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Old 05-14-2013, 04:35 PM
 
64 posts, read 70,761 times
Reputation: 58

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Quote:
Originally Posted by ScoopLV View Post
And if these households live below their means and save and invest responsibly, they become the millionaires next door. Half the neighborhoods in North America have a couple like this right down the street.

It is not rocket science. Spend less than you make. As little as possible, in fact. And save and invest the difference. Splurge once in awhile. Once in awhile. Live debt-free and maintain perfect credit.

Life becomes very, very easy for the people who do this.
Dave Ramsey is that you?

 
Old 05-14-2013, 04:44 PM
 
10,102 posts, read 8,559,973 times
Reputation: 5960
You realize if too many people did this, you'd be out of a job. They wouldn't be in Vegas dropping big coin on high end dining.

Quote:
Originally Posted by ScoopLV View Post
And if these households live below their means and save and invest responsibly, they become the millionaires next door. Half the neighborhoods in North America have a couple like this right down the street.

It is not rocket science. Spend less than you make. As little as possible, in fact. And save and invest the difference. Splurge once in awhile. Once in awhile. Live debt-free and maintain perfect credit.

Life becomes very, very easy for the people who do this.
 
Old 05-14-2013, 04:48 PM
 
Location: Sunrise
10,869 posts, read 13,729,340 times
Reputation: 8987
Quote:
Originally Posted by Maksiu View Post
cmon man don't be giving away the secret sauce Have lots of family and friends we try and help out with knowledge but personal issues an lack of discipline usually are the downfall of most. It is so simple and after awhile momentum becomes your friend and its even easier but most cant get over that initial hump.
I disagree. Everyone needs to know that this works. Not everybody is going to do it. But everybody (and I do mean EVERYBODY) can.

For anyone reading this thread who is struggling financially:



It's very simple. For one month, write down everything you spend. Everything. Every card swipe, every online payment, everything. Write it down in a little notebook. Never fail to do this for one full calendar month. (Summer is best, incidentally.)

At the end of the month, break your expenditures down into rent/mortgage, utilities, monthly payments, food, gasoline, car payments, etc. Organize it for one full month.

Then go through all your monthly payments with a red sharpie and get rid of 75-90% of that. Ditch the damned Smartphone. What a freakin' waste those things are. Learn to live with a higher thermostat setting in the summer. Learn to live without heat in the winter. And unplug everything that you can. Don't go out to eat unless it's meaningful. (Carl's Jr. is NEVER meaningful. An occasional splurge at a good restaurant is a good thing, though.) Buy clothes at thrift stores. I find great stuff all the time at thrift stores. I have 100 made-in-Hawaii Aloha shirts that only cost a few dollars. Make your own damned coffee and NEVER go to Starbucks. Quit the gym and go for a walk. Buy a couple barbells. Ride your bicycle.

Live like that for three months. And then do the same thing as before -- write down everything you spend for one month. After that month, see if there's anything else you can cut out.

And then take the difference between what you used to spend and what you spend now and put 25% of it in the bank every month. Invest the other 75% in a reasonable manner -- index funds, REITs, mutual funds, etc. If you have debts, pay them down and pay them off. Get debt free and then stay that way. Never buy anything you can't buy with cash. A mortgage is the only exception, and make sure you don't have prepayment penalties so you can pay that off early, too. But no car payments. No leases. No nothing. If you can't buy it immediately with cash, wait until you can. (You can use credit cards, too. As long as there is no balance at the end of the month. Every month. No exceptions.)

You'll be a millionaire in 20 years. I absolutely guarantee it. And then you can basically do whatever you want, whenever you want -- within reason, of course. But after a decade or two of being financially responsible, you'll know the path to take.
 
Old 05-14-2013, 04:50 PM
 
Location: Sunrise
10,869 posts, read 13,729,340 times
Reputation: 8987
Quote:
Originally Posted by BBMW View Post
You realize if too many people did this, you'd be out of a job. They wouldn't be in Vegas dropping big coin on high end dining.
Our customers are millionaires and celebrities (who are also millionaires). We're recession-proof. Always have been, always will be. (Zombie apocalypse notwithstanding.)
 
Old 05-14-2013, 04:55 PM
 
15 posts, read 13,551 times
Reputation: 22
Quote:
Originally Posted by ScoopLV View Post
I disagree. Everyone needs to know that this works. Not everybody is going to do it. But everybody (and I do mean EVERYBODY) can.

For anyone reading this thread who is struggling financially:



It's very simple. For one month, write down everything you spend. Everything. Every card swipe, every online payment, everything. Write it down in a little notebook. Never fail to do this for one full calendar month. (Summer is best, incidentally.)

At the end of the month, break your expenditures down into rent/mortgage, utilities, monthly payments, food, gasoline, car payments, etc. Organize it for one full month.

Then go through all your monthly payments with a red sharpie and get rid of 75-90% of that. Ditch the damned Smartphone. What a freakin' waste those things are. Learn to live with a higher thermostat setting in the summer. Learn to live without heat in the winter. And unplug everything that you can. Don't go out to eat unless it's meaningful. (Carl's Jr. is NEVER meaningful. An occasional splurge at a good restaurant is a good thing, though.) Buy clothes at thrift stores. I find great stuff all the time at thrift stores. I have 100 made-in-Hawaii Aloha shirts that only cost a few dollars. Make your own damned coffee and NEVER go to Starbucks. Quit the gym and go for a walk. Buy a couple barbells. Ride your bicycle.

Live like that for three months. And then do the same thing as before -- write down everything you spend for one month. After that month, see if there's anything else you can cut out.

