"Your money or your life" getting good press!

[Sid23]

Retired by 50: What it really takes - MSN Money

 

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[MJ DeMarco]

I think you will see this book make a resurgence in these economic times.

 

[Russ H]

Yeah, except the part about investing in 30 year Treasuries (which were as high as 12% when Dominguez, the author, started on his journey, but are now trading at (gasp) 2.5%!

I still maintain that the book has excellent exercises at learning how to live within, and then BELOW your means.

And as much as the previous phrase might offend, please bear in mind that Warren Buffet, Bill Gates, and the Sultan of Brunei ALL live below their means!

-Russ H.

 

[andviv]

actually a co-worker was reading it this week here at work. Interesting fact.

 

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[fanocks2003]

Yeah, except the part about investing in 30 year Treasuries (which were as high as 12% when Dominguez, the author, started on his journey, but are now trading at (gasp) 2.5%!

I still maintain that the book has excellent exercises at learning how to live within, and then BELOW your means.

And as much as the previous phrase might offend, please bear in mind that Warren Buffet, Bill Gates, and the Sultan of Brunei ALL live below their means!!!

-Russ H.

Low yielding investments are not for growth, only for preservation. Meaning you buy those investments when you have made a boat load of money already and want to secure part of it until you have something else to make of it. Or maybe just invest some of your "boat load" of money in such low yielding cashflowing investments, just to get some cash flow from them. Paper is after all less intensive to handle than say RE or owning a business.

Live below your means is a smart advice. If more people would apply it, they would feel less pressured and they would hence make better decisions.

 

[MJ DeMarco]

There are still mid-level yielding investments out there ... in fact, Discover Bank has a few for 5% which still preserves the end theory of the book (as well as my book as that also is predicated on making a boatload of cash, and then earn interest on it to retire.) My book uses 5% as the baseline and even in this environment, it is out there. In deflationary times (like now) the rate is decent. If inflation starts, usually the rates follow suit.

Discover Bank BTW is one of the few 5 star banks at Bank Rate ...

The key is ... I didn't get to retire in my 30's by investing in 5% yielding investments. That happened on an entirely different road.

 

[MJ DeMarco]

live below their means!

-Russ H.

Amen, a Fastlane concept and it applies no matter what your income level. I don't care if you're generating $100K/year or 100K/month ... LIVE BELOW!

 

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[hatterasguy]

I enjoy what I do. My idea of "retirement" would be working in RE for 6 months of the year, and messing with boats the other 6 months. I don't understand what the rush to get through life is, you only go around once.

 

[Russ H]

hat-

Have you read YMOYL?

That's exactly what it's about-- getting to the point where you don't HAVE to work for a living-- you do it because you CHOOSE to.

And you have the freedom to NOT work, whenever you choose.

Seems like you're saying the same thing . . .

-Russ H.

 

[Bilgefisher]

YMOYL had some really good points. I think the best thing I took from it is "Life Energy" and what you really are making at your current job. It gave me a different perspective on things. Unfortunately towards the end of the book it was like gold prospecting. Brief nuggets of insight, but you have to dig through a lot of dirt and pyrite to get there.

 

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[hatterasguy]

hat-

Have you read YMOYL?

That's exactly what it's about-- getting to the point where you don't HAVE to work for a living-- you do it because you CHOOSE to.

And you have the freedom to NOT work, whenever you choose.

Seems like you're saying the same thing . . .

-Russ H.

I did not, but it looks like I do not because that is what I have intended to do all along!

 

[venom]

Warren is miserly. Not a way to live.
Now living in sunny wine country in a bed and breakfast . Now thats livin :smxG:

Living below yer means can be no fun ... Unless you increase your means.
I wonder how many $$$ Bill is making per minute these days
Rob