258 pages
Rating: (52.5K votes)
“Whatever your income, always live below your means.”
“Good health, longevity, happiness, a loving family, self-reliance, fine friends … if you [have] five, you’re a rich man….”
“I am not impressed with what people own. But I’m impressed with what they achieve. I’m proud to be a physician. Always strive to be the best in your field…. Don’t chase money. If you are the best in your field, money will find you.”
“Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self-discipline.”
“Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods.”
“It’s easier to accumulate wealth if you don’t live in a high-status neighborhood.”
“One of the reasons that millionaires are economically successful is that they think differently.”
“If you’re not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s total annual realized income.”
“If your goal is to become financially secure, you’ll likely attain it…. But if your motive is to make money to spend money on the good life,… you’re never gonna make it.”
“Money should never change one’s values…. Making money is only a report card. It’s a way to tell how you’re doing.”
“Great offense and poor defense translate into under accumulation of wealth.”
“Be tough … life is. In other words, there is no promise of a rose garden.”
“Multiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be.”
“The foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning.”
“it matters less how much more you make than what you do with what you already have.”
“Have you ever noticed those people whom you see jogging day after day? They are the ones who seem not to need to jog. But that’s why they are fit. Those who are wealthy work at staying financially fit. But those who are not financially fit do little to change their status.”
“To build wealth, minimize your realized (taxable) income and maximize your unrealized income (wealth/capital appreciation without a cash flow).”
“His view of millionaires is shared by most people who are not wealthy. They think millionaires own expensive clothes, watches, and other status artifacts. We have found this is not the case.”
“it is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.”
“How can well-educated, high-income people be so naive about money? Because being a well-educated, high-income earner does not automatically translate into financial independence. It takes planning and sacrificing.”
“The “some college,” “four-year college graduate,” and “no college” types who have high incomes often had a head start on many well-educated workers.”
“Most people will never become wealthy in one generation if they are married to people who are wasteful. A couple cannot accumulate wealth if one of its members is a hyperconsumer.”
“Financially independent people are happier than those in their same income/age cohort who are not financially secure.”
“Allocating time and money in the pursuit of looking superior often has a predictable outcome: inferior economic achievement. What are three words that profile the affluent? FRUGAL FRUGAL FRUGAL”
“It’s amazing what you can do when you set your mind to it. You’ll be surprised how many sales calls you can make when you have no alternative except to succeed.”
“Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.”
“What if he had taken full advantage of the tax-advantaged benefit from the time he was first employed? Today he would be a millionaire. Instead, he is on the perpetual earn-and-consume treadmill.”
“If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.”
“Victor wants his children to become physicians, lawyers, accountants, executives, and so on. But in so encouraging them, Victor essentially discourages his children from becoming entrepreneurs. He unknowingly encourages them to postpone their entry into the labor market. And, of course, he encourages them to reject his lifestyle of thrift and a self-imposed environment of scarcity.”
“our youth are told that buying expensive items is normal behavior for affluent people. They are led to believe that the wealthy have a high-consumption lifestyle. They learn that hyperspending is the main reward for becoming affluent in America. Why”
“Christian, you are the state lottery, the cure for cancer, and the three wishes from Aladdin's lamp all rolled into one”
“If someone loves you for what you can do then it's flattering, but why do you love them? If someone loves you for who you are then they have to know you, which means you have to know them.”
“You may not feel outstandingly robust, but if you are an average-sized adult you will contain within your modest frame no less than 7 X 10^18 joules of potential energy—enough to explode with the force of thirty very large hydrogen bombs, assuming you knew how to liberate it and really wished to make a point.”
“You look at the crime and you look at the criminal. If it's a dope dealer who guns down an undercover narcotics officer, then he gets the gas. If it's a drifter who rapes a three-year-old girl, drowns her by holding her little head in a mudhole, then throws her body off a bridge, then you take his life and thank god he's gone. If it's an escaped convict who breaks into a farmhouse late at night and beats and tortures an elderly couple before burning them with their house, then you strap him in a chair, hook up a few wires, pray for his soul, and pull the switch. And if it's two dopeheads who gang-rape a ten-year-old girl and kick her with pointed-toe cowboy boots until her jaws break, then you happily, merrily, thankfully, gleefully lock them in a gas chamber and listen to them squeal. It's very simple. Their crimes were barbaric. Death is too good for them, much too good.”
“Our minds aren't made to hold on to the particulars of pain the way we do bliss. It's a gift God gives us, a sign of His care for us.”
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