How To Get Rich

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
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White Coat Investor
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How To Get Rich

Post by White Coat Investor »

How To Get Rich

1) Make a lot of money
a. Get well educated AND learn a trade/job skills/a profession that pays well. It is much easier to have a high net worth when you have a high income
b. Don’t stop learning when you leave formal schooling
c. Work hard
d. Be willing to take reasonable risks
e. Consider being an owner rather than an employee

2) Don’t spend a lot of money
a. Start saving early. Remember that every dollar you save in your twenties and thirties is 8 times as valuable as one saved in your fifties
b. Don’t be all hat and no cattle
c. Rent your lifestyle (Don’t buy a boat, a time-share, a second house, a plane etc) Keep your fixed expenses low so when hard times come you can cut your lifestyle back rapidly
d. Realize that buying a house or cars that are too expensive for you will likely keep you from getting rich. The big things matter most
e. Be prudently frugal and selectively extravagant. Be sure that you are spending your money on the things you value most
f. If you can’t afford to pay cash for it, you can’t afford it. The only exception is a house (because it will generally appreciate at just over the rate of inflation), where the rule is if you can’t afford to put 20% down and use a 15 year fixed mortgage you can’t afford it
g. Marry well, marry once, marry someone who shares the same thoughts, or with whom you can work out an acceptable compromise beforehand, on “The Big Four” (Money, Religion, Kids, and Sex) and STAY MARRIED
h. Credit cards aren’t for credit; if you have paid interest at a higher rate than 3% or paid a late or over-the-limit fee more than once you shouldn’t use a credit card

3) Make your money work as hard as you do
a. Read at least one good basic personal finance book, one good investing book, and one good behavioral finance book. Consider Personal Finance for Dummies , The Boglehead’s Guide to Investing, and Why Smart People Make Big Money Mistakes and How to Avoid Them.
b. Get the market return; use fixed asset-allocation, index mutual fund investing as your default strategy
c. Minimize taxes. Know the basics of the tax code, max out tax-advantaged savings accounts, and use them to your advantage
d. Keep investing expenses low
e. Understand basic financial calculations and lingo. Understand compound interest, the time value of money, financial risk, and the expected rate of return of various financial assets. Know how to use the excel functions-FV, XIRR, PMT, PPMT etc
f. Simplify your financial life. Put bills on automatic payment and investments on automatic withdrawal. Minimize the number of accounts you hold and the number of investments you have as much as possible
g. Understand why your savings rate matters a lot when you’re young and very little as your approach retirement. Understand why your investment return matters little when you’re young, more as you approach retirement, and a great deal during your first decade after retirement. Understand the concept of a safe withdrawal rate
h. See the end from the beginning. If you fail to plan you plan to fail. Have a written investment plan you can refer to when contemplating portfolio changes.

4) Don’t lose your money
a. Insure well against catastrophe-Life, Disability, Health, Liability, Property but self-insure whenever possible using a safe, liquid emergency fund (High benefits/limits but high deductibles/ waiting periods). Self-insure against medical expenses by maintaining a healthy lifestyle. After you retire, consider a single premium immediate annuity to insure against outliving your money and long-term care insurance to insure against having an extended period of dependence at the end of your life. Don’t mix insurance and investments. Cash-value (non-term) life insurance and variable annuities are generally products meant to be sold, not bought.
b. Get rich once, get rich slowly. Good investing is boring investing
c. Hire professionals to teach you, not just to “do it for you.” This includes accountants, estate attorneys, real estate professionals, and investment advisors. Be sure to bounce the advice you’ve received off someone with no conflict of interest in the transaction, realizing that no one cares about your financial success nearly as much as you do. If you are reasonably well-educated and interested, you can teach yourself to do your own taxes, sell your own house, and invest your own money
Last edited by White Coat Investor on Sun Jun 15, 2008 6:58 am, edited 1 time in total.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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AzRunner
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Post by AzRunner »

EmergDoc

Nice list. Virtually everyone could benefit by following it.

Norm
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Opponent Process
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Post by Opponent Process »

I think that list is way beyond most people. First, they have to focus on the three things to do to avoid poverty:

1. Finish high school.
2. Marry before having a child.
3. Produce the child after you are 20 years old.
deblacksmith
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Post by deblacksmith »

Good set of suggestions and advice.

We are proof that it works.

