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Old 01-25-2015, 05:15 PM
 
1,767 posts, read 1,736,630 times
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Cure cancer/ find the fountain to youth/ create riskless weight loss pill/ etc.
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Old 01-25-2015, 05:31 PM
 
18,525 posts, read 15,506,793 times
Reputation: 16213
Quote:
Originally Posted by Dick Cheney View Post
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...
We've been through this already.
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Old 01-25-2015, 05:37 PM
 
Location: Wartrace,TN
7,997 posts, read 12,688,589 times
Reputation: 16307
I sense that your motivation will be your downfall. Had you said "I want to become an astute investor like Mr. Buffett" I would give you better odds. You want to become "super rich"? That's why millions of people blow money on lottery tickets.
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Old 01-25-2015, 10:37 PM
 
Location: Arizona
3,148 posts, read 2,717,674 times
Reputation: 6061
If you wanna get rich like WB did, charge a fee to manage other people's money.
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Old 01-26-2015, 12:42 PM
 
1,870 posts, read 1,894,860 times
Reputation: 1384
Quote:
Originally Posted by Wartrace View Post
I sense that your motivation will be your downfall.
The only motivation is to generate responses. Based on prior posts I predict that there will be another, nearly identical one, purporting to want to know how to get rich like the Warrenator.
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Old 01-26-2015, 11:07 PM
 
Location: Under a bridge
2,420 posts, read 3,838,484 times
Reputation: 2496
Work hard. Save money. Invest. This is the way to prosperity.

-Cheers.
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Old 01-27-2015, 03:41 PM
 
7,898 posts, read 7,092,882 times
Reputation: 18587
Quote:
Originally Posted by Dick Cheney View Post
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...
The people I know who are ambitious and successful are not worried about saving a few rent dollars by living with relatives or sharing a bathroom with roommates. There is thinking big, thinking small, and finally counting pennies. I don't think anyone can do all of those at the same time.
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Old 01-27-2015, 03:58 PM
 
Location: San Francisco, CA
15,088 posts, read 13,421,794 times
Reputation: 14266
Quote:
Originally Posted by siddarthk View Post
Do i need upper education to become rich? I want to do what warren buffett is doing, i want to invest in stocks and etc. Guys tell me what i should do? Like what books to read? I basically want a plan to follow, right now i'm pretty clueless.
Let me tell you something:

If you hope for someone off the internet to give you a plan to become super rich... just give up now because you don't have what it takes.

Basic economics suggests that whatever you do is only going to make you super rich if you outperform others and they can't easily emulate what you're doing. That means: (1) the super rich thing is by definition damn hard to do, and (2) if someone on here did know the way to get super rich, they'd be stupid to dilute the value by sharing it with you and the public rather than just doing it themselves.

People who actually become super rich and do stuff like Warren Buffett had the intellect and motivation to forge their own path and figure out strategies for success; no one gave them a roadmap. And that's precisely why they are where they are and others are not.
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Old 01-27-2015, 04:07 PM
 
Location: San Jose
574 posts, read 695,188 times
Reputation: 732
Quote:
Originally Posted by ambient View Post
Let me tell you something:

If you hope for someone off the internet to give you a plan to become super rich... just give up now because you don't have what it takes.

Basic economics suggests that whatever you do is only going to make you super rich if you outperform others and they can't easily emulate what you're doing. That means: (1) the super rich thing is by definition damn hard to do, and (2) if someone on here did know the way to get super rich, they'd be stupid to dilute the value by sharing it with you and the public rather than just doing it themselves.

People who actually become super rich and do stuff like Warren Buffett had the intellect and motivation to forge their own path and figure out strategies for success; no one gave them a roadmap. And that's precisely why they are where they are and others are not.
And this is the truth. Advice on how to become rich either:

  • Doesn't work that well
  • Takes a lot of effort/skills (beyond what most are capable of)
  • Is too expensive
If advice on how to become rich were freely available, worked well, and didn't require much effort then everyone would be rich (and therefore one one would be).


If you want to become a billionaire talk to billionaires, not millionaires. Or you could just figure it out yourself.
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Old 01-27-2015, 04:28 PM
 
24,352 posts, read 26,821,734 times
Reputation: 19827
Quote:
Originally Posted by jrkliny View Post
The people I know who are ambitious and successful are not worried about saving a few rent dollars by living with relatives or sharing a bathroom with roommates. There is thinking big, thinking small, and finally counting pennies. I don't think anyone can do all of those at the same time.
This isn't true in my opinion.

My parents were both poor when they grew up. I'm talking very poor, where my dad's family at one point survived on potato soup for breakfast/lunch/dinner and my mother's family was living in a shelter at one point. Fast forward to today and they are pulling in over $500k/year. They didn't win the lotto or anything like that. My mom saved every penny she could and eventually was able to put a down payment for a small cafe in a mall. She turned it into a successful business earning over $100k/year and that was the start of her road to success. My dad went a more conservative route, he did well in school, went to community college, and got an accounting job then met my mother.

So, the point of the story and what they've taught me is you need to save every penny you can if you are really motivated to make it big one day. Forget about rent, they taught me every minute of electricity matters. I think it is one of the reasons they have been so successful in business. Every business they bought was one where the previous owner went bankrupt, so they were able to pick them up at a fraction of the cost and turn them around. Even to this day, my mom will yell at an employee if they leave a light on that doesn't need to be on, even if they say I need to come back in this room in less than 5 minutes. Having an attitude where pennies don't matter is often the reason for failure.

It depends on the person. If the person has ambitions to start their own business and become a millionaire one day, then the smart choice would be to live with their parents until they have saved enough money. However, some people choose quality of life over money, so it's a balance thing that varies per person.
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