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Old 01-25-2012, 03:21 AM
 
Location: Texas
42,284 posts, read 49,863,906 times
Reputation: 67148

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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
I didn't say it was inaccurate, I just implied it was misleading. Many people use "millionaire" as slang for "rich", as opposed to "someone with a net worth of $1 million." We can see that here on this thread.
Agreed. A million bucks is nothing anymore.
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Old 01-25-2012, 04:04 AM
 
64,816 posts, read 66,299,886 times
Reputation: 43190
ii think im in the minority who didnt really find the book interesting at all.

there isnt much thats conclusive or how to in the book other than becoming a penny pinching rich old fool.

things like almost 1/2 the book it seems is devoted to the why nots of giving money to your kids or buying cars .not much on investing your money so it works for you or most important not much on enjoying the fruits of your labor later on.. not everything is the bank book balance in life.


quite frankley we are looking forward to spending money on our grand children or even paying for school for them one day. having the extra money to give to our kids is what we will hopefully enjoy.

its like the good guys in the book are those that live their lives frugaly and cheaply and the bad guys are those that enjoy the money they made or like the more expensive things in life.

we spent the years raising a family scrimping ,saving,taking risks and denying ourselves things so we could save enough money for retirement.

now that we made it to that point our reward should be living better,plusher and spending money on things we held back on while trying to get to this point.

i want to spend more enjoying life in retirement then we did even while working being the restraints are off. i always wanted a new bmw, bought one. i always wanted a new jeep, sold the bmw after 2-1/2 years ,bought the jeep.

these are things in life you cant but a price on, they are just enjoying life and enjoying the things money can buy.


i dont mind being the villian in the book.

i think the book fails in its attempt to look at the difference between trying to get to that point vs having arrived . i think the book fails to understand the reasons people want money.

some people like the security of money, they like looking at their bank statements. .

thats who the book is geared for.

other people like money for the things money can buy ..... the bad guys in the book

other people like earning and saving money more than they like spending money. for them they like the challenge, the art of the deal, the success of investments panning out. they like making money more then the things money can buy or the security money represents.


the book attempts to protect us from ourseves but in doing so in my opinion it sucked the fun in life out of being succesful. especially when it comes to views on money ,what we want to spend our money on,our passions in life and our kids.

like jtur88 brought up, everyone of us can be a millionaire no matter what our income , the question is do you want a life of living on the cheap and maybe dumpster diving and re-using tea bags and paper towels or do you want a life that fits your budget that you can enjoy.

unless your part of the first group who likes looking at that bank statement i prefer to enjoy money for the things it buys.

Last edited by mathjak107; 01-25-2012 at 05:03 AM..
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Old 01-25-2012, 05:44 AM
 
3,756 posts, read 8,215,546 times
Reputation: 1062
Quote:
Originally Posted by mathjak107 View Post
ii think im in the minority who didnt really find the book interesting at all.

there isnt much thats conclusive or how to in the book other than becoming a penny pinching rich old fool.

things like almost 1/2 the book it seems is devoted to the why nots of giving money to your kids or buying cars .not much on investing your money so it works for you or most important not much on enjoying the fruits of your labor later on.. not everything is the bank book balance in life.


quite frankley we are looking forward to spending money on our grand children or even paying for school for them one day. having the extra money to give to our kids is what we will hopefully enjoy.

its like the good guys in the book are those that live their lives frugaly and cheaply and the bad guys are those that enjoy the money they made or like the more expensive things in life.

we spent the years raising a family scrimping ,saving,taking risks and denying ourselves things so we could save enough money for retirement.

now that we made it to that point our reward should be living better,plusher and spending money on things we held back on while trying to get to this point.

i want to spend more enjoying life in retirement then we did even while working being the restraints are off. i always wanted a new bmw, bought one. i always wanted a new jeep, sold the bmw after 2-1/2 years ,bought the jeep.

these are things in life you cant but a price on, they are just enjoying life and enjoying the things money can buy.


i dont mind being the villian in the book.

i think the book fails in its attempt to look at the difference between trying to get to that point vs having arrived . i think the book fails to understand the reasons people want money.

some people like the security of money, they like looking at their bank statements. .

thats who the book is geared for.

other people like money for the things money can buy ..... the bad guys in the book

other people like earning and saving money more than they like spending money. for them they like the challenge, the art of the deal, the success of investments panning out. they like making money more then the things money can buy or the security money represents.


the book attempts to protect us from ourseves but in doing so in my opinion it sucked the fun in life out of being succesful. especially when it comes to views on money ,what we want to spend our money on,our passions in life and our kids.

like jtur88 brought up, everyone of us can be a millionaire no matter what our income , the question is do you want a life of living on the cheap and maybe dumpster diving and re-using tea bags and paper towels or do you want a life that fits your budget that you can enjoy.

unless your part of the first group who likes looking at that bank statement i prefer to enjoy money for the things it buys.

