Phil Cook Quotes (23 Quotes)

Reach out to other people who are affected in a less personal way, both professionals and good friends, ... They can help you sort out your thoughts. Try to avoid irreversible decisions, such as selling your house, quitting your job, or selling off large portions of investments.

1.) Ensure you can afford to repay the debt. That means keeping some emergency money liquid. I think living without any debt whatsoever is neither wise, nor practical, ... But if you're going to take out a loan, you must have emergency cash reserves.

You also should make a list of where each document is kept and ensure that your family members know where it is. Usually, one person in the family unit is the organized person, the go-to person, ... If that person passes away, it can be tough for the others.

I think that strategy is generally incorrect, ... In some cases, depending on your age and what you're earning on your assets, it's OK to spend some principal.

You are to be commended for aggressively putting money into your 401(k) accounts, ... Do not stop doing this.

I'm not saying this is good, but it is more accurate and provides a clearer picture of what's going on.

Create a net worth statement - add up all your assets, then see how close you are to where you want to be when you're 65.

The most important resolution people can make is one to create and stick to a sound budget.

This emotional justification allows her to mentally feel better about doing something she knows does not jibe with what she wants long term,

That doesn't factor in mortgage costs, but they wouldn't reduce those returns dramatically either. Of course, when prices are falling, leveraging can work in reverse. But that's infrequent with real estate. As long as you can service the debt, I think you're better off with the mortgage.

Mr. Vogel seems rather cavalier when it comes to issues his heirs will face should he die unexpectedly, ... Aren't these the very people he cares the most about

Make sure the distribution of your assets is right for your particular goals, that your risk versus return is an appropriate tradeoff, and that the same people are managing your mutual funds.

Unless she commits herself to living like a monk, it is not likely she will be able to achieve all of her goals in the next few years.

The end of the year is always a good time to decide on what you've learned and play that knowledge going forward.

If you add this chemical to that chemical, you will get this result.

I don't think it prudent to completely stop working with this kind of nest egg and feel comfortable that, no matter what happens to the market, my health or the economy, I've got enough to live on for the next 20 years,

If you just keep going up, you lose your perspective. It just helps remind people. It gets their head straight.

I think a realistic approach is 10.5 percent to 11 percent, ... That's the long-term average.

With school and a tight budget in mind, her approach to money will be her biggest obstacle, ... She really needs to ignore to the extent possible the perceived money everyone around her is making.

I see lots of emotion in her financial decisions, ... This will hurt her in the long run.

With techs, The horse is out of the barn, OK ... Well, fine. Does that mean you sit there and leave the barn door open, waiting for the horse to come back in

The debt-free mentality is largely the product of emotion - how nice it would be to never make a mortgage payment again. Good debt gives you some leverage that helps you increase your net worth.

From this day forward, do not charge anything on the credit card that cannot be paid off at the end of the month.