How To Afford Anything - Personal Finance Lessons From Ken Rockwell
Posted on January 23, 2008 by Him and tagged finances, inspiration, money, stuff
If you're a camera buff, especially a Nikon camera buff, you've probably heard of Ken Rockwell. He provides reviews of camera stuff I want
His style of writing is similar to personal finance type gurus - you take it or leave it, and you either love him or hate him. He has a strong opinion of things, and while they may not make the most sense, he doesn't give a damn about what anyone else thinks. He does tend to give the bottom line with his camera reviews, especially for those who can't stand sharpness tests or MTF charts.
When I was cruising his website the other day, I saw an article on how to afford anything. It reads like a years worth of personal finance blogger's posts stuck together; it is probably just as lengthy. Personally, I love it when I find personal finance articles in places I wouldn't expect to find them.
Here's the article in bullet points:
Don't:
- Don't buy a new car (he drives a used Mercedes)
- Don't drove to work (he only had jobs that were within walking/biking distance from his home)
- Don't eat out (food, you perverts)
- Don't buy a big house
- Don't buy on credit or take out loans
- Don't rent
- Don't worry about what you own (keepin' up with the Joneses)
- Don't be afraid to ask for a deal
- Don't buy extended warranties (or any sort of insurance for any loss you could cover out-of pocket)
- Don't buy cheap; you'll end up paying for it twice
- Don't have kids (they are the root cause of all pollution and environmental destruction)
- Don't become a photographer
Do:
- Order from the dollar menu, get water
- Go dutch all the time (he admits not very popular with the ladies)
- Live at home
- Read and understand the fine print (especially with mortgages, namely ARMs)
- Return what you don't want or need
- Know the difference between investments and expenditures (with a Kiyosaki-like view much like the asset vs. liabilities debate of a house)
- Only buy from stores that give full cash refunds
- Use coupons
- Avoid addiction: caffeine (with the obligatory latte factor reference), nicotiene, television
- Tip big
- Marry smart (with some questionable misogyny peppered in there...)
- Go to college and get a real job
- Go to college, go yachting, and get a job as a captain
My favorite line? "It takes the guts to be a cheapskate." Yep, sure does.
So what has all of this gotten him? How about every Nikon camera and lens from the last 10 or so years. Or a couple of (used) Mercedes. And a lot of smugness.
If there's something in his writing, it is passion. He's willing to focus his finances to get exactly what he wants in life. There's definitely a few lessons I can learn from him.
Comments/Trackbacks
Trackback URL: http://www.makelovenotdebt.com/MT/mlnd-trackbacks.cgi/1219
Great article. I like the don't and do list, it makes you think about what you actually do that you might want to change, and what you don't do that you might want to start. Thanks.
Todd
I've been strictly a Nikon SLR/digital SLR fan since high school so I'm very familiar with Ken Rockwell's site. I haven't been by in awhile so I've never seen his financial advice. Given the pictures of his home and its view in the San Diego area, it may not be big by California standards, but I'm sure it is expensive.
Mrs. Micah | Jan 23, 2008
Lol, "don't become a photographer."
I think it's particularly cool that he's saving up with a specific purpose in mind. That must help him a lot. Hope he's getting some retirement money in there too.
Reply to this comment