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The guy was a key figure in getting you to be a lock to be rich and retire early and you couldn't throw his estate a nickel by buying his $10 book?I also used the library, and then decided to find a pdf copy to refer back to. RIP Thomas Stanley. I read a few other of his works, but nothing was quite as poignant as that title.Thanks for posting this. Read 40 pages at lunch today as I found a pdf online (I'm frugal)
Can't wait to get back to it.
Pretty sure the ghost of Thomas Stanley would be applauding my resourcefulness.The guy was a key figure in getting you to be a lock to be rich and retire early and you couldn't throw his estate a nickel by buying his $10 book?I also used the library, and then decided to find a pdf copy to refer back to. RIP Thomas Stanley. I read a few other of his works, but nothing was quite as poignant as that title.Thanks for posting this. Read 40 pages at lunch today as I found a pdf online (I'm frugal
Can't wait to get back to it.
sure. hence my comment including "balance".It's not black or white. You can still "live in the now" and "save for the future".This imo, is an interesting yet personal decision we should make for ourselves early in life. Where each person falls on the balance of investing for the future vs spending money to enjoy the present and giving to charity is a key decision we need to make and educate ourselves. As long as your decision is right for you, it isn't wrong -other than the extremes which can negatively affect others.
Millionaire Next Door was not one of the first 8-10 personal finance books I read, but it was the one that resonated with me the most. It's one of only 2 personal finance books I've re-read - the other being Jim Cramer's Stay Mad for Life (only the first 2/3rds of the book before he starts making mutual fund/stock picks).
MND is the book I think of every single time when i'm criticized either in real life or on these forums for being cheap. That cheapness is why I'm a near lock to be rich and able to retire early someday.. and retire into a luxurious retirement rather than a social security infused craptirement.
Your choice works for you, which everyone should respect.
I read the little book about a decade ago, still have the book but haven't looked at it recently. I remember it had a minor impact on my views, but don't remember much about it. It's a short read.
In all honesty, I assume the top (let's say 10%) tier folks have a CFP type on the rolls taking care of their money. A level of money where even if an older money family is in higher cost funds, the level of principal is so high it's not making an impact on their lives.
maybe. I'm not a top 10% net worth guy, but I'm in charge of a pretty solid chunk of dough.
I've opted to move 401(k)s when I left a job to Vanguard IRA even though new employers did have plans I could have moved it to. I didn't see a reason to give them my money and you will usually have more choices that way. IIRC, you have sixty days if SEP has same rules. Vanguard will handle it all.Don't withdraw the cash yourself.
Thank you! It is a much stronger fit my skillset.
For Christ's sake, you're a ####### teacher. Have enough common sense to have at least a little bit of savings. Payday loans? Really?
2 - thats great, but how many of us need, want to, and can invest 16k per year in our college funds? With 4 kids that could be 32k for us.
Doesn't matter the intelligence levels, doctor, teacher, or nba player. Mass quantities of people simply don't save a penny and any bump in the road causes a major stumble.
2 is a great tip. Took me a while to figure out you could do that in VA last year but it ended up allowing us to save a decent chunk of change on our tax bill. Just one kid here though.
Congrats on the new gig.
The loaned money comes out of your investment. Compare the historical annual return of the S&P 500 to current car loan rates.
Again, I am asking for other people's personal cutoff points here.
Low?? You mean high??
All signs point to no IMO.
My 403b loan interest rate is 4%. I pay this back to myself each month.
This is why I am asking for people's personal cutoff points..............
We'll see what it is. I know I have a few recent hard inquiries and just bought a house, but yeah, if it is 3%, I would go that route.
Wouldnt a lot of this depend on the interest rate and of course your own personal financial standing?
On a home I can understand having the 30 year loan and not paying it of, that assert isn't plummeting in value like a car.
Agreed, agreed, agreed.
I have no debt but with where rates are today, I wouldn't consider borrowing over 3 or 4 percent.
Outside. 401K loan isn't a consideration because I expect to earn more than 3 or 4 percent on average on investments. Paying myself interest on a 401k loan isn't a factor at all since it's coming out of my pocket.
It just means it is an interest free loan.
the only reason I'd take on debt at this point is if I'm willing to bet the market will return better than I'm paying.
