Honesty is the Best Marriage PolicyPosted on June 4th, 2013
What if you are contemplating marrige and you have outstanding debts? Honesty is the best policy here. You should advise your future spouse about your financial situation and you'd be smart to discuss further your proposed way of eliminating this debt. I am reminded of this fact by Doug who shared his life changing moment: For me it was meeting my [future] wife. . .she told me that "she would not marry anyone who had any debt." It took me 14 months to clean up the debt [$45,000] . . . . She introduced me to Dave Ramsey and The Millionaire Next Door. Both...
Lots of Wealth, Lots of DisciplinePosted on May 21st, 2013
As stated in The Millionaire Mind, a distinguished scholar told me just before I graduated: If you don't publish you may not get tenure at a good school. But you will have a lot of friends. Publish a lot and you will not be real popular among your colleagues. I was reminded of this when I received an email from Dr. F.O., formerly a college professor: . . . read The Millionaire Mind. . . just a few years after I resigned a full professor position at the university to begin my own . . . business. . . . I was 51 years old...
Fantasies of Wealth; Misinterpreting the DataPosted on May 14th, 2013
A couple recently asked me about the relationship between home ownership and net worth. They are contemplating buying their first home. "In your books, Tom, you mention that nearly all millionaires are homeowners . . . approximately 95%." Most homeowners, however, are not millionaires. And no one is going to hand you a check for seven figures when you close on your first home. However, there is some correlation between home ownership and net worth. According to government statistics, the median household net worth for renters has hovered around the $4,000 to $5,000 level during the last 15 years. For the same period, the median net worth for homeowners has...
Pastor and His Wife, A Teacher, on Building Character and WealthPosted on April 1st, 2013
My wife (public school teacher) and I (pastor) have become millionaires (yes, without even figuring equity in our home) in our mid-late 40s while being salaried workers and with her taking nine years off from teaching/salary to stay at home with kids. We've had no inheritance or windfall. Moreover, we have consistently given about 20% of our income back to our church. We have simply delayed gratification by consistently living on less than we make while contributing heavily to...
Car Buying from The Millionaire Next DoorPosted on March 26th, 2013
Toyota did very well on my acid test, i.e. the home cooking index. I learned about the acid test from millionaires whom I interviewed. Before buying my first Toyota 17 years ago, I did a lot of research. Plus I drove through the employee parking lots of several Toyota dealerships. I found that nearly all the employees drove, you guessed it, Toyotas. Sure, employees have incentives to consume "home cooking." They get discounts. But not all dealers of brands X, Y and Z cars have their employee parking lots filled with the home team brands. Not eating one's own home cooking...
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