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12-18-2010, 08:47 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,934
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What one book?
What one book most shaped your financial outlook on life? And why?
You can only choose one.
I had a tough time getting down to just one, but for me it's Your Money or Your Life. It taught me that, in this world at least, time isn't free. You have to buy it.
__________________
And if I claim to be a wise man, it surely means that I don't know.
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12-18-2010, 09:00 AM
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#2
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Confused about dryer sheets
Join Date: May 2010
Location: Buffalo
Posts: 7
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Well, since you named my number one book that really changed my thinking, I will post my second choice book. Ramit Sethi's "I Will Teach You To Be Rich." Although I am not rich, I am very comfortable. I've learned alot from his book (and blog).
The main thing he encourages, is to spend on what you love, and be mercilessy frugal on things that don't matter to you. This is as opposed to what others who encourage fruguality say: To cut down on everything and sometimes deprive yourself of what you what you want. If you enjoy daily $4 Starbucks Lattes, then enjoy them and anything else. I also agree with him on not spending too much time coupon-cutting. Sometimes it can be more time-consuming than it's worth.
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12-18-2010, 09:32 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Why Smart People Make Big Money Mistakes by Gilovich & Belsky. It delves into behavioral finance traps such as Loss Aversion. After reading this book, I have no aversion to losses and now buy whenever the stock market is at a near term low and sell at market highs. This book has helped me perfect my market timing.
Oh, another behavioral finance trap is Overconfidence.
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12-18-2010, 09:35 AM
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#4
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Work less, Live more by Bob Clyatt. It made me realize that there was an alternative to the 9 to 5 grind.
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12-18-2010, 10:43 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,299
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Some unknown book in gradeschool that had a returning WW2 vet dragging a car out of a lake, getting it running, loading the gearbox with sawdust (hey - I thought that was an accepted repair back then) and selling it, then buying a Brithish truck and using the motor to build a racecar. For me it was all about finding hidden gems, adding labor and skill, and making profit.
Since then I've always looked for the overlooked use on an item that no longer serves it's intended use.
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12-18-2010, 10:55 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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It's difficult to choose only one! But since I have to, I choose Wealth Building, by Kurt Rosentreter, Insomniac Press, 2005. It looks at wealthbuilding as an evolutionary process, and focuses on taxes, risk management, and goals specific to each stage of life.
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12-18-2010, 11:53 AM
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#7
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Recycles dryer sheets
Join Date: Sep 2006
Location: Fort Collins
Posts: 194
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Mutual Funds for Dummies. Introduced me to no-load, low cost, index funds.
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12-18-2010, 01:48 PM
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#8
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 182
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Back in the 1980's somewhere, I bought and read "How to be Rich" by J. Paul Getty. It's not about "getting" rich, but rather a mindset about being rich, dealing with people, success, etc. I don't have it anymore, but I remember thinking it was pretty cool at that time and it helped to shape some of my early thinking.
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12-18-2010, 01:56 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,708
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The big "Value Line" analysis of 1700 companies. I remember sitting down in the library poring over it for hours in the early 80's thinking "wow, some of these companies increase their earnings and dividends every year, even through recessions, etc". I was already cheap, had picked a decent profession (programming), and knew I wanted to be retired since I was a kid, but learning how to invest was the final key.
__________________
learn, work, save, invest, fire
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12-18-2010, 02:01 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Location: Boise
Posts: 7,882
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Surprisingly,
From the Mixed-Up Files of Mrs. Basil E. Frankweiler - Wikipedia, the free encyclopedia
Adventure and cheap and minimalistic living is really what I want to do.
2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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12-18-2010, 02:11 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by Onward
What one book most shaped your financial outlook on life? And why?
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Goldilocks and the Three Bears
It showed me the wisdom of seeking a reasonable financial goal, not to aim too high or too low - and to watch out for bears.
