My Best Financial Advice: Get Rich Slowly
The Consumerist asked some top personal finance bloggers to give a short summary of their single best piece of financial advice. Get Rich Slowly quipped, "Personal finance is easy. It's simple. There is one fundamental law that governs your money. If you master this, you have mastered the entire game: To gain wealth, you must spend less than you earn."
Duhn duhn duhn! The universe's greatest secret has been revealed! Sure, chuckle chuckle, but really, that's the underlying principle of building wealth, one that some people don't seem to have mastered. For more details, see The Most Important Money Tip.
— FREE MONEY FINANCE
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Comments:
But it only takes 30 seconds for the man on t.v. to draw all 5 Powerball numbers...
The hell? Next you're going to tell me that if I want to lose weight I need to take in fewer calories than I expend.
I went from motorcycle mechanic to multi-millionare in just 27 years by "paying myself first" (I.E. Saving and Investing, driving cars for 6 years each, not having kids young, staying married and staying in a "too-small" house for 15 years.
The best book in the World is THE RICHEST MAN IN BABYLON by George Classen and the handiest Website for personal finance is www.hughchou.net
Hope this helps!
I usually love J.D. and GRS, but this is really oversimplistic. He talks about how important a college degree is, but getting a college degree means spending more than you earn in the short term, unless you have a great scholarship or your parents are footing the bill. Some other kinds of debt can be good, too, to buy a home, for example.
@not_seth_brundle: Look the solution is quite simple ...
All children are tested constantly for various talents and would-be parents would bid in a blind auction for the lil' darlings.
The most talented (including in looks) kids would be raised by people wealthy enough to fund the very best resources for their education/training/grooming. Eventually every kid would find the "level" that their potential should be supported.
Of course, the proceeds of the auction would be used to defend against lawsuits from biological parents, low scoring kids, and those looking for their money back.
Best of all, nobody goes into hock for educatin' the lil' knee-biters!
@ Not_Seth
No it doesn't. Im a full time college student (i'm 21) and have been able to maintain a full course load while working 2 jobs so I don't go into debt.. it's a matter of how bad you want it. Most are just not willing to work as hard as they can to stay out of debt while in college.
Improper HTML tag there :P
"href="http://www.getrichslowly.org/blog/">Get R"