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The casinos are full of people who could have been millionaires if they would have put all that money in the stock market instead of the slot machines.
One thing I have noticed on this forum........to most investing means stocks........bonds......ect.
I invested in myself...........I made my money hands on.........in the mud and dirt.
One thing I have noticed on this forum........to most investing means stocks........bonds......ect.
I invested in myself...........I made my money hands on.........in the mud and dirt.
There is a slant towards control risk and keeping everything in the stock market, not taking risks and starting your own company. In fact there are many that will tell you to avoid even workings in a small business as that is risky. Although it is not just on this board but seems to permeate throughout the entire country these days. I personally find it fascinating considering all the anti-corporate and anti-government rhetoric, while people put their money into mutual funds that invest in these same corporations and they insist on working for these corporations.
While I am not a millionaire yet, I once was, and if current projections hold even close to true I will be within about 2 more years. I have found much more success investing in myself and my own abilities to make money than I did when I tried to stick my money in the stock market and just relax.
There is a slant towards control risk and keeping everything in the stock market, not taking risks and starting your own company. In fact there are many that will tell you to avoid even workings in a small business as that is risky. Although it is not just on this board but seems to permeate throughout the entire country these days. I personally find it fascinating considering all the anti-corporate and anti-government rhetoric, while people put their money into mutual funds that invest in these same corporations and they insist on working for these corporations.
While I am not a millionaire yet, I once was, and if current projections hold even close to true I will be within about 2 more years. I have found much more success investing in myself and my own abilities to make money than I did when I tried to stick my money in the stock market and just relax.
I don't consider passive investing as "keeping everything in the stock market". It actually offers more diversification than simply "investing in yourself". If all of your assets are tied up in a single entrepreneurial venture, all of your assets are at risk in a single enterprise. No matter how well-managed, or how bulletproof you think your business model is, ANY single enterprise can go south. Is mitigating risk a bad thing?
By investing separately from your career, you diversify away a lot of that risk. We also invested in ourselves with years of work and education, leading to high-income careers. Separately, we're also heavily invested in the market (index funds). Additionally, we invested in real estate, which provides another opportunity to build wealth and generate income. Putting all your eggs in just the "invest in yourself" basket would leave many people financially vulnerable. They say that 80% of new businesses fail in the first 18 months. I'm impressed by people that can make it work, but is it any surprise that most people would want to steer clear?
The casinos are full of people who could have been millionaires if they would have put all that money in the stock market instead of the slot machines.
I've seen a lot of people lose a lot of money in the stock market. With some people playing the stock market is no different than gambling.
The only difference is that when you gamble at a casino the only thing that affects your winning is 52 cards. With the stock market you are affected by politics, herd thinking, the weather in south africa, flu in china, price of oil, fads fashions and bad rumors and on and on.
I don't consider passive investing as "keeping everything in the stock market". It actually offers more diversification than simply "investing in yourself". If all of your assets are tied up in a single entrepreneurial venture, all of your assets are at risk in a single enterprise. No matter how well-managed, or how bulletproof you think your business model is, ANY single enterprise can go south. Is mitigating risk a bad thing?
By investing separately from your career, you diversify away a lot of that risk. We also invested in ourselves with years of work and education, leading to high-income careers. Separately, we're also heavily invested in the market (index funds). Additionally, we invested in real estate, which provides another opportunity to build wealth and generate income. Putting all your eggs in just the "invest in yourself" basket would leave many people financially vulnerable. They say that 80% of new businesses fail in the first 18 months. I'm impressed by people that can make it work, but is it any surprise that most people would want to steer clear?
Where did I say they keep everything in the stock market? reading your post makes me wonder if you even read mine? I simply said that with the way people complain about the government and evil corporations, it fascinates me that they only invest in vehicles that only invest in these very same corporations. Do you not see the irony in stock holders (ie owners of a business) complaining about the way those corporations operate?
AS for putting all your eggs in one basket, sure that is true, but if you can find something that you can be successful with, it is just as proven a method to become a millionaire as investing in stock. Also becoming wealthy from investing in stock is far from a sure thing either, just ask anybody that held too much telecom and tech in 2001, or someone heavily invested in energy in 1989, or someone heavily invested in just about everything in 2008.
I know a self-made millionaire. He started out with a lawnmower and a pickup. He now has a fleet of landscaping trucks, bunch of employees. Now I wouldn't use him, think he is overpriced and untrustworthy, but a lot do, and he has become a millionaire through hard work, hard dealing, while giving back to the local community
6% of households in the US have >$1M in assets. They are common, particularly among the >50 age group, and I know a lot.
All the ones I know did nothing special. Some bought houses in CA a long time ago, and had a little excess income they invested. Most owned businesses where it is normal to accumulate capital, like farming.
6% of households in the US have >$1M in assets.[/b] They are common, particularly among the >50 age group, and I know a lot.
One case - super frugal people, total minimalists. Worked in non-profit helping minorities who needed medical care beginning at time hospital didn't have to take anyone. Pay was not millionaire salary. Invested money from house they sold when they decided renting was just cheaper, he made over million with it. He is self taught investor.
Two case - Retired lumberyard business owner. Large house to house the kids who did not thrive and one special needs kid. Elders are conservative with average cars, well made furnishing and no ritzy hobbies. Elders slaved away trying to keep up the housing while kids/grands are living it up on the parent's dime and gave up working early. Family financing little drug habits too & lots of other illegal stuff.
Case three - Troubled man robbed his own family members/inlaws of most of their investments & social security checks even or convinced them to invest with him. His old people went back to work even... He purchased a business that was not doing well and made it national company. I see their signs all over the country now to remind me of the $$$. Old guy is conservative spender, kids are on crack. His kids are very troubled/troubling people who have no need to work, no worries and good attorneys. Family's old folks got their money back eventually.
Case four - Farmer who went bankrupt. I guess he put all the money, equipment and land in name of partner. Partner gambled in farm futures & made millions. New wealthy sat on all the money while leaving other working 3 jobs for decades before partner's death & money reverted to the slave.
Case five - Car company executive who didn't marry until late in life. House and furnishing are right statement. Lifestyle of luxury travel is the norm but cheap on labor, working wife like a janitor.
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