Comments on: Are You Patient Enough To Become Wealthy? http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html Bridging the gap between saving money and investing Fri, 21 Nov 2008 20:26:48 +0000 http://wordpress.org/?v=2.6.1 By: Teri http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-44438 Teri Wed, 09 May 2007 14:36:29 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-44438 #3 is probably a HUGE key here. You don't know how many people, both rich and poor, that I have seen set back financially by Get Rich Quick Schemes. In my industry as a CPA it is mind blowing the number of schemes we see, that seemingly intelligent people fall for. The ability to see through these schemes is invaluable. Usually, like you say, impatience is a big key. Just slowing down and being patience pays off in the long run, indeed. #3 is probably a HUGE key here. You don’t know how many people, both rich and poor, that I have seen set back financially by Get Rich Quick Schemes. In my industry as a CPA it is mind blowing the number of schemes we see, that seemingly intelligent people fall for. The ability to see through these schemes is invaluable. Usually, like you say, impatience is a big key. Just slowing down and being patience pays off in the long run, indeed.

]]> By: savvy http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-44083 savvy Tue, 08 May 2007 14:58:43 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-44083 I would recommend NOT using an insurance agent as a financial adviser. My State Farm agent often tries to sell me and my husband variable annuities, and also has a quote "the higher the load the higher the expected returns". He knows less about investing than we do, and is merely a sales person pushing their high-cost, mediocre investment products. I would recommend finding an adviser who works based on a flat fee, not one who makes a commission. I would recommend NOT using an insurance agent as a financial adviser. My State Farm agent often tries to sell me and my husband variable annuities, and also has a quote “the higher the load the higher the expected returns”. He knows less about investing than we do, and is merely a sales person pushing their high-cost, mediocre investment products.

I would recommend finding an adviser who works based on a flat fee, not one who makes a commission.

]]> By: Jason http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-44076 Jason Tue, 08 May 2007 14:49:23 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-44076 Wes D, if you are concerned about risk in investing, my best advice is don't go it alone. Check your local bank to see if they have a financial advisor. Since you are a customer of the bank they likely won't charge you for her/his time. Also, if you have insurance through State Farm or Allstate ask about their financial advisors (I know these 2 have them, not sure about other insurance companies). The financial advisors can give you options that best fit your individual needs and can help you choose the investments that best minimize the risk. Wes D, if you are concerned about risk in investing, my best advice is don’t go it alone. Check your local bank to see if they have a financial advisor. Since you are a customer of the bank they likely won’t charge you for her/his time. Also, if you have insurance through State Farm or Allstate ask about their financial advisors (I know these 2 have them, not sure about other insurance companies).

The financial advisors can give you options that best fit your individual needs and can help you choose the investments that best minimize the risk.

]]> By: The Simple Dollar » The Simple Dollar Morning Roundup: Exhaustion Edition http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43739 The Simple Dollar » The Simple Dollar Morning Roundup: Exhaustion Edition Mon, 07 May 2007 13:31:11 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43739 [...] Are You Patient Enough To Become Wealthy? I’d like to think so, and I strongly agree that patience is the biggest virtue for most people to become wealthy. (@ personal finance advice) [...] [...] Are You Patient Enough To Become Wealthy? I’d like to think so, and I strongly agree that patience is the biggest virtue for most people to become wealthy. (@ personal finance advice) [...]

]]> By: Wes D. http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43586 Wes D. Mon, 07 May 2007 00:22:23 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43586 My wife and i have almost 90k in savings but no 401k or iras. We are thinking about setting up roth iras but we don't wish to lose money investing. Do you have any information on how to invest with a roth ira? My wife and i have almost 90k in savings but no 401k or iras. We are thinking about setting up roth iras but we don’t wish to lose money investing. Do you have any information on how to invest with a roth ira?

]]> By: savvy http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43447 savvy Sun, 06 May 2007 12:05:48 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43447 #2 is worded in a way that is confusing. I think what you mean is spend no more than 90% of your income and save the rest or save at least 10% of your income. Minimum Wage - in order for you lifestyle to be sustainable, you need to live below your means, and that means spending less than you earn, and saving at least 10% of your income. If that's not possible for you right now, you should look at either increasing your income to keep up with your lifestyle or scaling back your lifestyle, or possibly a combination of the two. #2 is worded in a way that is confusing. I think what you mean is spend no more than 90% of your income and save the rest or save at least 10% of your income.

Minimum Wage - in order for you lifestyle to be sustainable, you need to live below your means, and that means spending less than you earn, and saving at least 10% of your income. If that’s not possible for you right now, you should look at either increasing your income to keep up with your lifestyle or scaling back your lifestyle, or possibly a combination of the two.

]]> By: pfadvice http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43427 pfadvice Sun, 06 May 2007 09:45:04 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43427 It means try to spend no more than 90% of your take home pay and whatever you don't spend, invest. It means try to spend no more than 90% of your take home pay and whatever you don’t spend, invest.

]]> By: Ryan http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43423 Ryan Sun, 06 May 2007 09:24:02 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43423 "Spend a minimum of 10% less than you make" What does that even mean? Do you mean "Spend a maximum of 10% less than you make and save the rest"? “Spend a minimum of 10% less than you make”

What does that even mean? Do you mean “Spend a maximum of 10% less than you make and save the rest”?

]]> By: pfadvice http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43392 pfadvice Sun, 06 May 2007 05:57:42 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43392 I would expect that you realize that your current situation is not sustanable long term so you are taking steps to try and improve it so that you are able to. I would expect that you realize that your current situation is not sustanable long term so you are taking steps to try and improve it so that you are able to.

]]> By: Minimum Wage http://www.savingadvice.com/blog/2007/05/05/101395_are-you-patient-enough-to-become-wealthy.html#comment-43391 Minimum Wage Sun, 06 May 2007 05:53:59 +0000 http://www.pfadvice.com/2007/05/05/are-you-patient-enough-to-become-wealthy/#comment-43391 I earn minimum wage and started out with student loan debt. Do you seriously expect me to be able to spend a minimum of 10% less than I make??? I earn minimum wage and started out with student loan debt.

Do you seriously expect me to be able to spend a minimum of 10% less than I make???

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