[kalee]

ping

[mnehring]

I've been pretty good at all of those except the If you don't need it, don't buy it rule. My rule seems to have been the opposite, If you don't need it, don't buy it.

[mtbopfuyn]

None of this is anything new nor are all under-30’s in the gotta have it now crowd.

[HangnJudge]

Parsimony, and not industry, is the immediate cause of the increase of capital.

Adam Smith
The Wealth of Nations, Book II, Chapter III

[Muleteam1]

The rules of frugality also work in another way as well. When I was 18 years old, I wanted a Corvette but did not buy one instead electing to put my money in the bank. Now that I’m sixty and have the money to buy a Corvette, I don’t want one and can spend my savings for teeth and a hearing aid.

[Spok]

How about good old fashioned self-discipline? The only thing that provides lasting, instant gratification comes with saying no to yourself just because you know you should, or putting yourself out for someone else. It’s the elusive quality known as self-esteem that comes not from others telling you you’re wonderful, but from doing things that decent people do, like exercisng constraint, fidelity, self-sacrifice and generosity.

[HangnJudge]

Medical School is a powerful lesson in
Delayed Gratification

Exceptionally bright and driven individuals
Placed in an intellectually brutal, and later, physically and emotionally tasking environment.

Been there, done that.

Yet I have seen some of the self important weinies
and "hot house plants" coming out of
less tasking programs, and their sense of entitlement.

[Moonman62]

I think the key to wealth is to declare yourself a guru, and charge people money to find out how to become wealthy.

[PeterFinn]

The best thing I ever did was put $5k into an overseas investment account and then follow it up with more money as time allowed. *Perfectly legal, btw*

A total of about $30k in principal with annual returns of 12% to a peak of 47% in 1998 - and I don't pay taxes on it until it is realized as income when I tap it.

That $30k in principal I invested over 20 years ago broke the seven digit mark two years ago and it keeps growing. My 401(k), Roth IRA, my other investments combined total over $200k of capital yet have yielded just $195k over the same period.

That said, just saving the money is stupid. Investing it courageously is what young people need to do while they can recover from a risk if needs be.

[Alter Kaker]

It is easy to make money if all you’re interested in doing is make money.

[Lorianne]

Where are you going to get 8.5% interest these days?

[ladyjane]

Scorgie believes schools should be required to teach basic financial skills

It's not an educational problem. Why save if you know you'll be bailed out? Why buy insurance if you know your government will bail you out? Why be honest on your mortgage application and buy a modest home if you know you can lie and the government will bail you out?

Let's be honest. It is NOT an question of education. It is a question of character.