forum policy, please delete) lists that a 54 year old prodigious accumulator of wealth who earns $51.5K per year can have a net worth of $629,400. That's not a millionaire. And even though a 54 year old probably doesn't have kids at home, that person would have to essentially set aside their entire salary to retire at 65 with the money in the bank (and not pay taxes). $629,400/$51,500/year = 12.22 years. Figure a 15% (conservative) net tax rate and even a 12% bond won't get you there even if the 54 year old has no living expenses.
It also states that 59.6% of these "middle-income" folks will have a net worth of $1,000,000 or more. 41% of these people work for someone else. It can be done.
Now some of you may not consider $630K "rich", and you are right. But it is certainly comfortable, and the people arguing against me would likely be shocked at how high this number is. This annual salary is in-line with a typical architect.
- Alright
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Coach
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Posted: Wed Oct 1st, 2008 06:10 pm |
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Alright wrote: I'm defeated? You've been the most pessimistic poster in this "debate". Although it's not much of a debate. I've tried to give people hope, and have presented facts from books I've read. You've reduced me to some "elitist" prick.
Not sure why you equate a thirst for knowledge (we don't have to quit learning after the ARE), and a rational financial discipline as elitist. I'm not even sure you know what the word means. I think you just threw it out there carelessly.
What have I said in this argument that has been elitist? Seriously.
Calling a realist a pessimist is yet another elitist tactic.
This is the match you provided:
"Becoming rich has far less to do with annual income and far more to do with financial discipline. "
Why is that incendiary? Because it assumes that enyone who is not wealthy is undisciplined. It also assumes that the average wage earner can become wealthy if disciplined.
My entire point is that you are essentially attacking an entire class of people with the limited knowledge of your life and the apparent unwillingness to see the reality of others.
If you have a thirst for knowledge, then I suggest you turn off Ramsey, Dobbs and Limbaugh and take a trip to the grocery store. Get a health insurance quote. Spend some time with a doctor and dentist. Pay some utility bills. Fill a tank.
It would also help to consider that there are a whole lot of people in this country who do not live in area with a cost of living as low as Houston's.
And do all that while you pretend you don't have a trust fund to tap and you're living on the national average salary.
What irks me about all of the alleged gurus is the one size fits all mentality.
As I've mentioned, I've listended to Ramsey a lot. Used to every day until the local station dropped his show. There's some solid advice there but it's imperfect. When Dave starts thinking it's absolute and makes it a religion he loses people. When he shows flexibility his message gets through.
I may post some real life finances for your consideration and you can tell me how that family gets wealthy.
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Alright
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Posted: Thu Oct 2nd, 2008 12:43 am |
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Coach wrote: Alright wrote: I'm defeated? You've been the most pessimistic poster in this "debate". Although it's not much of a debate. I've tried to give people hope, and have presented facts from books I've read. You've reduced me to some "elitist" prick.
Not sure why you equate a thirst for knowledge (we don't have to quit learning after the ARE), and a rational financial discipline as elitist. I'm not even sure you know what the word means. I think you just threw it out there carelessly.
What have I said in this argument that has been elitist? Seriously.
Calling a realist a pessimist is yet another elitist tactic.
This is the match you provided:
"Becoming rich has far less to do with annual income and far more to do with financial discipline. "
Why is that incendiary? Because it assumes that enyone who is not wealthy is undisciplined. It also assumes that the average wage earner can become wealthy if disciplined.
My entire point is that you are essentially attacking an entire class of people with the limited knowledge of your life and the apparent unwillingness to see the reality of others.
If you have a thirst for knowledge, then I suggest you turn off Ramsey, Dobbs and Limbaugh and take a trip to the grocery store. Get a health insurance quote. Spend some time with a doctor and dentist. Pay some utility bills. Fill a tank.
It would also help to consider that there are a whole lot of people in this country who do not live in area with a cost of living as low as Houston's.
And do all that while you pretend you don't have a trust fund to tap and you're living on the national average salary.
What irks me about all of the alleged gurus is the one size fits all mentality.
As I've mentioned, I've listended to Ramsey a lot. Used to every day until the local station dropped his show. There's some solid advice there but it's imperfect. When Dave starts thinking it's absolute and makes it a religion he loses people. When he shows flexibility his message gets through.
I may post some real life finances for your consideration and you can tell me how that family gets wealthy.
I never assumed that anyone who isn't rich isn't disciplined. You inferred that on your own. Some average wager earners can become wealthy, some can't. You are lumping them all together. But my point is that through knowledge of finances and self-discipline, those average wage-earners can end up in a much better position.
I don't listen to Dobbs and Limbaugh. Where did I mention them? Or are you just making wild assumptions? And yes, I've gone to the grocery store and I know how much it costs to insure a young, healthy, non-smoking male. Spend time with a Doctor or Dentist? I don't even know what this means, but I've visited both within the past year. Umm, I pay utility bills. Where is this coming from? Fill a tank? What? During Ike I waited in line 2 hours to fill 30 gallons of gas. Does that count?
Yes, Houston does have a low cost-of-living. I'm glad you brought a fact to the table. But you aren't allergic to living somewhere with a low cost-of-living are you?
I don't have a trust fund, but again, thanks for the assumption.
I agree, many "gurus" do have a one-size-fits-all mentality. But if you are informed enough you should be able to know what to discard from their didactic ramblings. Keep in mind, they have to dumb it down for the lowest common denominator.
I didn't say Ramsey was perfect, but he's very very good for what he's trying to do, which is helping financially CLUELESS folks. Again, it's good that you can recognize what to keep and what to disregard.
Please post, and I will try to help. Please don't post about a family whose sole bread-winner just went through Cancer treatment. You can't plan for cancer. You are pretty much screwed financially, but that is when the value of money depletes and the value of life increases dramatically so that is a rare instance.
- Alright
Last edited on Thu Oct 2nd, 2008 12:51 am by Alright
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Coach
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Posted: Thu Oct 2nd, 2008 01:02 am |
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I'd love to get into this further but am frustrated by the lack of time which has, in part, led to my abrubtness.
When you say "a much better position", that's a lot different than wealthy, so I have no qualms with that.
I will also say that it's very true that a single, young person can indeed amass real wealth with a modest income if they're patient and even mildly prudent. Fact is, I wish I knew a lot more about this when I was in college. Then again, we didn't have the same access to investing then that we do now.
It's easy to forget what it was like before mutual funds, IRA's and 401K's.
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