Article: Millionaires in the Making

[Ellsworth]

One thing in this article really caught my attention:



<a href="http://millionaires.blogs.cnnmoney.cnn.com/2007/10/29/43/">http://millionaires.blogs.cnnmoney.cnn.com/2007/10/29/43/</a>



&quot;Frank?s house, which he built himself, sits on 32 acres of land in rural Illinois. He spent about $50,000 on construction and another $4,500 on a small barn and fencing. The land and house currently have an estimated value of $250,000.&quot;



Of course his whole plan requires that a person do some hard work, be frugal, and exercise self restraint... things that many are not willing to do in this day and age.?? Most folks would rather take on 30 year mortgages, and carry 20k in credit card debt... because that's far easier ;)

[Simple Mind]

Help me build my house. I need a Febuary class. Please, please, please. I feel like I missed the boat and won't be able to get into one.

[ChainsawGrandpa]

?They have almost no liquidity. Frank should get a line of credit against the house just for liquidity and emergency use,?
he said. A bank will likely give them no more than 80 percent of the equity in their house or $200,000, according to Martin.

NOOOOO...!!!

Sounds like the student is doing better than the teacher! The old rules don't apply in a distressed economy.
This is the 1920's, and we're living in Wiemerica. Our weimarks (dollars)
are dropping fast. Hope he keeps his home free & clear. True, he doesn't have to borrow on that account, but why does he need liquidity? He's
been doing fine. Borrowing for liquidity is like moving up to first class on
the Titanic! My guess is that Frank & Trudi are doing better than the financial advisors. ;-)

I should send the "advisor" a copy of FerFAL's; Surviving in Argentina!

-Rick

[2 cents]

I've always liked these "millionaire in the making" articles. This one has been the most relatable for me so far though.

BTW, I figured out what Rick was talking about. Argentina's collapsed economy and the fate of their middle class.
http://www.gvnr.com/57/3.htm

2 cents

[greenthumb]

2 Cents, I think this is a more specific link to what Rick is talking about, with two of his articles posted:

http://www.survivalmonkey.com/forum/showthread.php?s=56709f7de148fa108778e7e330b1d43f&t=2715

I've never heard of FerFAL either- it is an interesting take on things.

[ChainsawGrandpa]

If I remember right, FerFAL had a lot of posts on a forum called "Frugal Squirrels".
They were compiled into about thirty pages, of "what happened, how it happened,
and how to survive through it when it happens to you.

-Rick

[Kola]

Just gimme a few more months and I will be ready for anything. Now once my rocket lauchers and hand genades arrive, I will be all set.

btw, a ham radio and/or walkie talkies will be very valuable.

dismissed,..over.....roger that.....10-4,
General Kola McArthur (puffs his pipe)

[greenthumb]

If I remember right, FerFAL had a lot of posts on a forum called "Frugal Squirrels".
They were compiled into about thirty pages, of "what happened, how it happened,
and how to survive through it when it happens to you.

-Rick

Rick, I did a little more searching for FerFAL's posts and apparently he was banned from Frugal Squirrels after he resigned as a moderator(apparently there was a heated protestant/catholic discussion and some bad blood developed over it). He claimed the posts were deleted- I don't know since I have to register with FS to read any posts at all. Some of the articles have been cross posted on other forums and blogs, though. His articles are very interesting- especially when you consider before Argentinas collapse they were very well off as a nation.

[ChainsawGrandpa]

I saved (and cleaned-up a little) the entire document.
I may (limited computer skills) be able to send it to you.

-Rick

[JimV]

Rick,
is your document different than the post at Survival Monkey?

[greenthumb]

Rick, I'd be interested in reading the whole thing. You can email it to: john_galt27@yahoo.com

Thanks!

[ChainsawGrandpa]

I went to Survival Monkey but wasn't able to find his posts.
-Rick

[greenthumb]

Jim, Rick sent me what he had(thanks Rick!), and a lot of it is the same as the link I'd posted above, but there are a few additional pages of information(more question and answers).