Originally Posted by dixie_boysles
awesome video, if only it were that easy!
Actually Scott it is
All it takes is self discipline and patients. About 30-35 years ago it was legal to deduct ALL the interest you paid from you income taxes. Not just mortgage interest,as it is today. After doing my taxes one year I was shocked to find I had paid about 10% of my income to interest. If that still holds true today, that means if you earn $60K per year, you are paying $500 per month in interest. What could you do with another $500 per month. Except for a house, I stopped borrowing money. I made my last car payment 5 years later. For the last 25 years I've saved up and paid cash for everything I've purchased. I'm retired now, and while I'm not rich by any stretch of the imagination. I am very comfortable, because of the way I've handled money for the last 30 years. I purchased my ranger 7 years ago for cash. Since then I've spent about $4-5K on it almost every year. I paid cash for every bit of it.
Try it. All it takes is a change in the way you think.
One of the best quotes I've ever heard is
"Those that don't understand compound interest, are destined to pay it.
Those that understand compound interest, are destined to collect it."