Re: Advice for a Newbie: Become a Cheap, Tight, Miserly Skinflint - Posted by Jack Beam
Posted by Jack Beam on March 27, 2000 at 16:34:46:
In 18 years that is just about what you will need to send one kid to a state University. My point was if you DO NOT have the kids in the first place and invest the money you have saved you will not have to become a cheap, tight, miserable person to surly retire a multi-millionaire and not have to skip the nice vacations and eat dog food for supper. This is not a hard point to understand. If out of two different people of like incomes one makes the decision to have children and the other makes the decision not to have children but to invest the savings the one who decided not to squander his money on children but to invest it instead, will all things being equal be light years ahead of the person with the children, financially speaking of course.
Seeing your post below to Jim, I realize you were just making a point about saving money and not about putting money ahead of a family.
I agree that kids can be expensive. My first is due in about 4 weeks and we have already spent a pretty penny. That is why I don’t just go after 1 rental property per kid. I advise anyone to acquire as many as possible, as well as acquiring notes, doing flips, rehabs, lease options, tax certificates, stock market, and on and on. Any way to make more money as long as it is honest, moral, and legal, and you stay focused on your goals.
I have always been a money conscious person. Saving, investing, saving, investing. Almost in a miserly hoarding kind of way. About 3 years ago, it dawned on me that I needed to enjoy life some too. After all why try to have all this money if you don’t have some lifestyle to go with it. Just don’t overdo it. I love the book the Millionaire Next Door. And I just got Thomas Stanley’s latest book The Millionaire Mind last week. I can’t wait to get through it.
It is absolutely amazing how real life millionaires actually live. They average 3 kids, but who really cares.
Re: Advice for a Newbie: Become a Cheap, Tight, Miserly Skinflint - Posted by Ben Buckley
Posted by Ben Buckley on March 27, 2000 at 16:45:19:
I disagree with your theory of not having children. Most people believe that there is nothing worth more to them than their children. Why sacrifice having a family in order to have money? Personally I would much rather have a family instead of having alot of money. Besides there are so many ways to make money that $100,000 over 18 years should be a nominal amount. I bet you are glad that your parents didn’t think like you do. Set your goals hire and you can afford anything you want.