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Old 01-24-2015, 05:53 PM
 
Location: Syracuse IS Central New York.
8,514 posts, read 4,481,887 times
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OP, I think you should read a bit about Warren Buffet's background. He didn't exactly start out with nothing. His father was a Congressman.

Also Warren Buffet is educated. Attended Wharton School of Business, Columbia Business School, and has a Masters Degree in Economics.

Now some advice. You should read books from a variety of topics. Do plan on attending some instititution of higher education.
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Old 01-24-2015, 06:21 PM
 
35 posts, read 28,990 times
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Fact: 90% or more of self made billionaires were originally from upper middle class or higher households.
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Old 01-24-2015, 07:51 PM
 
Location: Paranoid State
13,044 posts, read 13,792,188 times
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Choose the right parents.
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Old 01-24-2015, 07:52 PM
 
Location: Paranoid State
13,044 posts, read 13,792,188 times
Reputation: 15837
Quote:
Originally Posted by Dick Cheney View Post
Fact: 90% or more of self made billionaires were originally from upper middle class or higher households.
Yep. Stupid people -- people from the shallow end of the gene pool -- just are not smart enough to become wealthy.
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Old 01-24-2015, 07:53 PM
 
Location: Paranoid State
13,044 posts, read 13,792,188 times
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Quote:
Originally Posted by IDtheftV View Post
You started new threads on 12/04 (investing from scratch), 12/07 (Ambitions ), 12/21 (list of books), and now this one.

Almost all the threads mention WB and ask people to tell you what you should do.

You should stop trolling in this forum. That's my suggestion.
He actually IS Warren Buffet. He's forgotten what he did to get rich, and his inquiry is to find out.
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Old 01-25-2015, 02:55 AM
 
6,438 posts, read 6,873,283 times
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Quote:
Originally Posted by Easybreezy View Post
OP, I think you should read a bit about Warren Buffet's background. He didn't exactly start out with nothing. His father was a Congressman.

Also Warren Buffet is educated. Attended Wharton School of Business, Columbia Business School, and has a Masters Degree in Economics.

Now some advice. You should read books from a variety of topics. Do plan on attending some instititution of higher education.
You should learn how to spell Mr. Buffett's name. Otherwise, I agree with everything in your post.
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Old 01-25-2015, 07:41 AM
 
Location: North Idaho
32,503 posts, read 47,500,455 times
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Quote:
Originally Posted by siddarthk View Post
........... right now i'm pretty clueless.
Yeah.

That's going to be a problem.

There is no easy template to follow. If there were, so many people would be following it that the wealth would be diluted down to nothing. However, if you'd like to lose whatever money you've got right now, there are wealth gurus who will take all your money in exchange for teaching you the "secrets" of wealth accumulation.

In order to be successful, you need knowledge. That knowledge is available to anyone who desires to learn it. The easiest way to accumulate that knowledge is at a highly rated college. Study business, economics, and accounting. Some computer classes wouldn't hurt. Maybe a useful foreign language like Chinese or Vietnamese.

Actually there is a secret that I am willing to share with you. A very wealthy cousin of mine told me he tried to figure out why some people were wealthy and some trudging along working for salaries. His conclusion was that the facts are exactly the same for everyone. It is what you make of the facts that determine your lot in life.

So there you go: information is readily available and it is available to anyone who makes the effort to learn it. Then whether or not you are a success depends upon how clever you are in using that information. Also, probably a lot depends upon how much effort you are willing to put into it. (and sorry, but I don't know any fast and easy ways to teach you how to be clever or industrious)
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Old 01-25-2015, 07:45 AM
 
Location: North Idaho
32,503 posts, read 47,500,455 times
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Quote:
Originally Posted by Larry Siegel View Post
You should learn how to spell Mr. Buffett's name. Otherwise, I agree with everything in your post.
Buffett purchased entire companies and what he bought was safe and virtually guaranteed to continue to be successful. Look at what he owns. Products that the public has a long history of loving.

As a private investor just starting out, it is going to be difficult for you to purchase entire companies, especially major, well established companies. So following Warren Buffett's path to success is going to be a tough program for you.
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Old 01-25-2015, 11:57 AM
 
7,898 posts, read 7,077,245 times
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Quote:
Originally Posted by Dick Cheney View Post
You can improve your quality of life by living at home to cut down on expenses.
Huh??
Adult children living in their parents houses may save money but I would not consider that to be an improvement in quality of life. Adults with ambition, self confidence and drive are not likely to be living with their parents. In this regard, Warren Buffett set an example. He left home to go to college at age 16.
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Old 01-25-2015, 12:04 PM
 
35 posts, read 28,990 times
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Quote:
Originally Posted by jrkliny View Post
Huh??
Adult children living in their parents houses may save money but I would not consider that to be an improvement in quality of life. Adults with ambition, self confidence and drive are not likely to be living with their parents. In this regard, Warren Buffett set an example. He left home to go to college at age 16.
Moving out is a racket. Why pay rent? Nothing comes from paying rent. It would be the same as throwing your money in a fire. If you buy your own house or multi-family property however...
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