Phil Cook Quotations

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.

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.

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?

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

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,

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

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.

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

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.

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.

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

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.

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.

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.

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

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

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

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