# I THINK ALL STUDENTS should have a 1st years course in FRUGALITY



## Melicoy (Nov 15, 2015)

Being Frugal and Saving is very important to students

If they are taught the difference year one I'm sure they would come out thinking differently.
How many students have the same mentality as their parents... spend spend credit its ok refinance house...
OH poor me poor me I can't afford this debt!!!

I have over 25 properties now and I mentor people to buy. I got the boot from home at age 16yo and worked my way up. Retired now at 42yo. I have a 20yo student that has that mentality above. I have reprogramed him and WOW he never knew there was a world like this out there.

Only what happened to all the pennies on the ground i use to pick up....


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## ashin1 (Mar 22, 2014)

100% agree
why not teach the ones who have the most valuable asset which is time to learn how to save and utilize compound interest.....every time i bring this idea up it gets ignored, thank you for sharing.


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## Grover (Jun 3, 2013)

reminds me of an article i read lately..
http://torontolife.com/city/life/emily-smibert-cost-of-living/

a candidate for your course perhaps?????


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## Melicoy (Nov 15, 2015)

YES needs the course
wow she likes to spoil herself and people on the street who dont work for the hard earned money she makes.


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## Rusty O'Toole (Feb 1, 2012)

She doesn't work for her money, 90% comes from her parents. Easy come easy go. Your plan is excellent but I doubt many people would be interested. 

Looking forward to seeing some good answers in the real estate section. I invested in rental properties for years but got out because of the tenant hassles. Do you have any good ways of farming out the management? I tried a couple of management companies but never got much sense out of them.


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## AirPro (Mar 31, 2014)

Don't forget that their must be overall balance here:
- Every landlord needs a tenant
- Every saver needs a borrower
- Every stock market success needs a stock market failure
- Every good deal or sale item needs someone prepared to pay full price
- Every winner needs a looser

Not everyone can be frugal. My sister and I were brought up exactly the same way and with the same values. I am frugal yet she squanders her money and has very little to show for it.
My wife is also frugal yet we have 4 kids, all brought up in the same environment, two of whom are frugal (boys) while the other two (girls) live from paycheck to paycheck.
You can nurture and mentor people who are naturally frugal but it's not something you can easily teach to those that aren't. It's about forward thinking, planning, having goals, patience, resisting temptation, understanding your real needs and being prepared to wait for your rewards. The majority of people just don't have what it takes.


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## Joe Black (Aug 3, 2015)

AirPro said:


> - Every stock market success needs a stock market failure


If that were true, then one would expect that over a ten year period everyone's stock portfolio would make no gains, as the failures would cancel out the successes. But according to every financial advice literature I've read, over such a period the stock market as a whole always makes gains.

I don't agree that everything is a zero-sum game. Everyone can be successful, you don't need 50% of the population to be losers. It should be possible that everyone in this world can make a product or offer a service that others want, and we all trade among ourselves.


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## Melicoy (Nov 15, 2015)

Rusty O'Toole said:


> She doesn't work for her money, 90% comes from her parents. Easy come easy go. Your plan is excellent but I doubt many people would be interested.
> 
> Looking forward to seeing some good answers in the real estate section. I invested in rental properties for years but got out because of the tenant hassles. Do you have any good ways of farming out the management? I tried a couple of management companies but never got much sense out of them.


The key is to manage the managers.

I have terminated a fair share of managers. 

1. Interview as many managers as you can. Each phone interview will tell you how they treat landlords and tenants. (never answers the phone, takes a long time to return calls, quick on the phone, talks more than listens, is very negative about tenants, tels lots of horror stories...) every bit of info tells a story about that person.

I am on my 3rd manager in Regina. She is AWESOME. I am an honest person and here is something most people will not tell you - I will not share my managers with just anyone. In the past (Edmonton) I referred so many people to a great manager she became the worst because she could not control the growing pains.

When you hire the right manager the best thing to do is keep following up ASAP all the time until there is a routine and they know that you require all the correct information in a timely manner. Then ALWAYS approve every application for a tenant. I have caught some professional tenants that my manager missed.

I usually dont like to use the big PM companies. They seem to be lost in $ and policies. Even HAD one that took 48 business hours to approve a tenant. By that time the good tenant was approved by someone else. YIKES.

I hope that answers your question. Cheers


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