Watching people spend.

MoaningMyrtle

I've got a friend who buys all reduced food, drives a really old car, but in addition to working hard in his full-time job, owns 5 or 6 houses he lets out, he buys cheap properties, spends the minimal amount of money tarting them up then get tenants in. He has been buying them since his early twenties, still lives at home now with his elderly parents and is 45ish. He wants to make 'another million' before he is 60.

amosworks

BobProperty wrote:

Amosworks - sounds interesting. I'll look out for it. Have you read "The Millionaire Next Door" which is on the same lines?

Yes I have, it too is a most fascinating book, thanks for mentioning it. I've actually read many books on millionaires, their attitudes and behaviors. I find it incredibly fascinating and too believe that becoming a millionaire is a skill you can teach yourself.

I think most the people on the MSE forums have already started doing this! Take $17mma for example, she now knows all the tricks of the trade at saving money, has no debt any more and is keen to save. Following on from that, using the same behaviors and attitudes, will be investments and doubtless the creation of a portfolio that will ultimately see her become very affluent very quickly

I posted on the "How do you lot keep yourselves motivated while in debt?" thread not so long ago and mentioned audiobooks as my main source:

amosworks wrote:

I find the best source of motivation sometimes are Audiobooks. I'm not saying piracy is a good thing, but various BitTorrent sites have some good ones listed

I have listened to at least 30 audiobooks relating to millionaires, from studies in to the psychies of the most affluent to guides on rags to riches straight from the horses mouth. They are good because I can do other boring stuff whilst getting motivated (like ironing, washing up etc. although I found out my laptop dislikes getting wet hehe)

The 3 I would recommend most highly are "David Bach - The Automatic Millionaire", "John Cummuta - Transforming Debt in to Wealth" **** THIS IS A MUST THAT ALSO CONTAINS A FANTASTIC NEW WAY OF MAKING COMPOUND INTEREST WORK IN YOUR FAVOUR FOR A CHANGE! **** and the single more important audiobook ever made: "Thomas J Stanley - The Millionaire Mind" - this one turned me upside down as it totally changed my perceptions on millionaires and wealth producing activities. I would wear out my capslock key telling you how important this one is, especially if you used to waste lots of money living the lifestyle like I did.

Ok, so it might be some time before I have my first million in the bank, but by following some of the principals I learnt from these audiobooks, it has made a huge impact on my life already.

Also the John Cummuta method for transforming debt in to wealth shows how anyone can become debt free in 5 years of less, regardless of how much debt you have. It sounded like herecy but when I did the math for myself, I almost ran and hid in a cave lol. Best kept secret or what?!

You simply must listen to the John Cummuta one, and so must dear Martin

sparkle84

mrtaus wrote:

I remember reading something Nick Leeson said after being released from prison, and still owing creditors of Bearings bank over 100 million pounds.

Within two weeks of being home he got a letter from a credit company offering him a £10000 gold card!

Exactly when did they expect that to be repaid :rotfl:

Nick Leeson didn't owe any money Barings did it he lost all Barings money none of his own

QueenB.

I feel i may be in the minority but i hate seeing others spend their money. I find it depressing, i know that logically they could be in debt, but i wish i could spend what i wanted on what i wanted, of course that got me into the debt i am, and i do love getting bargains and freebies. I just would rather have the option that they seem to have rather than have no real options at all.

molesworth

I find the tone of much of this post quite disturbing. Live and let live, I say. Why assume that people filling their trolleys at the supermarket are in debt? If they have the money to spend why shouldn't they spend it any way they want? And why should anyone take pleasure in seeing someone else get into trouble with money?

IN_LIKE_EVERYONE_ELSE!

molesworth wrote:

I find the tone of much of this post quite disturbing. Live and let live, I say. Why assume that people filling their trolleys at the supermarket are in debt? If they have the money to spend why shouldn't they spend it any way they want? And why should anyone take pleasure in seeing someone else get into trouble with money?

I will never get my head around money. I tell all my mates it doesn't interest me and yet I try and save as much of the stuff as I can, I look back on the money I have wasted on car finance and other HP for stuff that withers and dies, bloody hell! I now drive a car I bought on EBay £1000, in perfect condition, looked after by a pensioner who had a real sense of value, he cherished that car because he had invested in it and expected it to last 20 to 30 years, if you think about it that is not an unreasonable expectation. I am off to make some more money.

Good morning.

XX

skintchick

I was shocked a few weeks ago to discover that my brother, who is a management accountant in the City on a VERY good wage is still with British Gas!! 'Oh, are they not good then?' he said when confronted with my jaw hitting the floor'.

I always thought he was good with money because he has a nice house, flash car etc., but clearly he just has so much of it it doesn't matter!

I have sent him the Tips email and told him to get looking on here. Think he's sick of hearing about all my bargains. 'You paid how much? Oh, I got a tip on MSE and paid loads less!' lol

MORPH3US

molesworth wrote:

I find the tone of much of this post quite disturbing. Live and let live, I say. Why assume that people filling their trolleys at the supermarket are in debt? If they have the money to spend why shouldn't they spend it any way they want? And why should anyone take pleasure in seeing someone else get into trouble with money?

Personally I would never take pleasure in someone else getting into money trouble if they are careful with their money, i'm sure that applies to most other MSE'rs too. But if someone p**ses money up the wall on stuff they can't afford on credit etc then its their own fault and they deserve what they get. You make your bed, you have to lie in it. Personally my bed is made of cotton sheets that I buy with my own cash, not silk sheets that I can't afford so buy on credit.

As for Live and let live - I do sometimes worry that my moneysaving will have an adverse effect on my life. My girlfriend isn't like me, she likes nice expensive clothes, loads of pairs of shoes which she can wear once, heinz beans and tomato ketchup not value. When I met her she was terrible with money and I have worked hard to sort my own spending out (easy) and hers too (very hard!).

M

*zippy*

Watching other people spend makes me realise how much my own attitude to money has changed.

When I see friends on much lower incomes with no debt, saving hard to have a holiday, its makes me realise how much money I have wasted. Although we have more money coming in we are cash poor paying back debts.

Someone was telling me the other day, I don't know them that well, that they are a few months behind on their council tax as they spent the money on clothes and thought it was funny :eek: I think I must have gone white I was so horrified

vyvyan_2

Interesting to see how this thread has evolved.

I've been doing a lot of people-watching and being observational. There is nothing in me that is judgmental or moralistic. I've got no right to be! Live and let live, and if you can afford it then good for you! Lucky I'm not the jealous type.

However being in debt can be very lonely hence the support network on here is invaluable.

I don't know anyone else in my life who is in debt (apart from mortgages) allthough there is a few who I think might be.