10 Money Questions I Was Too Embarrassed To Ask | Should You Have Debt? | Wealth Means Greed?


So, imagine walking into a room and handing
over your financial decision making ability to an 18-year old that has no experience with
finance has no education with finance and you go, here, young man, how about you make
decisions which are going to affect me for the next twenty years. This sounds almost like a joke, but guys this
is the story of my life because I can tell you when I was out there getting my first
car loan, my — taking out my first student loans, getting my first credit cards, I had
no idea what I was doing. I made some really big mistakes. Today’s video is about me addressing ten questions
I was too embarrassed to ask. When I was eighteen years old I took out my
first student loan and I can tell you I took out too much because I had extra spending
money and I probably blew it on things that today twenty two years later I’m still paying
on. I can tell you I made a mistake taken out
too much. When I was 18, I got my first credit card. When I was 20, I missed my first credit card
payment and I was paying an outrageous interest rate for the next five years as I was working
to pay down those credit cards. When I was 22, I got my first truck and then,
when I looked at the interest rate when I was about 23 or 24, I realized, wow, I just
got raked over the coals. Guys, all of these what has to all of these
in common is that I didn’t know what I was doing when I started off and it’s not something
that we are born with, a financial education. So, hopefully the goal of this video and the
ten questions is to get you to start looking out there for more resources so that you can
better yourself. And, guys, go check out the support article,
I’m going to link over to resources that I think are great and it’s going to be very
useful. I’m going to go into a lot more detail over
there. Question number one and this has to do with
mindset. Am I a greedy person for focusing in on wealth
creation, for wanting to be rich, for wanting to be financially free for if I think about
money too much, I’m going to become a bad person. This is how I grew up perceiving this to be. It was, you know, everyone should get their
fair share and that, you know, obviously if you’re rich which I perceived is making more
than $100,000, you’re obviously stealing from other people because everyone around me is
working a factory job or they’re going in getting, you know, $8 an hour or $7 an hour
and they’re working hard and you obviously are not sharing what you’re earning. Guys, this is a warped mindset that doesn’t
understand that wealth is created. Let me zero in on that. So, wealth creation as a business owner I
have taken my company and we have created over seven hundred videos, over two thousand
articles, over two hundred infographics that before did not exist. And we have found ways that advertisers find
it valuable to come in and pay me for this that we sell products because people like
convenience, they actually like that we deliver it right to them and tell them exactly what
they need to learn and the order to learn it. Now, before we came on the scene as Real Men
Real Style, that wasn’t there. We created this value and if you understand
that value can be created, you understand that wealth is like the ocean. You can take as much as you want because when
you think about it, you’re actually creating it. And it is a resource that is almost unlimited. Question number two. How do I know if I can afford something? So, I’ll tell you the wrong question to ask
is can I afford the monthly payment? So, first thing I did when I got my 2nd Lt.
commission is I went out and I bought a brand new truck. And then, within a few months, I bought a
brand new motorcycle because I’m thinking, oh, wow, I’ve got this money. I might as well spend it and I can meet the
monthly payments. Wrong question. The question I need to ask is actually could
I afford this if I were to pay cash? And I’m both of those, I would have to have
said, no. So, I wasn’t forced to save, I didn’t put
money aside and I was having to balance things around. I had to, you know, I wasn’t able to fully
pay off my credit cards. Guys, focus in on can you really afford it. If it’s going to affect your lifestyle and
if you can even afford to pay cash for it, yeah, maybe you’ll have to go with something
used. Well, you know what? Right now and I think it’s delayed gratification
is one of the things missing out there, you need to start saving up more and don’t think
just because you can make that monthly payment that you can actually afford it. Question number three. How many credit cards should I have? My answer to this is you can have as many
credit cards as you need and that you can manage responsibly. Me? Two credit cards, that’s what I have now because
I know if I start to go more than that, then I’ve got issues and I don’t need to have a
gas credit card. I don’t need to have credit cards with all
these different shops. Now, those are tempting because you’re going
