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Anything You Want
From Ten Financial Life Lessons You Can’t Live Without
By Dick Zimmer
Making Financial Choices
Remember, in this great capitalistic country of ours, you can have anything you want but maybe not everything you want. By that I mean if your goal is to have a nice house in a nice neighborhood, you can afford one. It may be one of the smaller houses in that nice neighborhood but if you don’t spend heavily for automobiles, clothes, travel, fine dining, and so on, you can afford it.
On the other hand if your goal in life is to travel the world, you might rent a house, drive used cars, and dress down to be able to do that. If you want to always be driving a new car, you have to economize elsewhere. Decide what you want and make financial choices accordingly. You can have the life you desire if you are willing to work hard and be disciplined about your finances.
Don’t Be the Kid with Empty Pockets Staring Wistfully in the Candy Store Window
The financial path may not always be exactly the same for everyone but there is no denying the end result, financial security, is. If you stay disciplined you’ll reach your goal. Without discipline, you’ll always be on the outside looking in, like the little child with empty pockets and his nose up against the window of the candy store.
Read the Millionaire Next Door
Read the Millionaire Next Door. The author investigated and found that the average millionaire has lived in his home, valued at $320,000, for over 20 years, has it paid for, and drives a used car. Most of them agree that their spouse is more frugal than they are. Keep that in mind you young single people - both young men and women.
Twenty percent of millionaires have only a high school degree but most do hold advanced degrees. They average saving 20% of their annual income. Frugal people are coupon clippers and take advantage of sales whenever possible. If you don’t practice saving the nickels and dimes, you definitely won’t develop the mindset to save the dollars.
If You’re Not Where You Should Be Yet…
If you’re not where you should be at this point in your life, you can make it - you just have to be disciplined and willing to make the effort. Once you get started it actually becomes addictive and it is its own reward. Lose the pressure and stress by getting control of your finances now. You’ll never become a millionaire by accident.
In summary, how can you can have anything you want but maybe not everything you want? By finding a financial path that is right for you, making financial choices that keep you on that path, and choosing to live with financial discipline. It's that simple.
imho.
It may be simple yet,
Rome is not built in one day.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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Off color (again): how effective is it to send a 'do not track' notice in real life? Is it the same as on the internet?
do not track. Do not copy. Do not follow (a person who is not even healthy, mah - a reference NOT intended).
theoretically: having a lot of money doesn't say you're unhealthy. Having little may or may not mean you are emotionally healthy.
don't screw up the relationships
(06-01-2014, 06:44 AM)Temperament Wrote: Anything You Want
From Ten Financial Life Lessons You Can’t Live Without
By Dick Zimmer
Making Financial Choices
Remember, in this great capitalistic country of ours, you can have anything you want but maybe not everything you want. By that I mean if your goal is to have a nice house in a nice neighborhood, you can afford one. It may be one of the smaller houses in that nice neighborhood but if you don’t spend heavily for automobiles, clothes, travel, fine dining, and so on, you can afford it.
On the other hand if your goal in life is to travel the world, you might rent a house, drive used cars, and dress down to be able to do that. If you want to always be driving a new car, you have to economize elsewhere. Decide what you want and make financial choices accordingly. You can have the life you desire if you are willing to work hard and be disciplined about your finances.
Don’t Be the Kid with Empty Pockets Staring Wistfully in the Candy Store Window
The financial path may not always be exactly the same for everyone but there is no denying the end result, financial security, is. If you stay disciplined you’ll reach your goal. Without discipline, you’ll always be on the outside looking in, like the little child with empty pockets and his nose up against the window of the candy store.
Read the Millionaire Next Door
Read the Millionaire Next Door. The author investigated and found that the average millionaire has lived in his home, valued at $320,000, for over 20 years, has it paid for, and drives a used car. Most of them agree that their spouse is more frugal than they are. Keep that in mind you young single people - both young men and women.
