[ QUOTE ]
I read this book and feel like I learned a lot from it. Mainly it made me understand that, especially early on, it is hugely important to make smart investments and to save money, not to waste money on luxuries to show off. I anticipate following many of the things I've read about in the financial books (mainly putting away money before anything else).

I'm still in college right now with probably the least expenses I'll ever have for the next 40 or so years. I'm torn between spending a modest portion of my poker earnings on luxuries (since I'd feel ridiculous (and never would) doing this when I had things like rent/mortgage to pay, a family to care for, etc.) and being smart about the money ( investing/saving almost all of it). I don't mean that I wouldn't enjoy myself with friends, eating out, etc., I mean I wouldn't get things like a new car or watch.

Anyone have any motivation for me to be as frugal as possible or to use this as a time to splurge a bit? I know in the end it's a very personal decision, but I'd like some outside advice.

[/ QUOTE ]

I think this is a good book. I came across it after I changed my attitude to more closely match what it says, but reading it I found that others had reached a similar conclusion to my own, and I like what it has to offer.

I disagree fundamentally with people who argue to spend needlessly; to me, spending money serves only to fill an insatiable emotional hole. I've grown up around a *lot* of really rich people, and come from an upper-middle class background, and I see these people chasing "things" to their graves. Things don't make people happy. To me the motivation for making money is to ensure that I'm in a position to comfortably live a good life, which I define as being able to allocate my time (which I see as my most precious resource) towards doing the things that I want to do with the people I want to do them with. Money is very, very important. But it's most important for someday allowing me to be free from the cycle of earn-buy-spend-earn. I drive a total piece of garbage car and I couldn't care less. I wear a $20 timex watch that used to belong to my grandfather. I have money in the bank and absolutely no debt, despite having a lower income than many people totally saddled with debt. When it comes to my finances, I sleep well, and I spend my time doing emotionally-fulfilling things rather than spending money that will have to be replaced with more earning. Every now and again I do something fun that costs money and I don't have to worry about it because I didn't waste money on watches, cars and ridiculously expensive houses.

In other words, to me the real difference between a Prodigious Acheiver of Wealth (PAW) and an Under Achiever of Wealth (UAW) (to use the terms from the book) is that the UAW sees money and thinks of the things it can buy, a PAW see money and thinks of the freedom it can buy. Since a PAW isn't totally hooked up on buying a bunch of stuff that won't last, he is able to work towards a more long-lasting goal.

As to what you should do, it's up to you. I spent a while after school being a UAW. For me, it completely sucked. I was cash-poor, unhappy and surrounded by a bunch of garbage I didn't need. I'm much happier with the different attitude I have today.

ddd