Comments on: Financial Philosophy & Sacrifice to Create Wealth & Live Off Your Interest

By: Matt Jabs

Matt Jabs — Fri, 26 Mar 2010 13:19:42 +0000

Hi Michael, from a philosophical viewpoint I can appreciate your comment but I think we both know what you lay out would never actually happen. I suppose the article is directed at the few who want to change their mindset… like me!

By: Michael Plesner

Michael Plesner — Fri, 26 Mar 2010 00:44:36 +0000

My struggle with the concept is determining the extend to which it is feasible. Can all people do this? What would happen if all people lived off financial interest?

You state that living off financial interest is “a wealthy man’s mindset”. But does it require a middle class who are willing to borrow? Will a move of the middle class toward zero borrowing not imply a lesser existence for those “wealthy people” living of the interest? Will there be a point to where it is simply not possible at all to gain any positive interest?

By: How Much Does Your Debt Cost? | fivecentnickel.com

How Much Does Your Debt Cost? | fivecentnickel.com — Thu, 12 Nov 2009 11:02:13 +0000

[...] simple idea helped us develop a lasting financial philosophy to apply to our family finances. A financial mission statement of sorts to embody the spirit of our [...]

By: DebtFREEk!

DebtFREEk! — Thu, 14 May 2009 17:52:03 +0000

Great points Alan.

1. Your level of sacrifice will determine the speed with which you reach your goals, so you only have to sacrifice at a level you are comfortable with.

2. You cannot worry about preparing for unseen events in life that you have no control over. Simply set your goals, and work at your pace to achieve them.

What are your financial goals?

By: Alan @ Saving For Serenity

Alan @ Saving For Serenity — Thu, 14 May 2009 17:24:38 +0000

I struggle with this whole idea. I like it, in theory, but I have a couple of problems with it. First, I don’t want to have to sacrifice. Its just against my nature. Its something I think I could get over, but obviously that takes effort, and who wants to expend effort?

Second, and more importantly, I need to know how far to take it. I see no point in absolutely destroying myself in the pursuit of some potential future goal. What happens if you work really hard for 20 years, make HUGE sacrifices, and are just about to cross the threshold, and the market crashes, and you lose everything. Or you get into a car accident and are paralyzed. There’s so many variables for the future, how can you assume you’ll be alive and healthy enough to enjoy the money of the future?

Just something I’ve been thinking about…