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post #77 of Old 10-16-2007
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Hoffa, I wanted to add one more book as a recommendation, it's one of my favorites. This is a book I often give to children in my family when they get to an age that they start working, it's called "The richest man in Babylon", and I highly recommend it. It's the same kind of thing as the book mentioned above. I'm including a wikipedia entry about this book, it's an older book but well written in a easy style I think you will like. It's really a financial philosophy book.

The richest man in Babylon

It's essentially all about buying your freedom.

Edit, I want to add another thought to this even though I have already bored everybody enough haha, but I will anyway. One of the things I really like about this basic financial wisdom is that it's also very easy to figure out what things are worth to you, if you are really willing to pay what it costs to support them. Here are a few examples.

I like lemon lime sparkle water, they sell it at the store for 3x 2L bottles for 2$us. And I probably drink 3 of them a week. So the math is real easy, 2$us/week x 52 weeks = 104$us/year to enjoy them. Using interest on capital only, it's a simple multiplication by 20 (assuming 5%) = 2080$us. So that's basically saying that to enjoy the smooth refreshing taste of 3 bottles of lemon line sparkle water a week for the rest of my life I need to go out and earn 2080$us. Which, you know, fine, I like it, that's fine if I do that, if it's worth it to me I can do whatever I want.

Another example, say it costs 30$us/month to have someone change the oil in the car. So 30$us x 12 x 20 = 7200$us. Is it worth going out and earning 7200$us to have free oil changes for the rest of my life ? Yeah, maybe, but maybe not, I don't really mind changing the oil myself, but it probably costs me 20$us to change it myself, so even changing it myself I need to go out and earn 4800$us just for the privilege of changing my own oil for free the rest of my life. I might not mind working for that extra 2400$us to have someone else do it.

Or maybe you like talking on a cell phone a lot and that costs you 150$us/month on average, so that's 150$us x 12 x 20 = 36000$us. WOW! And maybe you didn't think talking on the cell phone was expensive. To be able to talk on the cell phone all the time for the rest of your life, is it worth going out and making 36000$us ? Maybe. Or maybe it's time to start talking to the family with email.

Or one more situation, you are standing in line at the checkout in the gasoline station and see that there is a candy bar that you want. You know it costs 0.50$us less at a food store, and 0.75$us less if you got it wholesale. Pretending you eat something like that every day, is it worth 0.50$us x 365 x 20 = 3650$us to pick up the candy bar at this convenient location instead of buying it at the grocery store and bringing it with you every day ? And is it worth another 0.25$us x 365 x 20 = 1850$us to buy it at the grocery store instead of getting it wholesale and bringing it with you every day ?

Anyway, I just thought I would add that little bit on because I was thinking about it.

What are you pretending not to know ?

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Last edited by wind_magic; 10-16-2007 at 03:07 AM.
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