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Jonathan Clements Article today......
Old 07-11-2004, 07:09 AM   #1
 
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Jonathan Clements Article today......

Your Finances are under control when..... A list of 41 things.

http://sacbee.wsj.com/articles/SB108...183060269.html

It could have been written by most all of the posters on this forum. hard to disagree with any of them.

I like the - "You are filled with horror when your neighbor describes their last meeting with their broker"
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Re: Jonathan Clements Article today......
Old 07-11-2004, 07:39 AM   #2
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Re: Jonathan Clements Article today......

Care to provide a link?

omni
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Re: Jonathan Clements Article today......
Old 07-11-2004, 12:24 PM   #3
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Re: Jonathan Clements Article today......

In the WSJ, and on their site, and yes you need a sub!
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Re: Jonathan Clements Article today......
Old 07-11-2004, 02:53 PM   #4
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Re: Jonathan Clements Article today......

Here's the same article from the Sacramento Bee.

http://sacbee.wsj.com/articles/SB108...183060269.html
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Re: Jonathan Clements Article today......
Old 07-11-2004, 03:41 PM   #5
 
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Re: Jonathan Clements Article today......

Hey, I enjoyed this a lot. More commentary to follow
shortly. It's cocktail hour here, so I can't do my best work at the moment.

John Galt
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Re: Jonathan Clements Article today......
Old 07-11-2004, 06:00 PM   #6
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Re: Jonathan Clements Article today......

KB,

Thanks for the link.

Read the article...it felt real good to be able to relate to everything he listed.

omni
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Re: Jonathan Clements Article today......
Old 07-12-2004, 08:19 AM   #7
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Re: Jonathan Clements Article today......

"1. Shopping is no longer your favorite hobby."

That's me

Jane
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Re: Jonathan Clements Article today......
Old 07-12-2004, 08:29 AM   #8
 
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Re: Jonathan Clements Article today......

Quote:
Here's the same article from the Sacramento Bee.

http://sacbee.wsj.com/articles/SB108...183060269.html

Thanks KB! - I added the link to my original post
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Re: Jonathan Clements Article today......
Old 07-12-2004, 08:34 AM   #9
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Re: Jonathan Clements Article today......

He should add one more:

42. Instead of subscribing to the WSJ, you read this article on a syndicated web site
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Re: Jonathan Clements Article today......
Old 07-12-2004, 09:20 AM   #10
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Re: Jonathan Clements Article today......

Great list

I feel very under control, but I did bomb out on 2 of them.

28. I can't help buying a $5 lottery ticket now and then. It's cheap entertainment.


29. You realize remodeling the bathroom is a money loser. - Well, yeahn but so is rotted subfloor, a door that won't latch, and not having enough room to turn around.

I figure remodeling the bathroom is less of a looser than upgrading to a new house, right
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Re: Jonathan Clements Article today......
Old 07-12-2004, 09:38 AM   #11
 
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Re: Jonathan Clements Article today......

Quote:
29. You realize remodeling the bathroom is a money loser. - Well, yeahn but so is rotted subfloor, a door that won't latch, and not having enough room to turn around.
That's not a re-model that's a repair! - I think the re-model that is mentioned falls more into the fashion idea.
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Re: Jonathan Clements Article today......
Old 07-12-2004, 01:13 PM   #12
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Re: Jonathan Clements Article today......

Quote:
He should add one more:

42. Instead of subscribing to the WSJ, you read this article on a syndicated web site
Thats me. Love the WSJ. Cant stomach the price.
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Re: Jonathan Clements Article today......
Old 07-12-2004, 05:38 PM   #13
 
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Re: Jonathan Clements Article today......

Yeah Sheryl, I had the same reaction. I have no
problem with the lottery tickets. I have not bought
lately but used to be a regular. As to the bathroom,
I couldn't stand ours any more and had it redone.
I went pretty cheap but it was a big improvement.
I don't care if I get the money back on sale as I felt
compelled to do it and have already gotten my money's
worth.