And then take the difference between what you used to spend and what you spend now and put 25% of it in the bank every month. Invest the other 75% in a reasonable manner -- index funds, REITs, mutual funds, etc. If you have debts, pay them down and pay them off. Get debt free and then stay that way. Never buy anything you can't buy with cash. A mortgage is the only exception, and make sure you don't have prepayment penalties so you can pay that off early, too. But no car payments. No leases. No nothing. If you can't buy it immediately with cash, wait until you can. (You can use credit cards, too. As long as there is no balance at the end of the month. Every month. No exceptions.)

You'll be a millionaire in 20 years. I absolutely guarantee it. And then you can basically do whatever you want, whenever you want -- within reason, of course. But after a decade or two of being financially responsible, you'll know the path to take.
Man you are expecting way to much of the masses. You know how many adult friends I have that need the latest and greatest, care what other people think, insecure, ego, etc. This over powers all logic and they will just do what they do. I am talking professionals making 100K and over that you would think would know but vices gets them all the time. I know lots of broke doctors
 
Old 05-14-2013, 05:04 PM
 
Location: Giethoorn, Netherlands
629 posts, read 986,079 times
Reputation: 736
We do this on a household income of less than 50k per year.

Another tip is, once you have the discipline of paying your cards off at the end of every month, go to FlyerTalk and check their credit card bonus thread, and get some high-bonus no-fee credit cards. These cards give ridiculously valuable bonuses because they're counting on you being like all of their other customers (in debt for life). But if you can break that mold, use the cards for all of your monthly expenses, and pay them off at the end of the month, you can leverage the financial carelessness of others to your benefit.

Using this method, I have flown to Australia and back for free 4 times in the past 5 years, with over 100k miles to spare, and I don't owe anything on the cards that made it possible.

 
Old 05-14-2013, 05:05 PM
 
Location: Henderson
1,032 posts, read 1,313,743 times
Reputation: 649
Quote:
Originally Posted by ScoopLV View Post
And if these households live below their means and save and invest responsibly, they become the millionaires next door. Half the neighborhoods in North America have a couple like this right down the street.

It is not rocket science. Spend less than you make. As little as possible, in fact. And save and invest the difference. Splurge once in awhile. Once in awhile. Live debt-free and maintain perfect credit.

Life becomes very, very easy for the people who do this.
Absolutely true. Just have to get in the habit of paying cash for everything. Be very thrify and save/invest wisely. Don't have an ATM card. Use a credit card and carry a zero balance.
 
Old 05-14-2013, 05:13 PM
 
Location: Sunrise
10,869 posts, read 13,729,340 times
Reputation: 8987
Quote:
Originally Posted by topaz420 View Post
We do this on a household income of less than 50k per year.

Another tip is, once you have the discipline of paying your cards off at the end of every month, go to FlyerTalk and check their credit card bonus thread, and get some high-bonus no-fee credit cards. These cards give ridiculously valuable bonuses because they're counting on you being like all of their other customers (in debt for life). But if you can break that mold, use the cards for all of your monthly expenses, and pay them off at the end of the month, you can leverage the financial carelessness of others to your benefit.

Using this method, I have flown to Australia and back for free 4 times in the past 5 years, with over 100k miles to spare, and I don't owe anything on the cards that made it possible.

I have one of these cards. Every six months, I cash in my miles and pay my balance with it. I basically get two free months of expenses for NOTHING. That's huge.
 
Old 05-14-2013, 05:23 PM
 
Location: ( ͡ ͜ʖ ͡) (╯□)╯︵ ┻━┻ ̡
7,112 posts, read 10,912,246 times
Reputation: 3867
Quote:
Originally Posted by ScoopLV View Post
Then go through all your monthly payments with a red sharpie and get rid of 75-90% of that. Ditch the damned Smartphone. What a freakin' waste those things are. Learn to live with a higher thermostat setting in the summer. Learn to live without heat in the winter. And unplug everything that you can. Don't go out to eat unless it's meaningful. (Carl's Jr. is NEVER meaningful. An occasional splurge at a good restaurant is a good thing, though.) Buy clothes at thrift stores. I find great stuff all the time at thrift stores. I have 100 made-in-Hawaii Aloha shirts that only cost a few dollars. Make your own damned coffee and NEVER go to Starbucks. Quit the gym and go for a walk. Buy a couple barbells. Ride your bicycle.
I did exactly all of this listed above and then some while stationed in Italy for almost 3 years. I needed to help out my grandmother with a very expensive surgery procedure and help my younger sister with college tuition. With what I saved, multiple tours to Iraq and my nice monthly COLA(cost of living allowance) on top of my regular pay, I was able to save a nice 5 figures for them both. It was a very simple life for me. Still was able to travel just about anywhere I wanted in Europe(while on a budget).

But it got old quick. I wasn't living life to the fullest. Plus now my sister has since graduated and my grandmother passed away right after her surgery. So, I decided to save AND enjoy life because you never know when it is your time to go.

I think EVERYONE should at least make an attempt at saving for a rainy day and if that rainy day don't come, then make it rain in the club.

And Scoop, I do understand your point majority of the time but half of the stuff you suggest can easily have CPS knocking at your door(for those of us with kids). Maybe your savvy money/frugal strategies should be prefaced with "for those without kids".
 
Old 05-14-2013, 05:39 PM
 
Location: Sunrise
10,869 posts, read 13,729,340 times
Reputation: 8987
85f is not child abuse. I can keep it at that temperature all summer long for less than $100 per month.

"But it got old quick. I wasn't living life to the fullest."

And that's the hump that people need to get over. Eventually you get to the point where you don't worry about money. I'm not saying starve yourself and live like a monk. But people need to realize that the only needs in this life are air, water, food, shelter, love. Everything else is a "want." Some are more reasonable "wants" than others. Getting rid of as many "wants" as possible lets people focus on the "needs." That's where the good life is, anyway.
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