WH's OutdoorsChick
New member
Never having to work ever again and having enough money in the bank to live your life the way you want to live it!!!!
How much is rich ......
- Thread starter Moosie
- Start date
Steiny
Well-known member
My banker buddy says .... Cash is King! You can't eat equity or net worth.
An old weathy buddy says ..... Everything you don't have going out in payments each month is yours to keep.
Pretty simple stuff. Having a wealthy mentor or two is very helpful, if you will take some advice. My current program is trying to get debt free, which we are closely approaching.
A huge financial drag on many families is automobiles and the associated payments. No more car payments for this kid. Last several vehicles we bought, we wrote checks for. Here is a prime example of very simple economics. Went looking for a new truck last year at the Ford dealer. He had a brand new 4x4 F150 cab and a half for $28,000. He also had the same thing in an 03 w/ 40,000 miles for $17,000. Didn't take long to make that decision, gave him our paid for Dodge and wrote a check for the difference. Couldn't have done that on the new one. Would have had a few years of payments.
Another pretty simple thing is Toys & Vacations. You don't borrow money to pay for Toys or Vacations. Can't believe all the people that have; boat payments, camper payments, Harley payments, put fancy vacations on their credit cards, etc. If you can't pay cash for that stuff, you don't need it.
Lot's of people are also "house poor", strapped with a big mortgage that they can barely handle because they think they have to live in a new house and fancy neighborhood, keeping up with the Jones'. And along with those fancy homes comes higher taxes, higher utilities, etc. Newsflash ... You can do all the same things in a small affordable home, that you do in a big expensive home, and you'll have some cash in your pocket each month to have fun with.
Working your tail off to earn more and more money is not necessarily the answer. Making intelligent decisions and handling your current income wisely, will get you ahead faster than anything. End of sermon.
An old weathy buddy says ..... Everything you don't have going out in payments each month is yours to keep.
Pretty simple stuff. Having a wealthy mentor or two is very helpful, if you will take some advice. My current program is trying to get debt free, which we are closely approaching.
A huge financial drag on many families is automobiles and the associated payments. No more car payments for this kid. Last several vehicles we bought, we wrote checks for. Here is a prime example of very simple economics. Went looking for a new truck last year at the Ford dealer. He had a brand new 4x4 F150 cab and a half for $28,000. He also had the same thing in an 03 w/ 40,000 miles for $17,000. Didn't take long to make that decision, gave him our paid for Dodge and wrote a check for the difference. Couldn't have done that on the new one. Would have had a few years of payments.
Another pretty simple thing is Toys & Vacations. You don't borrow money to pay for Toys or Vacations. Can't believe all the people that have; boat payments, camper payments, Harley payments, put fancy vacations on their credit cards, etc. If you can't pay cash for that stuff, you don't need it.
Lot's of people are also "house poor", strapped with a big mortgage that they can barely handle because they think they have to live in a new house and fancy neighborhood, keeping up with the Jones'. And along with those fancy homes comes higher taxes, higher utilities, etc. Newsflash ... You can do all the same things in a small affordable home, that you do in a big expensive home, and you'll have some cash in your pocket each month to have fun with.
Working your tail off to earn more and more money is not necessarily the answer. Making intelligent decisions and handling your current income wisely, will get you ahead faster than anything. End of sermon.
Moosie
Grand poopa
Steiny, I'd have to Disagree with you on Owning everything free and Clear is the Best way. I have a Friend that bought some Property for 1.3 mill, It apraises at 4 mill right now (He has alot of other assets and land but bear with this). He owns 3 car dealerships and wanted a 4th. He needed 2 milll in the bank and 2 mill for the Toyota dealership. So he pulled the Equity out on the Land to place in the bank, Pulled other Equity out on some other Properties and could Cashflow the Payments plus 30-50 K a month to start Repaying the debt. PLUSS having the Assets in the Buisness. If someone waited till they could save 2 million to put in the bank and Not leverage other Properties to Obtain it they would never get there.
Leveraging assets in buying and Selling is the Way to go (In my opinion) not saving untill you can pay cash. But it has to Cash flow and make sense.
On the Items people own and Vacations ? I do Agree to a point too. I think people Screw off Way too much money, I'm guilty of that too. I'd be WAY WAY ahead in life if I didn't spend money to Go on my AK trip with my dad, a cruise this year and Last with the wife, Trips with the family, Etc. Althuogh, Eventually we all die and whats the Use of life is you don't live ? Making memories but in a Reasonable manner needs to be done too. I also know guys not doing anything in life but Die worth 8-10 Million, Cool for the people that get it I guess ?!?!?!!
...End of sermon.
Leveraging assets in buying and Selling is the Way to go (In my opinion) not saving untill you can pay cash. But it has to Cash flow and make sense.
On the Items people own and Vacations ? I do Agree to a point too. I think people Screw off Way too much money, I'm guilty of that too. I'd be WAY WAY ahead in life if I didn't spend money to Go on my AK trip with my dad, a cruise this year and Last with the wife, Trips with the family, Etc. Althuogh, Eventually we all die and whats the Use of life is you don't live ? Making memories but in a Reasonable manner needs to be done too. I also know guys not doing anything in life but Die worth 8-10 Million, Cool for the people that get it I guess ?!?!?!!
...End of sermon.
Nemont
Well-known member
Moosie,
I agree with you on borrowing money on appreciating or productive assets. I think Steiny's point was that vehicles depreciate too fast to justify borrowing money on them. In addition many people are over there heads with their house, especially with the introduction of interest only loans. When interest rates rise and the housing boom slows down many of those people will be in hurt.