to get a percentage off, but look at the interest rate. Now, one thing I do advocate with credit cards,
why I love them personally is they actually certain businesses need them. So, you go to rent a car, you need to put
a credit card down, otherwise if you use a debit card, they do take amount out which
will still work, but I have had some companies they won’t take the debit card, they want
the credit card. Other times and I can tell you I’ve got certain
cards which actually build up points really well and they allow me to stay at hotels for
free. I found that hotel credit cards at this point
2016 work out pretty well. It used to be airline credit cards worked
out really well. And I know some people really swear by their
point cards, some of them you have to pay a fee. I’m not going to get into details of that
in this video. But, what I would say is that there are advantages
to using your credit card if you use them responsibly. Where it all falls apart is where you start
to miss payments, you over extend yourself, you’re not able to manage them responsibly
and that’s the key word. Question number four. What do you with an unexpected windfall? So, you get a $2,000 return from your taxes
and you’re like, wow, what do I do with this money? No, you don’t go blow it on a big screen television. You look do I have an emergency fund. I think most people never even think about
this. They do not have a separate savings account
which they do not touch and has enough for us three months living expenses. And I think that’s a minimum, the reason we’ve
only got three months is I get my income from a twenty different resources and honestly
I think the chance of all twenty of those disappearing is relatively low. If you have a job, guess what? You’ve got one source of income and in my
opinion you should have at least six months of living expenses. So, if you’re living expenses are $3,000 or
$4,000 a month, four times six, $24,000 you should have in your emergency fund. Question number five. Okay. You’ve talked about emergency funds, but what
about investing that money in the stock market, what about taking that money and getting a
new vehicle, so I’ll be able to get to my job more reliably or what about starting off
a business? So, first off, you need to have a robust emergency
fund. I’m just going to say that out there. Then, okay, then let’s look at where you’re
going to get the best return on investment. So, if you’re not going to start a company,
if you really do not need a new car, guys, I’ve been driving the same truck for twenty
years. Do you need that new car? I think that’s a foul that’s a false belief
for many people that you have to, you know, get a new car every few years. Oftentimes that you feel you got to keep up
with the Joneses. But, if you’re in real estate and you know
that this new car is something that’s going to set the tone is actually important and
you’re able to find a great used nice looking vehicle that’s may be three or four years
old, hey, maybe that’s going to be a better return on investment than actually putting
in the stock market. If you’re going to be starting your own business,
that may be a better use of your money. Guys, I’m not going to tell you what the answer
is, I am going to say look at the return on investment and use that to make your decision. Question number six. Where are the best places to learn about money? Go to your local library. Guess what? Tons of classic money books there that you
are either going to find right there in the library or you can go to the librarian, she
can order it for free. Barnes and Nobles. You noticed how I’m just talking about books
here, guys. So, much knowledge is wrapped up in books
and what I love about books is you can sit there with a cup of coffee and you can just
make your way through it. The second option is to take a course. Now, there’s a lot of banks which actually
you can go in and talk with your local banker and they will give you a basic class. What’s great about this is it’s free. The bad thing is they’re trying to get you
into certain vehicles, so you’ve got to be, you know, aware of that. I do recommend certain paid courses which
I’m going to go into more detail in the support article. Now, what I like about paid courses is that
there really is no agenda. I mean they get your money upfront and they
should be giving you objective information. If they’re trying to upsell you something
kind of be careful although sometimes those upsells are actually are great courses. So, don’t be afraid actually for paying and
investing in yourself. The third option is to find someone who has
been successful, someone that you’re impressed with someone that is way ahead of you and
to learn from that to find a mentor whether it’d be actually you set up a once a week
meeting or maybe it’s something you look at them from afar they’re putting out information. Now, guys, I recommend you definitely go check
out StyleCon. If you are looking to start a business, you’re
selling to men, if you want to get into the men’s lifestyle space, you want to attend