Deblacksmith
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ryuns
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Post by ryuns »

My favorite is "keep your fixed expenses low". Seems people often live during the good times (be they full employment, big paychecks, big market gains, steeply increasing home equity, or even cheap gasoline) as if the "good times" are going to last forever.

Ryan
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Stickman
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Post by Stickman »

You are a very wise person Doc!
You get right to the essence.

I wish you were giving brown-bag seminars to all the graduating college students.

Rick
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Post by avalpert »

Or just inherit it...
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mlebuf
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Post by mlebuf »

Excellent advice, Doc. A lot of other docs and highly paid professionals could benefit greatly by following your advice.

Best wishes,
Michael
Best wishes, | Michael | | Invest your time actively and your money passively.
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backofbeyond
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Post by backofbeyond »

Dare I say it...it's just what the Doctor ordered :lol:
The question isn't at what age I want to retire, it is at what income. - George Foreman
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Post by Ricola »

Nice and succinct, I think I'll a copy for my sons.

Thanks Doc!
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Post by howmic »

Doc, I predict you won't practice medicine your entire career. Financial planning seems to be your true love. I have learned from your posts. Much appeciated.
faucetfixer
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Post by faucetfixer »

Doc,
You are that rare professional with " book smarts" and common sense.
Thank you for sharing your wisdom with this forum.
LearnFromMistakes
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Post by LearnFromMistakes »

EmergDoc,

Have you read either of the books, "Millionaire Next Door" or "Millionaire Mind"? I finished reading the first and am currently reading the second one and your list reminds me of many of the points they discuss in those two books.

I completely agree with your list. Excellent post! (If only someone had sent me that list 10 years ago!) :D

People who "Get rich slowly" don't make for exciting stories, so kids growing up think their best chance for becoming millionaires is playing sports, becoming an actor or winning the lottery. :(
LFM - If at first you don't succeed... forget skydiving!
not2late
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Great List

Post by not2late »

Thanks Doc...great reminders.

Have 1 more ...watch for the 3-4-5 small leaks in the bucket that drip and drip and 10-40 years later could be quite a sum . Clothing bought but never worn , food thrown out ( as mama used to say...clean your plate and don't let your eyes get bigger than your belly ) , left overs really taste better , cheaper cuts of meat cooked properly ( actually can be quite good) ,solf drinks bought at fast food outlets , excessive sweets and junk food , watch impulse purchases especially in clothing stores and groceries , buy things on sale . OK I'm a tight wad , I mean Boglehead .
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Ted Valentine
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Post by Ted Valentine »

5) Skip all that and get born in the right family.


(I'll have to do it the hard way - thanks for the road map)
Although our intellect always longs for clarity and certainty, our nature often finds uncertainty fascinating.
Heath
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Post by Heath »

Emergdoc, there are a lot of good suggestions here, but I think that your list should be titled “The Prudent Man’s Guide to a Comfortable Retirement”.

Define “rich” as you will; I think that most self-made rich people would have failed to heed a substantial majority of your recommendations. Just a guess on my part.
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Post by Trebor »

Excellent! A+

Trebor
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Post by modal »

Opponent Process wrote:I think that list is way beyond most people. First, they have to focus on the three things to do to avoid poverty:

1. Finish high school.
2. Marry before having a child.
3. Produce the child after you are 20 years old.
I'd would suggest getting an associates and better yet a bachelors college degree in something useful before a person marries.
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Post by White Coat Investor »

Heath wrote:Emergdoc, there are a lot of good suggestions here, but I think that your list should be titled “The Prudent Man’s Guide to a Comfortable Retirement”.

Define “rich” as you will; I think that most self-made rich people would have failed to heed a substantial majority of your recommendations. Just a guess on my part.
Fair enough. Although what most Bogleheads call "a comfortable retirement" most Americans call "rich." :) Having a net worth of $1 Million is still considered rich by most (yes I know it only provides an SWR of $40K/year.) I know many people having a comfortable EARLY retirement with a $300K house, a $500K portfolio, and a small-moderate pension.

Nonetheless, most Bogleheads don't need a list like this. Somebody shared most of this information with you long before you ever arrived here. But I've had a lot of people (from students to physicians) asking me for general financial advice lately in my non-virtual life and thought I'd compile something that was less than 1 page and encapsulated my philosophy on getting rich slowly that I could give to them. I figured it wouldn't hurt to share it here. Nearly all of it is probably kifed from elsewhere (but came directly out of my brain without going to any original sources, but it is reasonably likely that some of it came from the Millionaire Next Door (thanks Learnfrommistakes) or the threads that were cited by Gekko or from the collected wisdom of the authors on the forum, both the oft-cited ones and the ones who only author posts here.