John Galt
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Re: Jonathan Clements Article today......
Old 07-13-2004, 08:37 AM   #14
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Re: Jonathan Clements Article today......

Jonathan Clements is the man!

I subscribe to the WSJ and read it every day, but I agree it is overpriced and I hate that I am subsidizing it's editorial page, which is full of poorly reasoned reactionary polemics.

Years ago there was plenty of merit to the slam "knee jerk" liberal. Unfortunately the WSJ editorial writers are knee jerk conservatives, which IMO is just as bad. They have never met a Republican they didn't agree with (except of course John McCain) and they have never encountered a business regulation or a progressive idea that they could endorse.

Re. Lottery tickets. I think there should be a little room in any "investment portfolio" for some high risk ventures. The higher the risk of course, the smaller the allocation. My Lottery allocation is less than .005% of my portfolio and the strategy is to wait to buy Lotto tickets only when the probable winnings equal or exceed the price of the ticket.

e.g. The "probable winnings" equal the prize divided by the odds. So if the Lotto odds are 1:15,000,000 then the prize would have to rise to $15M for the probable winnings to equal the price of the $1.00 ticket. However, for this logic to be valid the nomimal prize amount has to be adjusted to the present value or lump sum payout and this adjusted for taxes. So to achieve "real" probable winnings of $1.00 with the odds in the example the nominal prize would have to be over $40M.

Of course all this is just a rationalization to allow me to enjoy the "fun" of LOTTO, but only occasionally. This drastically limits the risk exposure, because there are only handful of times during a year that the prize is high enough, and then I limit my ticket purchase to only $5.00.
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Re: Jonathan Clements Article today......
Old 07-13-2004, 10:53 AM   #15
 
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Re: Jonathan Clements Article today......

Hey Pennhaven! Your LOTTO system is too complicated
for me. I used to buy 2 tickets for every draw playing the same set of numbers each time. Did this for 3 years.
It was cheap entertainment, and every so often I'd win a couple of bucks. Anyway, I no longer participate.
Not sure why I stopped.

John Galt
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Re: Jonathan Clements Article today......
Old 07-13-2004, 12:17 PM   #16
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Re: Jonathan Clements Article today......

Quote:
Hey Pennhaven! Your LOTTO system is too complicated...
You think so?!
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Re: Jonathan Clements Article today......
Old 07-14-2004, 06:30 PM   #17
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Re: Jonathan Clements Article today......

Quote:

That's not a re-model that's a repair! *- I think the re-model that is mentioned falls more into the fashion idea.
Yeah, true, but I did have to put a little "fashion" into it while I was at it ya know.
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Re: Jonathan Clements Article today......
Old 07-14-2004, 06:36 PM   #18
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Re: Jonathan Clements Article today......

Quote:
The higher the risk of course, the smaller the allocation. *My Lottery allocation is less than .005% of my portfolio and the strategy is to wait to buy Lotto tickets only when the probable winnings equal or exceed the price of the ticket.

e.g. The "probable winnings" equal the prize divided by the odds. So if the Lotto odds are 1:15,000,000 then the prize would have to rise to $15M for the probable winnings to equal the price of the $1.00 ticket. *However, for this logic to be valid the nomimal prize amount has to be adjusted to the present value or lump sum payout and this adjusted for taxes. So to achieve "real" probable winnings of $1.00 with the odds in the example the nominal prize would have to be over $40M.

Of course all this is just a rationalization to allow me to enjoy the "fun" of LOTTO, but only occasionally. This drastically limits the risk exposure, because there are only handful of times during a year that the prize is high enough, and then I limit my ticket purchase to only $5.00.
I have NO idea what you just said but I think we are on the same page. Here's my rationalization: Movie tickets $16 - 2 hours of living in a fantasy world.

Lotto Tickets $5 - 3 days of living in a fantasy world. The entertainment value from thinking about what I'd do with $210 million is much greater than what I get from most of Hollywood's latest productions!
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