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Old 04-22-2008, 08:09 PM
 
Location: Earth
4,520 posts, read 3,102,568 times
Reputation: 3363

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I'm in my mid-20's, the only debt I have is my school loans. I don't pay rent, maxed out the 401k, and started a roth ira at fidelity. What else do I invest my money in? Right now, I make under 40k but that should rise. I spend nothing and have nonexistant social life thanks to living in the suburbs away from friends in the city. I only drive to work. The rest, I walk.
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Old 04-22-2008, 08:28 PM
 
Location: California
1,268 posts, read 867,332 times
Reputation: 76
Rental property.
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Old 04-23-2008, 05:39 AM
 
Location: Central Fl
2,903 posts, read 10,950,227 times
Reputation: 2860
You are on your way.....

live within your means

Know that your money can always work harder for you then you can work for your money.

Let the law of compounding interest work for you, not against you.

As said before, "GOOD" rental property.......knowing how to fix things yourself helps.

Always save 10% of earnings....pay yourself first.

Never pay a dime of credit card interest.

know that the purpose of a car is transportation, not a status symbol

Know that it is ok to have things, just don't let things have you. "Stuff" can kill you.

That's a start.......Frank D.
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Old 04-23-2008, 06:38 AM
 
Location: Londonderry, NH
41,492 posts, read 51,392,857 times
Reputation: 24613
Get a good paying professional Federal government job (Executive Service) and keep it for 40 years. The pension will be the equivalent of a couple of million dollars. You should also get paid well enough to save and invest in the private sector but be very careful for the next few years. There is always the possibility of marrying an heiress.
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Old 04-23-2008, 06:40 AM
 
Location: Forests of Maine
30,686 posts, read 49,462,974 times
Reputation: 19134
Read: "The Millioniare Nextdoor"

While there are many different careerfields that would each allow a person to accumulate great wealth; there is a common theme among the lifestyles.

If you model your lifestyle along the lines of 'Wealth Accumulators', then you will obviously accumulate wealth.
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Old 04-23-2008, 02:44 PM
 
16,092 posts, read 36,583,468 times
Reputation: 6277
One of the wealthiest people I know sent me this:

There was a one hour interview on CNBC with Warren Buffet, the second richest man who has donated $31 billion to charity. Here are some very interesting aspects of his life:

1. He bought his first share of stock at age 11 and he now regrets that he started too late!



2. He bought a small farm at age 14 with savings from delivering newspapers.

3. He still lives in the same, small 3-bedroom house in midtown Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.


4. He drives his own car everywhere and does not have a driver or security people around him.



5. He never travels by private jet, although he owns the world's largest private jet company.


6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. He has given his CEO's only two rules. Rule number (1): Do not lose any of your shareholder's money. Rule number (2): Do not forget rule number (1).



7. He does not socialize with the high society crowd. His pastime after he gets home is to make himself some popcorn and watch television.


8. Bill Gates, the world's richest man, met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So, he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.

9. Warren Buffet does not carry a cell phone, nor has a computer on his desk.

His advice to young people: 'Stay away from credit cards and invest in yourself and remember:



A. Money doesn't create man, but it is the man who created money.



B. Live your life as simple as you are.


C. Don't do what others say. Just listen to them, but do what makes you feel good.


D. Don't go on brand name. Wear those things in which you feel comfortable.


E. Don't waste your money on unnecessary things. Spend on those who really are in need.


F. After all, it's your life. Why give others the chance to rule your life?'
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Old 04-23-2008, 02:53 PM
 
Location: California
1,268 posts, read 867,332 times
Reputation: 76
Quote:
Originally Posted by Lakewooder View Post
One of the wealthiest people I know sent me this:

There was a one hour interview on CNBC with Warren Buffet, the second richest man who has donated $31 billion to charity. Here are some very interesting aspects of his life:

1. He bought his first share of stock at age 11 and he now regrets that he started too late!



2. He bought a small farm at age 14 with savings from delivering newspapers.

3. He still lives in the same, small 3-bedroom house in midtown Omaha that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence.


4. He drives his own car everywhere and does not have a driver or security people around him.



5. He never travels by private jet, although he owns the world's largest private jet company.


6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. He has given his CEO's only two rules. Rule number (1): Do not lose any of your shareholder's money. Rule number (2): Do not forget rule number (1).



7. He does not socialize with the high society crowd. His pastime after he gets home is to make himself some popcorn and watch television.


8. Bill Gates, the world's richest man, met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So, he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.

9. Warren Buffet does not carry a cell phone, nor has a computer on his desk.

His advice to young people: 'Stay away from credit cards and invest in yourself and remember:



A. Money doesn't create man, but it is the man who created money.



B. Live your life as simple as you are.


C. Don't do what others say. Just listen to them, but do what makes you feel good.


D. Don't go on brand name. Wear those things in which you feel comfortable.


E. Don't waste your money on unnecessary things. Spend on those who really are in need.


F. After all, it's your life. Why give others the chance to rule your life?'
What a F****** Boss. Good post.
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Old 04-23-2008, 06:51 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,994,499 times
Reputation: 465
Marry Rich!!!!!!!!
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Old 04-23-2008, 07:44 PM
 
Location: Forests of Maine
30,686 posts, read 49,462,974 times
Reputation: 19134
With all due respect to Mr. Gates; his path to riches is not a practical model of how to do it. Far more code writers have lost their shirts than those who have made a fortune.

With all due respect to Mr. Buffet; his path to riches is not a practical model of how to do it. Far more stock traders have lost their shirts than those who have made a fortune.

Both required an amount of luck. Both were in fields that had a lot of competition, and most of their competitors lost their shirts.

When you track data points you will find 'wild points'. You do not build rules to describe trends by watching the wild points.

To build a rule describing a trend you observe the majority of data points.

In America today, we are experiencing a process where thousands of folks each year, are going from having nothing, toward accumulating large Net Worths.

Thousands of folks each year accumulate Worths of over a million $.

By all means there will exist wild points, the odd guy who can maneuver his company into a position where he can become a Gazillionaire. However that is not the rule.

And there simply is not room for a thousand folks each year to each have a company worth a Gazillion dollars.

However there is plenty of room for a thousand folks each year to accumulate over $10 million each.
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Old 04-23-2008, 09:42 PM
 
Location: Boca Raton, FL
5,176 posts, read 8,698,297 times
Reputation: 6194
Smile Retiring a millionaire

I loved the post about Mr. Buffett. I am printing it and sending it my daughter in Manhattan who is paying high rent but loving it.

You have gotten some good advice on here.

It is never too late.
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