Reddit reviews Stop Acting Rich: ...And Start Living Like A Real Millionaire
We found 6 Reddit comments about Stop Acting Rich: ...And Start Living Like A Real Millionaire. Here are the top ones, ranked by their Reddit score.
We found 6 Reddit comments about Stop Acting Rich: ...And Start Living Like A Real Millionaire. Here are the top ones, ranked by their Reddit score.
read Stop Acting Rich by Thomas J. Stanely. he was a professor who studied high-income and high-wealth Americans (not always the same group!). among other points, he found that MDs are under-represented among millionaires. despite earning much lower incomes than MDs, jobs like teachers and farmers are more likely to accumulate a million in wealth. why? because teachers and farmers live middle-class lives. they don't live in the upscale part of town. there's no pressure for a farmer to buy a high-end Tesla or BMW, and no pressure for the teacher to send the kids to private school; nobody expects their plumber to live in the upscale part of town. those professions have lower "overhead" costs, so to speak, and thus are able to save and invest a lot more of their income than the typical MD. in short, MDs are often basically broke because of lifestyle spending and social pressure. if you can nip those habits in the bud now, at the start of your career, you'll be in an excellent position to build wealth.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570/ref=sr_1_1?ie=UTF8&qid=1522637062&sr=8-1&keywords=stop+acting+rich
also, check out these videos by Doug Carlsen. He's a dentist, retired early and now coaches DDSs on avoiding the financial mistakes so common in their professions (e.g., don't have a practice loan AND a mortgage at the same time it's just too much debt; don't spend too much on house and upgrades/remodels because they can eat up way too much income that you need to be saving and investing.)
https://www.youtube.com/user/DrDougCarlsen
as for the financial planner ... be careful. some of them will give you questionable advice. proceed very, very slowly. find someone who is less a salesman, more a teacher. if you feel confused or pressured, that's because they're selling rather than teaching. also avoid anyone who is selling insurance products as investments. just stay away. you need insurance. you need investment. but don't cross the streams.
if you want to be rich, do what rich people do: avoid debt, avoid status spending, save and invest a large percentage of your income, and be sort of a tightwad. read this book. it explains how wealthy people actually live. it's one of the best books I've ever read in my life; the culmination of the author's decades of research (he was a professor who studied financial habits). basically he found that truly wealthy people (money and investments and property) have different habits from the popular conception of "wealthy". truly wealthy people don't buy new luxury cars, Rolex watches, etc. http://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
so my advice if you want to be prosperous is this:
> What do you mean by acting like a child?
Stop spending like a retard and fucking anything with a moist hole. You said in a different post that there are a lot of women, men and sex. Enjoy the STI's and superficial women who base your worth on the brand names you wear. You're investing in status symbols to put on a show for other people, STOP IT.
> Like where do I find investing and tax professionals? HR Block?
Dave Ramsey's ELP list would be a good place to start looking.
A little reading might be in order as well:
Try to find someone who would loan the book to you, or visit the library. I've been through each one of these in audio book format while I drive for work. They should all be available at the bay, but check your library first.
Two great books are The Millionaire Next Door and Stop Acting Rich: ...And Start Living Like A Real Millionaire
Full of great advice and stats, here is a synopsis:
From: http://www.getrichslowly.org/blog/2006/12/18/book-review-the-millionaire-next-door/
probably been said, but keep your lifestyle low. live on $60k or so, pay debt aggressively and as fast as possible for a few years. then, max out as many tax advantages retirement accounts as possible.
and read Stop Acting Rich, by Thomas J. Stanley. he was a finance prof, studied high income and high wealth people. found that MDs are actually less likely to be millionaires than jobs like teachers or farmers. MDs and other high-income people tend to spend a huge amount of their income on status items: huge houses, fancy cars, rolex watches, etc. they're so busy showing off that they don't have as much income to save and invest.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570
check out these videos by Doug Carlsen. he's a dentist, retired early and now consults MDs and dentists to avoid common financial mistakes in their careers. for example, the common guideline for mortgage is no more than 3x annual gross household income ($100k income = max mortgage of $300k). but carlsen recommends no more than 2x income for dentists. why? because they often get in trouble buying massive houses that they really can't afford even on their higher than average income. lots of other great bits of wisdom from him, too.
https://www.youtube.com/watch?v=iH3hyBB6A9M
don't do anything until you're comfortable with it an understand it. if all you understand is a simple savings account, stick with that. don't let anybody pressure into doing anything.
the best advice I could give you is to read a copy of Thomas Stanley's book Stop Acting Rich. He was a professor who studied high-wealth people. lots of great advice on how to live well below your means, manage the money wisely, and not waste the money trying to impress people. The absolute worst thing you could probably do is start living the high life, buying high-end cars, joining the country club, etc. it's easy to imagine someone squandering ten million dollars that way and regretting it the rest of their life.
https://www.amazon.com/Stop-Acting-Rich-Living-Millionaire/dp/1118011570