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| The economy, is it good or bad. (Page 120/181) |
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Phranc
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JAN 06, 01:03 AM
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http://www.getrichslowly.or...not-about-the-bling/
I love real-life stories of people who get rich slowly. Paul Navone, a 78-year-old resident of Millville, New Jersey, is one of those. On December 21st, Navone donated $1 million to Cumberland County College. He still has millions left. How did he earn his money? The old-fashioned way: lots of hard work.
Navone never attended high school. He began working in local glass factories at the age of 16. In 50 years, he never made more than $11 per hour, often putting in 60 hour weeks. He never experienced a windfall; instead, he practiced thrift, and he invested in the stock market.
“Paul never inherited money,” his broker told The Press of Atlantic City. “Paul started from zero. He just worked hard. He stayed the course even through the bad markets. Paul rarely ever took money out. He was the perfect client.” The newspaper’s editors write:
Such a life seems almost impossible to live today, doesn’t it? Get rich merely by working hard and saving and investing? Then not spending any of that investment income?
Simply accumulating wealth that way is impressive and praiseworthy. But then to start giving it way — to give $1 million to a small community college? All because of hard work, thrift and a spirit of generosity? Paul Navone is one rare, rare individual — and a lesson for us all in this age of conspicuous consumption.
Navone shops at flea markets, drives an older SUV, and rarely buys anything at full price. He doesn’t own a phone or a television. Though he’s something of a recluse, he leads a happy life — one of his hobbies is announcing a BINGO game at the local McDonald’s every Wednesday morning.
His wealth came from frugal living, wise investing, and from owning several rental properties. Navone’s story is a perfect example of the power of time. If you’re patient, your money will grow, and wealth will come.
It’s fun to watch Navone’s story develop gradually in the pages of The Press of Atlantic City. Here are three relevant articles:
* 21 Dec 2007: Retired factory worker gives $1 million to Cumberland County College
* 31 Dec 2007: Milville philanthropist has no television or home phone, but millions to give away
* 02 Jan 2008: Paul Navone: A life well-lived
As much as I admire John Bogle and Warren Buffett, it’s folks like Paul Navone who are the real personal finance heroes.
Seems it doesn't mater what the economy is like if you invest smartly, work hard and live with in your means.
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84fiero123
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JAN 06, 07:03 AM
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Phranc give it up. The post you made was of one man, unmarried that made his money over the last 30+ years.
Do you have a TV?
New car?
Well he doesn’t, didn’t and he is the exception to what is happening here today in our present economy.
Granted he is a great read. that’s it.
Is this how you made all your money?
Just give up, you and the others on this thread who keep saying we are in good shape are lost in their own little world.
The majority of Americans are just barely getting by. Have you bought gas or oil lately?
Last time I bought oil for my home was just last week. It cost me $349 for 100 gallons of Kerosene. Last tine I got gas for something it was $3.22 a gallon for regular.
You may be doing fine, millions may be doing fine, but tens of millions of Americans are not.
Prices are going up because of the price of fuel. Food is costing more because of the price of fuel to deliver said products.------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.
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aceman
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JAN 06, 09:05 AM
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Mr. Bitter,
Phranc, Red, pokey and I and all others posting "opposition" to you and Bill posting Doom and Gloom are typical middle-class Americans! We aren't the upper-crust. We know the economy has it's high points and it's low points. We know the economy is not just a few stories over the past month or two of doom and gloom or a few stories of highs in the economy. When those that post good articles of the economy, it's usual either an article showing more of a longterm/quarterly item or a good news to counter Bill's usual daily doom and gloom. We don't post, "Hey! The stick market went up .5% today!"
Millions of Americans may be struggling severely. Millions of Americans are doing very well. Millions of Americans are just making it. Millions of Americans are just barely making it.
WELCOME TO AMERICA! America and it's economy is not just your situation and how you view things because of your "fixed income" crap. America and it's economy is not just Bill's refusal to take a job besides a good paying computer job and "sticking it to the man".
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Do I like the fuel prices these days? NO! It costs me over $125 to drive 400 miles back to Minneapolis twice a month...........But I pay it and continue to survive.
Do I like the housing market? NO! I'm paying a $1100 mortgage and now a $250 rent payment a month while I wait for my once overinflated in value house to sell...........But I pay it and continue to survive.
Do I like it that my stocks didn't make as much as they did previously? No, but they still made money again this year.
Do I like that milk has gone up from $2/gallon to $3/gallon? No, but I pay it and continue to survive.
I suppose I could either not pay it and complain and whine about everything or pay it and complain and whine about everything as you and Bill have, but I guess the simple dumb 'ol Army did teach me something..........................I can complain and whine about something all day long. That complaining and whining isn't going to do a damn thing. The event is still going to happen. Life is still going to occur, so I might as well learn to improvise, adapt and overcome.
So, Mr Bitter, keep complaining. Keep telling yourself that the economy is going down the tubes and there's nothing that can be done. I'm going to keep living my life in the high points and the low points of this economy. I'll improvise, adapt and overcome.
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84Bill
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JAN 06, 10:15 AM
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Bummer space, I feel for you but I'm glad you're mad and I hope you stay that way. However, if you really dont like doom and gloom you could just ignore it. You know ignorance is bliss... rose colored glasses... it's not my problem so there isnt a problem?
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aceman
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JAN 06, 10:21 AM
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I'm not mad, Bill. If you really don't like the FACT that the economy still hasn't had one quarter or month in loss of GDP, you could choose to ignore that and put on your rose-colored glasses. You're doing that anyways.
I'm not the one crying that I can't find a job in the field I wanted.