StyleCon because guess what? You could find guys there who will mentor
you, that’s one of the reasons I created this event and I think it’s well worth your time. Question number seven. How do I get rich? I like this question a lot because it gets
right to the point. So, there are two sides to the coin of getting
rich. One of them is saving and the other one is
earning. So, almost everything is focused in on savings
and I get it because most people have a job. Let’s say they’re earning $2,000 a month and
so, at this point they’re trying to figure out, okay, I can save $300 to $400 a month,
where do I put this money how do I get it to grow and to work for me and that’s what
most education the books out there are focused in on. I get it, but I really think they’re missing
a big point and that’s increasing your earnings and that’s not always talked about. I don’t think there’s enough information out
there. And so, that’s, you know, starting a side
job, going off and finding a better job, going off and finding, you know, starting your own
company, so you can pay yourself what you would like once your company starts actually
being successful. Now, definitely go check out my inside I’ve
got an inside view of basically Zero to Launch. This is a course I highly recommend by Remit
Sethi. Oh, and by the way I am an affiliate, so if
you grab this course, guess what? I give you any of my courses for free. But what I love about this course is it helps
open your mind to, well, what if I could go from $2,000 a month to $4,000 or $40,000 a
month. Guys, I know that may sound crazy earning
$40,000 a month to some of you guys, but it is possible. Question number eight. Should I ever go into debt? My quick answer to this is, yes, some debt
is okay. So, I do think getting a house and getting
a house loan is perfectly fine especially when it’s your home residence and when it’s
within your means. Student loans I think are fine especially
when you’re going in and you’re getting an education in a field that you know you’re
going to be able to get a job in. Question number nine. What is good debt? This is directly related to question number
eight. And I’m going to say good debt is debt that
you can get a return on investment that outpaces the interest rate that you are paying on the
debt. So, if you go to loan shark and you get, you
now, a 25% or 45% interest on that loan, understand that you had better be getting a very high
return. Now, student loans I think are relatively
good for people that know the field they’re getting into and they know they’re going to
be able to get a well-paying job or they’re going to go down the path and they’re really
going to get their money’s worth from it. So, if you want to be a doctor, you want to
be a lawyer, you want to be an engineer, that make sense. That in my opinion is good debt. But, again, if you are taking out a high interest
loan, maybe credit cards and you’re going to be using that to finance your company,
you better be making sure and I know a lot of entrepreneurs that have done that and for
some people that’s come back to bite them, other people it’s paid off. I’m not going to recommend doing that even
though I did it at times with my company. But, it is one of those things that you’ve
just got to measure, okay, am I going to get a positive return on my investment. Question number ten. Antonio, I’m 18, I’m 22, I’m 35, do I need
to start saving for retirement right now? My thoughts on this is I love what I do and
I don’t want I don’t I want to work til I’m dead. I literally love what I do, but I would say
that for some people especially those who are looking to start their own company, those
that are going to a high growth field, those that may be realize, you know, the stock market
and retirement savings and ROIs and stuff, that is just one path. There were so many different vehicles that
you can look at. Real estate, I have a friend, he has made
a killing in real estate. Now, he knows what he’s doing and this is
his chosen path, but he also diversifies. And that’s the key guys is figuring out, you
know, there are many different theories on this and I know I’m not going to be perfect. And I do want to hear from you guys down in
the comments your thoughts on some of these. But, for me I do take about 20-30% of my income
and then we take that money and we put it away let’s just say in different funds. I’ve got insurance. But the ten questions here I talked about,
you know, a little bit, you know, a different video than what I normally cover. I wanted to get you thinking. Definitely go check out the support article. In the support article, I’m going to link
to books, I’m going to link to courses, I’m going to link to other things I recommend,
so that you can further investigate. The goal of this video is to get you started,
to get you thinking about this, to get you hopefully to change maybe your mindset just
a tad so that you don’t make the mistakes I made when I was younger. And, guys, that’s it. Hopefully you enjoy this video. I’ll see you in the next one.

