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How to get rich and stay rich

In my ongoing quest to build a library of pre-1990 money books, I recently heeded a reader recommendation to buy and read How to Get Rich and Stay Rich by Fred J. Young. Spoiler alert: I liked it! But I almost didn't read it.

You see, everything about this book exudes scamminess. The title is scammy. The cover looks scammy. The amateurish formatting seems scammy. But the book is not scammy. How to Get Rich and Stay Rich is a marvelous prototypical book about early retirement. I enjoyed it.

Money story: One man’s trash is another man’s treasure

This guest post from Brian Winch is part of the “money stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all stages of financial maturity.

Today, Brian shares how he got rich slowly by building a simple, profitable business.

Hi, folks! My name is Brian Winch, and I’m delighted to share my story with you.

In 1981, I was earning a modest income at a sporting goods store, but I wanted to make more money. I dreamed of being an entrepreneur, but I was hesitant because I only had a high school education and hardly any start-up cash.

The thin green line: Why you should be skeptical of financial blogs

I've been blogging since before “blog” was even a word. (I wrote my first blog post twenty-one years ago last Thursday!) I've had a financial blog for a dozen years now. In that time, things have changed in a variety of ways. For instance:

Case study: Starting with less than zero

I am not a trained financial expert. I'm not an accountant, I'm not a financial planner, and I'm not a stock broker. What's more, I've made many many money mistakes on my own financial journey. As a result, I've always been reluctant to sit down with people and go over their budgets.

That seems to be changing.

In March, I spent a couple of hours talking with a friend about her financial situation. A few days ago, another friend asked if I'd be willing to meet with him in the near future to puzzle through his budget woes. And yesterday, I took three hours to chat about money with my friends Wally and Jodie.

A short conversation with Jillian from Montana Money Adventures

As I mentioned yesterday, Get Rich Slowly is making the leap to video. It’s a brave new world! I’ve been skeptical about this for a long time, but one of the things that convinced me to give it a try was an interview I did with my pal Jillian (from Montana Money Adventures) a couple of months ago.

For those unfamiliar, Jillian Johnsrud (and her husband Adam) are from Kalispell, Montana. When they were married fifteen years ago, they had $55,000 in debt. After deciding to get better with money, they paid off that debt, then started to save for financial freedom.

What makes Jillian’s story unique is that she and Adam are doing this with a family. And not just any family. They’re doing it with a large family. They have six children — two biological and four adopted — all of whom are relatively young.

Get Rich Slowly enters the video age (and a small request for help)

Slowly but surely, GRS is entering the modern era.

It’s taken nearly a year, but the site redesign is nearing completion. I don’t want to get your expectations too high for what’s coming — this is just a blog, after all — but I think the new layout is an improvement. It certainly helps organize things better! (And yes, I’m hoping that we’ll be bringing back the forums — or a new forum, if we can’t repair the old database — at the same time.)

Meanwhile, I’ve finally made the leap to video. I’m not much of a video watcher myself (except that I do like the various movie lists from CineFix), but I know there are tons of people who prefer the format to reading. To me, that’s an opportunity to reach a wider audience and help more folks get better with money.

To that end:

Are you a shopaholic? How to fight a shopping addiction

Yesterday, I mentioned that because I grew up poor, I inherited a faulty money blueprint from my parents. They didn’t know how to handle money effectively, so they couldn’t teach me how to handle it effectively. I entered adulthood with many of the same bad habits they’d had when I was a kid.

I was a compulsive spender, for instance. I had a shopping addiction. I had no willpower, no impulse control. Even when I had no money in the bank, I still found ways to spend. I took on over $20,000 in credit card debt before I turned 25!

Nowadays, I mostly have my spending under control. I’m no longer in debt, and I force myself to make conscious decisions about what I purchase. (Conscious spending is one of the keys to overcoming emotional spending.)

What the marshmallow test can teach us about money

By now, you’ve probably heard of the famous Stanford marshmallow experiment. Most folks are familiar with this fifty-year-old study and its conclusions. In case this is the first you’ve learned of it, however, I’ll give a quick review.

During the late 1960s, psychologist Walter Mischel tested the willpower of young children (roughly four years old). A researcher would bring the children — one at a time — into a room where they had access to a selection of treats, including marshmallows. The children were told that they could eat have one treat right away or, if they waited fifteen minutes, they could have two. Then the researcher left the room.

How to refinance your student loans

This is a guest post from Travis Hornsby, founder of Student Loan Planner. I met Travis last year and realized he knows a lot about something that’s a blind spot for me. I asked him if he’d be willing to whip up an article for GRS readers about refinancing student loans. Here it is!

How would you like spending $4000 each year and have nothing to show for it? Sounds crazy, right? Yet that’s exactly what happens when you find yourself buried in debt — whether it’s credit-card debt or student loans.

Let me give you an example.

I had a friend who owed about $200,000 of student debt. He was paying everything back on the standard ten-year plan with the federal government.

How to retire young

I am both a money nerd and a book nerd. Naturally, I get a little giddy when I find old books about money I’ve never heard of before.

While browsing Oregon’s best used bookstore earlier this year, I stumbled on a 1989 book called How to Retire Young by Edward M. Tauber. Tauber retired at the age of 43 from a tenured full professorship as Professor of Marketing at the University of Southern California. He’s written a number of marketing textbooks, but this was his first (and only?) foray into the realm of personal finance.