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View Poll Results: Where is the real middle class
less than 25k 0 0%
25k to 40k 6 14.29%
40k to 55k 10 23.81%
55k to 70k 18 42.86%
more than 70k 8 19.05%
Voters: 42. You may not vote on this poll

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Old 01-13-2008, 05:41 PM
 
52 posts, read 146,070 times
Reputation: 40

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Many people confuse assests and liabilities. A new car that you need to pay off is a liability. Even if paid for in cash, the car is destined to depreciate (with very rare exception). That's not to say that new cars are bad, they just don't represent smart investments.

For those who don't like reading economics textbooks but would like an easy reading primer on financial management try picking up a copy of "The Millionaire Next Door." It talks a lot about what Forest has already touched on.

Most popular vehicle for millionaires in the US? Rolls Royce? No. Ferrari? No. It's the Ford F-150, 30% of millionaires drive one. If you don't want to read the whole book, here's a quick review that touches on the topics. Book Review: The Millionaire Next Door (broken link)
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Old 01-13-2008, 05:56 PM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,426,587 times
Reputation: 9378
I'll second the plug for "The Millionaire Next Door". It's a very good read. Should be required reading in freshman high school class, along with a common-sense course on personal economics.

I had a course called "Economics" freshman year of HS, it dealt solely with national economics and just about useless on a personal level. It's no wonder why so many people are so screwed up financially these days. Nobody (that I know of) teaches them about personal finance until the School of Hard Knocks whacks them up side the head.

Easy credit, "buy now pay later", "What you want, when you want it" (I hate that advertisement)...how to become a slave without even trying (or realizing). I cringe when I see someone in a grocery store whip out a credit (not debit) card to pay for $10 worth of groceries...sure, finance your bread on the 30 year amortization plan.
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