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  1. #41

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    That's a great story about your Uncle! What an amazing gentleman. Just FYI he *can* get film for his polaroid land camera unless it's one of the very old ones that takes roll film. Fuji makes the pull-apart film and the Impossible project makes the pop out (integrated?) film. It's folks like your Uncle is what makes me so angry when politicians say that they "didn't build that" or want to raise taxes on them.

    Quote Originally Posted by sangetsu View Post
    Yes, my uncle started with nothing back in 1962, and after 50 years of working 12 hours a day, often 6 days a week, he is a millionaire. He sent all of his kids to university (he couldn't afford such an education for himself), and he eventually built a nice house for his wife. But he has never owned a new car, he wears a Timex watch, and yes, he does shop at Walmart. He would never buy a Leica camera, no doubt he was a little heartbroken when he could no longer get film for his old Polaroid Land camera. It's interesting that many of his employees own new cars, and wear nicer clothes and watches, but then again, they will never become millionaires.

    Most millionaires in America are small business people, not bankers, doctors, or lawyers, and becoming a successful small businessperson requires a lot of sacrifice and risk. These people generally don't part with their money for frivolous things, and Leicas are certainly frivolities.

    That said, I own, and have owned many Leicas, and I have always managed to sell them for at least a small profit. In my case, Leica cameras have been good investments.

  2. #42

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  3. #43
    Pumalite's Avatar
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    One becomes wealthy by investing his money, but not on Leicas or any such thing.
    " A loving and caring heart is the beginning of all knowledge " ~ Thomas Carlyle ~

  4. #44

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    Pretend you're poorer than you are, save your money, then invest it. Don't do anything stupid, like buying a new car with a loan. Never borrow a nickle for anything other than a home. You will end up wealthy.

    In the past I've posted links to different pages of Dave Ramsey's website because he teaches a pattern of behavior that will enevitably result in you dying quite wealthy and provide a solid financial base for your children, and maybe even your grandchildren. People may be turned off by his emphasis on Christianity. Having grown up in a god-fearing home, but being extremely backslid, I am completely comfortable around those people. While he claims to be teaching Christian principles of personal finance, it's really more Old Testament Isrealite - how the Jews survived thousands of years in a hostile environment. I am enthusiastic about him because my wife (who can squeeze a nickel until the indian is riding that buffalo) and I operated his plan for years before he did. We learned it from our parents. It works. I stumbled on his radio show one day and heard a man telling people to live the way we lived, a way we had been ridiculed for. Funny, but nobody ridicules any more us as we close in on a million dollar net worth.
    “You seek escape from pain. We seek the achievement of happiness. You exist for the sake of avoiding punishment. We exist for the sake of earning rewards. Threats will not make us function; fear is not our incentive. It is not death that we wish to avoid, but life that we wish to live.” - John Galt

  5. #45
    Jim Jones's Avatar
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    Income isn't what makes people wealthy as much as outgo keeps them from saving money. We tend to keep up with the Jonses. As an ancient Jones, I try to make that easy, but people persist in wasting money on large screen TVs, cell phones with cameras and GPS, video games, dinners out, and other money sponges. Most of these don't enhance the quality of life, but they do keep us from really living. Henry Thoreau may have overdone the basic lifestyle at Walden Pond, but it certainly beat going into debt for unnecessary baggage. Many Americans learned how to make do with nearly nothing in the 1930s. It was a tough time, but it made tough people who could teach their descendants much.

  6. #46

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    Jim, you have an excellent point. Yes, I have gadgets but I didn't go into debt to get them. The problem I think is a lot of people aren't "tough" anymore. It has I think a lot to do with the entitlement society and attitude among too many people. Furthermore, parents today often let there kids get away with stuff that there is no way we'd get away with. (Although that being said, I do know people who are strict parents.) It's very frustrating to watch.

  7. #47

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    Ahhh, the good old days. Average income fell by 40% between 1929 and 1933. And most people didn't need to worry about saving for retirement since life expectancy was about 60 years. And, of course, antibiotics weren't generally available, so people had more kids because they didn't expect them all to survive. Yes, people learned to make do.

    Of course, anyone who looks back fondly on the Great Depression either didn't live through it or is delusional.

  8. #48

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    Quote Originally Posted by Jim Jones View Post
    Income isn't what makes people wealthy as much as outgo keeps them from saving money. We tend to keep up with the Jonses. As an ancient Jones, I try to make that easy, but people persist in wasting money on large screen TVs, cell phones with cameras and GPS, video games, dinners out, and other money sponges. Most of these don't enhance the quality of life, but they do keep us from really living. Henry Thoreau may have overdone the basic lifestyle at Walden Pond, but it certainly beat going into debt for unnecessary baggage. Many Americans learned how to make do with nearly nothing in the 1930s. It was a tough time, but it made tough people who could teach their descendants much.
    I think this is pretty silly idea. One would have to be some sort of neurotic miser, fixated on collecting money to think savings counts for more than income. There's really no point in having a million in savings, if you lack the income to the maintain that sum when you spend it. Indeed there is no sense in having any money at all if you don't plan on using it for something. I agree however with everything after the first sentence.

  9. #49

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    Eventually you will have no, or drastically reduced income. At that point you start drawing down on that pile you put away. A good financial planner can run calculations that will tell you about when you will run out of money. Hopefully it's the same day you die.
    “You seek escape from pain. We seek the achievement of happiness. You exist for the sake of avoiding punishment. We exist for the sake of earning rewards. Threats will not make us function; fear is not our incentive. It is not death that we wish to avoid, but life that we wish to live.” - John Galt

  10. #50
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    A cameras value is only in the pictures it creates.

    “The contemplation of things as they are, without error or confusion, without substitution or imposture, is in itself a nobler thing than a whole harvest of invention”

    Francis Bacon

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