And Michael, I think you're right that this advice is great for highly paid professionals, but most of it applies to the every day joe as well, although when he arrives at "rich" it might be a lower number than a spine surgeon considers "rich!"

Thanks for the kind words everyone.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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Post by INDUBITABLY »

I wish we had some kind of Hall of Fame for posts where we could locate threads like these; it would be much more handy than having to search the forums and this one definitely deserves to be there.
"Ah ha! Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor!" - Dr. Zoidberg
not2late
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Post by not2late »

Very good topic indeed.

1. Most Americans are very rich just by living here when compared to the world.

2. We sometimes forget or don't show it .

3. Sometimes I 'm not grateful enough .

4. We/I sometimes waste enough food , cloth , stupid frills etc. to provide for a lot of those less fortunate .

5. We all have our own set of problems/worries but we Americans are a fortunate few.

6. In context with this subject , I think it's appropriate to keep the big picture in perspective and use simple, common sense personal practices
that allow us to achieve our financial goals and/or help the needy accordingly.

The great advice on this site is invaluable .

Thank you all
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Post by HearDoc »

How to get Rich:

1) Discover that you are a member of a small tribe of federally recognised native americans; build a casino.

2) Wait for the majority of Americans who will ignore the advice of "How To Get Rich" to rush to dump their cash and futures into your coffers.
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Post by veryamusing »

RickVN wrote:I wish you were giving brown-bag seminars to all the graduating college students.
As a graduating college student, I do too.

Great list, EmergDoc.

:)
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Sound advice

Post by Taylor Larimore »

Hello EmergDoc:

I can't recall reading so much good advice in such a short list.

Well done !!!

Thank you and best wishes.
Taylor
Xyrus
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Post by Xyrus »

My list:

0. Every action has a consequence.
This is rule 0 because it is the fundamental rule. Every action, every decision has a consequence. The consequences can be good, bad or indifferent. Your success and/or failure in life is defined by how you anticipated and handled the consequences of your actions in response to the world around you.

Once you have taken this rule to heart, here are the other rules that build upon it.

1. Don't be stupid.

You would be amazed how many really smart people do really stupid things that they should know better not to do. Maybe that Nigerian guy really does have $10 million dollars.....

Don't be stupid is a general rule that applies to a lot of life decisions, and is a direct extension to rule zero. For example, a stupid decision is dropping out of school, going to college and flunking out, or sex without protection with a complete stranger.

In financial matters, being stupid is dumping all your money on a "sure bet" stock, or not having any savings.

People may realize that there are consequences to their actions, but they may not have thought them through (or maybe they just don't care). Either way, don't be stupid.

2. Don't be hasty.

This kind of relates to number one, but in our society it's hard to avoid. We're bombarded by "limited time offers" every single day. Spur of the moment actions, from sex to money often will end up as you being worse for wear.

The traditional "If it's too good to be true..." is a statement of this rule. Maybe I should research this Nigerian thing before I send my bank account information. Maybe that email promoting that stock has ulterior motives. Maybe getting this girl pregnant could be a bad way to start off my future. Hasty decisions can lead you into all sorts of trouble. Sometimes they don't, but often times hasty decisions will come back to haunt you.

3. Always have a backup plan.

There comes a time in every person's life where they have either violated rule number one (did something stupid) or violated rule number 2 (made a hasty decision), had some unexpected event occur, or possibly a mixture. It's in these situations where rule number three can help mitigate the consequences.

A really good backup plan can eliminate all the blowback from a bad decision or stupid action or emergency, but usually there will be some sort consequence. For instance, a good backup plan is to have an emergency fund reserve in a liquid account. Another is to always carry a condom with you. And yet another is an up to date living will.

Well thought out backup plans will keep you out of serious trouble 99.99999% of the time. But sometimes, no matter how well you've prepared and thought things through, unimaginable events may come to pass that even you're backup plans can't handle. In that case there is rule number 4.

4. In case of emergency, EJECT.
Hopefully, you never make a decision or encounter a chain of events that requires this rule. This rule only comes into play when a decision or series of events has led to such a catastrophe that even you're backup plans fail. You can think of this as the get the hell out of dodge option. Pack and bail. As long as you're alive, you can always try to start over. Salvage whatever you can from the situation, and go.

