|
NY Times: Critique of a columnist's finances
06-18-2011, 01:49 PM
|
#1
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,505
|
NY Times: Critique of a columnist's finances
A good article at the NY Times
http://www.nytimes.com/2011/06/18/yo...n/18wealth.htm
Three points emerged for me.
1. Make sure you are adequately insured against a loss of income due to death or disablity.
2. Keep your assets as liquid as possible. (I would not consider rental assets in this category)
3. Spend what you can afford to, not what you need to.
Enjoy.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-18-2011, 02:29 PM
|
#2
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
|
I'm impressed-- these guys are paying $30K/year for advice that we're givin' away for free?!? And it took them three hours (plus a week of prep) to do it?
I can only imagine what they'd do with our perpetual reciprocated diatribes debates like "Should I pay off the mortgage?" or "Is our house part of our net worth?" or "Should I help pay my kids' college education?"
I think this could be a new charter for all the local community Early-Retirement.org chapters.
BTW if a woman joined this group, and she had kids, would she be known as a Tiger Mom?
Quote:
Trimming spending in other places is easier: Walking the dogs ourselves, for instance, would save $100 a week or $5,200 a year.
|
Holy crap. I mean that literally.
I'm not lookin' for a job, but this could certainly motivate a person to pursue a daily exercise program.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
06-18-2011, 02:46 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
|
Quote:
Each of the 180 members of Tiger 21 has a net worth of at least $10 million,
|
I plan on applying soon.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
06-18-2011, 02:55 PM
|
#4
|
Full time employment: Posting here.
Join Date: Apr 2011
Posts: 625
|
Quote:
Originally Posted by mickeyd
I plan on applying soon.
|
You may have the cause-effect relationship backwards on that one.
|
|
|
06-18-2011, 03:55 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,505
|
Quote:
Originally Posted by Nords
I'm impressed-- these guys are paying $30K/year for advice that we're givin' away for free?!?
|
The $30K is for the "poached salmon, grilled asparagus and buffalo mozzarella" and the chance to hide away from trophy wives & resultant kids.
|
|
|
06-18-2011, 06:28 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
|
Quote:
... as we filled our plates with poached salmon, grilled asparagus and buffalo mozzarella from the buffet.
|
Does anyone else remember the first chapter of "The Millionaire Next Door"? As I recall, the author was doing a focus group with the millionaire clients of a local bank. He ordered high end snacks for his high net worth crowd, only to discover that they preferred beer and pretzels.
I suppose that $10 million puts you into a different category vs. a mere $1 million.
This was also interesting ....
Quote:
Perhaps most important, none of the members became rich by eating out less. They became rich by working in industries that paid extremely well or by building businesses that they later sold.
|
|
|
|
06-18-2011, 07:04 PM
|
#7
|
Recycles dryer sheets
Join Date: Jun 2011
Posts: 332
|
You don't get rich by eating out less. But if you're not making $300k+ a year, eating out or not can make the difference between having enough, and not having enough. LBYM.
|
|
|
06-18-2011, 07:07 PM
|
#8
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
|
Quote:
Originally Posted by walkinwood
The $30K is for the "poached salmon, grilled asparagus and buffalo mozzarella"...
|
Man, we have that at just about every potluck and beach party I've gone to lately. I'm so tired of it.
If that's what they serve at the Tiger 21 lunches then maybe I should just wait for the invitation to the Tiger 2.1 lunch.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
06-18-2011, 07:12 PM
|
#9
|
Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
|
Quote:
Originally Posted by Nords
I'm impressed-- these guys are paying $30K/year for advice that we're givin' away for free?!? And it took them three hours (plus a week of prep) to do it?
I can only imagine what they'd do with our perpetual reciprocated diatribes debates like "Should I pay off the mortgage?" or "Is our house part of our net worth?" or "Should I help pay my kids' college education?"
I think this could be a new charter for all the local community Early-Retirement.org chapters.
BTW if a woman joined this group, and she had kids, would she be known as a Tiger Mom?
Holy crap. I mean that literally.
I'm not lookin' for a job, but this could certainly motivate a person to pursue a daily exercise program.
|
The rich are different.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
|
|
|
06-19-2011, 05:43 AM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
|
Quote:
Originally Posted by Nords
I'm impressed-- these guys are paying $30K/year for advice that we're givin' away for free?!? And it took them three hours (plus a week of prep) to do it?
....
|
That is the entire yearly spending budget of some on this board.
|
|
|
06-19-2011, 06:49 AM
|
#11
|
Recycles dryer sheets
Join Date: May 2007
Posts: 213
|
I love articles like these. It puts so much in perspective. Like how many working people here have achieved early retirement without a net worth of ten million. Much of it saved by strategies like not eating out, walking your own dogs and eating Kraft Mozzarella.
Yes, the rich are different. But many people here have the kind of wealth in spirit that a bad stock market or housing crisis can't take away.
|
|
|
06-19-2011, 07:15 AM
|
#12
|
gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
|
Quote:
Originally Posted by mickeyd
I plan on applying soon.
|
Let it get up to my/DW's joint NW. I might consider joining if they raised the minimum a bit ...
|
|
|
06-19-2011, 07:37 AM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,203
|
Quote:
Originally Posted by Nords
I'm impressed-- these guys are paying $30K/year for advice that we're givin' away for free?!? And it took them three hours (plus a week of prep) to do it?
|
Nords...... I think you are reading this wrong.... it is an investment club.... this means that the $30K is going into investments, not 'fees'... each club has a minimum amount of new investments due from the members....
