Thanks for the edifying write-up. I found it very informative, well written, and interesting. I think most people lack the patience to handle finances in the most efficient and practical manner. They want everything yesterday. My wife and I have careers of what I consider mid to low income. I’m in the military and she is a hotel front desk manager. Because I follow the rich persons guidelines that you set forth in your write-up, my wife and I are able to put away $6,000.00 a month after all our monthly expenses are paid. Most people will not agree with what I have done in the past to get me to this point. First of all, with the exception of my first automobile, I buy everything with cash or credit card to be paid in full. In other words, I don’t buy anything that I cannot pay off immediately with cash, not even a house. Oh yes, I was castigated for buying a house with cash in full on the day of closing. It is unreal how much money I saved when I bought with cash. I have since sold the house and now rent in Virginia Beach, VA. I am again being castigated for renting, but for now it makes since for my wife and I. Anyway, to make a long story short; by virtue of my financial habits, I am able to do what all the spendthrifts are doing with the peace of mind that I have a substantial amount of money saved up, have no debt and can buy a house with cash even in San Diego. As a consequence of most peoples credit spending habits, prices go up as inflation gets out of control due to everyone being able to afford everything via credit. If I had it my way, no one would be able to borrow money and prices would remain in check.
