The best minds in personal finance gathered at a conference in New Orleans. The best and brightest literally lined up to bestow their wisdom via rich tips.
The LMM team headed south to The Big Easy for FinCon, a conference that brought together hundreds of well known players in the world of personal finance blogging and podcasting. Matt and Andrew capture some rich tips for the LMM audience.
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Chris Ducker from from The New Business Podcast stopped by to add a touch of British class to the proceedings. Grant Baldwin from the How Did You Get Into That? podcast tells us how to qualify for airline status if you’re a hard core travel geek.
We compiled some great rich tips from the conference attendees.
-Eat in expensive restaurants for lunch, not dinner. Same food, cheaper price.
-Buy generic drugs. The FDA mandates that the active ingredients are the same as the brand name for a much lower cost.
-Start investing NOW, with any amount of money, just start somewhere.
-Pay yourself first. Set up an auto deduction from your checking account into an investment account. That way you won’t even miss the money.
-Do not spend your promotions, invest them. Avoid lifestyle inflation.
-The tens times test. If you are buying something that is a want and not a need, you must have ten times the cost in cash to pay for it. If you don’t have that amount, you can’t buy it.
-Automate everything to do with money, bill paying, investing, saving. It saves you from the screw ups all humans make.
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-Separate the utility meals from the special meals. Splurging for dinner Friday night is ok, splurging for lunch every day is not.
-The difference between the rich and the poor is that rich people buy value increasing assets and poor people buy value decreasing assets. The difference between buying a rental property and a shiny new car for example.
-Go on a cruise when there is going to be a stock market crash. There is nothing you can do about it when you’re in the middle of the ocean. Um, ok.
-Buy a 7-10 year old car. Saves money on insurance and depreciation.
Thanks to everyone who contributed. See you next year!
Hopitoulas IPA: A local Nola beer named after Tchoupitoulas St in New Orleans.
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