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They look rich but when you get into the details of what they really have, it often turns out that they are not only not rich but broke. Just this morning, I have seen with a man who drove up in a brand new Porsche, earing a gold Rolex watch. He liked loaded, but when I went through his statements I found he was actually leveraged to the hilt. A guy is his mid-fifties, living in a million dollar home with a $5000000 mortgage. Less than $100,000 in saving, more than $75,000 in credit card debt and he was leasing the Porches Plus he was paying alimony to two ex-wives.
At this point, the three of us could not help ourselves. We all began to laugh. I know it not funny, I said, but here was this guy, looking rich and successful and actual he is a financial and emotional wreck. He handled his finance just like the drove his Porsche, redlining all the way. Then you guys come in. You drive up in a Ford Taurs. Jim here is wearing a ten year old Times.
You guys are happy as clams, still married, two great kinds you put through college and you are retiring in your mid-fifties. So please tell me, what was your secret? You must have one, right?
The secret is to know how to be a knowable to handle financial sector of a life.
