Great, because this world needs more grifting P.T. Barnum types.
Golden Rules for Making Money (1880)
61–70 of 206 posts
Re: Golden Rules for Making Money (1880)
#62I am yet to hear one concrete piece of useful advice on "how to make money." The ONLY things I can say with certainty in life, as far as productive activities go is something like "workout, eat right, sleep enough, drink enough water." That's literally it.
> I am yet to hear one concrete piece of useful advice on "how to make money."
Uhh... get a job?
Re: Golden Rules for Making Money (1880)
#63Earlier quoted context omitted.
> Of course it’s difficult to get internet there, so how will the millennials make it? Difficult to get medical care and water out there, so how will the Boomers make it?
If it wasn't for the urban dwellers flyover usa's subsidizing water, electricity, mail delivery, telephone, etc they would have a very different about the free market.
Can you rephrase this comment? I couldn't follow it at all.
Re: Golden Rules for Making Money (1880)
#64> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?
He clarified this point it a bit in the second paragraph: "Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. “If a young man,” he says, “will only get in debt for some land and then get married, these two things will keep him straight, or nothing will.” This may be safe to a limited extent, but getting in debt for what you eat and drink and…
Buying the wrong land, or overpaying for it, will still get you into trouble. You might be able to sell it, but not for as much as you paid for it. Student debt has the same problem: get the wrong degree, or overpay for the degree you've gotten, and you'll lose in the long run.
Re: Golden Rules for Making Money (1880)
#65Earlier quoted context omitted.
Also mortgages.
Are mortgages really debt though? Because even though you owe, you also own as much as you owe (except during a market downturn of course). Whereas debt for a depreciating asset (like a car, or most things that go on a credit card) are what I would consider "real" debt. In other words, keep your net debt low or non existent (when looking at a balance sheet).
==Because even though you owe, you also own as much as you owe (except during a market downturn of course).==
Do you own that much? Let's put some real numbers on this. You buy a $350k house, and put down $70k (20%). That leaves you with a $280k mortgage at 4%. This gives you a monthly mortgage payment of $1,337.
If you pay that monthly, you would own 51% of the house ($175k of equity) some time in the 16th year of your mortgage. After making 188 mortgage payments. Note, this doesn't include housing value appreciation.
COST
20% down - $70k
mortgage payments ($1,337 * 188) - $251,356
Re: Golden Rules for Making Money (1880)
#66It simple your daily income must be superior to your outcome thats it
Re: Golden Rules for Making Money (1880)
#67> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?
He clarified this point it a bit in the second paragraph: "Mr. Beecher advised young men to get in debt if they could to a small amount in the purchase of land, in the country districts. “If a young man,” he says, “will only get in debt for some land and then get married, these two things will keep him straight, or nothing will.” This may be safe to a limited extent, but getting in debt for what you eat and drink and…
Many full-time students use their loan funds to pay for food and clothing, in addition to tuition and housing.
Re: Golden Rules for Making Money (1880)
#68Funny how some of it seems like good common sense and then you get > Some men have a foolish habit of telling their business secrets. If they make money they like to tell their neighbors how it was done. Nothing is gained by this, and ofttimes much is lost. Say nothing about your profits, your hopes, your expectations, your intentions. And this should apply to letters as well as to conversation. Goethe makes Mephisto…
>In 2019, it seems openness and transparency (eg Buffer) can form the foundations of a profitable strategy
As an exception, not as a rule. Business espionage anyone?
Re: Golden Rules for Making Money (1880)
#69Interesting snippet of wisdom from the article:
> The real comforts of life cost but a small portion of what most of us can earn. Dr. Franklin says “it is the eyes of others and not our own eyes which ruin us. If all the world were blind except myself I should not care for fine clothes or furniture.”
In reading a few of the chapters, it was really interesting to see the dollar amounts written. They seemed rather high for 1880.
> She has a nice one thousand dollar camel's hair shawl, and she will make Smith get her an imitation one, and she will sit in a pew right next to her neighbor in church, in order to prove that she is her equal.
Inflation calculators put that camel shawl at nearly $25,000 (2019 dollars).
Re: Golden Rules for Making Money (1880)
#70> We are all, no doubt, born for a wise purpose. I've heard and seen this time and time again and yet there's no advice on how to find that purpose. It's always easy to say, "do what you love" but how do you find what you love?
Lots of books on that as well: https://www.amazon.com/True-Purpose-Strategies-Discovering-D...