There is nothing wrong with borrowing money, even huge amounts of money, if you put it to productive use. While it is "nice" to go on hunts and vacation, if you need to borrow to do it then you can't afford it.
I heard it put this way, "Middle class Americans are driven to spend money they don't have, on things they don't need in order to impress people they don't like". Seems pointless to me.
On the other hand if you have the money and it doesn't hurt your family to spend it then enjoy that is the reward for hard work.
Nemont
P.S. Anyone read Rich Dad Poor Dad or listen to Dave Ramsey?
I agree with you on borrowing money on appreciating or productive assets. I think Steiny's point was that vehicles depreciate too fast to justify borrowing money on them. In addition many people are over there heads with their house, especially with the introduction of interest only loans. When interest rates rise and the housing boom slows down many of those people will be in hurt.
There is nothing wrong with borrowing money, even huge amounts of money, if you put it to productive use. While it is "nice" to go on hunts and vacation, if you need to borrow to do it then you can't afford it.
I heard it put this way, "Middle class Americans are driven to spend money they don't have, on things they don't need in order to impress people they don't like". Seems pointless to me.
On the other hand if you have the money and it doesn't hurt your family to spend it then enjoy that is the reward for hard work.
Nemont
P.S. Anyone read Rich Dad Poor Dad or listen to Dave Ramsey?
Steiny
Well-known member
No argument with me on that issue Moosie. Borrowing some money for business purposes often makes good sense, and properly handled can be an investment in your future. So long as the numbers work. You have to be able to repay the debt service, plus make a buck.
But just like in your personal life, the sooner you can get debt free, the better off a business will be. Instead of paying interest and debt, the income can be pocketed or reinvested in the business for growth. Also, a business strapped with a bunch of debt will have a hard time weathering an economic downturn, etc.
But just like in your personal life, the sooner you can get debt free, the better off a business will be. Instead of paying interest and debt, the income can be pocketed or reinvested in the business for growth. Also, a business strapped with a bunch of debt will have a hard time weathering an economic downturn, etc.
Mntman
New member
you know what I have lived so long already without much money to my name that I dont think I can even fathom what rich would be!
I think your only as rich as the number of true friends you have!
In that case I am the richest person on earth for I have 4 true friends. My wife, my best friend-Funter and his wife kathy, and my little sis.
That's all I will ever need.
I think your only as rich as the number of true friends you have!
In that case I am the richest person on earth for I have 4 true friends. My wife, my best friend-Funter and his wife kathy, and my little sis.
That's all I will ever need.
Delw
Member
A few of you said it already.....
Rich is basically just being happy, I would rather make less money and have a family than make more money and pay someone to take care of my family.
Rich is also living beyond your means. There are lots of people that have millions of dollars and are still in debt up there ass. not to mention there wakos.
Rich is basically just being happy, I would rather make less money and have a family than make more money and pay someone to take care of my family.
Rich is also living beyond your means. There are lots of people that have millions of dollars and are still in debt up there ass. not to mention there wakos.
elkay
New member
I'm with you Delw. I work to live, not live to work!! been thier don that. Family is the most important!! elkay
dgibson
New member
Amen to that! I guess "rich" to me is having no debt, enough to live comfortably on whether I choose to work or not, and not having to ask "how much" for things that I want, within reason. I can remember as a kid getting a quarter a night washing dishes (Dad didn't believe in allowances
)and thinking how great it would be to make $5 or $10 a week. Then I started delivering newspapers for roughly $160/month, and before long I was thinking about how good I'd have it if I only made $250. Then came the minimum wage job and 40 hours a week...and a woman. Now, many years and many raises later, I've long since surpassed all of those seemingly impossible salaries, but somehow the material things I desire most are still just out of practical reach. That's the bad thing about money...no matter how much you have you always want more.Mini Moose
New member
Money situation, i will probably never be rich, i will never allow myself to be poor though either, i have the things i need, a truck to go hunting, camping, and riding, Plus a nice motorcylce to go riding with
soon i will have a car so i will be able to visit family in boise and utah, and i will also be able visit my friends in washington and montana, i will have a car payment but i want to see people that don't live near me, which isn't possible in an old beater truck, so i make that sacrifice to do so
i may be living from paycheck to paycheck, but i am not worried about money, i have enough that i get what i want, and i am happy, screw all that hypothetical bullshit of i need it, i want it so i get it, simple as that
soon i will have a car so i will be able to visit family in boise and utah, and i will also be able visit my friends in washington and montana, i will have a car payment but i want to see people that don't live near me, which isn't possible in an old beater truck, so i make that sacrifice to do so
i may be living from paycheck to paycheck, but i am not worried about money, i have enough that i get what i want, and i am happy, screw all that hypothetical bullshit of i need it, i want it so i get it, simple as that
Gunner46
Well-known member
I'll be one Rich MF'er, in about five yrs, when I no longer have to send that two-timing, money hungry, back-stabbing, Cheat & lie, no count EX of mine 30 % of everything I make, when she turned around and married her $$$,$$$+ boss, less than a year after the divorce!!!! :BLEEP:
Hell, do you realize what I can do with a 30% raise!!!!!!!
Hell, do you realize what I can do with a 30% raise!!!!!!!
noharleyyet
Well-known member
Gunner46 said:
Gunner, send him a thank you card before he brings her back.
Gunner46
Well-known member
PA, I needed a good laugh, and that was a good one ! ! ! !
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