I'm not the one crying because I live on a fixed income and feel the economy is bad because I don't understand any of it.
I'm not the one whining about the economy. You two are.[This message has been edited by aceman (edited 01-06-2008).]
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Phranc
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JAN 06, 10:34 AM
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| quote | Originally posted by 84fiero123:
Phranc give it up. The post you made was of one man, unmarried that made his money over the last 30+ years.
Do you have a TV?
New car?
Well he doesn’t, didn’t and he is the exception to what is happening here today in our present economy.
Granted he is a great read. that’s it.
Is this how you made all your money?
Just give up, you and the others on this thread who keep saying we are in good shape are lost in their own little world.
The majority of Americans are just barely getting by. Have you bought gas or oil lately?
Last time I bought oil for my home was just last week. It cost me $349 for 100 gallons of Kerosene. Last tine I got gas for something it was $3.22 a gallon for regular.
You may be doing fine, millions may be doing fine, but tens of millions of Americans are not.
Prices are going up because of the price of fuel. Food is costing more because of the price of fuel to deliver said products.
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Give what up? Proving that a man who lived through 2 real recessions can come out a millionaire? Give up on showing you that you don't know what your talking about? Maybe you should give up. Give up your luxuries. Give up living out side of your means. If you got it so bad sell your TV., Ohh but you don't really have it that bad. Does your "fixed income" amount to $11 an hour? Have you planned out your finances for the future? You sound bitter that this guy figured it out and you didn't.
And the majority of Americans are getting by just fine. And many many more would be if they only bought what they could afford. But hey they don't live with in their means and now its hurting them. Thats their fault not the economies.
I have a TV. I have 8. biggest one is a 60 inch HD. I have a car. 4 in fact and 3 company trucks. Yeah I've bought gas lately. But then again those items are with in my means. I paid cash for them. See I don't buy things I cant afford. And yes working hard and investments is how I made and keep making my money. Not only do I invest in the markets and my own company that is part of the economy but the future too. I invest in other people. How many people have you sent to university? I've got two going right now. Out of my own pocket. I never went. Those two people will down the road add more to the economy they ever did. So keep sitting there moaning I'll keep making this place better.
You want me to give up because you already have.
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84Bill
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JAN 06, 10:34 AM
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| quote | Originally posted by aceman:
I'm not mad, Bill.
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Yes you are.
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If you really don't like the FACT that the economy still hasn't had one quarter or month in loss of GDP, you could choose to ignore that and put on your rose-colored glasses. You're doing that anyways.
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If thats is a fact then by all means post it but dont whine and cry when I have more to post in a day than you do in a week
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I'm not the one crying that I can't find a job in the field I wanted.
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That was 5 years ago, I'm well over that now. I just get my freebies and move on
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I'm not the one crying because I live on a fixed income and feel the economy is bad because I don't understand any of it.
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Neither am I Spacey
The difference between you and I is I hear hear them crying and you dont.
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I'm not the one whining about the economy. You two are.
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Comical...
| quote | Originally posted by spacecadet:
Do I like the fuel prices these days? NO! It costs me over $125 to drive 400 miles back to Minneapolis twice a month...........But I pay it and continue to survive.
Do I like the housing market? NO! I'm paying a $1100 mortgage and now a $250 rent payment a month while I wait for my once overinflated in value house to sell...........But I pay it and continue to survive.
Do I like it that my stocks didn't make as much as they did previously? No, but they still made money again this year.
Do I like that milk has gone up from $2/gallon to $3/gallon? No, but I pay it and continue to survive.
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[This message has been edited by 84Bill (edited 01-06-2008).]
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Phranc
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JAN 06, 10:39 AM
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| quote | | If thats is a fact then by all means post it but don't whine and cry when I have more to post in a day than you do in a week |
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It is a fact and has been posted several times. You know all those post about increases. The ones you ignore. And the only reason you post more is because you and farm boy post the same things over and over ad nausium.
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aceman
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JAN 06, 10:47 AM
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Bill, you have more time than I do to post crap I can read on CNN.com. And get the same news. It's not a good read to publish a story....."Dow down .5%, Unemployment Claims Up .3%, But the Economy Is Not in a Recession"
Why should I care about someone on a fixed income crying about things when they never planned for the future and they have a capable spouse to go out and make the average wage in America of $16/hr
And the last part you find comical.......... I'm simply stating that just like every other American, these issues affect me. I'm just dealing with it and moving on. You, you're whining about it. You and Mr. Bitter whining about these things has done NOTHING to change these issues. Me improvising, adapting and overcoming these issues have at least changed things for me.[This message has been edited by aceman (edited 01-06-2008).]
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84Bill
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JAN 06, 10:48 AM
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| quote | Originally posted by Phranc:
[QUOTE]If thats is a fact then by all means post it but don't whine and cry when I have more to post in a day than you do in a week[QUOTE] It is a fact and has been posted several times. You know all those post about increases. The ones you ignore. And the only reason you post more is because you and farm boy post the same things over and over ad nausium. |
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Yes facts can be ad nausium but the fact is these are story headlines..
Bankruptcies jump 40 percent in 2007
The American Bankruptcy Institute blames the mortgage crisis for heavy debt load, warns that this year could see more bankruptcies.
More consumers late on loans since 2001
In levels not seen since the recession of 2001, consumers face 30-days past due notices.
Don't expect a bigger raise this year
How Bush may boost the economy
Bush to meet with finance working group
The president will gather advisers, including Ben Bernanke and Henry Paulson, to discuss economic policy as rising unemployment fuels fears of a recession.
If it bothers you that much you can ignore the posts and the world will be bright and shiny for you.[This message has been edited by 84Bill (edited 01-06-2008).]
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