100 thoughts on “10 Money Questions I Was Too Embarrassed To Ask | Should You Have Debt? | Wealth Means Greed?

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    http://www.realmenrealstyle.com/10-money-mistakes/ – Click Here To Read The Article – 10 Money Questions I was Embarrassed To Ask

    Video Summary:
    1:18 – #1 Am I A Greedy Person?
    3:15 – #2 How Do I Know If I Can Afford Something?
    4:19 – #3 How Many Credit Cards Can I Have?
    5:41 – #4 What Do I Do With Unexpected Money?
    6:33 – #5 What About Investing Unexpected Money?
    7:41 – #6 Where Are The Best Places To Learn About Money?
    9:21 – #7 How Do I Get Rich?
    10:42 – #8 Should I Ever Go Into Debt?
    11:05 – #9 What Is Good Debt?
    12:19 – #10 Do I Need To Save For Retirement

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  2. Man, this is such an awesome video! I wish I could have saw this like 10 years ago or even 6 years ago but it still is helpful even now! I am so glad you spoke on the importance of increasing earnings because that is something that I had been thinking of. Thank you for this!

  3. Hey Antonio, i fell in love with a pair of specators i just bought, they're a bit narrow and i'm not sure if they will break in because it's a vinyl shoe (with a leather upper)
    Stacy Adams Men's Dayton Wing-Tip Oxford,Black/White,10 D https://www.amazon.com/dp/B000FPVY3C/ref=cm_sw_r_cp_api_8E-.xbEPAQX8S
    Get back to me if possible. Thanks.
    (I'm going to order a half size up, and return one pair) they're the same length as another pair of my well fitting shoes.

    P.s. You should make a video on the USMC thrift program, i believe is what it's called, i heard there was a civilian counterpart to this.

  4. Great video I really leaned a lot. I myself am going into the real estate Field. I know what my goals are and knowing how that market can go up or down. Investing in real estate is not a bad idea as well. Doing rental house and even just diversifying in stocks all good ways to make more money. And live a better life. Being 21 these videos really help. I look up to you seeing that you enjoy what you do and I really hope that can be me one day

  5. Working hard with devotion and patience (lots of patience) gets you to places you never thought you'd reach. I thank God I never ever took a loan for anything. When you can't afford a car, take the bus, the metro or walk to work. Always save money and convert it into something that won't decline in value over time. I've bought small real estates far away from my town even in villages with my tiny savings and guess what? Over time, those villages became towns and my properties got more expensive. Then as I grew in my job, I rented a small apartment away from the city and with the money I saved, I bought a small apartment for investment which I redecorated and sold… I did this 4 times with a good profit from each time I sold. It is only after 21 years of work that I could afford to buy my own house without a single dime from the bank! Patience is a blessing that few people comprehend…

  6. Having a credit card is a great way of keeping track of all your expenses, on the condition that you absolutely pay the full balance every month without exception. Also, getting cashback at the end of the year helps out a little bit.

  7. I actually have a question. So I want to be a marketing manager, they can earn somewhere between 65000 and up to 500k a year, and I wanted to get your opinion on how worthwhile it seems to go into debt over that? My dream college is a bit more expensive, but I'll hopefully get some scholarships

  8. This should be called "10 Things They Don't Teach in School That Every Kid Needs to Know."

    Kids are put out in the world with only their parents to teach them to avoid the common mistakes. And of course, all teenagers know better than their parents, so we all know what happens next.

  9. This has got to the most IMPORTNAT VIDEO to date that we at BestYouPRO have seen. We have been watching you for quite a few months now. See that you have picked up Aaron Marino's very "subtle" means of advertising with the inclusion of StyleCon and the Course…Well done.

    Being as we are mostly young men, your video will certainly be very valuable to us.  

    Personal Financial Management and Investing are passions for us here at BestYouPRO (http://bestyoupro.com) and we are very very strong believers in sharing information on Financial Education and Financial Intelligence (we believe those two things are different). A couple of thoughts on each of your questions:

    Question One: Mindset and Wanting to be Rich, we are strong believer in capitalism but not because we want to rip anyone off. We believe in building economies. We say at BestYouPro that people should make the goal of being rich, not for what it will enable them to BUY but for what it will enable them to BUILD. We also say, "Building Wealth is a matter of WILL not CIRCUMSTANCE" See the tweet: https://twitter.com/BestYouPro/status/778714936755171328
    And we believe that:
    https://twitter.com/BestYouPro/status/778294098214031360

    Question Two: Can I afford the monthly payment? We believe there is a great difference between PRICE and COST. We say, PRICE is what you pay to OWN something, COST is what you pay to KEEP it. http://www.pixteller.com/img/521591

    Adopting Robert Kiyosaki's philosophy on this matter of being able to afford something, we think it better to ask, do I have an ASSET that can pay for this? If not, HOW CAN I AFFORD THIS THING? This we believe causes us to think on the creative plane. We don't really believe in saving to buy Luxury items or doodads, rather we encourage saving to invest and to follow our FIVE LAWS OF INVESTING as shown here: https://www.facebook.com/bestyoupro/photos/?tab=album&album_id=1773640446249111

    Question 3: On Credit Cards.
    We completely agree with you on this one. We think of credit cards as LEVERAGE and we Believe that "With Great Leverage come Great Responsibilities". Like you, we have found that you can actually use your credit cards to MAKE MONEY for you rather than making them a LIABILITY.

