06-14-2002, 2:31 PM | Post #64432 |
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I have just finished reading "The Millionaire in You" by Diehard Michael LeBoeuf. Here is a sample:
"My goal is to simply help as many people as possible become millionaires as quickly, safely, honestly and enjoyably as possible."
"There are only four things you need to know about money: How to make it; How to save it; How to invest it; and How to enjoy it."
"LeBouef's Law: Invest your time actively and your money passively."
"Money should be invested passively. Passive investing means buying and holding no-load, low-cost index mutual fund with performances reflecting that of entire markets."
"Don't waste your time playing the market. Own the Market, live your life and enjoy the journey."
"Taylor Larimore--summarized the index advantage best: "Index funds offer much more than superior returns. They also provide maximum diversification, no overlap, no style drift, no manager changes, lower turnover, lower expenses, lower taxes, greater simplicity and peace of mind." (I'm honored to be quoted.)
"Spending an additional 90% of your time to get a 1% increase in performance is rarely worth it."
"The master key to wealth can be summed up in just one word: Simplicity."
"If you saved a dollar a day, or $365 a year, from the day you were born, you would be worth over $2 million on your sixty-fifth birthday with a 10% return."
"A penny doubled every day for 30 days compounds to over $5 million."
"While there are all sorts of complicated formulas and work sheets for figuring precisely how much you'll need to be financially independent, twenty times your yearly spending is a good ballpark figure to shoot for."
"The estimated cost of rearing a child from birth to age seventeen is $117,000. Add in the college years and you're easily talking about a total cost of $175,000 to $200,000 per child."
"Lack of money isn't the problem; lack of saving is."
"If you don't save, you don't have a prayer."
"Don't be a sloth, do a Roth."
"Financially speaking, SUV's are the worst deal going. They cost about $20,000 more than the average car and consume copious amounts of fuel.--In case you're wondering, a one-time investment of that extra $20,000 in an index fund that returns 11% annually compounds to $1,300,017 in forty years."
"Never take time for granted. It's your most precious resource. All the money in the world can't buy back a moment."
"One of the greatest principles of success: If I persist long enough I will win."
"Simple buy-and-hold index investing is one of the best, most efficient ways to grow your money to the ultimate goal of financial freedom."
"The main reason index investing is so successful is because fewer people have their hands in your pocket."
"Timing the market is for losers. Time IN the market will get you to the winner's circle, and you'll sleep a lot better at night."
"Only two prices matter with respect to investments: how much you pay when you buy, and how much you get when you sell. The rest is just noise."
"Successful people know there is no free lunch. Commitment, work, risk, change and sacrifice are the price of success."
"Experience the joy of giving something back."
"Remember, The Journey is the Joy."
"Celebrate each day for what it is--a gift. That's why it's called "the present."
"To all the Vanguard Diehards at the Morningstar.com website for their friendship, knowledge and help to so many. Bogleheads, you are the greatest!"
Mr. Bogle was right when he wrote on the cover: "Here is a book that will ensure a wonderful journey through life. Enjoy it."
Originally posted in thread: 20508