My favourite quote on wealth (not in this book) is "The best way to make a small fortune on the internet is start with a large fortune".
Golden Rules for Making Money (1880)
191–200 of 206 posts
Re: Golden Rules for Making Money (1880)
#192Earlier quoted context omitted.
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…
> In some ways, student debt is similar to land in that it can provide a return on investment that allows for paying off the debt over time. Comparing student debt to buying land is funny. At least with land you are guaranteed to be the owner of an asset. Something physical, a location, that other folks might at some point pay a price for (regardless of what you paid). Student loans don't guarantee anything. :)
>Student loans don't guarantee anything. :)
No, not even a pass.
Re: Golden Rules for Making Money (1880)
#193My favourite quote on wealth (not in this book) is "The best way to make a small fortune on the internet is start with a large fortune".
That is frequently quoted with regards to the restaurant business.
Re: Golden Rules for Making Money (1880)
#194Earlier quoted context omitted.
Can you rephrase this comment? I couldn't follow it at all.
I think the argument is something like: It is not profitable to provide the current level of service to rural areas. Because of the high productivity of urban areas, we can redistribute resources and improve rural public infrastructure.
I sometimes think we should give the free market zealots what they want, as a punishment.
Re: Golden Rules for Making Money (1880)
#195> 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?
I think it's terrible advice. Do what brings the most value to others, that you have the talents to accomplish, and that you also enjoy doing. I think the intersection of those sets is the most likely place to find one's "purpose". There are plenty of things you might "love" to do, that will leave you destitute and unfulfilled if you devote your life to doing them.
It has to align with your values, there is no point going to work on missile software if you are a pacifist at heart. The work needs to be meaningful.
There should be some element of mastery, you need to be challenged in your work but not completely out of your depth.
You also need a degree of autonomy, this is what makes most corporate life so miserable, they have so many rules you can't decide anything.
Money doesn't matter so much, most people adjust their lifestyle to their income and get used to it.
Re: Golden Rules for Making Money (1880)
#196Earlier quoted context omitted.
I'm not pointing this out to be pedantic, but because I think it's interesting: it was actually not by law that merchants were not allowed to offer different prices for cash vs. credit card purchase, it was by contract . That is to say, in the merchant agreement required to accept credit cards, merchants promised to the credit card companies that they would not charge users of credit cards more than cash payers. As a…
There are still laws at the state level in the US that make it illegal for a merchant to charge more for credit cards. I lived in Colorado when the law passed there. It was impressive marketing by the credit card companies under the guise of consumer protection. Sucks because most people fell for the propoganda and now it's law. Colo. Rev. Stat. §5-2-212 “(1) Except as otherwise provided in §§24-19.5-103 (3) and 29-1…
I also live in Colorado. It is still legal for vendors to offer discounts if you do not use a credit card. Some gas stations have lower prices for gas with cash versus card. If you are buying something you bargain for (e.g., furniture), you may be able to negotiate a lower price with cash versus card as well.
Re: Golden Rules for Making Money (1880)
#197I 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.
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…
I am talking about real money, not upper middle class money.
"Budget. Get your expenses under your income. Set aside an emergency fund. Pay off your debts as quickly as possible. Then start investing for retirement, house, kids college, etc. While avoiding new debt."
This is mostly common sense. But I guess so is the workout / sleep / drink enough water comment I made earlier.
Re: Golden Rules for Making Money (1880)
#198Earlier quoted context omitted.
Many full-time students use their loan funds to pay for food and clothing, in addition to tuition and housing.
So? In my case the choice was use student loan money to pay for living expenses (which were extremely meager) while in college or not go to college at all. It was part of my educational investment. It was totally worth it, the loans are long paid off, and the investment has paid untold dividends in the form of a salary I wouldn't have the chance at if I didn't go to school.
I recently discovered a co-worker of mine who did not attend university for programming is paid nearly the same wage as myself, with $40,000 in debt due to higher education.
He went to a several month long intensive coding bootcamp, with tuition fees for the entire course is between $10-15k
For comparison, I am paid $58/hr with benefits, my co worker is paid $50.
Higher education is vastly overcharged and overrated.
Re: Golden Rules for Making Money (1880)
#199One 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…
There is a psychological effect when spending money with credit cards. Spending physical cash hurts one the most, then debit cards, and credit cards cause the least hurt. It is very easy to overspend with credit cards, and leave the tab for future you to worry about. Depending on how susceptible you are to such psychological tricks (and cashback is also a trick to make you spend more or hook you to the brand -- it is…
You have a point, but pay them off every month and you have a good credit rating for a (strictly defined) emergency.
Re: Golden Rules for Making Money (1880)
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