Tuesday, June 15, 2010

Quote #397, My Thoughts and YOUR thoughts

Here goes Blog quote #397...

"It's not your salary that makes you rich, it's your spending habits."
-Charles Jaffe-

I thought this quote makes a lot of cents... errr sense. If you haven't read 'The Millionaire Next Door' (Thomas Stanley/William Danko), it's a great read and I'd suggest it highly.

Therre are many stories of the people who make a decent buck but are too busy lettting others know that they do, via the huge house that's 2000 square foot larger than their actual needs. The brand new expensive car with the close to 4 figure payment on it is another giveaway. Kohl's, K mart , and JC Penney's are off limits to them. You know the type.

The book also talks about the silent type that look like they are just living paycheck to paycheck. Normal 501 Levi's, and the seven year old, but well kept Buick or Ford F 150 is in their driveway. What these people ARE DOING is saving a little on each paycheck. They live comfortable, sleep well, have little to no debt, donate a decent amount to charity, and will have enough money to retire on at some point.

As Jaffe points out, it's not what we make. It's what we do with it. Excellent point!

That's my view...what say you?

1 comment:

OP2MIST said...

Love it Tim. I agree with what you say wholeheartedly. I learned a lot from Warren Buffett too. He still lives in the same house that he raised his family in - despite being one of the richest men in the world....