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re: The best financial advice you ever received that made you rich?
Posted on 7/5/18 at 7:11 pm to mauser
Posted on 7/5/18 at 7:11 pm to mauser
Leverage, use it.
Everyone wants to talk about "don't take out the loan, pay off your house early blah blah blah." But everything we have that we are proud of, and enjoy is because of leverage. The house the cars the toys, often on leverage. And because of that were able to afford the clothes going out to eat vacations more toys and most importantly investing. Yes, for many people, don't take out loans, and pay your loans off, but for people who are asking, and are looking to be financially savvy… Leverage and invest. No one ever got rich by paying off loans.
Everyone wants to talk about "don't take out the loan, pay off your house early blah blah blah." But everything we have that we are proud of, and enjoy is because of leverage. The house the cars the toys, often on leverage. And because of that were able to afford the clothes going out to eat vacations more toys and most importantly investing. Yes, for many people, don't take out loans, and pay your loans off, but for people who are asking, and are looking to be financially savvy… Leverage and invest. No one ever got rich by paying off loans.
This post was edited on 7/5/18 at 7:12 pm
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Posted on 7/5/18 at 7:14 pm to theunknownknight
Don’t put the pussy on a pedestal
Posted on 7/5/18 at 7:14 pm to magildachunks
I don't see "get in early on ponzi scheme" as financial advice.
Posted on 7/5/18 at 7:54 pm to theunknownknight
Find a great credit card early and rack up points for vacations. Never use cash. Always pay it off each month. Save as much as you can afford before you have kids. Don’t blow it all on stupid stuff like trucks nuts or a lift kit or an old RV you’ll never use. Never let your wife get comfortable spending money. Never ever ever let your wife know how much money you have. Don’t make your kids think money grows on trees. Never let your wife feel comfortable spending money. Very important.
Posted on 7/5/18 at 8:06 pm to Clark W Griswold
How was the divorce ?
Posted on 7/5/18 at 8:08 pm to theunknownknight
Opportunity often comes dressed as hard work. How right they were.
Posted on 7/5/18 at 8:10 pm to Clark W Griswold
quote:
Never ever ever let your wife know how much money you have.
Yeah, like that’s really healthy for a marriage...
Posted on 7/5/18 at 8:32 pm to OTIS2
I am just being an arse. 
now I know how GreatLakes24 or who ever feels everyday.
now I know how GreatLakes24 or who ever feels everyday.Posted on 7/5/18 at 8:51 pm to KyleOrtonsMustache
quote:
It’s better to be rich and act poor than to be poor and act rich
Got damn right.
Posted on 7/5/18 at 9:43 pm to theunknownknight
My college professor it might have been a finance class said diversify my stocks.
This was back in the 1980’s before tech stocks were big,where he said mix some oil&gas, grocery, get some dangerous pharm stocks, etc.
This was back in the 1980’s before tech stocks were big,where he said mix some oil&gas, grocery, get some dangerous pharm stocks, etc.
Posted on 7/5/18 at 9:45 pm to theunknownknight
Don’t buy depreciating assets.
The day that changed my life was the day my college professor asked if in 1906 how much would you have had to invest to be a millionaire today. It was $72. Then spent the next hour on coumpounding interest was the best advice I ever received.
The day that changed my life was the day my college professor asked if in 1906 how much would you have had to invest to be a millionaire today. It was $72. Then spent the next hour on coumpounding interest was the best advice I ever received.
This post was edited on 7/5/18 at 9:48 pm
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