Comments on: Daily Links: Empire Builder Edition http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Sat, 25 May 2013 13:59:07 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Squawkfox http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-369131 Squawkfox Thu, 08 Apr 2010 21:54:56 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-369131 Thank you for the link and mention J.D. Hope to see more videos of your book launch activities, travels, and meet-ups with Chris Guillebeau. Watching bloggers is just as fun as reading their words. Safe travels. Thank you for the link and mention J.D. Hope to see more videos of your book launch activities, travels, and meet-ups with Chris Guillebeau. Watching bloggers is just as fun as reading their words. Safe travels.

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]]> By: Tahira Rizvi http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-368541 Tahira Rizvi Thu, 08 Apr 2010 15:16:30 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-368541 I like the words "financial education" and even though I took some economics classes at college but they didn't teach anything related to real life financial matters. I think this education comes easy to those who are lucky enough to have parents that focus on financial responsibility from an early age but for the rest of us it's a lifelong struggle at the best. I have learned a lot from this blog and am reading you book. I also hope that you can come up with "101/basics type online financial education classes" at some point of time or can refer to ones that are already there. - Tahira I like the words “financial education” and even though I took some economics classes at college but they didn’t teach anything related to real life financial matters. I think this education comes easy to those who are lucky enough to have parents that focus on financial responsibility from an early age but for the rest of us it’s a lifelong struggle at the best. I have learned a lot from this blog and am reading you book. I also hope that you can come up with “101/basics type online financial education classes” at some point of time or can refer to ones that are already there.

- Tahira

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]]> By: Erica Douglass http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-367311 Erica Douglass Thu, 08 Apr 2010 02:33:18 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-367311 SO bizarre! This must be the week of blogging about price anchors. Here I had really never seen it on a blog, so I wrote a blog post about how to set anchors in a customer's mind. Then I saw the mint.com blog had published a post on price anchoring the same day. Now I see Trent wrote about anchors, too! Okay, freaky weird. -Erica SO bizarre! This must be the week of blogging about price anchors. Here I had really never seen it on a blog, so I wrote a blog post about how to set anchors in a customer’s mind. Then I saw the mint.com blog had published a post on price anchoring the same day. Now I see Trent wrote about anchors, too! Okay, freaky weird.

-Erica

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]]> By: Aleks http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-367101 Aleks Thu, 08 Apr 2010 00:05:38 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-367101 Pro athletes provide an example of how people deal with sudden wealth, which is generally "not well." No matter how much you have, you can always spend more. However, I think the second and perhaps larger lesson is how to deal with temporary income. A lot of athletes don't get into trouble until they retire, because even though they're spending millions of dollars they're earning millions of dollars too, and even if they get in debt they can at least service the debt. This is where lifestyle inflation hits you. It's really really hard to go backwards in lifestyle. If you get used to eating at 5-star restaurants and driving $200,000 cars, it's hard to go back to cooking at home and driving a five-year-old Civic. Which is what you have to do when you spend all your millions. Athletes have a lot in common with lottery winners in that regard. Pro athletes provide an example of how people deal with sudden wealth, which is generally “not well.” No matter how much you have, you can always spend more. However, I think the second and perhaps larger lesson is how to deal with temporary income. A lot of athletes don’t get into trouble until they retire, because even though they’re spending millions of dollars they’re earning millions of dollars too, and even if they get in debt they can at least service the debt.

This is where lifestyle inflation hits you. It’s really really hard to go backwards in lifestyle. If you get used to eating at 5-star restaurants and driving $200,000 cars, it’s hard to go back to cooking at home and driving a five-year-old Civic. Which is what you have to do when you spend all your millions. Athletes have a lot in common with lottery winners in that regard.

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]]> By: Damilola http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-367021 Damilola Wed, 07 Apr 2010 23:27:28 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-367021 I remember reading that Antoine Walker story and thinking "Another one bites the dust" It's unfortunate that people spend so much time trying to make more money and forget that the increase in income usually includes an increase in expenses. I'm also not a fan of focusing so much on spending less as the only way to financial independence. As you mentioned before, incrase income and decrease spending will ultimately lead to independence. Not trying to sound like an a**, but I am thankful for examples of people like this on how not to live. I remember reading that Antoine Walker story and thinking “Another one bites the dust”
It’s unfortunate that people spend so much time trying to make more money and forget that the increase in income usually includes an increase in expenses. I’m also not a fan of focusing so much on spending less as the only way to financial independence. As you mentioned before, incrase income and decrease spending will ultimately lead to independence.
Not trying to sound like an a**, but I am thankful for examples of people like this on how not to live.

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]]> By: Michael Crosby http://www.getrichslowly.org/blog/2010/04/07/daily-links-empire-builder-edition/comment-page-1/#comment-366981 Michael Crosby Wed, 07 Apr 2010 23:16:44 +0000 http://www.getrichslowly.org/blog/?p=19841#comment-366981 Whether it's a $100, $1000 or millions, if you don't use common sense, learn principles of wealth management, it can all disappear. John Daly and Mike Tyson are two other infamous examples. A girl I know was married to a guy who got in the NFL. Not a whole lot of money his first year,($250,000), but he figured out how to throw it away. She wizened up and left him, knowing even though he made that kind of money and even better, he was a loser. Whether it’s a $100, $1000 or millions, if you don’t use common sense, learn principles of wealth management, it can all disappear.

John Daly and Mike Tyson are two other infamous examples.

A girl I know was married to a guy who got in the NFL. Not a whole lot of money his first year,($250,000), but he figured out how to throw it away. She wizened up and left him, knowing even though he made that kind of money and even better, he was a loser.

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