Your Way to a Million Dollars (free market, millionaires, company, interest)
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I know this topic has been discussed ad infinitum, but this article is a concise listing of the way of life of many people who have or are on their way to a million dollars. A million is much more common these days than in our parent's time. In fact it is a common goal for most people today to have at least a million for retirement.
A WalMart greeter, working full time from age 18 to 65, will make a million dollars in a lifetime. So all you need to do if you want to have a million at the age of 65 is to get a job that pays $20 an hour, and have a ten dollar an hour standard of living. Tens of millions of people are doing each of those two, all that is necessary is to do both. And that doesn't even count the capital gains on your savings while your are stashing away that nestegg at a rate of $10 an hour.
But, but, but none of this common sense, easily done advice jibes with the Being Poor Sucks thread, where people are victims of forces beyond their control.
But, but, but none of this common sense, easily done advice jibes with the Being Poor Sucks thread, where people are victims of forces beyond their control.
In a free market economy where everyone has liberty, people compete with each other, which is regarded as a good thing, its virtue to be extolled. Once you get past the false and artificial happy-face grading of Cub Scouts, the hard and set rule of competition sets in: You start having some losers, and not all winners.
If the people who are now losers were to get their act together and become winners, their place as losers would be taken by people who used to be winners. For the life of me, I have never figured out why people posting in Economics forums find this zero-sum principle is so difficult to grasp.
It is true that ANYbody can be a winner. It is not true that EVERYbody can be a winner.
True that a million is not as much, but it's still an important goal.
The article has some good guidelines, but why not try to get that million before 65 or retirement age? ..
Most likely one does have to be in business for themselves to do this.
Also if you are younger lets say in your 20s or 30s , a million by 65 won't cut it for retirement one will need more.
I guess I just don't see the point in aiming to be average? Too often we put limits on ourselves
"Most people make X amount" "Most people retire at X age" "Most people are getting X return on their money"
It seems you have to look outside the mainstream info .
The mainstream news doesn't really have too much that is useful and it's pretty watered down.
I think Podcasts are a good way to get alternative ideas that are a lot less 'filtered' and closer to the source.
For example the "Eventual Millionaire" podcast is interesting because the lady that creates it interviews actual millionaires and they tell their stories.
He also refers to the goal of retiring at 65 from a job "retirement in a wheel chair"
"The fast lane is a business, psychological and mathematical business strategy that allows entrepreneurs to create exponential wealth quickly. It does that by, it swaps out the preordained plan for wealth which we’ve all been indoctrinated to follow, which is what I call the slow lane, or the wealth in a wheelchair financial plan, which is get a job, save 10% of your paycheck, max out your 401k, clip coupons, cancel those movie channels, quit drinking that Starbucks coffee and one day when you’re 70 years old you’re going to be rich. That’s the slow plan and that plan is predicated on hope and time. The fast lane is a business strategy that is predicated on control and leverage, and the control comes from entrepreneurship, obviously, owning your own business, creating a company that solves a problem, fills a need. - See more at: http://www.eventualmillionaire.com/m....2986YQzS.dpuf"
I guess I just don't see the point in aiming to be average? Too often we put limits on ourselves
For exactly half of the people in any random sample, being average is a praiseworthy goal, but for many of them, not a realistic one. It's nice to gloat about your own superiority, but not a very good approach to analysis of the real world.
In a free market economy where everyone has liberty, people compete with each other, which is regarded as a good thing, its virtue to be extolled. Once you get past the false and artificial happy-face grading of Cub Scouts, the hard and set rule of competition sets in: You start having some losers, and not all winners.
If the people who are now losers were to get their act together and become winners, their place as losers would be taken by people who used to be winners. For the life of me, I have never figured out why people posting in Economics forums find this zero-sum principle is so difficult to grasp.
It is true that ANYbody can be a winner. It is not true that EVERYbody can be a winner.
I don't disagree with you on this. But the point of the article is that anybody who follows some commonsense principles in how they work and how they manage their monthly finances will ultimately fare far better than someone who does not apply themselves to their job and blows their paycheck. I'm not sure what there is to argue about here.
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