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soma · 02-03-2005, 07:09 AM

I think I like this thread. A lot of good stuff.

My tip is to be super miserly. I picked this up from my parents and am glad I did. It seems that a lot of financially savvy people are quite miserly as well. On fn.com, they have a little section called millionaires in the making. Every month (I think), they will profile a different person who is doing well with their finances. Are these people making 6 figure salaries? Mostly not, they just know how to save and invest. They also are all very miserly despite how much money they have (buying used cars, using fluorescent light bulbs, buying nearly everything at Costco etc.).

http://fn.com/2005/02/01/pf/rp_tong/index.htm

Oh, and something that might help you be miserly (this might sound completely silly, but it works for me). Consider this: money depreciates in value roughy 3 percent a year because of inflation. Now, this might sound like a reason to spend you money today because it will be worth less tomorrow. But this is the thing: If you buy just about any good (except for maybe a house) it will depreciate in value much much much faster than 3 percent a year. think about that lap top computer, or designer pair of pants. You will never ever get that money back. A car is supposed to lose some 10% of its worth after you drive it off the lot. Money is more valuable than stuff so you would be best off saving it. I don't know if that logic will work for anyone else, but it does for me (and I'm crazy anyway

).

02-03-2005, 07:09 AM	#20 (permalink)
soma Addict Location: USA	I think I like this thread. A lot of good stuff. My tip is to be super miserly. I picked this up from my parents and am glad I did. It seems that a lot of financially savvy people are quite miserly as well. On fn.com, they have a little section called millionaires in the making. Every month (I think), they will profile a different person who is doing well with their finances. Are these people making 6 figure salaries? Mostly not, they just know how to save and invest. They also are all very miserly despite how much money they have (buying used cars, using fluorescent light bulbs, buying nearly everything at Costco etc.). http://fn.com/2005/02/01/pf/rp_tong/index.htm Oh, and something that might help you be miserly (this might sound completely silly, but it works for me). Consider this: money depreciates in value roughy 3 percent a year because of inflation. Now, this might sound like a reason to spend you money today because it will be worth less tomorrow. But this is the thing: If you buy just about any good (except for maybe a house) it will depreciate in value much much much faster than 3 percent a year. think about that lap top computer, or designer pair of pants. You will never ever get that money back. A car is supposed to lose some 10% of its worth after you drive it off the lot. Money is more valuable than stuff so you would be best off saving it. I don't know if that logic will work for anyone else, but it does for me (and I'm crazy anyway ).