Charles Rolls: Low Prices Forgotten

Meaning of Charles Rolls Money Quote: saying people are quick to forget low prices if compared to poor quality. Charles Rolls said:

 

 

“Poor quality is remembered long after low prices are forgotten” — Charles Rolls

In this quote, Charles Rolls is emphasizing the importance of quality over low prices when it comes to business. He suggests that customers will remember poor quality products or service long after they’ve forgotten any savings or bargains. Rolls is conveying that focusing too much on low prices and cost-cutting can undermine quality and damage a company’s reputation over the long run.

His message is that businesses are better off prioritizing consistent quality even if it means higher prices, as this will build lasting customer loyalty and trust in the brand. In the end, quality is more valuable than a fleeting advantage from lower prices.

Birthday August 27, 1877 – Died July 12, 1910 together with Henry Royce, he helped to found the Rolls-Royce automotive manufacturing brand
 

Morgan Housel: Saving Your Income

Meaning of Morgan Housel Money Quote: saying how much you save may be determined by the size of your ego more than your income. Morgan Housel said:

 

 

“Saving is the gap between your ego and your income” — Morgan Housel

Morgan Housel seems to be suggesting that saving money requires controlling one’s ego or sense of self-importance in relation to what one earns. His view appears to be that it can be easy for people to spend all of their income or more if their ego leads them to live beyond their means and financial capabilities.

However, creating a gap between one’s income and expenditures by saving a portion requires discipline and avoiding ego-driven spending impulses.

The quote conveys Housel’s message that developing prudent financial habits necessitates keeping one’s ego in check and not feeling entitled to spend every dollar earned immediately due to feelings of self-worth. Savings acts as a buffer between earnings and ego-driven consumption.

John Mulaney: Stock Market

Meaning of John Mulaney Money Quote: saying it’s simpler to understand how savings accounts work. Stocks are more complex. John Mulaney said:
 

 

“All my money is in a savings account. My dad has explained the stock market to me maybe 75 times. I still don’t understand it” — John Mulaney

In this quote, John Mulaney seems to be humorously conveying his lack of investment savvy and risk tolerance when it comes to the stock market. Some key points:

• He states that all his money sits in a basic savings account earning little interest, rather than being invested.
• Mulaney acknowledges his father has tried explaining the stock market to him over 75 times, to no avail – implying he finds it complex and confusing.
• This suggests Mulaney prefers the low-yield security of cash over attempting to grow his wealth through the volatility and uncertainties of the market.
• There is an undertone of comedy in the quote as Mulaney jokes about his inability to grasp investing concepts even after his dad’s repeated efforts.

Overall, the quote portrays Mulaney’s self-deprecating perspective that while others see investing opportunities, he is content keeping funds safely on the sidelines in savings due to his limited risk appetite and comprehension of financial markets. The repeated explanation failures are part of the humor.

Hugh MacLennan: Saving Owed

Hugh MacLennan Money Quote saying a farmer saves by owing it to a trustworthy person. Hugh MacLennan said:
 

 

“The farmer’s way of saving money: to be owed by someone he trusted” — Hugh MacLennan

In this quote, Hugh MacLennan is describing a traditional way that farmers saved money. Since farmers often lived with tight budgets, being owed money by someone they trusted was a form of savings for them. If a farmer sold goods or services to a neighbor on credit, they essentially had a loan to that person.

As long as the farmer had confidence they would eventually be paid back what they were owed, it acted as a kind of informal savings for them until they collected on the debt.

So MacLennan captures how rural farmers historically built financial security through relationships of mutual aid and credit within their communities, rather than traditional banking methods.

Birthday: March 20, 1907 – Death: November 9, 1990

Warren Buffett: Teaching Kids Value

Warren Buffett Money Quote saying kids should be taught the value of saving and meaning of needs versus wanting things. Warren Buffett said:
 

 

“It’s never too early. Whether it’s teaching kids the value of a dollar, the difference between needs and wants, or the value of saving. These are all concepts that kids encounter at a very early age, so best to help them to understand it” — Warren Buffett

Warren Buffett thinks it’s important to teach kids about needs vs wants at a young age because developing good financial habits early can benefit them for life. By distinguishing between things they need to survive versus things they simply want, kids start to understand the value and scarcity of money. This helps them avoid impulse spending and overspending.

It also encourages saving habits so kids learn that delaying gratification can help them afford bigger needs and wants later. Overall, learning this lesson young instills principles of financial responsibility that serve people well as they get older and gain more independence over their money.

Richie Norton: Retire Nest Egg

Richie Norton Money Quote saying there’s a difference between saving money and putting off dreamed of experiences. Richie Norton said:
 

 

“People confuse saving money with postponing dreams. Somehow, we’ve been lulled into thinking our dreams are kept safe inside our retirement nest egg and we must sit there on top to keep it warm” — Richie Norton

Yes, that quote is from Richie Norton. The quote suggests that some people focus too much on saving money for retirement and postponing their dreams until later in life. However, by waiting until retirement to pursue dreams, those dreams may never get realized if a person passes away or becomes unable to enjoy retirement.

The quote encourages people to pursue their dreams now rather than assuming they have plenty of time after retirement to enjoy what they’ve saved. An important message about making the most of the present and not delaying life dreams unnecessarily.

Daniel Craig: Inheritance Distasteful

Daniel Craig Money Quote saying that rather than giving accumulated wealth to family, better to give it away or spend it. Daniel Craig said:
 

 

“But I don’t want to leave great sums to the next generation. I think inheritance is quite distasteful. My philosophy is: get rid of it or give it away before you go” — Daniel Craig

In this quote, Daniel Craig is expressing his view that large inheritances are undesirable. He believes it is better either to donate substantial wealth to philanthropic causes during one’s lifetime or ensure that estates are broken up and not passed down intact to subsequent generations. C

raig seems to feel that accumulating vast sums just to bequeath to heirs is “quite distasteful,” possibly because it does not reflect merit-based achievement on their part or could undermine their work ethic and independence.

Overall, the quote conveys Craig’s philosophy that significant wealth is best redistributed or disposed of prior to death in order to avoid amassing dynastic fortunes and the potential pitfalls he associates with inherited riches being concentrated in few hands across generations.

Matthew Desmond: Homeownership

Matthew Desmond Money Quote saying that owning a home can be one of the strongest reasons to save and invest in that ownership. Matthew Desmond said:
 

 

“There is a reason so many Americans choose to develop their net worth through homeownership: It is a proven wealth builder and savings compeller” — Matthew Desmond

In this quote, Matthew Desmond is explaining some of the key benefits of homeownership for Americans as it relates to building wealth and savings. He states that many citizens “choose to develop their net worth through homeownership” because it is a “proven wealth builder” – meaning the equity one gains in a home as its value increases over time contributes significantly to their overall net assets.

He also describes homeownership as a “savings compeller” – implying that owning a home requires maintaining payments and builds the habit of setting aside funds regularly, which leads to greater savings.

So in summary, Desmond is highlighting how the process of paying a mortgage and owning real estate has positive long-term financial effects in terms of amassing wealth and learning disciplined savings behaviors.