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I saw some advice in the weight loss thread and realized the same principles apply to getting out of debt and becoming wealthy.

Buy whatever you like, just less of it.
Work at something you find enjoyable.
This approach will make you you rich.

It's that easy. For individuals, companies, and governments.

emcee rib wrote:I saw some advice in the weight loss thread and realized the same principles apply to getting out of debt and becoming wealthy.

Buy whatever you like, just less of it.
Work at something you find enjoyable.
This approach will make you you rich.

It's that easy. For individuals, companies, and governments.

Thanks for the advice. I will make a post next week to let you know how it went. If I am very successful, I'll have my assistant tweet you.

send $20 to my paypal account and ill so you the path to wealth building.. lols

WildBill wrote:

emcee rib wrote:I saw some advice in the weight loss thread and realized the same principles apply to getting out of debt and becoming wealthy.

Buy whatever you like, just less of it.
Work at something you find enjoyable.
This approach will make you you rich.

It's that easy. For individuals, companies, and governments.

Thanks for the advice. I will make a post next week to let you know how it went. If I am very successful, I'll have my assistant tweet you.

He didn't say "quick".

Jaguar wrote:

WildBill wrote:

emcee rib wrote:I saw some advice in the weight loss thread and realized the same principles apply to getting out of debt and becoming wealthy.

Buy whatever you like, just less of it.
Work at something you find enjoyable.
This approach will make you you rich.

It's that easy. For individuals, companies, and governments.

Thanks for the advice. I will make a post next week to let you know how it went. If I am very successful, I'll have my assistant tweet you.

He didn't say "quick".

I was going to try to speed things up by buying way less and enjoying my work way more.

WildBill wrote:

Jaguar wrote:

WildBill wrote:

emcee rib wrote:I saw some advice in the weight loss thread and realized the same principles apply to getting out of debt and becoming wealthy.

Buy whatever you like, just less of it.
Work at something you find enjoyable.
This approach will make you you rich.

It's that easy. For individuals, companies, and governments.

Thanks for the advice. I will make a post next week to let you know how it went. If I am very successful, I'll have my assistant tweet you.

He didn't say "quick".

I was going to try to speed things up by buying way less and enjoying my work way more.

If only...

I thought the answer was going to be ...

Spend everything you have on some bogus green energy plant.
Get millions from him that will never have to repaid.
Go bankrupt and keep the money.

Having more money than you need is simple

My dad used to say "When your outgo exceeds your income it's your upkeep that becomes your downfall"

While I was in college, I dated a girl whose Parents came to this Country with a suitcase of clothes and 2 children, in 15 years, they owned free and clear, an $80,000 home, two cars, and I recall a celebration when they paid in full the washer/dryer; that girl said "It only costs about $150.00 a year to feed me" (I should have married her instantly-Korean)

I took those things to heart, as well as how I lived/afforded stuff on a College income, and now I'm retired and my "total upkeep cost" are about $300 to $400 a month, including all utilities (Electricity, Nat Gas, Sewer Water, Phone, Television, Internet etc), housing, food, real estate taxes, healthcare costs.

My older brother is just now catching on trying to reduce his monthly expenses.

Lots of Caulk, Insulation, Lifetime elasticised house paints, LED bulbs (which replaced CFL) energy efficient stuff, OTA and FTA TV antennas for 100 OTA and 200-600 FTA Satellite TV channels ...so I don't pay cable nor Satellite to get less ...

Now I splurge a bit with my "excess money" like months when my brother doesn't need to borrow $4,000 or so, I dip a little out, like this month, I bought an AMD65 and a Glock 26 and some toys and ammo for them (about $2,000 total there) and added two new computers from HP, one with an FX-8350 8 core processor with 8 gigs of ram on Windows 8, and one with an 3rd gen Intel i7-3770k on Windows 7 with 12 gigs of ram their newest fastest thingy... both have TV tuners in them, so they can "DVR" record my TV shows onto the hard drives while I fish... next month I think I'll get a bicycle lightweight with lots of speeds to replace my cruiser bike I got last year
(NOTE, the AMD 8 real cores does science computations faster,... 8 instnces at a time ... the Intel "i-7 with 4 real cores that pretend to be 8" ... uses less electricity, but does not really have 8 cores... both will continue running science App to research cures for cancer, Multiple Sclerosis, etc ...one will be a Christmas gift, one I'll keep .... guess which I'll keep ...)

variables
""When your outgo exceeds your income it's your upkeep that becomes your downfall""
The most controllable no matter what income you have, is the upkeep/outgo

