Comments on: The Secret to Building Wealth

By: Ray The Money Man

Ray The Money Man — Wed, 12 Nov 2008 19:41:08 +0000

I personally feel that your credit card should “only” be a emergency fund. I know that saving money is the only option for most people but I have always viewed it as dead money, losing ground.

Great post!

By: Joseph

Joseph — Mon, 15 Sep 2008 14:39:25 +0000

“as the supply of a resource increases, so does the demand for that same resource”

It’s natural to spend more when you make more. Unfortunately this will never make things better for those who aren’t disciplined enough to save.

By: Blake

Blake — Mon, 15 Sep 2008 13:55:14 +0000

I agree that the discipline required to build an emergency fund is a vital key to long-term wealth. To build any type of wealth, people have got to learn to pay themselves first.

Have you heard of Parkinson’s law of finance?

By: SpEdLaw2

SpEdLaw2 — Thu, 11 Sep 2008 18:23:17 +0000

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SpEdLaw2

By: Joseph

Joseph — Thu, 11 Sep 2008 17:52:02 +0000

Tim,

Thanks for the comment. I’m not quite sure what you’re referring to with the typo. I can’t find it anywhere.

As for your comment about “saving” being the key but you’re not sure if the “emergency fund” is… what I meant by that is that if you can not get yourself into the habit of saving by building up an emergency fund you’ll never have a chance with saving for retirement.

Thanks again!

By: Tim

Tim — Thu, 11 Sep 2008 17:06:14 +0000

“debit” – did you mean to write “debt”?

Nice article. I’m not sure specifically having an “emergency fund” is the key, but “saving” certainly is.