Disposable income... how?

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delamer
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Re: Disposable income... how?

Post by delamer » Wed Nov 08, 2017 4:24 pm

jayk238 wrote:
Wed Nov 08, 2017 2:29 pm
Grt2bOutdoors wrote:
Mon Nov 06, 2017 12:23 pm
You are a Prodigious Accumulator of Wealth (PAW). The folks you are wondering about are Under Accumulators of Wealth (UAW). - source: The Millionaire Next Door. I'm currently reading the latest edition of Stop Acting Rich by the same author - Stanley. I read the first book, most of the spending is in the form of debt - lease, home equity or failure to save any money. They could also feel that since the value of home and retirement account is rising, they can afford to spend from paycheck. They are living the paycheck to paycheck lifestyle. Do not fall for it, you are doing fine, in about 10 years you will have saved more than what most of your friends save over a lifetime.
Its hard for me to take serious the author of millionaire next door when he died because he was driving his corvette way too fast. Basically he sold us on a bag of goods - made boat loads of money writing that book and then died doing the opposite.

Im not saying never enjoy your money- you certainly can- even if he had a huge bank account when he bought the Corvette- he still lived with a lot of risk. He just transferred financial risk to lifestyle risk showing that if you try to live years and years below your means or have no outlet to enjoy you will increase your chances of risky behavior. Trading one risk for another is still, in a way, dishonest when taking in context his writings.

[OT comments removed by admin LadyGeek]
Get your facts straight -- Stanley was killed by a drunk driver while waiting to make a left-hand turn: http://www.ajc.com/news/crime--law/guil ... N7yZr2pIL/

And he never advocated not taking risk. His books admired successful small business owners who became financially successful. Nothing riskier than starting your own business.

stoptothink
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Re: Disposable income... how?

Post by stoptothink » Wed Nov 08, 2017 5:19 pm

jayk238 wrote:
Wed Nov 08, 2017 2:29 pm
Grt2bOutdoors wrote:
Mon Nov 06, 2017 12:23 pm
You are a Prodigious Accumulator of Wealth (PAW). The folks you are wondering about are Under Accumulators of Wealth (UAW). - source: The Millionaire Next Door. I'm currently reading the latest edition of Stop Acting Rich by the same author - Stanley. I read the first book, most of the spending is in the form of debt - lease, home equity or failure to save any money. They could also feel that since the value of home and retirement account is rising, they can afford to spend from paycheck. They are living the paycheck to paycheck lifestyle. Do not fall for it, you are doing fine, in about 10 years you will have saved more than what most of your friends save over a lifetime.
Its hard for me to take serious the author of millionaire next door when he died because he was driving his corvette way too fast. Basically he sold us on a bag of goods - made boat loads of money writing that book and then died doing the opposite.

Im not saying never enjoy your money- you certainly can- even if he had a huge bank account when he bought the Corvette- he still lived with a lot of risk. He just transferred financial risk to lifestyle risk showing that if you try to live years and years below your means or have no outlet to enjoy you will increase your chances of risky behavior. Trading one risk for another is still, in a way, dishonest when taking in context his writings.

[OT comments removed by admin LadyGeek]
:confused So, the book, probably the most popular book ever about LBYM, filled with tons of research and evidence-based data, is irrelevant because the author owned a sportscar? That's definitely the most interesting statement I've read on the internet today.

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Earl Lemongrab
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Re: Disposable income... how?

Post by Earl Lemongrab » Wed Nov 08, 2017 7:45 pm

stoptothink wrote:
Wed Nov 08, 2017 5:19 pm
So, the book, probably the most popular book ever about LBYM, filled with tons of research and evidence-based data, is irrelevant because the author owned a sportscar? That's definitely the most interesting statement I've read on the internet today.
Corvettes aren't even all that expensive. You can get a decently configured brand-new one for 60k or so. It's not like a Lamborghini or something.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

jayk238
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Re: Disposable income... how?

Post by jayk238 » Wed Nov 08, 2017 7:45 pm

https://www.nytimes.com/2015/03/07/your ... -door.html

I'm not the only one to discuss these issues about the authors.

I stand corrected about his death- for some reason I equated sports cars to reckless driving and jumped to an erroneous conclusion.

NotWhoYouThink
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Re: Disposable income... how?

Post by NotWhoYouThink » Wed Nov 08, 2017 7:53 pm

Often you get to a place where you can afford anything you want, but not everything you want, so you set priorities and make choices. Other people set different priorities and make different choices. That's why you see them spend on things that didn't make the cut for your family.
Or, they could be flush with family money or drowning in debt. It's ok to observe and consider their choices instead of sticking rigidly to your first guess at what you wanted, but there's not much to be gained by dwelling on it.

sailaway
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Re: Disposable income... how?

Post by sailaway » Wed Nov 08, 2017 8:05 pm

Well, that's a fun image to take home for the holidays. Good thing family doesn't loan out the vette for our driving pleasure along that very road....

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LadyGeek
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Re: Disposable income... how?

Post by LadyGeek » Wed Nov 08, 2017 8:28 pm

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