I don't expect many will ever see this rule come into effect. But examples of this rule would be a sudden economic collapse, global war, asteroid impact, hostage situation, or something of that magnitude. In any case, this rule is here to make sure that you get to safety, and then if the situation requires it, help others around you.

Getting someone pregnant when you're 18 is NOT rule 4 material.

My general rules. :)

~X~
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Post by trefoil »

Thanks Doc, that's pithy sensible advice.

And there's a corollary that's maybe even more interesting: do these fairly simple things and that's enough.

You don't need to be a miser; you can splash out on things that genuinely make you happy or make your life richer if you just do it thoughtfully. You don't need to fret every day about the stock market, or cling to a secure job you hate, or get into get-rich-quick schemes. You don't need to go for the absolutely highest-paying job, have the optimal asset allocation, fund choice, or timing, or take high risks in gearing.

On the kind of course you describe, people may get to be free of worry about money long before they can do without a job.

Inheriting it or marrying it is no real solution. There are plenty of rich people who are still worried about money, or unhappy with their life.
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Post by Ricola »

Another thing to consider is the Fulfillment Curve as explained in Joe Dominguez/Vicki Robin book Your Money or Your Life. The fulfillment curve works like this; fulfillment versus the amount of money one spends is depicted on a curve. At the beginning from zero to Survival the fulfillment curve is very steep (lots of fulfillment), from Survival to Comforts the begins to tapper (less fulfillment), and from Comforts to Luxuries the curve tappers even more (fulfillment lessen even more), after Luxuries the curve immediately flattens and then begins to go negative (negative fulfillment), this is where money no longer buy happiness and the more they spend their fulfillment just grows more negative. This explains situations where the rich start crashing into the rock. Ask yourself, how rich do you need to be to be happy, because there is a point of diminishing return.
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Post by rmark1 »

Invest and insure first, spending your remaining income mostly as desired.
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Post by Rajsx »

Great Job Emergdoc, your posts are a valuable resource
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Post by ETFnerd »

Some back of the envelope calculations...

World Population 6,000,000,000

US Population 300,000,000

2007 IMF World GPD $64,903,263,000,000

2007 IMF US GPD $13,843,825,000,000

US % of World GDP 21.33%

US Net Worth $57,666,500,000,000 From US FRB Flow of Funds

Extrapolated World NW using GPD % $135,177,381,099,136

Per capital World NW $22,530

Per Capita US NW $192,222

Since there is no World Net Worth statistic out there (let me know if there is), I used the % of US GPD out of World GDP as a proxy. I further assumed that the rest of the World as a whole was 1/2 as productive as the US (roughly averaging developed, emerging and hopeless economies), divided the result by 2 and came up with "Extrapolated World NW using GPD %" = $57,666,500,000,000 / 21.33% / 2.

By these measures, we are a rich country. Income distribution is "J" shaped in this country, so the I would expect that the median net worth in this country is much less than the average.

Having a million bucks, you are really blessed walking this earth (for the grumpy pessimistic millionaires out there).
Last edited by ETFnerd on Fri Jun 13, 2008 1:36 pm, edited 1 time in total.
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Post by ETFnerd »

Doesn't take much to become rich here by the World standard which would be correct because we live in the World, not just in the US.

Maybe the goal of becoming rich needs to be reexamined. When I was a kid, I didn't want to be rich. I wanted to do something important in the world. That probably didn't involve destabilizing foreign political systems and promoting smoking, pollution overseas for personal gain.

At some point I realized that always doing the right thing was not always lucrative, and that the market doesn't correctly reward good behavior. SO it was up to me to extract a fair return for my efforts and that's how I came to have wealth accumulation as one of my goals.

I would say that the "How to get Rich" instructions are reasonable, but maybe just one aspect of your life that needs to be balanced with concepts of equity, justice, collaboration, working in the interests of all men and women. The capitalist notion that self-interest always provides the best economic result has been proven wrong. If that were true, regulators, the FBI, gov'ts and other intermediaries would not be necessary.

Finally, a very small % of the US population practices the precepts in the OP. What if everybody followed it? The US economy and the World would be very different. Would it be better? I think that is unknowable. There's always that pesky law of unintended consequences even with the best of intentions. Life is complicated like that.
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Post by heyyou »

From those studies about feeling happy, wealth is relative to your surroundings. Some pensioners can happily live in low cost areas, while others would cringe at the thought of under 6-figures of retirement income.
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Post by bolt »

AzRunner wrote:EmergDoc

Nice list. Virtually everyone could benefit by following it.

