Comments on: The Frugal Millionaires by Jeff Lehman

By: mikestreb

mikestreb — Wed, 11 Nov 2009 02:38:02 +0000

I read this. It was pretty good.

By: KB

KB — Thu, 28 May 2009 12:30:45 +0000

1st part of this article is ok but when he move into the true agenda of pushing the environmentalism crap that is when the whole article gets thrown out..
They turn off the water when brushing their teeth.. come on..

By: doc

doc — Fri, 08 May 2009 12:58:49 +0000

I agree there is no free lunch
I flip equities but it takes a lot of work and research plus some luck. Sound familiar

I’ve made money and easily beat the S&P by a wide margin but it was due to a huge effort.

By: Donna

Donna — Tue, 17 Feb 2009 12:22:47 +0000

By the way – any hints on how one buys muni bonds? So used to using Sharebuilder, I don’t even really know about buying anymore.

By: Donna

Donna — Tue, 17 Feb 2009 12:19:08 +0000

I owned a couple of vending machines (a small cash business) when I lost my job during the dot.com bubble. It was very fun in the beginning. The problem is finding a good place for them, the dollar changer getting stuck and people using foreign coins on you. All the change was kind of a pain and I went the legal route, declaring the business to the tax man and all that (I really kind of wanted to know if you could make legitimate money like a real business.) The answer is – you can, but I’ve learned (and this comes to flipping houses too, been there done that) there is no free lunch. You’ve got to work for it! You can only make easy money on the whole real estate deal thing AFTER you’ve spent a good bunch of years learning the ropes, doing the work, wearing down the shoe leather and using up the cell phone minutes – plus getting contractors to come when they say they would! Basically – stablishing yourself as the go to person – so I would venture that there’s still no free lunch even then, cuz you’ve put your time in to earn that deal coming to you easily.

By: Chiko

Chiko — Tue, 17 Feb 2009 11:37:15 +0000

$3,000 per month in residual income. If you check out my site you will see a more detailed plan. My plan is to create that by the age of 25.

By: Meg from FruWiki

Meg from FruWiki — Tue, 17 Feb 2009 03:47:59 +0000

Well, I’m listening if you want to sum up that plan, but frankly, we can’t all be Bill Gates. Obviously, some people do get very rich, but even with the best laid plans there is a large element of luck.

And what do you mean by “$3000 in residual income”? Per month? Per year?

By: Chiko

Chiko — Tue, 17 Feb 2009 03:02:07 +0000

@Meg

I am positive that even if Bill Gates wanted to, the is no way he can spend all the money he has. Anyways, that is not my point. My point is that you can create enough wealth that you don’t have to worry about saving to gain or maintain it.

I plan to retire at 25 by establishing about $3,000 in residual income and then walking away from corporate America to chase bigger and better (and risker) dreams. You can check out my plan on my site.

By: Meg from FruWiki

Meg from FruWiki — Mon, 16 Feb 2009 01:47:22 +0000

Chiko,

If you aren’t frugal, it doesn’t matter how much money you make. Any amount can be blown by someone who doesn’t know how to save. Those who stay millionaires (and most who get there anyhow) are frugal. Read The Millionaire Next Door.

Perhaps you do have a billion dollar idea and the luck and hard work to see it to fruition even in this economy, but that’s sort of like winning the lotto and I would have a plan b, c, d, e, etc. and save your money in the meantime.

And you say that anyone can save their way to wealth like it’s a bad thing! Yes, it takes awhile, but when you learn to live frugally it’s not like you spend all that time just waiting for your ship to come in. There’s more to life and happiness than spending your first million!

I’m curious, though, what exactly do you plan to do after you retire at 25?

By: Chiko

Chiko — Sun, 15 Feb 2009 16:26:12 +0000

I don’t really like books that talk about saving your way to wealth, because anyone can do that, plus it takes a long time. I like books that teach you how to create enough wealth that you don’t have to worry about saving your way there like “The Ten Roads To Riches.” I plan to retire by 25, so I need something a little faster. But, that doesn’t mean I will not be checking this book out. Seems like an interesting read.