1) reduce the static and variable outgo/upkeep expenses; (make a game of it, then take any "extra leftover, and invest it in whatever further reduces outgo/upkeep)

prioritize payback ratios/terms. Do the highest/fastest paybacks first, then use savings to do the others ... it's like "compounding Interest " effect

Examples
If painting the house an "Enthusiasm" color outside (light white/with orangy-yellow tint color, on shiny enamel latex) costs $600 and reduces energy costs by $10 a month (stops air leaks with elasticized new latex paints and reduces heat gain if old color was dark) and increases house value
or
if I pay $40 a month phone, and $50 a month Internet and cable TV ,,, put up $700 in antenna equipment and get "data only" Internet and a Magic Jack
or add insulation/roof vents
soon, I'll spend $1,000 to get a Nat Gas tankless water heater, and get rid of my $36.00 a month Electric 40 Gallon water heater ...
Next Spring, I may put on a metal roof, or might just add vents, undecided yet.

I always took joy in spending to save/reduce outgo, then you have more than you need.... so others can owe you

look for ways to reduce your outgo (as a kid we were taught not to leave lights on in rooms we weren't, but lighter interior colored rooms require less light to begin with, so 7 watt LED lights instead of 13 watt LED lights in darker painted rooms (people complained 13 watts was to bright, so I donated them to the church and they replaced two 75 watt floodlights over the pulpit with those) ... etc ... look for ways to reduce outgo)

People whose income is say $1,300 a month after health insurance costs etc (below 'poverty level') who have $1,000 each month left over after paying all their "outgo+upkeep" and do not even require 'public assistance' ...can splurge on stuff and even lend thousands to relatives apparently, because they are rich, they made themselves that way ... Obama didn't make them that way.

2 Years ago ...Why do I have a nice 42" Samsung Flatscreen LED TV? because it's LED (*not CFL backlit LCD*). costs 35 watts (Specs say 57 watts, but Kill-a-watt shows 30-37 watts), old tube 21" cost 75 watts to run ... my monthly outgo electric bill got reduced. ... it also replaces my computer monitor which was LCD and used 45 watts ... the TV has speakers, sound from computer goes through HDMI cable ...so I unplugged my old wall wart transformer speakers from the electrical outlet...saving electricity on speaker too ... I put in a new 2-lane driveway last month .. from Street to back of house and a ramp from back porch to it, and splurged on home improvements last month which don't really give a LOT in reduced costs, but increase home value and convenience ... just for fun... but ... I have an electric mower, so I no longer need to mow there ... saving both electricity and mowing time so I can go fish or play more with that time ...

My 42" Samsung LED 35 watt TV is on 24/7 as a TV/ComputerMonitor/Nightlight/Burglar Deterrent when I'm away, at least one (sometimes 3 computers) computer is on 24/7 (I run science computations 24/7 to research Cancer cures etc for WorldCommunityGrid.org ... done that since 1999-ish) ... Last month's electric bill ... $52.02 .. I need to get a gas tankless water heater instead of electric, and next time an energy star fridge.

Then the patio covers to keep sun off the house ...

It's a fun game

==============

Edited to fix pre-coffee error ...
My dad used to say "When your outgo exceeds your income it's your upkeep that becomes your downfall"

RPB wrote:Having more money than you need is simple

My dad used to say "When your income exceeds your outgo, it's your upkeep that becomes your downfall"

It's a fun game

You have a lot of great advice in your post.

Your post reminded me of a story that a friend told me along time ago. A person commented to him: "Wow, that guy drives a Mercedes, he must be rich." My friend said, "No, I am richer than he." He drives a used Mercedes and I have $80,000 in the bank. I look around my house and garage and see many things that I just had to have. Now, I wish I had the money instead.

I would like to point out the obvious requirement for your scheme to suceed and it requires that you have some source of income. IMO, that's what a young person needs to concentrate on getting the skills needed to product a good steady income.

WildBill wrote:

RPB wrote:Having more money than you need is simple

My dad used to say "When your outgo exceeds your income, it's your upkeep that becomes your downfall"

It's a fun game

You have a lot of great advice in your post.

Your post reminded me of a story that a friend told me along time ago. A person commented to him: "Wow, that guy drives a Mercedes, he must be rich." My friend said, "No, I am richer than he." He drives a used Mercedes and I have $80,000 in the bank. I look around my house and garage and see many things that I just had to have. Now, I wish I had the money instead.

I would like to point out the obvious requirement for your scheme to succeed and it requires that you have some source of income. IMO, that's what a young person needs to concentrate on getting the skills needed to product a good steady income.