__________________
Numbers is hard
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12-18-2010, 02:43 PM
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#12
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Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
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Quote:
Originally Posted by Onward
What one book most shaped your financial outlook on life? And why?
You can only choose one.
I had a tough time getting down to just one, but for me it's Your Money or Your Life. It taught me that, in this world at least, time isn't free. You have to buy it.
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Don't know if that was the most important one, but it was the first one and set me on the path.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
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12-18-2010, 02:45 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by calmloki
Some unknown book in gradeschool that had a returning WW2 vet dragging a car out of a lake, getting it running, loading the gearbox with sawdust (hey - I thought that was an accepted repair back then) and selling it, then buying a Brithish truck and using the motor to build a racecar. For me it was all about finding hidden gems, adding labor and skill, and making profit.
Since then I've always looked for the overlooked use on an item that no longer serves it's intended use.
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Supposedly Kirk Kerkorian got his start the same way, and it put the same stamp on his life. After WW2 he bought a bunch of surplus and non-functioning trucks. He wasn't after the trucks, but the fuel which came along in the deal at way below then current scarcity induced prices.
These are the kinds of books I am drawn to also, written by people whose unusual thinking made them rich. The other typle of book I am very suspicious of.
How many books of the "I retired early" genre are really about "I changed jobs from whatever to author, and what I write about is being retired"?
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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12-18-2010, 03:18 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,930
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I guess it would have to be "The Number" Lee Eisenberg - The Number - A Completely Different Way to Think About the Rest of Your Life
It's not that I learned so much about financial stuff per se, but I leaned a lot about myself and perhaps humans in general. I have changed my "number" over the years as most of us have, but mostly, I've changed my outlook on what is the definition of "rich" over the years. I grew up well cared for (food, clothing, shelter, love, education, etc.) but we had very little . That very gradually changed as I grew to adulthood, though my parents were never rich except by the definition of the non-first world. Still, I experienced expectation "creep" and "keeping up with the Jones" (although, we/I were never big into that). Instead, I've found myself vaguely "dissatisfied" with my new norm. In simplest terms, we're never satisfied, no matter what we have and how much money is in our "number". We compare "ourselves" with "ourselves" and then want more.
I've never thought of myself as materialistic. I've never gone into debt (except for a mortgage). Yet this book showed me another side to my personality that I had never identified before. I'm not unhappy, but neither am I fully satisfied with my "number" though, by most standards it is completely adequate if not down right amazing.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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12-18-2010, 03:51 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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Venita Van Caspel's Money Dynamics for the 1980s book. And Andrew Tobias' Only Money Guide You'll Ever Need. I remember Tobias talking about buying a lot of soda when it was on sale, and storing it under his coffee table.
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Al
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12-18-2010, 04:13 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 2,796
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The Grapes of Wrath by Steinbeck. Stash your cash in a "safe" place as soon as possible, whenever possible ( 401k, in my case).
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12-18-2010, 04:15 PM
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#17
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 482
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The Only Investment Guide You'll Ever Need by Andrew Tobias.
I read it a long time ago, before I knew anything about money market accounts or PE ratios. It is an entertaining book that covers LBYM, keeping investment costs down, allocating assets, etc.
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Retire date Jan. 10, 2018
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12-18-2010, 04:23 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Quote:
Originally Posted by TromboneAl
And Andrew Tobias' Only Money Guide You'll Ever Need. I remember Tobias talking about buying a lot of soda when it was on sale, and storing it under his coffee table.
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+2
__________________
I have outlived most of the people I don't like and I am working on the rest.
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12-18-2010, 04:26 PM
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#19
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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So true. As for me, I think maybe I got a little more from The Three Little Pigs. This one showed me the wisdom of working hard to get high quality results (the brick house) in order to be prepared for adversity, and to watch out for anything like wolves or hurricanes or financial crises that could huff and puff and blow my house down.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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12-18-2010, 05:30 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
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"Final Exit".
It let me know that money isn't everything.
__________________
There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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