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    Interesting financial article on wealth

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    #2
    If 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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      #3
      Originally posted by tom125446 View Post
      If 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.
      yes 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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        #4
        Great read. Thanks for sharing.

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          #5
          Good article. Best money we ever spent was hiring a financial planner. I wished I would have at the beginning of my working career. I don't miss all the reading, researching, etc and they have us allot better situated for the long term with a good plan.

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            #6
            good read

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              #7
              great article

              The car example is perfect...so many clueless people who just look at monthly payment

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                #8
                Originally posted by gingib View Post
                great article

                The car example is perfect...so many clueless people who just look at monthly payment
                The just see the payment and not the depreciation that is just about always several hundred dollars a month.

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                  #9
                  good article that reinforces everything I have already learned. Thanks for sharing!

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                    #10
                    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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                      #11
                      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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                        #12
                        Yes, #8 is what I have experienced with folks that have positioned themselves wisely.
                        Originally posted by tim21877 View Post
                        yes 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.
                        Great choices.......read both 10 years ago. Those books along with Dave Ramsey really made me look at the world differently!

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                          #13
                          tagged

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                            #14
                            Originally posted by Merc View Post
                            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.
                            Automatic Millionaire is a great book. More people should read it.

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                              #15
                              OP,
                              Good stuff... basics that form a solid financial planning foundation.

                              Originally posted by Merc View Post
                              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.
                              This may or may not be a sound decision from a strictly financial perspective. There may be other reasons it makes sense for you, but if your mortgage is anywhere near what typical rates have been for years, you'd be better off diverting that truck payment money to 401(k), IRA, and then some fancier options if you are maxing those out, in that order.
                              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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