Twenty percent of millionaires have only a high school degree but most do hold advanced degrees. They average saving 20% of their annual income. Frugal people are coupon clippers and take advantage of sales whenever possible. If you don’t practice saving the nickels and dimes, you definitely won’t develop the mindset to save the dollars.
If You’re Not Where You Should Be Yet…
If you’re not where you should be at this point in your life, you can make it - you just have to be disciplined and willing to make the effort. Once you get started it actually becomes addictive and it is its own reward. Lose the pressure and stress by getting control of your finances now. You’ll never become a millionaire by accident.
In summary, how can you can have anything you want but maybe not everything you want? By finding a financial path that is right for you, making financial choices that keep you on that path, and choosing to live with financial discipline. It's that simple.
imho.
It may be simple yet,
Rome is not built in one day.
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(06-01-2014, 07:53 AM)tikam tikam Wrote: Off color (again): how effective is it to send a 'do not track' notice in real life? Is it the same as on the internet?
do not track. Do not copy. Do not follow (a person who is not even healthy, mah - a reference NOT intended).
theoretically: having a lot of money doesn't say you're unhealthy. Having little may or may not mean you are emotionally healthy.
don't screw up the relationships
Very cryptic messages. One of us two is v. drunk (tikam tikam or me). Apologies if it's me as I can't see the link in the two posts.
Let's take nothing away from Temperament's useful posted article, I agree that having a disciplined approach is very important in journey to attain financial goals. The big assumption there is that the game plan is right to begin with.
A person who falsely believed that an approach works (when it doesn't) may end up further down the drain even if he/she maintains a disciplined approach. My younger brother who buys blue chip stocks blindly as long as they hit 52 week low is starting to learn the hard way now. I can assure you he is very very disciplined.
To tikam tikam, agree that financial health and emotional health can be viewed independently. So which is more important in your opinion assuming one has limited resources and can't achieve both? And how about physical health? =)
A stock well bought is half sold - Ben Graham
Price is the most important factor to use in relation to value - Walter Schloss
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There is no such thing as sure-win game plan especially those that are dependent on figures that have no correlation with the future.
How can a stock's future be correlated to a data point that is 52 weeks ago?
Even there is some correlation, the correlation is so weak that it is probably as good as a gamble.
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(06-01-2014, 02:52 PM)yeokiwi Wrote: There is no such thing as sure-win game plan especially those that are dependent on figures that have no correlation with the future.
How can a stock's future be correlated to a data point that is 52 weeks ago?
Even there is some correlation, the correlation is so weak that it is probably as good as a gamble.
Indeed yeokiwi, my younger brother has been gambling. He is learning how to read financial statements now, not that it will definitely make him money later on.
I would borrow your statement and say that there is no guarantee that a stock's future would be correlated to a data point, be it a price point 52 weeks ago, historical book value, historical earnings, dividend size.
Having said that, I find 52 week lows an useful starting point to periodically search for undervalued stocks. The emphasis is that it is a starting point, not a decision point.
A stock well bought is half sold - Ben Graham
Price is the most important factor to use in relation to value - Walter Schloss
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06-01-2014, 09:10 PM
(This post was last modified: 06-01-2014, 09:12 PM by Temperament.)
Ha! Ha!
"To tikam tikam, agree that financial health and emotional health can be viewed independently. So which is more important in your opinion assuming one has limited resources and can't achieve both? And how about physical health? =)"
Unquote:
i beg to differ.
i have my doubts. We are not living in the backward agricultural society anymore. As long as you have a piece of land and can produced your own food, financial health is not so important. And living in the country sides, your wants and needs are very simple. Besides the country side's atmosphere will give you plenty of unpolluted air (oxygen) and plus your physical labour, tilting the land will see to that, that you shall have natural good physical health.
I am dreaming of such lifestyle, at times.
