The Richest Man in Bablylon?

[BayView]

As for your 200 people in a food court within a mall, I dare not Marc. They'd be more likely to punch you than answer you with a civil tongue.....well, maybe that's just the folks that frequent our mall.

LOL, Dazz!

aah, yes; The Mall.

No, it's not just your Mall; they are the same wherever you go, sadly.

I was trying to subtly hint at the type of response one would get in such a place eek without actually saying so.

Trying not to be my normal politically incorrect self - good to see someone else have a crack at it for a change.

 

[alexlee]

Try telling that to someone earning $50k or less. Even $60k

Methinks that most people here - who I'd guess are in some form of IT job are in lalaland in terms of what they think yer average penguin earns.

Good luck to you all, but please stay in the real world.

10% is not enough ESPECIALLY if your income is lower.

Is it hard? Sure. The lower your income, the harder it is. Is it possible? I believe so.

 

[jaycee]

Which just supports my argument.

Whilst I agree with the statement in pure financial and wealth building terms (we already cough up about this amount of our income for wealth building), to put it out there that the figure should be more than 10% is not realistic for the majority of the planet.

Hence, the statement is most likely coming from one who is in the very small minority of the planet who probably whack in a hefty 30% or so.

Nothing wrong with being in the 5% - good luck to all of us who are. But ya can't tell the 95% penguins to do it, because they simply can't and still live a decent life on a day to day basis.

Here's an activity to undertake on a rainy saturday afternoon; go to any Mall in Aus at around 12.00pm - especially near the food court, and survey 200 people and ask if they would be willing to save 30% of their income for wealth building.

Why would you suggest that if as you / I do not already knw the answers ?

All I meant was I think Alex was saying, "10% won't give you the outcome suggested, you need more if you want to get the outcome being suggested".

 

[alexlee]

Whilst I agree with the statement in pure financial and wealth building terms (we already cough up about this amount of our income for wealth building), to put it out there that the figure should be more than 10% is not realistic for the majority of the planet.

I agree that the majority of people won't do it. Not can't do it, since they already save 9% of their pay into super, and manage to live off the 91%. If you gave them the 100%, most wouldn't be able to save 9%.

This is never going to apply to the majority anyway.

Hence, the statement is most likely coming from one who is in the very small minority of the planet who probably whack in a hefty 30% or so.

Nothing wrong with being in the 5% - good luck to all of us who are. But ya can't tell the 95% penguins to do it, because they simply can't and still live a decent life on a day to day basis.

If they don't, then they're not going to have a decent life in retirement either. I would think, though, that you WANT to tell 100% of the people to do it, if only to maximise the number of people who will then fall into the 5% or whatever that will actually do it.

Here's an activity to undertake on a rainy saturday afternoon; go to any Mall in Aus at around 12.00pm - especially near the food court, and survey 200 people and ask if they would be willing to save 30% of their income for wealth building.

CAN everyone do it? Pretty much. WILL they do it? No. However, for the 3% or 5% or whatever of the population that does hear the idea and acts, it'll change their lives.

 

[Dazz]

CAN everyone do it? Pretty much. WILL they do it? No. However, for the 3% or 5% or whatever of the population that does hear the idea and acts, it'll change their lives.

Maybe so Alex, but Australians being Australians, ALL of them will tell you to go get stuffed - even the 3 or 5% who do finally enact the changes necessary - so, you'll never know.


If Marc tried to do something like that, he'd likely get an earful straight back at him with something along the lines of "How DARE YOU think you are better than us."...or the ubiquitous "I don't care."

 

[Player]

............................Nothing wrong with being in the 5% - good luck to all of us who are. But ya can't tell the 95% penguins to do it, because they simply can't and still live a decent life on a day to day basis..................

Yep.

That's becuase, they don't understand that (in the beginning at least) the habit of managing money is more important than the amount.

Marc, you, I and most Somersofters already know that

 

[VYBerlinaV8]

The Babylon story, like Rich Dad Poor Dad, is simply a story surrounding a very simple idea: spend less than you earn and invest it. Do this long enough and you'll be rich.

Many people here have already had the penny drop. As such, these people won't get much out of it.

 

[alexlee]

Maybe so Alex, but Australians being Australians, ALL of them will tell you to go get stuffed - even the 3 or 5% who do finally enact the changes necessary - so, you'll never know.

If Marc tried to do something like that, he'd likely get an earful straight back at him with something along the lines of "How DARE YOU think you are better than us."...or the ubiquitous "I don't care."

Which is why I don't talk to people about it, though I'll give them some information if they ask. Usually just 'read this book first and tell me what you think'. If they actually read it and think about it, maybe they might actually do something. Or not. After a lot of disappointments, most of the time I don't bother.

 

[BayView]

Why would you suggest that if as you / I do not already knw the answers ?

It was more rhetorical than something to actually be done - we all know the answer to it.

All I meant was I think Alex was saying, "10% won't give you the outcome suggested, you need more if you want to get the outcome being suggested".

10% will get you there - it just depends on when the person starts.

 

[Corey Batt]

30-40% Pish posh!

50% is the only way to go. 5 mil by 40.

 

[redwing]

Here's an old thread worth revisiting

The 10% rule

 

[DJBarnstar]

I am currently about 1/2 way through and enjoying it. It's a good read and thanks for the PDF!

I have also learnt the term 'Parable' and look forward to using it in conversation frequently.

 

[kathryn d]

When my kids were small I took 13 years off work outside the home (I took in children, so always had an income)
During this time my ex and I paid off our PPOR..and this was before I had any IPs.
When the kids got old enough I went back to employed income. We saved everything I made from this income and invested it.

After our divorce, it was split evenly..and gave each of us a nice little start.

I initially thought about doing the 10% rule , but we were already used to not having this second income, and thought might as well start here.