Sunday, October 9, 2011

Comment of the Week

From JoeB:
" I just don't understand why everyone is attacking the wealthy. I guess by some standards, I am considered wealthy but not by my standards.

My father always told me to save a little for a rainy day and retirement. When I was 12 and had a newspaper route, Dad always insisted that I save $2 for retirement and $2 for savings out of my $10 per week profit from delivering newspapers. I did pretty well too. I was able to save enough to buy my first used car and maintain it.

I always thought Dad was a pretty smart guy so I have followed his advice throughout my life. When I went to College, I worked two jobs as a janitor and a dishwasher to pay for my education. I always managed to save a couple of bucks each and every week. I didn’t go to expensive colleges either. I started out at Delaware County Community College and took every class possible before transferring to West Chester University. Who cares if you went to Villanova or St. Joseph or even the University of Pennsylvania? The expensive University will help you get your first job. However, after your first job out of College, most people don’t care where you got your education; they want to know that you are capable and will perform. I work with a guy who graduated from the U of P. We work side by side and earn the exact same amount.

The day my daughter was born, I started saving for her college education with a $2 per week investment which I increased from time to time based upon my income. When she was 18, there was enough saved so that it wasn’t necessary for her to take student loans.

For the past 30 years, I have always had two jobs so that I could achieve my financial goals. The power of compound interest is a beautiful thing.

When I bought my home, I always paid an extra $20 - $40 bucks a month into my mortgage because I knew for each $1 I paid in mortgage, that was one less $1 I would pay interest on. I paid off my 30 year mortgage in 18 years. I am 55 and have never once owned a new car. Every car that I have ever owned were used and my current cars are both 15 years old and run great, so I don't need a new car. I maintain them. I save up to buy the things that I want to buy that I consider to be a luxury, cameras, computers and vacations.
Truthfully, if I wanted to do so I could take it out of my savings to make the purchases, but I like the excitement of saving to make the purchase while continuing to save for a rainy day and retirement. It’s actually fun and I appreciate my purchases so much more.

Am I wealthy, not in my mind, Do I have a million dollars? Yes, I finally achieved my goal.

Some people may consider me to be cheap. I consider what I have done financially to be living within my means while planning for future known events. My family always had two weeks of vacation in the summer, Great Christmas gifts etc.

The difference between what I did and what I see happening today is that everyone is charge card happy. They spend without even thinking about the ability to pay the debt that they have accumulated. I see people I work with struggling from pay check to pay check driving expensive new cars and taking multiple expensive vacations per year. I just don’t get it?

So, you want to tax the millionaires? Why should be punished with an extra tax bourdon because I choose to save and do without in order to plan for the future? Why should I feel sorry for those folks who choose to spend every dime they earn and then some? "


Blogger Dannytheman said...

Here, here!!!!

Well said!!

October 10, 2011 at 7:34 AM 
Anonymous Anonymous said...

Indeed, JoeB, very well said... Unfortately most will not understand what you have said. And then there will be those who want to deny the reality of your experience over the years... They'll say it is because of people like you who work hard, two jobs through the years, save a part of every paycheck over the years, educate your children without reliance on subsidized loans, on and on and on, they'll say that this was wrong... Or they will ignore what you have said, as is evident thus far from the lack of comments, because they don't want to have to confront reality... Dannytheman said it all when he said "Here, Here!!!!"

October 10, 2011 at 9:21 PM 
Blogger Bob Bohne said...

With all due respect to Joe,I believe the idea is to raise taxes on people with incomes over a million a year, not on people who have saved a million dollars over their lifetime.

October 11, 2011 at 12:18 PM 
Blogger Bob Bohne said...

Here here!

October 11, 2011 at 1:51 PM 
Blogger Bob Bohne said...

Anon - Why didn't you spell check Joe's letter? You're slipping. Gil - Are you sure this guy has a college degree?

October 12, 2011 at 9:23 AM 
Anonymous Sarah said...

For me it was a remarkable experience. Saving a lot could lead you to your goals and less debts. I'm so fascinated by his simple lifestyle. Thanks for sharing.

November 26, 2011 at 6:36 AM 
Anonymous Jenna said...

JoeB's life is very inspiring. saving money at first is not easy specially when you have cravings you will tempt to buy. But the good thing here is saving money even in smaller bill you could benefit it in the future.

November 28, 2011 at 7:04 AM 
Anonymous Jenna said...

JoeB's life is very inspiring. saving money at first is not easy specially when you have cravings you will tempt to buy. But the good thing here is saving money even in smaller bill you could benefit it in the future.

November 28, 2011 at 7:04 AM 
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