Living in the city(aka dog eats dog society), it's completely a different ball game. Without financial health, most probably your emotional health will be affected. There goes without saying it's going to affect your physical health too.
That's my belief, that i keep on stressing to my son that even if i leave a legacy of 1 million $ of assets to him, it's useless if he has no financial health (aka financial know how) to manage the assets.--- he will soon landed back to the poor house. This will or shall affects every aspects of his life.
Sorry this is my personal opinion only.
But to tell the truth i am very afraid of landing in the "poor house" myself. As i always feel and imagine how miserable the very poors are living-can't afford even to have a meal at Macdonald.
Do i have to say more?
Shalom.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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(06-01-2014, 09:56 PM)pianist Wrote: what about toto i know most real active business men don't believe in toto or gambling. The odd are tremendously against us in gambling. But actually in active business dealings, it is almost like gambling most of the times.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
Posts: 111
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7
(06-01-2014, 09:10 PM)Temperament Wrote: Ha! Ha!
"To tikam tikam, agree that financial health and emotional health can be viewed independently. So which is more important in your opinion assuming one has limited resources and can't achieve both? And how about physical health? =)"
Unquote:
i beg to differ.
i have my doubts. We are not living in the backward agricultural society anymore. As long as you have a piece of land and can produced your own food, financial health is not so important. And living in the country sides, your wants and needs are very simple. Besides the country side's atmosphere will give you plenty of unpolluted air (oxygen) and plus your physical labour, tilting the land will see to that, that you shall have natural good physical health.
I am dreaming of such lifestyle, at times.
Living in the city(aka dog eats dog society), it's completely a different ball game. Without financial health, most probably your emotional health will be affected. There goes without saying it's going to affect your physical health too.
That's my belief, that i keep on stressing to my son that even if i leave a legacy of 1 million $ of assets to him, it's useless if he has no financial health (aka financial know how) to manage the assets.--- he will soon landed back to the poor house. This will or shall affects every aspects of his life.
Sorry this is my personal opinion only.
But to tell the truth i am very afraid of landing in the "poor house" myself. As i always feel and imagine how miserable the very poors are living-can't afford even to have a meal at Macdonald.
Do i have to say more?
Shalom.
I see, you have defined financial health as financial know how. Financial health to me is pure balance sheet - financial situation. But no problem, I get you.
Just to share, I am born to parents with no financial health (be it your definition or my definition). Due to low income, we never paid tax before (till I started work). Interestingly, maybe it's a case of you can't lose what you never had, so I never grew up feeling that I am shortchanged on financial health and it never had an impact on me in terms of emotional or physical health.
But as I grow up, I like to think I have future plans to do good with money, so I pursue education and later on financial know-how. Ironically, chances are, in my pursuit of greater financial health, likely I may end up compromising my emotional and physical health.
It's a funny world. I like to think there are families out there similar to my background, I don't think due to poor financial health, their happiness or physical health is at a lower level though. Of course we can still circular reference and argue with greater financial health, maybe they can enjoy higher emotional and physical health.
To me, all three aspects are equally important. If we can't achieve all, at least we can aim to keep a healthy balance across each aspect.
(rub chin) maybe I should not leave so much legacy fortune to my children then, seems like if they are ill-equipped with financial health (your definition), it will end up burdening them and somehow causing their emotional and maybe physical health to decline. Interesting view.
A stock well bought is half sold - Ben Graham
Price is the most important factor to use in relation to value - Walter Schloss
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(06-01-2014, 10:02 PM)Temperament Wrote: (06-01-2014, 09:56 PM)pianist Wrote: what about toto i know most real active business men don't believe in toto or gambling. The odd are tremendously against us in gambling. But actually in active business dealings, it is almost like gambling most of the times.
I actually happen to know someone who became millionaire by accident...literally. Accident and insurance payout. But no one will want to be in the same situation...
A stock well bought is half sold - Ben Graham
Price is the most important factor to use in relation to value - Walter Schloss
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