User:Conservative/Personal finance principles

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The free enterprise system in America.

See: Capitalism

Personal finance principles

Benajmin Graham was the father of value investing.

Ali Abdaal:

Dave Ramsey:

Ramit Sethi:

Website: Ramit Sethi's website

Article: Self-made millionaire Ramit Sethi: This is the mindset you need to be rich

Andrei Jikh

Andrei Jikh is a YouTube finance and investing educator from Las Vegas, Nevada. He specializes in financial minimalism and investing, aiming to help viewers spend less and invest more effectively.

Replace Your University:

Profitable activity

Personal finance

Savings and investment:

Taxes

Taxes:


Cutting expenses

Cutting phone expenses:

"An eSIM is a digital SIM that’s built into most modern phones. It works like a physical SIM card, but without having to insert anything into your device. eSIMs offer tons of benefits, such as helping you avoid roaming fees and making it easy to switch between providers." - Saily eSIM 15% discount: Johnny Harris discount

Diversification

"Don't put all your eggs in one basket" - Popular saying.

Multiple streams of income

Business experts

Daniel Priestley:

Startups, funding, self-employment and various strategies

Becoming a millionaire

Core life/business skills:

Generating income to be a millionaire

Wealth accumulation to become a millionaire

Miscellaneous

Billionaire Kevin O'Leary's advice to wealth

Wall Street

Video: Kevin O'Leary: This $28 Habit Is Keeping You Poor! Every Time You Get Paid, Do This!, 2025

1. Marry well.

2. Don't waste money on foolish luxuries.

3. Diversification: The billionaire Kevin O'Leary's mother's great returns over the long term came from not having more than 5% in any one stock/bond and not 20% in any one sector. See: My mother would take 15-20% of her salary and invest it in two asset classes. She bought Telco bonds and big dividend-paying stocks in the S&P 500 and My mother's secret to becoming rich and Kevin O'Leary: This $28 Habit Is Keeping You Poor! Every Time You Get Paid, Do This!

4. Two types of people

A. Entrepreneurs/business owners: 1/3 are successful and you can increase your chances of success (See:

  • Risk tolerance
  • Focus: Know your priorities. Spend 80% on signal (goals and biggest priorities for the day) which are the important things and 20% on "noise"
  • Work ethic
  • Love freedom

B. Employees

True cost of owning a car plus car finder

Golden Visa programs

Nomad Elite

Competitor:

Millionaire flight related to various countries

Singapore City.

Company specializing in helping millionaires move

  • Nomad Capitalist - We create and implement bespoke, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their assets, and maximize their freedom.

Moving to other countries

Greece and Greece Golden Visa program:

Con arguments:

Video:

Negros First CyberCentre IT and BPO Hub in Bacolod city.

Philippines Special Investors Resident Visa:

  • "The Philippines "golden visa" is primarily the Special Investor's Resident Visa (SIRV), which requires a minimum investment of US$75,000 in a qualified Philippine company. This visa allows foreign nationals aged 21 and over to reside indefinitely in the Philippines as long as the investment is maintained. It provides benefits like multiple entry privileges and tax-free import of household goods, and it can lead to naturalization after 10 years of residency".[1]

Switzerland and Swiss Golden Visa Program:

Ireland:

Australia:

Vienna:

Wealth inequality in the USA/World

Income:

Thomas Sowell on the Myths of Economic Inequality

Thomas Sowell

Meritocracy and Egalitarian falsehoods/myths

Books

Wealth, Poverty, and Politics

Video: Wealth, Poverty, and Politics by Thomas Sowell; Book: Wealth, Poverty, and Politics by Thomas Sowell

Equality: The Impossible Quest: Reviews

Liberal Hypocrisy is Fueling American Inequality

People clinging to dead ideas which have repeatedly failed: Ideological necrophilia

"Bernie Sanders’s attraction to massive, government-centered programs places him squarely among populists who dismiss the need to maintain fiscal balances and end up with unsustainable government budget deficits. The plans on his campaign website would amount to an estimated $18 trillion to $30 trillion in new spending over the next 10 years. In pledging a form of European-like socialism to throngs of adoring young people, he doesn’t mention that if they were European, many of them would be unemployed and without prospects of finding a well-paying job. The bottom line: Many of his policies have already been tested, and many don’t work all that well.

