Archive for the ‘Money Matters’ Category

How Much?

Posted: December 26, 2020 in Money Matters, Thought for the Day
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“We’ve got to curb spending if we want to get ahead, regardless of how much you actually make.” -Brent Kesler

“Einstein said compound interest is the 8th wonder of the world.  Rothschild said, it’s compound interest, tax free, that’s the 8th wonder of the world.” -Douglas Andrew

“Since we are not taught to strategically accumulate capital, we rely on the capital of those individuals and institutions who do. We borrow from investors, banks, mortgage lenders, credit card and consumer credit companies in order to pay for the things we need.” -Ryan Griggs

“Folks in America like to ‘keep up with the Joneses’. The problem is, the Joneses are financially irresponsible.” -David Eifrig

“Remember the old saying: Give a man a fish and he’ll eat for a day. But give him a fishing rod and he’ll have food forever.

That is the difference between earnings and capital. The rod is a capital asset. With it, you can catch not just one fish, one time… but many fish, over a long period of time. Naturally, a rod is worth more than a fish. But its value goes down sharply when the fish disappear.“ -Bill Bonner

“If you want a real financial catastrophe – France 1790-1797, Weimar Germany, Argentina, Brazil, Zimbabwe – you need fake money.

Teenage boys should never be given a fifth of whisky and the keys to the family car. Adults should never be authorized to counterfeit money.” -Bill Bonner

“‘If I were given $1 million’
According to the respondents, here are some of the things people would do if they suddenly received an influx of cash…

  • 54% of respondents would spend it

According to Charles Schwab, Americans are paying attention to their friends’ personal-finance choices. Sixty percent of people said they’ve wondered how others on social media were able to afford things like expensive trips… And out of a variety of factors (including family, friends, and co-workers), social media was reported to have the worst influence on money management…

A whopping 59% said they live paycheck to paycheck, and 44% carry a credit-card balance or struggle to keep up with payments, according to Charles Schwab.” -The Crux

“People spend on big items…. And then they try to save by not going to Starbucks.  Don’t let the myths of society rule your spending.” -James Altucher

“The definition of wealth is the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living. It’s that simple. It’s not about what you can buy. It’s about your ability to sustain your existence without working.” -Robert Kiyosaki

“Tom and Kate know they have a serious debt problem…

They spend their lives in a constant state of stress – trying to figure out ways to juggle their debt. They consistently live beyond their means. The only thing that limits their spending is the limit on their credit cards.

Tom and Kate are in the top 15% of U.S. households, bringing home a combined $160,000 per year. Yet like many people, they’re deeply in debt… spending everything they make and borrowing even more.”

-Bill McGilton