Norm
+1 Good post EmergDoc, your my huckleberry! :wink:
Last edited by bolt on Fri Jun 13, 2008 9:54 pm, edited 1 time in total.
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My Two Cents

Post by Cosmo »

Just my two cents but probably not the best idea refering to a thread here that turned very controversial and ended up being locked.

Cosmo
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Re: My Two Cents

Post by bolt »

Cosmo wrote:
Just my two cents but probably not the best idea refering to a thread here that turned very controversial and ended up being locked.

Cosmo
O' come on its true isnt it TO A DEGREE. Wish I knew this in my early 20's. I be a l'd be a licenced plumer, accountant, MASON, and host of other things, AND still trying for more , maybe thats me, Good Luck!
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Re: How To Get Rich

Post by VictoriaF »

EmergDoc wrote:How To Get Rich

2) Don’t spend a lot of money
e. Be prudently frugal and selectively extravagant. Be sure that you are spending your money on the things you value most
g. Marry well, marry once, marry someone who shares the same thoughts on “The Big Three” (Money, Religion, and Sex) and STAY MARRIED

4) Don’t lose your money
a. Insure well against catastrophe-Life, Disability, Health, Liability, Property but self-insure whenever possible using a safe, liquid emergency fund (High benefits/limits but high deductibles/ waiting periods). After you retire, consider a single premium immediate annuity to insure against outliving your money and long-term care insurance to insure against having an extended period of dependence at the end of your life. Don’t mix insurance and investments. Cash-value (non-term) life insurance and variable annuities are generally products meant to be sold, not bought.
EmergDoc,
As others before me, I highly appreciate your list, beautiful in its simplicity and relevance.

If I were to add one thing, I would mention preservation of one's health, which could go into your part-2 or part-4. Good health not only helps saving money on insurance and other payments, but it is also needed for mental sharpness and physical stamina for achieving many other things on the list.

Thanks,
Victoria
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Post by mesaverde »

Here's another one....

Out of the approx. 200 countries in the world, be born in the (financialy) richest of them all, the U.S.

You will have perhaps the best opportunites to advance your education and all that was originally posted can be done.
"Learn from the past, live in the present, plan for the future"
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List

Post by nick22 »

Great list! I do think we have a number of professionals on this site with good common sense, and this confirms it.

I have always tried to avoid being "all hat and no cattle," ever since I spent 11 years in Texas for college and graduate school. Should we be "all cattle and no hat," or what do you think is the appropriate ratio of the two. Assuming an SWR rate of 4%, would you advocate for 4% hat?
Nick22
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How To Get Rich

Post by Wellesley »

Yours is an excellent piece, EmergDoc. Showed it to one of my neighbors who immediately asked if you make house calls.

But then, within a second or so said, 'Actually he does, right? If I join this forum I'd receive such gems right at my computer.'

You smartened him up already!
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Post by Alex Frakt »

Great list. May I suggest the following changes?

2g) Marry well, marry once, marry someone with whom you share the same thoughts (or can work out an acceptable compromise in advance) on the Big Four - Money, Religion, Kids and Sex - and STAY MARRIED.

4a(2) Stay healthy. Self-insure against medical expenses by not smoking, exercising regularly, eating reasonably, getting regular medical checkups and following your physician's advice.
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Post by DRiP Guy »

EmergDoc: [golfclap]*




* (and that's a Tiger Woods golf clap, not a Phil Mickelson version)
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Post by White Coat Investor »

Alex Frakt wrote:Great list. May I suggest the following changes?

2g) Marry well, marry once, marry someone with whom you share the same thoughts (or can work out an acceptable compromise in advance) on the Big Four - Money, Religion, Kids and Sex - and STAY MARRIED.

4a(2) Stay healthy. Self-insure against medical expenses by not smoking, exercising regularly, eating reasonably, getting regular medical checkups and following your physician's advice.
Sure. Thanks to Victoria as well for similar suggestions. In fact, I'm surprised you didn't just make the changes yourself!
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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Post by DRiP Guy »

Wow, look at the timestamp I gave that Tiger golfclap -- little did I know then how loud that clap would be. Two Eagles... today should prove most interesting.
8)
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lucky7
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Great List-may copy it for son and glad to see

Post by lucky7 »

Great List-may copy it for son and glad to see no second home for investments. I bet some of your colleagues, I believe you mentioned quite a while ago on M*, aren't as thrilled now with their leveraged real estate purchases.