    Questions 4 – 10 will have to be covered in multiple comments or we should send you an email.

    Thank you for the awesome videos and tutorials. We love what you do here at RealMenRealStyle and appreciate the partnership with ALPHAM for STYLECON. Hopefully, we can make it next year, and we hope that you can come to Jamaica some time.

    –Devrhoid
      BestYouPRO
      http://bestyoupro.com
      Developing the Best Version of Ourselves

  10. You partner with IWillTeachYouToBeRich as well. We really like how all you guys are collaborating and just putting out magical and invaluable content.

  11. Since Ive been in the Army I put 15% of my pay towards retirement and im only 20. Starting young is key. I think many young people just are not fully educated on personal finance.

  12. My personal opinion on the reason for why people avoid talking about the increase in income, is that people thought that once you start taking a second job for that extra money or work overtime.
    Your work life balance collapse, sure money is not everything but lacking in it can be even worse.
    I think just stay out of debt not loans
    Cause you need a long term view to be rich

  13. Completely agree, always have a "rainy day fund" because you never know what will happen. Might show up to work one day and realize that the company is going out of business and you are out of a job for over 3 months

  14. My interest rate was higher than possible return on investment so I made a personal choice to be debt free. I used one main CC haven't paid any interest in years and points earned is amazing. Having financials in order is good foundation for gents. Those E books must have high profit margins. Stay blessed Antonio.

  15. I've had my car for 19 years! Best way for a young person to build wealth is not throw it away on cars. My coworkers thought I was a freak. They were all at my retirement party when I was 52!

  16. For any of those out there looking to become wealthy, I'd highly recommend "Rich Dad Poor Dad" by Robert Kiyosaki. For instance, Financial Freedom is when your passive income surpasses your cost of living. It's written in plain English so there shouldn't be any major confusion. All the best!

  17. Super advice, I expect you to know some stuff about financial management, but I didn't think I'd learn this much, thank you

  18. I actually enjoyed this video, it got me thinking on some things which I have been wanting to do – I just have to start working on them. Thank you

  19. Great and valuable information in this Antonio!! The point about "Can I afford this if I were paying cash" totally wrinkled my brain, man. Great advice!!

  20. Thanks RMRS. Glad that i watched this video at this young age! . Best things about ypur videos 1)clear and concise contents, and 2) the way u present them. RMRS you are cool man 🙂 – One of your big Fan from India

  21. Fantastic video oh how I wish this information was around when in my younger days I was truly foolish and out of control with my spending thanks!

  22. Buying a brand new car is really for the person who has large amounts of extra income. A 1 or 2 year old car is so much more inexpensive and is basically new.

  23. I would recommend this video to everyone who has a job and gets paid the average 50,000$ a year, that drives a normal car and have kids it's a great video for average ppl (nothing is wrong with average) BUT when you step into the entrepreneurship game it's on a hole different level , do not take this advice go and talk to someone who is worth million and work for them for free and learn from them other than that great video !

  24. Antonio can you make a video talking about how other people may look at you if you wear chains, rings, luxury brand clothes, fancy watches, etc. Best regards!

  25. I am 23 and I took my first loan after learning Financial Management from my ACCA course. I know this is a bit extreme but it worked for me.

    I have learned something and I would like to share.

    a. I always to try to keep my interest payment/contact payment 5% to 8% of my total salary of my month.

    b. once I took a loan, I took a second loan to back my first loan up. I know it sounds crazy because the first one was a short term loan and the second loan was a long term loan I used the money from the short term loan for my purposes and used the long term loan to pay off the short term loan asap thus i paid 0 interest and it boosted my credit score. later I paid the long term loan which had a lower interest rate.

    c. I am a student and I don't own many bank accounts. the first time I got my tax return I stored it in my paypal wallet which I rarely use so that I don't use it for less important purposes.

    d. saving money is good but there's inflation to worry about. before brexit I sold all my savings to a different currency which saved me from the decrease of value in pounds.

    e. government bonds or other secured bonds which can readily be turned into liquid cash when needed. is proved to be one of the best ways to save money! imagine your savings are getting bigger and bigger!! I would suggest interest from savings account but which is quite low and government bonds pretty safe options.

