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Frugal couple accumulate large nest egg by choosing not to live beyond means
Seattle Times ^
| 01/04/04
| Kathleen Lynn
Posted on 01/04/2004 1:31:24 PM PST by Holly_P
click here to read article
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1
posted on
01/04/2004 1:31:26 PM PST
by
Holly_P
To: Holly_P
That is a really good book. It is much better to be debt free than be depressed paying bills.
2
posted on
01/04/2004 1:34:30 PM PST
by
cyborg
To: All
Rank |
Location |
Receipts |
Donors/Avg |
Freepers/Avg |
Monthlies |
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835.00
|
20
|
41.75
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|
248.00
|
20
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To: Holly_P
"Her husband had help from his parents to pay for college, but it came at a great sacrifice to his father, a welder."
I find phrases like this in just about every article about "self-made" wealth.
More power to him for being frugal and I certainly wish them the best of luck.
But how much did his father "greatly sacrifice"? Would it make any difference in their current lifestyle if he had to pay it himself?
4
posted on
01/04/2004 1:39:39 PM PST
by
baltodog
To: Holly_P
>>...Frugal couple accumulate large nest egg by choosing not to live beyond means...<<
Heretics! Blasphemy!
5
posted on
01/04/2004 1:41:31 PM PST
by
FReepaholic
(Never Forget: www.september-11-videos.com)
To: Holly_P
I haven't read the book but my husband has.
We aren't in the wealthy category "yet" but it sure does feel great not having a penny of debt. We do it on one income too so I can stay home with the kids.
We plan to retire in 10 years at the age of 50.
MKM
6
posted on
01/04/2004 1:41:58 PM PST
by
mykdsmom
(Discord lies along the path to irrelevance!)
To: tscislaw
The article doesn't hint at this couples political persuasion but I would be willing to bet that they vote Republican.
7
posted on
01/04/2004 1:43:37 PM PST
by
Holly_P
To: Holly_P
I've neever owed anyone a cent other than a mortgage and it was paid off 14 years ago.
8
posted on
01/04/2004 1:43:57 PM PST
by
dalereed
(,)
To: dalereed
I've neever owed anyone a cent I'm not old enough to have accumulated any debt (Or wealth) I hope to avoid the former and embrace the latter.
9
posted on
01/04/2004 1:46:59 PM PST
by
Holly_P
To: Holly_P
$400,000 not including home equityThis seems a bit strange. That must mean that their savings/401k's/IRA's etc have to be 400k more than their mortgages/credit card bills/liabilities. That seems pretty steep for a 40 year old making 100k per year. Am I missing something here/
10
posted on
01/04/2004 1:50:32 PM PST
by
PISANO
(God Bless our Troops........They will not TIRE - They will not FALTER - They will not FAIL!!!!!)
To: Holly_P
"...walked through the house as if I owned it."
"Because we did," said her husband, Joe, 56 Great story - good people - however I would say that no one ever owns property in the USA, even when there is no mortgage. Through never ending assessment of property taxes, and the burden of inheritance taxes, the state holds true ownership over the property now and forevermore.
11
posted on
01/04/2004 1:52:03 PM PST
by
kcpopps
To: baltodog
Would it make any difference in their current lifestyle if he had to pay it himself? probably not.
To: Holly_P
The Manzos' lifestyle would not work for everyone. Their wedding 30 years ago cost all of $700. Spendthrifts! When I get married, she'll wear her mother's wedding gown and I'll wear my blue business suit. For the reception, we'll have cake and soda in the general-purpose room at our church. She'll get a gold ring instead of a diamond ring because the mark-up isn't as high. Of course, I'll have to make it up to her by being affectionate and faithful, but hey, some women prefer that. Not most American women, obviously, but some women.
13
posted on
01/04/2004 1:53:09 PM PST
by
JoeSchem
To: Holly_P
"The book gives the following yardstick for measuring assets: You should have an amount equal to your age times your annual income, divided by 10. So, for example, a 40-year-old couple with $100,000 income should have net worth of $400,000 not including home equity.
This is a good formula to use, and I have it in my net worth spread sheet. I am at two and a half times the resulting number.
I'm not cheap, and buy whatever I want. I think it is more important to have a high enough income to save substantial amounts while still living decently.
To: dalereed
The little secret is you lease the property from the government. The local taxing authority gives you the right to stay if you pay. If you choose to not pay they will foreclose and evict.
To: Holly_P
Anti-capitalist terrorists. Lock 'em up and throw away the key, I say.
sarcasm OFF
16
posted on
01/04/2004 1:55:07 PM PST
by
Johnny_Cipher
(Meddle not in the affairs of crocodiles, for you are crunchy and good with catsup.)
To: Orange1998
Since in California we have Prop. 13, I have enough in savings to pay the property taxes on my home and condo for the next 60 years and at 66 I won't live that long!
17
posted on
01/04/2004 1:56:42 PM PST
by
dalereed
(,)
To: kcpopps
property taxes, and the burden of inheritance taxes, the state holds true ownership over the property now and forevermore
Excellent point, plus you could factor in imminent domain. Together they spell out that there is no such thing as privately owned land in the USA
18
posted on
01/04/2004 1:57:06 PM PST
by
BSunday
(I'm not the bad guy)
To: PISANO
Proably used the same logic Algore did when he said someone making $250K was a 'millionaire'.
19
posted on
01/04/2004 1:57:06 PM PST
by
MarkeyD
(Men never do evil so completely and cheerfully as when they do it from religious conviction.)
To: PISANO
Look what is going on here. Dad paid for college. They have no kids. The wife isn't at home, but working, even though they don't need her to do so.
Yeah, we could live that way. But most of us don't. If you both work, live in a moderate home, have your parents pay off your student loans, you too can be like them.
There is a difference between living beyond your means, and living under your means. There is a balance there.
I wonder what exactly they are saving all this money for, if they have no kids, have no mortgage. They probably are so used to not spending money, that they will live the same way after they retire, end up dying with alot of money in the bank. I would rather die with "just $100,000" in the bank, and get nicer clothes, than die with $400,000 sitting in line at the K-mart waiting for the blue light special.
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