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Originally Posted by MAXUM
The other thing that Ramsey rightly pushes is savings - something that shockingly few do. You don't have to be rich to put some money away but you have to be disciplined. How many are truly prepared for retirement and have a nest egg of substantial value to live off of. I can tell you in my age group (40s) most of my peers have little or nothing. That is scary. Oh they have all the stuff, all on perpetual payment plans that have no end and these folks are living paycheck to pay check wedged to 100% on the payments of all that stuff they really don't own and paying a premium to do so.
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Maxum,
Great point. On that note a great book I read about 15 years ago and again last year, The Millionaire Next Door(Thomas Stanley) looks at the statistics, profiles, and habits of American millionaires, and it's not the family driving the latest SUV with golf and health club memberships, or wearing vineyard vines clothing. Often it's the low profile neighbor, contractor, or teacher, who lives within their means, holds onto vehicles for 10 years, and is diligent about saving and investing. Each of my kids got a copy for Christmas last year!