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December 15, 2007


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In the last 100 years the only things that have changed is the amount of money we make, the number of places we have to spend it, and the options we have for investment. The truth is the keys to prosperity have not changed one bit. Stay out of debt, save consistently, spend responsibly.

FMF, when I saw this post's title I thought for a split second you'd come across my ePamphlet of the same title (minus the Long-Term part). heh

@The Savings Freak, one thing that has changed is the tax burden. It has fluctuated up and down over the past hundred years with some earners paying over 90% on the majority of their earnings!

Unfortunately, it looks like we're trending upward again where the government is going to spend more of our money than we do!

Who said there's no such thing as timeless advice? That right there is out and out classic.

Doing the right thing in personal finance is not rocket science.

It just seems like it is so easy to go off on the right path.

I posted about my secret to building wealth just a few days ago on my blog. My secret is to just start. It's easy to make excuses not to do it, but I find that if people just start trying to build wealth, they find it's not that hard and that they really enjoy it.

Double Journey, you're right that simply starting is the key to success. Not because you have to start to make progress, but because when you start plays a huge role in how hard you have to work at saving and investing.

The importance of starting now can be summed up in one sentence: You'll have to save twice as much for every decade delayed.

The contributions required get astronomical when you compare late starts (40's and 50's) to someone starting fresh out of college.

I agree, whole heartedly, with the 4 points highlighted. If you view them as mantras and stick to it, this whole process is simplified.

Last week I examined a piece written on Moolanomy about '12 investing mistakes' and all of the points mentioned here came up.

The only thing I'd add to the list is complete a financial plan, at some point. Although, not a necessity in your 30's, if you follow the first 4 steps and end up building a nice nest egg or substantially increasing your net worth, a formal financial plan becomes a near must.

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