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Old 05-24-2015, 11:00 AM   #1
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Good Read

19 things your millionaire neighbor won't tell you.


Money Secrets Of Your Millionaire Neighbor
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Old 05-24-2015, 11:50 AM   #2
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The article is simple - but makes it's point. The only quibble I'd (personally, me, not everyone else) would have is the bit about money management. It implied you needed to hire money managers to achieve the quiet millionaire status. This may be true for some folks - but not everyone.
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Old 05-24-2015, 12:13 PM   #3
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Quote:
Originally Posted by rodi View Post
The article is simple - but makes it's point. The only quibble I'd (personally, me, not everyone else) would have is the bit about money management. It implied you needed to hire money managers to achieve the quiet millionaire status. This may be true for some folks - but not everyone.
Well, they state

Quote:
8. He understands that money is like a toddler; it is incapable of managing itself. After all, you canít expect your money to grow and mature as it should without some form of credible money management.
I can see how you interpreted it the way you did, but I merely read it as "you have to be on top of your investments and not just stuff your cash into a savings account at the bank, thinking buying CDs all of your life will be the best strategy in the long-run"

My differences of opinion with the article:

Quote:
4. He pays off his credit cards in full every month. Heís smart enough to understand that if he canít afford to pay cash for something, then he canít afford it.
"Affording it" has as much to do with it as being aware of the total cost (with financing), IMO. Carrying a CC balance and paying 10%-20% interest rates while your investments earn maybe 8% before taxes is a sure-fire way of taking 1 step forward and 2 steps back. So I would say "He's smart enough to know that it's not easy to get a return on his investments that are substantially higher than the financing costs he's paying".
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