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February 29, 2008


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All of these habits are critically important but learning has been particularly relevant in my life recently. Just over the past three months, I've found new ways of investing my money over the long term wisely--such as converting from index funds to lower cost index etfs (caution: this may not be the best approach for everybody, but it works well for me), and taking advantage of no-commission trading to buy said index etfs. Of course a lot of my fiscal knowledge comes from this website so thank you and keep up the hard work!

All those habits are great in most aspects in life, not just wealth. Still, good to hear them again.

I've found balance to be a difficult one to attain. The difference between being "cheap" and "frugal" is subjective and is always a topic of debate with my wife and friends.

I've seen a lot of people who have wealth yet seem to not work hard.

I disagree #6 isn't fluff. Self-awareness could simply mean knowing who you are. Pretentious people tend to be broke (not a generality either) since they're the ones always trying to keep up with the Joneses.

Self-awareness is vital for me. I'm not so sure about the hard work, either. I guess I'm not really clear on how this would differ from perseverance.

I also disagree about #6. Knowing what you're saving for makes it a lot easier to save. Knowing what you want makes it a lot easier to pick motivating things to save for!

If you just go around doing what you're "supposed to" (such as go to college, get a good job, get married, have kids, buy a house, or whatever your family or subculture, etc. values) without thinking about what would make you happiest, then you're not going to be good at prioritizing.

And the other poster's points about knowing things like what your risk levels are so that you invest appropriately (instead of, say, always freaking out and selling low and buying high) seem obviously relevant to wealth building.

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