NYT has a good piece about all those self-help be-a-millionaire books that have been flooding the market for years. Under the article lies the fundamental strength and weakness of America: its obsession with money. It builds our economy and tears down our soul. Heavy doses of philosophy and religion are needed to off-set its deleterious effects, but America has no philosophy (besides pragmatism, which is hardly an antidote for greed). Perhaps that's why we have so much religion.
But I'm getting away from the point of the NYT's article. Basically, it says, "The best way to get rich is still the old way: give up the little extravagences (a pack a day or $5 Starbucks) and sock it away through higher mortgage payments or investments. By the time you're 65, you'll be a millionaire, and that'll put you in a still relatively-exclusive club.
Excerpts:
Gaining millionaire status is still an accomplishment. It's important to note that even though the threshold for making the Forbes list of richest Americans is now $900 million, only 7 million out of 100 million American households have net assets of $1 million or more, which includes, of course, the equity built up in most people's biggest asset - their homes. (Of course, Mr. Kiyosaki would say that reflects "poor dad" thinking; a home is a liability.) That number has not changed significantly despite all the millions of books sold telling people how to join the club. . .
The bottom line is: save your money by not buying these books. At about $25 a book, buying one every year probably will not decimate your retirement fund. But if you don't, you'll have at least $2,370 more in 40 years.
