Quote:
Originally Posted by GregWeld
One of my best friends lives up the street -- he and his wife have probably never grossed $125K per year -- and they both work full time.... He's 66 now... and here's the deal - HE PAID HIMSELF FIRST since he was about 20. His house is paid for - it's a nice small house, neat as a pin - perfect for 2 of them (no kids)... he has a brand new diesel F-250 (with roll up windows and cloth seats and zero chrome) and an Airstream -- paid for cash - he has a brand new car - paid cash.... He is without a doubt the most FRUGAL guy I know and I give him SERIOUS crap about that... I buy Snap-On he buys tools from the $1 bin.... I help him with his investments - and I'll tell you this guy qualifies for the book "The millionaire next door". And I'm so proud of him - because he's done all of this because he pays himself first.
When I met him 20+ years ago -- we were on a dock at the Grand Banks Rendezvous.... Yep -- he had a super nice little 32' GB (neat as a pin)... and no payments.
I still remember the day I popped his bubble -- his little 32' GB was super stingy on the fuel - according to him - at a burn rate of 3.5 gallons an hour - he made 7 knots.... my bigger 47' GB with TWIN turbo Cummins burned 11 GPH...and made 14 knots.... and he says to me -- after a trip from Seattle to Friday Harbor. "Man that big pig of yours cost you a fortune to run up here..." ME, being the figurer --- did some quicky math -- and said -- Dickie, You burned 30 gallons running up here.... I burned 55..... but I've been here since NOON!  |
Love the stories... I get a little something out of each one...
I tell my Wife to watch and see long term how we will be doing....In 5 years....in 10 years...
My Father that passed, cut my Teeth on 42' Farallon Eagle Trawlers, and 34' CHB Trawlers.. Not the Grand Banks of Yachts, but still we were living....
The problem was, way beyond our means. I was 16 and did not know anything, even about Cars and Girls. Nothing...
And apparently, he did not either.. No investments, and we lived it up..
So in approx. 10 years, my father went from Well Off to broke... If that is not a painful memory that i will carry to my grave, i don't know what is...
He was a doctor, so he went back to work teaching at 70 to 85...
That is why money management is so important...as well as investing..
My wife and I will use our life experiences and wealth to build more wealth, while enjoy life as we go, debt free except the 4.5% small fixed mortgage..
I learned how not to do it, and i am learning how to do it really well.. The Journey and the Goals achieved, and the rewards, keep me motivated and pumped up..