And investment club is run by the members, for the members.... usually the only true costs are the costs of trading... I bet with this amount of money etc. their costs are very low...
|
|
|
06-19-2011, 09:00 AM
|
#14
|
Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
|
Texas, I tnink Nords got it right. Not an investment club. If it were they would want a lot more than 30k. Chump change for these guys.
|
|
|
06-19-2011, 01:12 PM
|
#15
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
|
Quote:
Originally Posted by Danmar
Texas, I tnink Nords got it right. Not an investment club.
|
From their website:
Quote:
Annual membership dues are $30,000, payable in advance. This investment covers one full year of group meetings and includes the cost of presenters, meals, beverages, and activities. Participation in monthly Headliner Series events is included. Each Member also has the opportunity to attend non-confidential portions of group meetings nationally on an "as available" basis and may choose from a wide selection of books from the TIGER 21 library.
|
__________________
I thought growing old would take longer.
|
|
|
06-19-2011, 01:29 PM
|
#16
|
Full time employment: Posting here.
Join Date: Apr 2005
Posts: 807
|
Quote:
Originally Posted by chinaco
That is the entire yearly spending budget of some on this board.
|
Yeah, and I was just reading the latest budget numbers from the Kaderli's, who've been traveling through Central America for 4 months on less than $40 per day, total:
( Expense Report
IMHO a heck of a lot better way to spend (less than) 30K than rubber chicken and conversation, but I guess the rich really are different.
|
|
|
06-19-2011, 02:08 PM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,203
|
Quote:
Originally Posted by Danmar
Texas, I tnink Nords got it right. Not an investment club. If it were they would want a lot more than 30k. Chump change for these guys.
|
"all members of an investment club called Tiger 21"
I guess the quote in the article got me confused.....
But I do see that they are NOT the kind of investment club I was thinking...
Introduction to Investment Clubs
|
|
|
06-19-2011, 04:42 PM
|
#18
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
|
Quote:
Originally Posted by Texas Proud
Nords...... I think you are reading this wrong.... it is an investment club.... this means that the $30K is going into investments, not 'fees'... each club has a minimum amount of new investments due from the members....
|
Quote:
Originally Posted by Texas Proud
But I do see that they are NOT the kind of investment club I was thinking...
|
I'm quite familiar with Tiger 21 from the stories written by Bloomberg's old "Wealth Management" magazine. It's intended as a way for each of the members to advise & mentor each other on their areas of expertise... these guys already have their own financial managers and other staff. They're not looking for other people with whom to invest their money, and they probably think all investment groups are like the Beardstown Ladies.
I don't need to take up any of Tiger's valuable space for presenters, meals, beverages, or activities. I just want them to post their presentations online and to let guys like us lurk on their discussion board! I'd even pay a small annual fee for bandwidth & infrastructure maintenance.
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
06-19-2011, 06:38 PM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
|
Quote:
Originally Posted by Nords
I'm quite familiar with Tiger 21 from the stories written by Bloomberg's old "Wealth Management" magazine. It's intended as a way for each of the members to advise & mentor each other on their areas of expertise... these guys already have their own financial managers and other staff. They're not looking for other people with whom to invest their money, and they probably think all investment groups are like the Beardstown Ladies.
I don't need to take up any of Tiger's valuable space for presenters, meals, beverages, or activities. I just want them to post their presentations online and to let guys like us lurk on their discussion board! I'd even pay a small annual fee for bandwidth & infrastructure maintenance.
|
So are they more like Hawaii Angels with better food, and ties, and Steve Bake wealth levels. Or are they more like the portfolio analysis and "the am I ready to retire" threads that get posted on the ER board?
Is this reason that you'd want to hear their analysis primarily because you think it would be smarter and better or because since they have more money it would be different?
|
|
|
06-19-2011, 11:58 PM
|
#20
|
Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
|
Quote:
Originally Posted by clifp
So are they more like Hawaii Angels with better food, and ties, and Steve Bake wealth levels. Or are they more like the portfolio analysis and "the am I ready to retire" threads that get posted on the ER board?
|
I figure all the posters would be somewhere between Steve's "Are you sure that's what you want to do? Seriously?" questions and Michael P.'s in-your-face commentary.
I don't think any member of Tiger 21 could even spell "ER".
Another good point though-- I'd hate to have to wear a tie. It's been nearly 10 years since the last time, and that was for a funeral.
Quote:
Originally Posted by clifp
Is this reason that you'd want to hear their analysis primarily because you think it would be smarter and better or because since they have more money it would be different?
|
Well, I enjoyed the Richistan book and the author's blog. I'm very interested to hear what that level of wealth does with philanthropy and estate planning. (Not the Gates or Buffett "save the world" level, and not "hospital wing" level, but certainly small foundations & endowments.) My fantasy of "smarter and better" would probably be crushed within the first week.
But it'd certainly be fascinating reading...
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|