Weird

[RustyA]

In the book The Millionaire Next Door that topic is covered. Highest net worth in neighborhood is well maintained simple house with 2-5 year old middle class cars. Lowest net worth is fancy house with two leased luxury cars. They spend it faster than they make it. Millionaire lives below his means and invests the difference. They pay interest on everything they buy and he collects it. Great book for young people starting out.

 

[gsganzer]

I think it was Bird who once wrote here that he would prefer to wear bib overalls all the time. I go with cargo pants all the time.

I think every time I ran into Bird around town, he lived in the town south of me, he was wearing the lightweight Dickies coveralls.

He probably wears the bibs when he's dressing up.

 

[gsganzer]

In the book The Millionaire Next Door that topic is covered. Highest net worth in neighborhood is well maintained simple house with 2-5 year old middle class cars. Lowest net worth is fancy house with two leased luxury cars. They spend it faster than they make it. Millionaire lives below his means and invests the difference. They pay interest on everything they buy and he collects it. Great book for young people starting out.

I don't know if that was the book I read or a similar title. One of the traits of the wealthy is the cars they drive average 8 years old. The number one car driven by millionaires is a Toyota.

My Dad was always good with his money. He said he never did a budget, but he always knew where his money was going. I guess that makes sense, because you don't typically need a budget, if you're living within your means.

I've told this story before on this forum. When I was in my late 20's, I decided my employment was stable enough for me to quit paying rent (I shared rent with a roommate) and buy a house. I went to the bank and they approved me for $1500/month, which I thought was an absurdly high amount (this is the 90's in TX). I ended up buying a house for $725/month and haven't regretted it one bit. I paid my mortgage off in 17 years and have my kid's college fund fully funded and I'm contemplating retiring in 2 years when I turn 60. I could have never done that if I was house-poor or bought a new vehicle every 4 years.

Not to get political, but the thing that chaps my hind end is this student loan forgiveness and the new penalty/fee for having good credit. Where is the incentive to make responsible decisions?