Quote:
Originally posted by pwd72s
Who says spending money is "the" way to enjoy life? TV ads? Would a new car make me happier, restore my (not lost...well spent) youth, and have supermodels draped all over me? I don't think so. Would a McMansion on a small lot make me happier than my '70's ranch house on 1 1/2 acres? Again, I don't think so. Yep, I've read the book...I'm not technically a millionaire...I just live like one! 
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I am not saying spending money is "the" way to enjoy life but spending from time to time on something non-necessary can be enjoyable.
My life for the most part is right on track with advise given in the book excpet for when you look at my "car problem".
I love cars, I like driving fun cars, I like changing some of my cars which = losses sometimes. I have too much money invested in my 87 RX-7 and the Porsche was not needed in my garage but wanted. It is already whispering to me asking for goodies.
Our family car did not have to be a European Luxury car but I wanted AWD and I wanted a sedan and I love the Audi line so there it sits in the garage.
I am techincally a millionaire. I have had the same financial advisor for the last 8 years and he watched me attain my wealth and achieve my goals. Four months ago he did a new financial analisys on me and we were delighted to see a net worth of 1.3 mil. Compared to the analisys he did on me in 1997 and I have come a long long way.
That said I do not live frugaly, well, maybe I do. We live in a 3/2/2/ ranch home in a blue collar neighborhood, the mortgage is paid off on it. We talked about moving across the street to the "rich" neighborhood but cannot fathom a 700K mortgage. We paid 95K for our house in 96 and even that was scary to us. We do not go on expensive vacations, we go on one 1 week vacation a year and that is to our time share that we own outright.
According to what I have read so far I should not own the time share, the Audi is a no no, forget about the Porsche and RX-7. I want to accumulate enough wealth to be able to retire by 50 and enjoy my wife, children and perhaps grandchildren while living in leisure. I know sitting on my butt and just earning is not the right way to go but in all honesty I am not sure what to do.
Real Estate, right now is too risky and almost a guranteed loss. Stocks take a lot of knowledge that I do not posses and that is a recipe for disaster for someone like me. Business investment is an option that I am willing to investigate I am good at start ups. I have a couple of ideas, I have complained about this town I live in and my complaint is actually a great idea for a business.
I am also reading Rich Dads Guide to Investing and that basically is telling me I have no business in high risk investing until I understand the way investing works fully.