Seems to be a good book.
I picked it up at Barnes & Noble the other night while looking for a Dave Ramsey book. They were all out of Dave's books.
Anyhoo, TMND is a very interesting book. I haven't read all of it but the authors surveyed people with a net worth > $1,000,000. So far the gist of the book is that most Americans would rather appear to be rich than to be truly wealthy.
Their formula for what your net worth should be is age x realized income / 10.
Has anyone read it?
one day
I know some of these folks personally....lol
I'm thinking it's a must read...
That author has another book along similar lines. (It also has "Millionaire" in the title, but I can't think of the name right now)They are basically studies in logic and self discipline, and were both highly successful for him. Dave Ramsey hasn't hurt book sales, either.
Put a lid on it! Kiss it goodbye. We gave it away, and apparently thought it made sense to do so.
There should be a kid factor in there somehow.Originally Posted by 1stTimeCaller
It is a great book. Happy reading
OBAMA= One Big A** Mistake America!
(1TC's Formula) / 125
I thought the formula for kids had something to do with dividing legs and then multiplying?
one day
I think you are thinking of "The Millionaire Mind" which is a great read.
Yes.
Put a lid on it! Kiss it goodbye. We gave it away, and apparently thought it made sense to do so.
My church offered a class called "Financial Peace". It's a video series by Dave Ramsey. The guy has some excellent ideas. My income is so different from month to month, that using the envelope system doesn't really work for my family. But I'm glad we took the class and I would recommend it to anyone looking to cut some debt and save money.
is it just me, or could most financial books/self help books be summed up in one page or so and then they just make up the rest of the book with 99% filler of ridiculous examples?
also, plugging our numbers into that formula gave me some riduculous results. Does anyone here meet their net worth expectations from that formula?
not even close
one day
the wife and I are pretty financially conservative (well, I am and I brow-beat her into trying) and we make a nice income when you combine them, and we're not even close.
Not even in the same stratosphere.
Do you get to include retirement accounts in your net worth?
yep. Although, the authors of the book do not include home equity.
one day
that seems like crazy talk. so financially, not owning a home makes you more likely to be a millionaire?
nope.
I don't have the book in front of me but the vast majority of the millionaires they surveyed did own their homes. I could be thinking about just one head to head example of two doctors that made $700,000 each. One guy's name was OUDoc and I can't remember the other's name.
one day
Yep. Great SNL sketch a couple of years back with Steve Martin. They were pushing the "Don't Buy Stuff You Can't Afford" financial success model.
"The choices we discern as having been made in the Constitutional Convention impose burdens on governmental proceses that often seem clumsy, inefficient, even unworkable, but those hard choices were consciously made by men who had lived under a form of government that permitted arbitrary governmental acts to go unchecked." INS v. Chadha, 462 U.S. 919 (1983) (Burger, C.J.)
I was thinking paragraph.
We have always known that heedless self-interest was bad morals; we know now that it is bad economics. FDR.
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