Bob
Scotty, beam me up.
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Post by White Coat Investor »

DRiP Guy wrote:Wow, look at the timestamp I gave that Tiger golfclap -- little did I know then how loud that clap would be. Two Eagles... today should prove most interesting.
8)
SSsshhh...you'll get the thread locked, and jinx Tiger. I'm not normally a Tiger fan, but how can you not cheer for a guy who limped through the last several holes.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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Post by scubadiver »

EmergDoc,

Great list! My only suggestion for modification is the following:

2i) Appreciate what you already have...you're probably better off than most.

scubadiver
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Post by teacher »

Doc’s “How to Get Rich” list may be my favorite Bogleheads post. As a mother of two young men and a teacher of high school students, I will find Doc's list an invaluable reference.

Please consider posting this on Wiki as it should be a constant resource. This post is a year old, and if it had not been referenced, it would have been lost to newcomers.

Teacher
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EDM
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Joined: Mon Jan 05, 2009 3:11 pm

Click Quote; Click Preview; and Print

Post by EDM »

This list posted by EmergDoc should be a template for everyone's life and is worthy of printing out by clicking Quote, then Preview and Print. It is essentially an outline for a book about successful lifestyle investing, which has probably been done many times prior, but is worth restating time and time again.

Many points I made on a prior posts have been the totality of lifestyle decisions adding up to retirement security in ways not thought of when the situations presented themselves early in life. For example, I am now 68 (wife 62) and this spring we cut 5 truck loads of firewood to give us a leg up on next winter's heat. I recognize that wood burning is not for everyone, but I only use it as an example...Thoreau said that cutting his own firewood warmed him twice. In today's economy, doing things for one's self has added benefits:

Each load of wood we cut saved paying a neighbor $150 for a truckload cut and delivered; the BTU's of the burning wood saves us about $150.00 of propane for the furnace, not to mention the flickering-flame ambiance. More important and financially relevant is that our wood cutting is a "stop loss" that not only warms us twice, but saves taxes on $330 of the income that I would have had to earn to net after taxes the $150 for propane or the neighbor's wood.

In other words, had I relied on others for this element of my heating fuel, I would have had to have had $330.00 of gross earned income to pay 8.25% sales tax plus 28% FIT plus 3% IL income tax plus 15.3% Social Security/Medicare tax to net $150 to my supplier, be it wood or propane. Again, I'm not suggesting that everyone go out and cut wood...what I am suggesting is that lifestyle has a lot to do with financial success and "How to Get Rich."

Bad decisions are the culprits of financial failure. I posted just a few days ago something like: "Anyone who carries a credit card balance month to month should not even be on the Bogglehead Forum...which is about investing for future security." Anyone who pays credit card interest has lifestyle issues that negate the very essence of the Bogglehead philosophy of minimizing expenses, where the quibble is between 0.20% versus 1.5% management fees, as contrasted to the "poison pill" of choosing cards based on teaser rates that morph into 25% or 30% interest plus prime for instant gratification.

I have copied Doc's list, it summarizes what I think has been my lifestyle for the past half century...or at least it strikes a responsive chord. I wish that I had gathered all those valuable thoughts and posted them myself. Right On! Doc. EDM
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Christine_NM
Posts: 2791
Joined: Tue Feb 20, 2007 1:13 am
Location: New Mexico

Post by Christine_NM »

1. What is "rich"?

2. I'm trying to reconcile this with the Harvard happiness study. Is being rich more important than being happy, or are they the same elusive thing? If by "rich" you mean more money than most of the people you know, then I think I would have better luck trying for happiness.

3. Disagree strenuously with (1) Make a lot of money. Sorry, won't go into details on that.

Edit: 4. Another disagreement: "don't buy a boat". My Dad always had a sailboat and it was a source of alternating joy and aggravation, but it was in the end, his main source of happiness, other than my Mom. Of course, it was not a huge expense because he could do almost all the maintenance himself.

Why is that important? Because, at 70 Dad contracted ALS (Lou Gehrig's disease) so was not able to enjoy much in the way of retirement. His neurologist would make house calls for him, and asked what all those pictures of boats and little trophies were about. My Mom said he'd always sailed, and the doc said, well, at least he has had a good life up till now.
Last edited by Christine_NM on Mon May 25, 2009 2:19 pm, edited 1 time in total.
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