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Old 10-04-2007, 04:29 PM   #41
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"Pay yourself first." 'Do or do not - there is no try' - Yoda.

Those 2 statements kinda point up an issue i have with the world of today. Seems to me that a person's word is no good if it's dependent on the situation of the moment: if "pay yourself first" means "screw the lawful debts (contracts, promises) I've made - I'm getting mine first" then I have a problem with it. Seems that too many people are too willing to accept that if something is difficult or costs too much to perform that it's just fine to break the contract.
Kind of feels like a twelve step sort of thing - "everybody fails, we're all human, saying you're sorry = performance". For too many the attempt is a feeble gesture and the focus is on the payoff rather than the job at hand. The person that says they'll try to start at 8, finish the paper on time, pay the rent, land the plane at LAX - whatever - is not the person I want making the attempt. "Pay yourself first", to me, sends the wrong message to our youth, dilutes the social contract, and poisons our American culture. It's like those which one doesn't fit questions:
1. Do or do not, there is no try.
2. Ask not what your country can do for you, ask what you can do for your country.
3. Pay yourself first.
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Old 10-04-2007, 04:42 PM   #42
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Interesting ... now if I only had a nickle for every time a tenant paid himself first.
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Old 10-04-2007, 05:05 PM   #43
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To me "pay yourself first" means save, i.e. put it in 401k before you even get it home. Save it before you spend it. There may be several other meanings for that phrase, but I always connected it with saving money and being responsible.

Pay yourself first is one of the most basic financial principles there is . . . or so I thought. Maybe that is one of many meanings?

http://finance.yahoo.com/expert/arti...llionaire/2058
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Old 10-04-2007, 05:32 PM   #44
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Originally Posted by TexasGal View Post
To me "pay yourself first" means save, i.e. put it in 401k before you even get it home. Save it before you spend it. There may be several other meanings for that phrase, but I always connected it with saving money and being responsible.

Pay yourself first is one of the most basic financial principles there is . . . or so I thought. Maybe that is one of many meanings?

http://finance.yahoo.com/expert/arti...llionaire/2058
I agree with you, TexasGal.

Perhaps calmoki is confusing the phrase with "Look out for number 1"?

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Old 10-04-2007, 06:56 PM   #45
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1. Get a college degree.
2. Read "The Four Pillars of Investing."
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Old 10-04-2007, 07:43 PM   #46
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Save early because of the compound effect.
Every penny counts toward saving!
Avoid debts if possible.
Pay your bill as you receive it.
Buy reliable used cars, i.e., Toyota, Honda, etc.
Resist the temptations to time the market.
Money should not be the main goal in life. Take time to enjoy life instead of focusing constantly of making money and not spending time with friend and family.
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Old 10-04-2007, 10:57 PM   #47
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Save early because of the compound effect.
Every penny counts toward saving!
Avoid debts if possible.
Pay your bill as you receive it.
Buy reliable used cars, i.e., Toyota, Honda, etc.
Resist the temptations to time the market.
Money should not be the main goal in life. Take time to enjoy life instead of focusing constantly of making money and not spending time with friend and family.
I agree with Spanky that spending time with friend and family is important. I missed a family reunion once because I didn't want to spend the money for travel and have regretted it ever since.
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Old 10-04-2007, 10:59 PM   #48
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Simple - pay yourself first.
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Old 10-05-2007, 02:39 AM   #49
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Establish the habit of saving a portion of income. Balance your investments.
Differentiate wishes from needs carefully.
Avoid debt. Repay mortgage asap.
Invest time and resonable $ to connect with family and friends.
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Old 10-05-2007, 07:13 PM   #50
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Cautious lot so far,any one into the "he who dies with the most toys wins"philosophy?. (flame suit on)
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Old 10-05-2007, 07:37 PM   #51
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Cautious lot so far,any one into the "he who dies with the most toys wins"philosophy?. (flame suit on)
Or "Who wants to be the richest huy in the graveyard?"
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Old 10-05-2007, 07:38 PM   #52
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Cautious lot so far,any one into the "he who dies with the most toys wins"philosophy?. (flame suit on)
Other than my ex? NO.....
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Old 10-05-2007, 08:49 PM   #53
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Or "Who wants to be the richest huy in the graveyard?"
I'm not saying spend every dime you have but financial caution can be taken a bit too far as in the case of my father in law who ran a beef farm and for 45yrs got up at 3 am and did his barn chores then at 7 am went to work at the local telephone company for 8hrs then came home had supper and another 3hrs of barn chores,never took a vacation,never bought anything new and died with basically nothing to show for it except a million bucks in the bank.
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Old 10-05-2007, 09:09 PM   #54
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What is the best advice relating to money/finances you have ever received?
...
From an old captain, when I was a very young, single, copilot:
"Keep your first wife"
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Old 10-06-2007, 08:16 AM   #55
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Never let the boring stuff in life prevent the chance to party - or something like that.

Being a dam Yankee - took me 30 years to get the 'let the good times roll' skill mastered so I could shift gears at the drop of a hat and still LYBM, work, etc without missing a beat.

I suspect it might be a little harder to come by today.

heh heh heh - haven't seen that in Kansas City - no Jazz funerals, Second Lines, throw me something mister - other than the middle digit in traffic.
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Old 10-06-2007, 02:31 PM   #56
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Look out for #1 (Mom)
Get an education (Mom & Dad)
Always buy quality: it pays in the end (Mom)
Never borrow to pay for things you can't afford (Dad)
Save something every month (Mom & Dad)
Start planning for retirement NOW! (medical group orientation)
Watch the MER! (medical group orientation)
Japanese economy fundamentals risk recession (Time, 1991 or 1992)
Time to get out of dot.coms (David Dreman, 1999)
Canadian dollar may reach parity with US dollar by 2010 (Financial Post, 2005)
Property value appreciation to slow (Bank of Ireland economics, 2005)
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Old 10-06-2007, 03:31 PM   #57
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Old 10-06-2007, 03:35 PM   #58
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LBYM definitely. I don't ever remember anyone telling me this, my family just had these behaviors. For example, no upgrading to larger houses. We've all lived in our houses for a long time.
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Old 10-06-2007, 09:36 PM   #59
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LBYM definitely. I don't ever remember anyone telling me this, my family just had these behaviors. For example, no upgrading to larger houses. We've all lived in our houses for a long time.
Use it up,
Wear it out,
Make it do,
Do without.
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Old 10-07-2007, 03:43 AM   #60
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Don't spend your money on worthless crap that won't make you happy and requires you to dedicate your life to "The Man". That worthless crap just ain't worth it for your worthwhile worthy lifestyle.
We were in Costa Rica last month and ran into a delightful lady (65) who is doing a world tour (> 1 year) with her 20 something son. I got the feeling she isn't hurting for money since she owns rental property in Miami.

Anyway, her quote on this subject was "You don't realize you don't need any of it until you've had it all". While I'm sure most of us haven't had it all, we can probably relate to the message.

Jim.
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