THE FORUMS

I just finished reading it and it is a fantastic book. There is nothing revolutionary in the book, but common sense. However, common sense is not necessarily common knowledge and I sincerely believe that it is possible to become wealthy by following the practical steps given in this book.

Basically, it is about spending your money wisely and planning for the future, but not while living a horrible life for ten years and miss out on life like some people here suggest.

One of the failures many people make in this area is that they do not have a long enough time horizon and want instant gratification. Who doesn`t? Saving a small amount of money or making an investment may not be very motivating if you only look six months into the future, but what about five years? What if you started applying these principles in your late teens? Where would you be five or ten years later?

Personally, I`m almost thirty years old and I`m not wealthy. In fact, I have debt from a failed business and have spent all my savings in this recent project. I have had a considerable amount of money pass through my hands in my twenties and yes, I have spent money like a sailor and had a great time, but I have nothing to show for it. I have worked incredibly hard, lived frugally in periods, but I have not been smart about how I spent my money. I recall opportunities I had in the past that I passed on, simply because I did not have the patience or a long enough time horizon. I wanted to live NOW. One concrete opportunity I remember was a very sweet deal on a cheap house that I would finish myself. Short-sighted, I did not have any plans about living in that area and I wanted to live life NOW, so I passed. Since then, this property have appreciated by over 50% and in today`s market, I could easily have rented it out and had tenants pay down the loan for me. And that is just one example.

I can`t change the past, but I will do my best with what I have now and apply myself for the future. This book has motivated me, lifted my spirits and given me some great ideas. Do not miss out on this gem.

:)