Comments on: The Secrets of Personal Finance

By: Samuel Finlay

Samuel Finlay — Wed, 21 Jan 2015 07:53:00 +0000

It’s a very informative and helpful blog. Thanks for
sharing. You should check out http://silveryoung.com.au

By: Gary

Gary — Fri, 26 Dec 2014 13:18:00 +0000

Mind blowing post. Thank you James

By: John Richards

John Richards — Thu, 04 Dec 2014 02:56:00 +0000

James, I differ a bit on D), but I think it depends on what you want from life. A feb. blog in the NYTimes noted a Harvard/Berkeley study that indicates that whatever financial/social ‘class’ you end up in is largely consistent with your predecessors, generations ago. I said ‘indicates’, not ‘proves’, clearly the data is too indeterminate for the latter. That would support your contention that college is not necessarily the driver behind lifetime earnings, but at the sametime… I did go to college, and it was a great experience for me – I learned a lot that I still use everyday in my work. I also learned a lot that I don’t use at work, but makes my life richer in many ways. Finally, of course, if you want a job with a big company (rather than starting your own, or building something entirely new) a degree is almost mandatory.

By: John Richards

John Richards — Wed, 03 Dec 2014 23:56:00 +0000

I am aware of two levels, mutual fund and 401K plan – perhaps also the brokers on both the buy / sell side, and any employer kickbacks funded from plan returns – but for a large 401K or a Vanguard IRA, I think that’s a minimal impact if you mostly buy and hold. Personally I don’t really care… over 20 years, my 401k has returned an average 10.3% annually, and I saved enough that I don’t worry about retirement. That’s one way to do it, the way I did it. It worked just fine, regardless of who else had their hands in my pot. However, even though I expect to retire with a few million, that won’t make me ‘rich’… just very well-off. James seems to have a different approach, that seems to be working for him, and is a more likely way to make big money – my method isn’t going to yield, say, a $25M net worth, but his easily might. I would speculate (and his history seems to show) that James’ approach has more boom and bust – higher highs and lower lows. That’s cool too. That approach just wasn’t for me, though I can see myself adopting it within ten years – when my youngest is on his own. Of course, that’s just the money side of things – and I only drew a contrast with James because I have saved my way to “enough” contrary to his advice – but since true wealth is not defined by money, there is much else to consider on this topic. I think in the end, if you ‘did it your way’, that’s a great thing. I will say that what I like about James’ overall blog and the advice / lifestyle / workstyle he advocates is that it seems geared around personal fulfillment. Hard to go wrong if you win on that score.

By: Charlotte

Charlotte — Tue, 02 Dec 2014 19:56:00 +0000

I’ve always known I don’t see the world through the same eyes as most people and after reading your blog I now feel excited to embrace it! Everyone wanted me to go to university but I didn’t see the point because 90% of people I know went so it can’t mean it’s that special. Plus what is the point in spending a fortune when you don’t even know what your good at/love yet? Then everyone wanted me to get a proper job instead of Uni but I decided to go snowboarding for 3 years instead because it’s fun. Then I got a job ( at the same time all my friends at Uni were finishing studying and also looking for a job ) and worked in recruitment where I earnt at least 5 times more than anyone else I knew that went to study. Then everyone (mainly my employer) wanted me to buy a house but I didn’t see the point and I didn’t want to be trapped. Then this year I set up a recruitment business and everyone said I should grow it because I will be rich but I have been honest with myself and realised I don’t actually love it. So now even though I could be rich relatively quickly I’m going to quit and get rich doing something I love. So I have been following your idea advice and come up with some ideas I am going to try! OBSERVE THE MASSES AND DO THE OPPOSITE!

By: Heywood

Heywood — Mon, 17 Nov 2014 15:10:00 +0000

I would like to see the “at least 5 levels of fees” detailed in an article

By: Samuel Barrett Gross

Samuel Barrett Gross — Thu, 13 Nov 2014 00:01:00 +0000

James, great article. As a 23-year-old, I’m realizing how important it is to gain skills and experience through persistent trial-and-error- and I couldn’t be more excited about the journey. Thanks for the advice!