Hello!

[gindie]

carlg1977 -

As far as Rich Dad... is concerned, please read:  http://www.johntreed.com/Kiyosaki.html

Coincidentally, the author of that page, Real Estate guru critic John Reed, is interviewed in the latest Money magazine on Real Estate investing.

 

[carlg1977]

Just downloaded a copy of "Four Pillars" to glance through while waiting for the book to come in. Looks like real solid stuff so far.

 

[carlg1977]

As far as "Rich Dad" is concerned, I think he makes some good, but overstated and common sense, points. I do think that the book is basically a launching pad for his other products. I left it without any real insight or plan.

 

[mb]

carlg1977,

You can set up an automatic investment plan so that you can automatically have money withdrawn from you bank savings or checking account and invest it in any of the Vanguard funds. I think that it has to be a certain $ amont but you can easily change it on line if you get a raise or something like that.  All of the fund companies that I know of have similar programs.

I get paid every Thursday so I have some money withdrawn an invested every Friday.  My wife gets paid on the 15th and 31st of each month so I automatially invest another chunk of money on those dates.

MB

 

[jclarksnakes]

Many of the 45+ year old physicians I know seem to be doing very well. The one factor common to almost all of them who are not so well off financially is a divorce. IMO, a long happy marriage is more important than making loads of money or perhaps even doing important work. It is also a very good financial "investment".
jc, RN

 

[Ed_The_Gypsy]

IMO, a long happy marriage is more important than making loads of money or perhaps even doing important work.

jc makes a VERY important point.

Pay attention to your marriage and keep the spouse.

Ed

 

[Rich_by_the_Bay]

Many of the 45+ year old physicians I know seem to be doing very well.

The operative phrase (no pun intended) is "seem to be."

Depending on specialty and personal factors, that lavish lifestyle may be the very thing that keeps them from FIRE, or at least limits their FIRE to a much more modest lifestyle than they thought they wanted.

When I got to about age 40, I started to realize that many of my senior colleagues who just plodded along in practice well beyond age 65 fell into a few basic groups:

a. Those who truly loved the calling so much that they felt like saints when they were seeing patients (maybe 1%), and would die with their stethoscopes in their ears
b. Those whose personalities made them certain they were indispensable (a hard delusion to maintain as you age in this profession)
c. Those who lived large right along and, well, really couldn't afford their perceived necessary lifestyle on savings alone
d. Those who had nothing else to do, having lived a single-channel life since age 18.

I decided that none of the above were appealing that an ERBob style ER was best for me (even before I read his fine book). So, I started saving after my last loan repayment (better late than never), did some serious introspection about who I was, what I loved, and all that. Goal: continue practicing in a very part-time way, good financial manners, and a new era of exploration, freedom from work hassles and personal growth. We'll see.

Back to your original point: looks can be deceptive.

Shooting for FIRE in 3 years or so, around age 60.

 

[jclarksnakes]

Rich,
...You make some very good points. When I said they seemed to be doing very well I was not specifically talking about lavish lifestyles. Many of the physicians I know are pretty square headed types who live like "normal" folks. They talk more about saving and investing than spending. The ones who live the stereotypical extravagant lifestyles are looked upon with humor by we nurses and their colleagues.
jc