In a world in which a few keystrokes on a computer can lead to a wealth of information about the track record of a particular economic or political proposal, it’s surprising that ideological necrophilia is still so common. There are many reasons why bad ideas endure, but perhaps the most important is people’s need to believe in a leader when faced with the grave anxieties and uncertainties associated with rapid change—and the demagogue’s inclination in these fragile moments to promise anything, even the discarded notions of demagogues past, in order to obtain and retain power.

There are many reasons why bad ideas endure, but perhaps the most important is people’s need to believe in a leader when faced with the grave anxieties and uncertainties associated with rapid change—and the demagogue’s inclination in these fragile moments to promise anything, even the discarded notions of demagogues past, in order to obtain and retain power." - What Is Ideological Necrophilia? by MOISÉS NAÍM

FIRE Movement (Financial Independence, Retire Early)

Financial Samarai

Others

"Mr. Money Mustache and Go Curry Cracker also emerged. The difference is they had actionable, useful information on their blogs–like ways to minimize taxes and explaining the 4% Rule-- AND they had actually used that blueprint to retire early unlike Financial Samurai who was still working his $250,000/year financial job when he started his blog."[2]

Mr. Money Mustache

"Mr. Money Mustache is the website and pseudonym of 49-year-old Canadian-born blogger Peter Adeney. Adeney retired from his job as a software engineer in 2005 at age 30 by spending only a small percentage of his annual salary and consistently investing the remainder, primarily in stock market index funds."[3]

Go Curry Cracker

Retirement: It's a modern idea. Get to work you lazy boy!

The Harvard University historian Niall Ferguson declared: "Through a mixture of hard work and thrift the Protestant societies of the North and West Atlantic achieved the most rapid economic growth in history."[1]

Humour:

Are modern ideas about retirement and ceasing working conservative when compared to world history?

Summary:

"Modern retirement — stopping work entirely around age 65 and living decades in leisure funded by pensions or the state — has almost no precedent in world history. For 99% of human existence, people worked until they couldn’t. Mass retirement is a radical late-19th/20th-century invention, pioneered by Bismarck and spread worldwide. In America, FDR’s 1935 Social Security Act was the decisive turning point: before it, retirement was rare; after it (and postwar expansions), it became the expected norm. Far from conservative, today’s idea of retirement is one of the most progressive social innovations ever created."

National ethos: Work ethic and discipline

"Yes — if Americans worked roughly to the age common in 1900 or in modern Japan/Korea, and the federal government returned to something close to its pre-Great Society size (≈ 18–20% of GDP spending vs 25%+ today), the U.S. would not only balance the budget but would generate enormous surpluses. Within one to two generations those surpluses could create a sovereign wealth fund larger than any in existence today and eventually make the federal income tax obsolete.

The constraint is not economic—it’s political and cultural. The math, however, works decisively."

Baby boomers and retirement

Peter Drucker on retirement via having your own non-profit, etc.

Others on keeping active via working or non-profit work/volunteering

Retirement suggestions

Pessimist/realist:

Stephan Graham:

Dress for success

Cost of American Dream

Lifestyles of the rich

The Confirmation of the Rule by Domenico Ghirlandaio.

The House of Medici was an Italian banking family and political dynasty that first consolidated power in the Republic of Florence.

Most American millionaires are not big spenders

  • THE MILLIONAIRE NEXT DOOR - Research by an academic who wrote the bestselling book The Millionaire Next Door (Most millionaires are not big spenders)

Big spending wealthy people

Alux:

  • Alux.com is the largest community of Luxury & Fine Living enthusiasts in the World.

Luxury Zone:

References

  1. ↑ The Protestant Work Ethic: Alive & Well…In China By Hugh Whelchel on September 24, 2012
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