Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Jul 16, 2011

Economic Commonsense

Filed under: Money — admin @ 12:33 am

On 5/20/2011, I read an article “5 Easy Steps to Becoming a Millionaire” by Erin Joyce. Here are the main points.
1. Only Marry Once, without Schwarzenegger’s out-of-wedlock trick.
2. Live Off One Income, save the other one.
3. Choose the Right Career, “self-employed people make up less than 20% of the workers in America but account for two-thirds of the millionaires.”
4. Put Your Money in Appreciating Assets
5. Don’t Live the Millionaire Lifestyle, especially for those who are not. Warren Buffett is your example.

On the same day, one of my colleagues told me of her high school child, who worked almost 40 hours per week at a grocery store so that he could make monthly car payment. This yields the direct connection between the amount of time one has to throw in and the material possession one desires to enjoy. I would throw in that amount of time for some cause much higher than a car. Unless I am doing something I enjoy, I would rather consume less and work less.

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