Comments on: Unified Theory of Everything Financial – Canadian Edition

By: WoolyWoman

WoolyWoman — Fri, 16 Nov 2007 02:39:25 +0000

Yeah I like the list, and would agree that #1 should be spend less than you earn. I need to work on doing a few more of those…

By: Gates VP

Gates VP — Thu, 15 Nov 2007 20:37:56 +0000

Great list!

But #1 is definitely: Spend less than your earn. And probably worth adding: Healthy living costs less long-term. I really like #5 b/c he correctly handles the problem of housing.

All in all, well done, the last point covers all of those corner cases, like the guys who want to follow Derek Foster or do something else unique.

Normally, I’m not a big fan of the “default decisions”, of the “do whatever everyone else seems to be doing”. But at least with the Scott Adams plan, you’ll have money in the bank if you change your mind about the plan for your life.

By: Mr. Cheap

Mr. Cheap — Thu, 15 Nov 2007 18:38:46 +0000

Mike-TWA: Yes, perhaps that’s exactly it! This is a plan to work hard your whole life, retire with a comfortable pension (and maybe a nice little house) and not think any more of it. All of us (around the PF bloggosphere) have different objectives.

Whew, you’ve reassured me that I might be ok not following this (sweet! now I don’t have to write a will!!!

By: Mr. Cheap

Mr. Cheap — Thu, 15 Nov 2007 18:36:43 +0000

CC: Sorry about that, I must have missed your post somehow or I would have linked to it.

Mike: Yes, he's on to us. Lets go further into the past and hopefully he'll have forgotten what he wrote. Mwa hha ha ha ha ah

I think the idea of the list is for people who are un-willing to learn about finances (which is fair, just because they aren't interested they shouldn't have to live and retire in poverty).

Hopefully all of us will be much further ahead since we're willing to learn...

By: FourPillars

FourPillars — Thu, 15 Nov 2007 15:48:59 +0000

Oh great, CC has figured out our strategy of going through his archives for our topics!!

Mike-TWA – I don’t have any skeletons in my closet (as far as I know anyways….)

By: Mike-TWA

Mike-TWA — Thu, 15 Nov 2007 15:21:51 +0000

Yeah, I would move will down the list too, with the obvious exception that Mike notes about having a plethora of ex-wives. (Something you want to share, Mike?)

But Mr. Cheap, does the sort of boring investing strategy suit you? I have to say, trading the idea of alternative income investing for safe, easy wait until I’m 65 and retire simplicity never sits well with me. Hmm, wonder why?

By: Canadian Capitalist

Canadian Capitalist — Thu, 15 Nov 2007 14:59:36 +0000

I vaguely remembered writing about this... here it is: Link

By: FourPillars

FourPillars — Thu, 15 Nov 2007 14:40:37 +0000

I have to agree with the “spend less than you earn” as #1. If you don’t have that one down then nothing else on the list really matters.

I’d move “will” down the list – it’s good to have but not truly essential unless you have a complicated family (ie lots of kids and ex-wives).

Another one that I would add (which of course defeats the purpose of a simple list to follow) is self-education. Check out books, blogs, Bernstein, BNN (all the B’s).

Mike