Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
Re: Success Stories and Encouragement

reeltime wrote:
Do you recommend to folks to live off of a credit card?

I'm doing OK living off of Ted Underhills' AMEX. Want the number?

reeltime wrote:
Are you saying it's unwise to keep an emergency fund?

Silly goose. That's why the Caiman Islands were founded.

reeltime wrote:
Is free miles and cash back a good strategy to build wealth?

It's an OK strategy. Society cat burglar is a better one, although I've not yet figured out where to fence a cat.

reeltime wrote:
Is playing the lottery a smart use of money?

Better to play roulette than lotto. Girls at the table are way hotter.

reeltime wrote:
Is it wiser to get 2% cash back on a credit card, or use compound interest to save?

Go through the neighbor's mailboxes, collect their 2% refund checks, and put THAT to work compounding interest. It's among my current strategies.

reeltime wrote:
Should people rely on Social Security to retire?

Heh, Ponzi made millions for the better part of a year. It can work. Besides I find a few Social Security checks in the mailboxes I go through. They are starting to compound nicely.

reeltime wrote:
Is leasing a new car a smart move or is it better to purchase used, pay off, and own your vehicle?

Well, you can go that whole leasing or financing thing for a new car, but a pistol and 25 pounds of determination at a stop light can get you a new used car every month, if not more frequently.

reeltime wrote:
Should you measure wealth by net worth (defined earlier) or FICO score? Or is your credit limit the best measure?

Net worth is determined by your willingness to do that which others won't do. I'm currently hiring high school students to go through mailboxes for me. I cut 'em in on the spoils, they get charged as juveniles, it all works out.

reeltime wrote:
How do you define winning financially?

Why getting away with it, of course. Duh.

reeltime wrote:
Should people spend $300 dollars each month on a car payment, or invest $200 dollars a month in an index fund?

You obviously didn't read the chapter of my book on carjackings.

reeltime wrote:
Is charging off an account, applying for bankruptcy, or walking away from your bills a proper way to conduct your personal finance?

What's wrong with bankruptcy? Corporations do it all the time.