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06-25-2009, 01:37 PM
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10 Financial Rules to Live By
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I mean, you feel me....
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06-25-2009, 03:41 PM
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That and getting out of debt/saving.
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06-25-2009, 03:42 PM
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Interesting indeed.
My father was fond of saying, "the time to save money is when you are making money". The point being that most people only jump into savings mode when interruptions in income hit such as job loss, forced retirement etc. Oftentimes it is too late at that point.
I think many folks don't pay much attention to the typical earning cycle over their lifetime. Instead of increasing their savings/investment during their peak earning years they tend to increase their spending instead. In a persons overall life cycle there are typically precious few years when folks are in their peak earning years, and that is the time where savings/investments need to be ratcheted up dramatically.
I do agree with #9. In fact I wish I was as squared away in some of the other categories as I am in #9.
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06-25-2009, 05:50 PM
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The sky is falling, the sky is falling! Run. Hide.
Ok.
Its an interesting article. I just wish I could write as well, and marshal my skimpy facts and present them in such a biased manner that folks would believe what I was saying.
There have been a couple of generations of survivalists who have gotten rich by preaching similar things (but not practicing themselves.) The one who comes to mind is Howard Ruff, of Ruff times fame. Over the years, if you took all your assets and threw them (I refrain from suggesting invest) the direction the alarmists have advocated, you'd be pretty close to penniless today.
I'd suggest anyone go through his ideas and use some critical thought about them. Sure, this is a gun board so the one about self protection is easy. But getting out of debt, if you're in it, isn't a two week process. If you already live the life style he suggests, it seems to make a lot more sense. But any time you attempt to redirect your life and your financial priorities on a rush basis, things will probably go terribly wrong. Like any such advice, you need to consider it and your current priorities. Moving the direction he suggests isn't all bad, but you need to understand the short comings of jumping.
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Dick Burg
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06-25-2009, 06:15 PM
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completely agree rburg, I just thought #9 was funny.
if one needs to be told that saving money, living within one's means and surrounding yourself with trustworthy people is good, you are already SOL.
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I mean, you feel me....
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06-25-2009, 06:50 PM
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Getting out of debt would be a silly thing to do if one thinks that there is going to be a major impending collapse/shake up. If anything, run your debts up eating good cheese and drinking fine wine. Not like you'll have to pay them - what are your creditors going to do to you? And if you do have to pay, it'll be with hyperinflated dollars. Owe two million dollars? Eh. Here you go. I just sold three turnips and got four million. Here's an extra three hundred grand that you can use for tinder, I've got plenty.
Same situation with saving. Why? Your paper money would be useless or inflated away. Spend it and enjoy or buy things that you can barter or use. Saving is the worst thing that someone can do in an economy on the verge of major inflation. You're essentially burning your money since you could have bought things with it today that you won't be able to buy in the future. For example, let's say you tuck away 40 grand. What happens when that is the cost of a new toaster?
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06-25-2009, 08:09 PM
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[QUOTE=rburg;991943]. I just wish I could write as well, and marshal my skimpy facts and present them in such a biased manner that folks would believe what I was saying.
Dick, we believe everything you write.
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Lynnie, Professional Pest
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06-25-2009, 08:37 PM
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[QUOTE=Joni_Lynn;992099]
Quote:
Originally Posted by rburg
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Dick, we believe everything you write.
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And all this time I was certain you were a smart, level headed girl!
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Dick Burg
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06-25-2009, 08:46 PM
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See, it's never to late to learn something new.
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Lynnie, Professional Pest
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06-25-2009, 10:13 PM
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Stock market??
I got out in 1997. Didn't have that much in there but it was real shakey then & fixing to bust. Should have stayed in a bit longer. Got divorced in 2002. Took some of my savings but not all. Moved to Oregon & bought 2 rental homes. They keep my head above water. Then lost my new wife last year. Home prices are down but rentals are doing fine.Most folks can't qualify for home loan now so they rent. Moved my accounts to a credit union, get better service & rates there. I'm a child born in the depression [1931] & drive a 1991 Explorer & live in a 50 year old house. Old motto my grandfather taught me is : Make it do, use it up & wear it out. Good advice then as well as now. Today is my gradfathers B.D. He was born June 25. 1875, exactly one year before Custer made his last stand. He died in 1970. Glad to be back on the Forum, missed you guys & gals.
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06-26-2009, 09:33 AM
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I've wondered if I should go out and buy an expensive house, pile on the debt, and wait for the hyperinflation and pay it back with devalued dollars.
But instead I've been renting, pay my credit card off every month, paid cash for my car, and don't owe anyone a single dime.
I'm getting worried about the stock market, wondering if I should cash out.
I have plenty of ammo though!
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06-26-2009, 06:35 PM
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Good to see ya back Dick.
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Lynnie, Professional Pest
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06-26-2009, 06:55 PM
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If you have a lot of debt and runaway inflation strikes, you'll be paying it off with cheap dollars. However, the dollars you have saved will have to be able to cover that debt, because most people will soon find themselves unemployed and without a paycheck. The savings that you have will be quickly eaten up through the purchase of everyday necessities and very little will be left for debt service.
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