I didn't read his book and I retired at 42...all I did was pay bills on time in full, never put on plastic what couldn't be paid off when the bill came in and some, like the mortgage, ahead of schedule. I know I am not unique to this, but people like us aren't often discussed.
We didn't make ourselves "house poor", nor did we jump on the bandwagon of the ARM with the intent of selling in 2 years and making a killing. So many were doing that, we could see the market would be flooded with sellers and few buyers.
The book is a good idea as a wedding gift. That and making a basic personal financial management class with at least a 'C' grade a requisite for graduation from high school. I see that as a viable option because I am just plain mean...and sick of my tax dollars bailing out that faction of society who got themselves into avoidable financial trouble.
What I am about to say applies ONLY to those who have had a choice in their situation:
Sacrifice. The hardest part of it when there is a choice. No one NEEDS atvs, motorcycles, pets, designer clothes, kids, restaurants. We lived in a 2 bedroom mobile home for 13 years, it allowed us to become financially sound. It was a good home, very affordable. When the time came we were ready to buy site built, we had a large down payment and credit score of over 800; then we did not over buy. We were preapproved for a six figure mortgage...but we did not NEED that. We found what we wanted, five figure mortgage, secured a low interest, no points, no penalty 15 year mortgage. Paid it off in 7 years.
Sacrifice. Going without what you want for what you need. Common sense. You know you have bills coming every month and when they will be due, so don't cry into your shot of $70/fifth bourbon because you are short on your electric bill payment that month.
My best teacher for finances? My parents. My father was the son of a sharecropper, and he grew up less than poor; he vowed as an adult he would never be poor again. My mother, who like many girls of the 50s, didn't graduate high school, but she is chock full of common sense, a knack for handling money and made sure dad got his wish for financial security.
It is sometimes difficult to stay on the path of financial security. After time, it becomes a way of life, a habit.
Now today, I am glad we were able to say no to certain luxuries. Because we handled things the way we did, when my husband died I did not have to sell the house or use his life insurances to pay off the mortgage. I was able to keep my home and maintain the financial lifestyle I had become accustomed to which is by no means lavish. News flash: people die. Many times without warning, so as morbid as it sounds, financial security allows for that also. Sacrifice: it will pay off in the long run.
"Bruises fade and bones will mend-but a psyche can be ruined FOREVER" : LisaLouHoo, c. 2008