The Market is not like it was years ago. It is very unpredictable. It is up and down, and maybe it will recover but who knows when. I did not want to gamble my principle. Not really talking about being cheap, but not having car payements and enjoying life, but always putting money away. I read Dave Ramsey's Total Makeover and like some of it but did not like other parts. I am interested in readying this as I will take certain points and apply them and others I probably will not agree with. There are som people that work, work, work all their lives and never get a chance to enjoy things. I can say that every day I get out of bed I enjoy life, friends, and yes I love the library. Except getting special books for my daughter, I get all my books from the library. Thanks Math for your perspective.
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Old 01-25-2012, 07:33 AM
 
Location: Censorshipville...
2,493 posts, read 6,001,597 times
Reputation: 1283
I'm still going through the book and I do find it kind of dry. They keep quoting stats like X% of millionaires do this, that and the other. OK I get they're trying to make a point but it gets stale after a while. So far it's about being frugal and buying assets instead of spending money on day to day things for instant gratification, but that don't really amount to anything in the long term.

I like to strike a happy medium. I fully funded my TSP account, add to my regular savings and save up for the next investment, but I also like to enjoy my hobbies. Riding a motorcycle adds up with tire replacement, maintenance, trips etc. I've got some other expensive hobbies, but I make up for it by cooking most of my meals. I don't do it because I have to, I do it because I truly enjoy cooking and the stuff I make is usually healthier and better tasting than what I can purchase.

At this point in my life I've got a healthy start in my retirement accounts, lots of cash in an emergency funds, a cash flowing rental property and no debts other than my mortgage. So far it's working out for me and I this was before I started reading the book! At this rate it shouldn't be hard to have a million in assets by the time I'm 40, I'm 31 now.
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Old 01-25-2012, 09:44 AM
 
64,816 posts, read 66,299,886 times
Reputation: 43190
It reminds me of the weight loss books where anyone can lose 100 lbs...

just stop eating everything thats fun or delicious
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Old 01-25-2012, 10:39 AM
 
3,756 posts, read 8,215,546 times
Reputation: 1062
Quote:
Originally Posted by mathjak107 View Post
It reminds me of the weight loss books where anyone can lose 100 lbs...

just stop eating everything thats fun or delicious
Dieting is simple: eat less portions and exercise.

Everything in moderation.
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Old 01-25-2012, 10:42 AM
 
3,756 posts, read 8,215,546 times
Reputation: 1062
Quote:
Originally Posted by oneasterisk View Post
I'm still going through the book and I do find it kind of dry. They keep quoting stats like X% of millionaires do this, that and the other. OK I get they're trying to make a point but it gets stale after a while. So far it's about being frugal and buying assets instead of spending money on day to day things for instant gratification, but that don't really amount to anything in the long term.

I like to strike a happy medium. I fully funded my TSP account, add to my regular savings and save up for the next investment, but I also like to enjoy my hobbies. Riding a motorcycle adds up with tire replacement, maintenance, trips etc. I've got some other expensive hobbies, but I make up for it by cooking most of my meals. I don't do it because I have to, I do it because I truly enjoy cooking and the stuff I make is usually healthier and better tasting than what I can purchase.

At this point in my life I've got a healthy start in my retirement accounts, lots of cash in an emergency funds, a cash flowing rental property and no debts other than my mortgage. So far it's working out for me and I this was before I started reading the book! At this rate it shouldn't be hard to have a million in assets by the time I'm 40, I'm 31 now.

Great post! I always think before I buy something. Do I really need it? I am the type of person that can shop, get ideas, without spending a penny. I was always taught to pay myself first.
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Old 01-25-2012, 12:57 PM
 
Location: Censorshipville...
2,493 posts, read 6,001,597 times
Reputation: 1283
Yeah I'm the same way. Just a few weeks ago I finally ordered a pair of headphones from Amazon for working out. It took me 30 days to pull the trigger after going back and forth if they were worth it, when they only cost $17.00! I already have a set that I use for working out, but they fall out of my ear when I'm sweating and moving around. So I justified the purchase because it would allow me to enjoy my workouts more and one less excuse not to go to the gym.
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Old 01-25-2012, 01:33 PM
 
Location: Wisconsin
7,215 posts, read 7,579,308 times
Reputation: 7717
I think some people are missing the point. Most of the people in "Millionaire Next Door" don't live like hermits. They make fun purchases and enjoy life, but the difference is that they budget their household expenses and plan for their major purchases. They don't make impulse splurge purchases like we would think of the stereotypical rich people on TV.
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Old 01-25-2012, 05:38 PM
 
64,816 posts, read 66,299,886 times
Reputation: 43190
i just found the overall tone of the book more interested in the bank book balance then really living an enjoyable life. after 36 pages alone of dont buy a new car and 70 pages of dont give money to your children i grew tired of the rest of the gibberish.

i have to agree with one reviewer who said the messege he got from the book was we dont save our money so we can eventually buy the finer things in life, nor do we save it to give to the ones we love. we save it just because its the thing to do. if you dont your an outright immoral person.

some of the studies are screwed up too. the book talks about kids who receive money from their parents are statistically poorer but did they ever consider the kids are receiving the money because they are poorer and may need help? nay nay they did not..

Last edited by mathjak107; 01-25-2012 at 06:28 PM..
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