Golden Rules for Making Money (1880)

Post by JoshTriplett » Mon, Mar 25, 2019, 8:13 PM UTC

astura wrote: post #94

jimbokun wrote: post #73

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This guy has plenty of concrete advice: https://www.mrmoneymustache.com/category/mmm-classics/ It is very similar to "workout, eat right, sleep enough, drink enough water", as they are things that "everyone" knows they should do, but few have the will power and self discipline to actually do them. Budget. Get your expenses under your income. Set aside an emergency fund. Pay off your debts as quickly as possible. Then…

The advise Dave Ramsey and Mr. Money Mustache give are really only applicable once you already did the hard part and built a steady career. Their advice isn't going to help someone who works at McDonalds with several kids with several deadbeat baby daddies and no family support get out of poverty, nevermind build wealth. The fact that most of Mr. Money Mustache's readers (who answer surveys) are engineers really rein…

Post by timClicks » Mon, Mar 25, 2019, 8:16 PM UTC

kovrik wrote: post #128

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

What about fees? Not sure about US, but I think in NZ all credit cards with cashback have fees. And I remember there was a research or something concluding that you had to spend at least ~$3000 (don't remember exactly) per month using cashback credit card to break even. Also, credit cards are not accepted everywhere. And often there is a minimum transaction amount as well.

Post by derekp7 » Mon, Mar 25, 2019, 8:17 PM UTC

0xffff2 wrote: post #91

derekp7 wrote: post #40

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This will hopefully change in a few years, esp. with low-latency GEO satellite internet coverage (SpaceX, and other competitors).

(I think you meant LEO, not GEO.) I completely agree. It's funny that I didn't care at all about SpaceX and Oneweb before I bought this property, but they can't launch soon enough for me now.

Post by [deleted] » Mon, Mar 25, 2019, 8:19 PM UTC

moorhosj wrote: post #65

derekp7 wrote: post #38

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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 y…

Post by js2 » Mon, Mar 25, 2019, 8:21 PM UTC

ska wrote: post #137

dr_dshiv wrote: post #120

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In the Netherlands, credit cards aren't widely accepted because the local debit card system has no transaction fee. Without 3% card fees, the consumer prices are lower, so the whole country saves extra money.

In north america, I think they mostly (still?) aren't allowed to offer differential pricing - by law - which helped the rise of credit cards. There has been a lot of back and forth on this in law so YMMV depending where you are.