    sorry if I got into too deep. just sharing some thoughts 🙂

  26. Hi Antonio I Really like this video but how ever I do not agree with going in to debt for any thing I think you can Pay for a Car or Truck by Doing a private seller no Car lot no bank loan and same way with a house No loan no bank if you want it stay in something that you bought and paid for it in cash and save for the things you want you might find its not the thing you need I don't Agree with going in to Debt for ANY THING at all pay cash on it

  27. Excellent video Antonio! There are so many aggressive ad campaigns and marketing tricks out there targeting people's inability to delay gratification…

    Really liked your remark on more money = more freedom. Luckily I came across this type of information when I was a student so I've been saving 15-20% of my monthly income ever since I got my first job. To all the younger folks out there – it may not look like a lot when you first start out, but as time flies your savings build up faster than you think. I turned 30 this year and this approach enabled me to quit a well paid job that I didn't enjoy anymore. I've just set up my own company and it will take a while before I generate a similar income, but I have money put aside to rely on if needed in the meantime. It feels great to be able to do this!

  28. rmrs dont feel bad. your videos are useful BUT they are too lenthy . i am subscribed to some other man grooming channels also like alpham. and he makes a little bit short videos which i prefer to watch .
    please make little bit short videos.
    this is my advice you may or maynot take it .
    bye

  29. my dad has sold cars for over 20 years and that is one lesson I learned early, if you have to make payments it simply means you cant afford it . period.

  30. I love the information you give on your channel. It's exceptionally helpful. I'm encouraging other persons to subscribe.

  31. Absolutely excellent video, very concise and what people need to hear. I'll be sharing this video with all of my close friends. Keep up the great work Antonio.

  32. For everyone that wish to learn something about money and how to make them i reccommend reading the book rich dad poor dad by robert kiyosaki.

  33. Very interesting and informative video.While most of your videos are focused on mens style it I would gladly watch similar stuff.Also is there any chance of seeing videos about a bit less conservative approach, to what a man should wear let's say about a more rock style or things like that.Just asking.Great job though I am a big fan of your work

  34. #4
    PAY OFF DEBTS!
    If no debts, then get into so high return investments. don't save because the dollar is getting devalued each second. 1 dollar today couldn't buy the same amount 1,5,10,100 years ago

  35. That is ONE GREAT VIDEO !
    Simple, realistic and helpful advice right to the point !
    Everything is explained as to why to do certain things and avoid other behaviors.
    From my experience as a bank clerk I absolutely agree with what you are teaching.

    And: Thanks for your great advice concerning (business) style !

    Greetings from Germany !

  36. this is a great video for me especially that i'm about to graduate
    opened my eyes to new stuff i didn't think about before !
    thank you so much for all this hardwork

  37. One critical financial mistake people make is not taking out a loan at all, and paying for everything with cash. Doing this will not build your credit rating, and it will be very hard to get a house loan, or a decent car loan.

  38. I really like this content. I want to start an online buisness as there is no job in my profession at the moment.

  39. Antonio thank you. You put yourself out there day in and day out to help us "other guys" be better. It's refreshing to see that and that is the sole reason I halve subscribed to this channel. You make is easy to be a classy upstanding gentleman in today's world and for that I again say thank you.

  40. All of your videos that I have seen are good, but I really like this one the best. I want to know that I have the utmost of respect for you. Thank you for helping me be more and better.

  41. I almost want to say thank you dad…

    but my old man did aright and moms can teach these things too.

  42. Classic books on personal finance! Yes! Back in the 80’s, before the interweb existed, that’s what I did. I set a goal to retire between 60 and 62 with enough money to live off the interest, dividends, and capital gains and never touch the principal. My wife felt the same way. We did it! I retired at 59, she retired at 60. And we’re having the time of our lives.
    Educate yourself, live a notch below your means, sock it away, and never, never, never trust a “financial advisor.” They all liars, cheats, and crooks.

  43. 1) Become an expert at something someone will pay for 2) Live well below your means 3) Educate yourself on how money grows 4) Consistently put money into things that grow in value. That's all it really takes. Its simple but not easy. Once you start making money you will probably want to start spending it. Don't fall for it. CC are not evil if you are disciplined. They can help you obtain an excellent credit score (800+) without paying any interest and actually have the best ROI if you manage them correctly.

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