Originally Posted by Zero
One statement that Bogle made that has me perplexed is:
"our economy grows at 5%".
Anyone know what measure of the "economy" he is using? It does not appear to me that GDP grows at 5%, so wondering what he is referring to.
If you look at *nominal* GDP growth (real growth plus inflation
) this sounds about right.
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)