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A Quote I live By Now (The best I believe)

by Ernie Lo
9 replies
"A rich man is not one who has the most, but one who needs the least"

Seriously how good and true that quote is. Be smart with your money and unless you want to struggle your whole life, perhaps there are things you can do without and put your money to better use.

Luxury items only make you happy for a while until you get bored and need your new "fix". Sure you can waste your money on some stuff (life would be boring if you didn't) but try not to go overboard and buy every latest gadget like the ipad, ipod, iphone if you really cant afford it. People say we are much richer and better off these days, but thats BS, all we have now is the ability to put everything on a credit card but thats not rich.....thats foolish.

Are you really rich? Only you know the answer to that, but if you know your not rich why are youbuying stuff left right and centre? You would be better off living within your means.

Invest your money better than most people, and later on in life you will be happier and stress free hopefully.

Anyway its YOUR life after all so do as you wish.
#live
  • Profile picture of the author ucajack
    well i would say a rich man is not only the one who needs the least but works hard to make the sufficient.
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  • Profile picture of the author agc
    A rich man is one who has what he needs without having to work.

    That means he owns "enough" assets to product "enough" income.

    You achieve wealth by accumulating more assets until you have enough assets to produce enough income (with enough left over each year to increase the asset base to account for inflation).

    Here's the part where the quote becomes reality:

    You can greatly REDUCE THE AMOUNT of assets you need by reducing the amount that you NEED.

    And you can greatly INCREASE THE RATE at which you accumulate assets by reducing the amount that you need / SPEND.

    And you can do this without increasing the amount you earn today.

    :-)
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  • Profile picture of the author SilentX
    Ya, I remember a parable that I'll have to paraphrase, but here's the idea.

    Two men were hiking along a mountain ridge when suddenly one of the men kicked over a rock accidently and revealed a large nugget of gold. The men were stunned, and the other man wanted to go and sell it immediately. The man who kicked over the rock, up ending the golden nugget told him that he could have it. The man was so exstatic he ran all the way back to town to appraise the nugget. When he was about to appraise the gold, he stopped for a moment and reflected on what his friend had done for him. He think abruptly stopped the appraiser, and took the gold back to his friend. He asked his friend, "I thought I had become rich when you gave me this golden nugget. However, I realized that what true wealth is. Please teach me what it is that allowed you to give me this golden nugget in the first place?"

    I think this story really emphasises your quote, and I also truly believe it in my heart. Even if it is hard to live by xD
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    • Profile picture of the author naruq
      A Rich Man or Woman Is able to live comfortable because he has created multiple streams of Cash Flow Residual Income by adding value.
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  • Profile picture of the author theunrealmarketer
    Very thought provoking quote. Thanks for the dose of wisdom!
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  • Profile picture of the author Ernie Lo
    I think some of you misunderstood the quote. It has nothing to do with income streams, etc its quite a simple quote but can have a quite complex meaning I admit.

    But it's basically saying the more you need, the less money you have and the less happier you will be because you will probably always struggle with money because your wasting it on things you dont really need.

    On the other hand, a simpler person who lives within their means will have more money for themselves and wont stress about bills as much as their living costs are much lower and their usually happier people they appreciate the simple things in life and don't need to constantly buy the latest "toys" to be happy.

    Well thats what I think it means anyway
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  • Profile picture of the author Clyde
    A rich man is anybody that drives a lambo. It's as simple as that.

    It's not about what you think, it's about what other people think of you. You can be a homeless guy with 1 million in the bank (actually happened) but what's the point of that? Your life has been a total waste of resources. Start buying properties, cars, stuff you don't actually need, luxury items, that new diamond sets, designer brands, designer watches, buy everything you can and live on credit card debt.

    It's the only way to have truly lived.

    j/k
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  • Profile picture of the author Rich Rockets
    Great quote, inspired me to get some more work done! Thanks given.
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  • Profile picture of the author atvking
    Originally Posted by Ernie Lonardo View Post

    "A rich man is not one who has the most, but one who needs the least"

    Seriously how good and true that quote is. Be smart with your money and unless you want to struggle your whole life, perhaps there are things you can do without and put your money to better use.

    Luxury items only make you happy for a while until you get bored and need your new "fix". Sure you can waste your money on some stuff (life would be boring if you didn't) but try not to go overboard and buy every latest gadget like the ipad, ipod, iphone if you really cant afford it. People say we are much richer and better off these days, but thats BS, all we have now is the ability to put everything on a credit card but thats not rich.....thats foolish.

    Are you really rich? Only you know the answer to that, but if you know your not rich why are youbuying stuff left right and centre? You would be better off living within your means.

    Invest your money better than most people, and later on in life you will be happier and stress free hopefully.

    Anyway its YOUR life after all so do as you wish.
    great post!

    you cant buy an immaterial thing like happiness with a material thing like money! its against the laws of physics!

    having money is good...but buying happiness is IMPOSSIBLE...when you buy a new iphone or new car or new yacht you dont buy the plastic and the metal and the microchips inside you try to buy a FEELING...but after a while if you keep "investing" in this you get a diminished ROI ...the problem lies in the nature of happiness:

    happiness is the only thing in the world that grows when shared

    when i feel sad i go buy a kilo of apples and feed the local hypopotamus at the zoo...costs me only 1$ and feels much better than an Iphone ...my ROI gets bigger every time because the hypo knows me and comes out of the water for his apples...

    this is why people have the need to buy more and more because they are looking for happiness in the wrong place and investing in the wrong things...
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