Posts Tagged ‘needs’

“As an employee, there’s really only one way to get rich. You must first make your boss richer… and the only way to do that is to make the company much more profitable.

…begin as an ordinary employee and become an extraordinary employee. And after you’ve accomplished that, you become an invaluable employee.”

-Mark Ford

The additional side benefit of becoming an invaluable employee:  you would most likely be the last employee to be fired or let go if things get tough.  If you are invaluable, your company needs you.

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Proper Fear

Posted: October 5, 2018 in Thought for the Day
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“Fear needs to be recognized and managed properly, or it becomes an anchor.” -Brian Tracy

“Debt is simply a way for you to own and control more than you can currently afford from your savings. When you take on debt, you are agreeing to use future earnings to pay for something you want now. In general, if it’s something consumed – like a car, clothes, or airplane tickets – all you’re doing is stealing from your future to satisfy your present desires or needs. Eventually, it will not work.” -David Eifrig

“Before you refinance, you need to look at your break-even point, your cash-flow needs, and the length of time you expect to stay in your house….   You have to know what your total savings will be over the life of the loan.” -Bob Irish

Debt Bondage

Posted: March 22, 2014 in Debt
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“…debt must be serviced and retired from future earnings. This reduces the amount of capital available for current wants and needs. Thus the future is placed in debt bondage to satisfy the desires of the here and now.” -Bill Bonner

Saving… is deferred consumption.” -Gregory Bresiger

“Saving, ultimately, is consumption.  By setting aside some resources for meeting financial consumption needs, we invest them.” –Detlev S. Schlichter

The private reserve strategy initially provides a build up in savings, but it also produces a higher ability to consume.  By delaying consumption, one not only builds a base of capital for purchases, but saves interest payments to an outside source.  This savings is additional capital to use for various purposes.

Reverse Mortgages and Banks

Posted: September 3, 2013 in Mortgages
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“Banks love reverse mortgages. They promote them for all kinds of needs.” -Mark Ford      Sounds to me like a good reason to second guess any thoughts of using them.