True, one needs income, I wish I had worked at a larger company with a retirement plan like dad retired from AT&T, but I worked, among other places, 25 years at a small law office and just had to take care of my own retirement plans; still retired in my mid-50s (in my teens I intended to retire by 30, but a couple women and raising their kids, and *temporary* credit card abuse deferred that plan... I use credit cards now, but to my advantage, I get cash back or statement credit, but have not paid interest in years; bills are paid in full monthly).

My relatives still laugh at me. when mom gave my brother, sister and myself a penny each, they bought gum, I pocketed my penny and waited for someone elses mom to say "don't put that in your mouth, it fell on the floor" when someone elses gum hit the floor ... My nickname in Korean is pronounced like Yum-chay-ya (penny pincher ... which sounds nicer than cheapskate )

I'm trying to teach niece the difference in "durable goods" and "consumable goods"
She prefers to have Nieman Marcus bubble gum or an expensive meal from a ritzy place, and what she has later is ... ... I'd rather be the guy who can relax and go play when he wants without worrying if he has enough money.

RPB wrote:Having more money than you need is simple

My dad used to say "When your income exceeds your outgo, it's your upkeep that becomes your downfall"

It's a fun game

I think you mean the other way around. When your income exceeds your outgo, you have extra money to invest, etc. The problem is when income is less than or equal to outgo, leading to growing debt or running in place.

WildBill wrote:I would like to point out the obvious requirement for your scheme to suceed and it requires that you have some source of income. IMO, that's what a young person needs to concentrate on getting the skills needed to product a good steady income.

If they're not willing to study and learn skills, there will always be jobs for manual laborers. Even in the post Obama economy, there are illegals who have jobs and income. There's nothing stopping a US citizen from applying for those jobs except their own laziness and sense that the world owes them something for nothing.

RPB wrote: My relatives still laugh at me. when mom gave my brother, sister and myself a penny each, they bought gum, I pocketed my penny and waited for someone elses mom to say "don't put that in your mouth, it fell on the floor" when someone elses gum hit the floor ... My nickname in Korean is pronounced like Yum-chay-ya (penny pincher ... which sounds nicer than cheapskate )

Indian [looking at the natural numbers listed] One, two, three, four ... (Pause)
"But none of those are the amounts I want to pay."
He draws a circle.
"Let's call this 'Jheero'"

gringo pistolero wrote:

RPB wrote:Having more money than you need is simple

My dad used to say "When your income exceeds your outgo, it's your upkeep that becomes your downfall"

It's a fun game

I think you mean the other way around. When your income exceeds your outgo, you have extra money to invest, etc. The problem is when income is less than or equal to outgo, leading to growing debt or running in place.

WildBill wrote:I would like to point out the obvious requirement for your scheme to suceed and it requires that you have some source of income. IMO, that's what a young person needs to concentrate on getting the skills needed to product a good steady income.

If they're not willing to study and learn skills, there will always be jobs for manual laborers. Even in the post Obama economy, there are illegals who have jobs and income. There's nothing stopping a US citizen from applying for those jobs except their own laziness and sense that the world owes them something for nothing.

Edited my above post to fix pre-coffee error ...you caught me sleep typing...... thanks
My dad used to say "When your outgo exceeds your income it's your upkeep that becomes your downfall"
===========================================

WildBill wrote:

RPB wrote: My relatives still laugh at me. when mom gave my brother, sister and myself a penny each, they bought gum, I pocketed my penny and waited for someone elses mom to say "don't put that in your mouth, it fell on the floor" when someone elses gum hit the floor ... My nickname in Korean is pronounced like Yum-chay-ya (penny pincher ... which sounds nicer than cheapskate )

Indian [looking at the natural numbers listed] One, two, three, four ... (Pause)
"But none of those are the amounts I want to pay."
He draws a circle.
"Let's call this 'Jheero'"

yup, and I had both gum ... and my penny ...plus some vitally import needed minerals (which are contained in dirt) for my daily minimum requirement of vitamins and minerals ... while some people's moms paid money to eat their minerals (dirt) in pill form, I built an immune system, one germ at a time. ...

gringo pistolero wrote:If they're not willing to study and learn skills, there will always be jobs for manual laborers. Even in the post Obama economy, there are illegals who have jobs and income. There's nothing stopping a US citizen from applying for those jobs except their own laziness and sense that the world owes them something for nothing.

There are opportunities for ambitious and hardworking people with all kinds of talents and skills. To some people "digging ditches" is called "construction". I am sure that many successful contractors are people who started with their hands on the working end of a shovel.