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What in the Journal is actionable for someone with no money and no marketable job skills?
Go out fly a sign. Take 1/2 your money and invest it reasonably soundly. Roll over the returns you get for 10 years. Then spend 1/2 of the roll over and retire from your sign flying career. What to buy and how can be learned in the WSJ.
Sure my examples are on the far end of the spectrum. Millions of others have gone from nothing to living middle class lifestyles. Would you prefer those stories instead? This is about becoming wealthy So I figured that I would leave it at that. Still one of the fastest growing segments in the nation are Middle Class millionaires. Which is not hard to see when you figure the cost of a home or two. My wife and I want to purchase a couple more homes within the next couple of years. Homes in our area for a common, 50 year old house are approaching the $500,000 mark and the market is no where near where it had been at the top of the bubble in 2007. Our income is over $100,000 and approaching the $150,000 mark. With investments and savings we will join the class of Middle class millionaires. We are just regular working people. Lets say that we work another 40 years and live just as this man in the story lived, I bet we could hit those numbers as well and get to the $8 million or more mark. Lots of people can do that. I have co-workers that have done that allready. One co-worker has saved close to $3million so far in his retirement account. Him and his wife have paid off two homes as well. No debt and money to live on during their retirement and yet they keep working.
100,000-150,000 is about double to triple the median household wage.
100,000-150,000 is about double to triple the median household wage.
That doesn't matter. It isn't what you make, it's what you keep.
Just keep in mind that if everyone did this, nobody will prosper. And if nobody did this, there would be no economic mobility. (Short of writing a best seller, being able to dunk a basketball or inventing a must-have gadget.)
This is not an economics story. It is a personal finance story. The information how to emulate Mr. Read is available free. We should be thankful that almost nobody will follow this advice. Suggesting that anyone could do this is fine. That's reasonable. Anyone could. Suggesting that everyone should do this is breathtakingly ignorant. We'd end up like Greece.
That doesn't matter. It isn't what you make, it's what you keep.
Just keep in mind that if everyone did this, nobody will prosper. And if nobody did this, there would be no economic mobility. (Short of writing a best seller, being able to dunk a basketball or inventing a must-have gadget.)
This is not an economics story. It is a personal finance story. The information how to emulate Mr. Read is available free. We should be thankful that almost nobody will follow this advice. Suggesting that anyone could do this is fine. That's reasonable. Anyone could. Suggesting that everyone should do this is breathtakingly ignorant. We'd end up like Greece.
Give me 100,000 grand a year and I'd obtain an insane level of wealth. I'd still live at home. I'd still refuse to buy anything except food.
That doesn't matter. It isn't what you make, it's what you keep.
Just keep in mind that if everyone did this, nobody will prosper. And if nobody did this, there would be no economic mobility. (Short of writing a best seller, being able to dunk a basketball or inventing a must-have gadget.)
This is not an economics story. It is a personal finance story. The information how to emulate Mr. Read is available free. We should be thankful that almost nobody will follow this advice. Suggesting that anyone could do this is fine. That's reasonable. Anyone could. Suggesting that everyone should do this is breathtakingly ignorant. We'd end up like Greece.
To say what you make doesn't matter it's what you keep is a bit silly. If you make 50k and keep 45k great but the other guy making 200k and keeping 100k is crushing you. To some point you can only cut so much and what you make becomes a very important factor
So? Go make "100,000 grand" by improving your worth to the job market.
Or learn enough about passive income that you make your own "100,00 grand" without anyone having to give it to you. There's a subforum called "Personal Finance" where people can explain how to do this.
Economics decides the shape of the curve. Personal finance decides where an individual's place on that curve will be. It takes both to make a market work. One of the reasons we're in such a financial tailspin is that the people who should know the part that I underlined as a concrete fact are only interested in the personal finance side of the picture. Tax cuts and bootstrapping is not sound economic policy.
So? Go make "100,000 grand" by improving your worth to the job market.
Or learn enough about passive income that you make your own "100,00 grand" without anyone having to give it to you. There's a subforum called "Personal Finance" where people can explain how to do this.
Economics decides the shape of the curve. Personal finance decides where an individual's place on that curve will be. It takes both to make a market work. One of the reasons we're in such a financial tailspin is that the people who should know the part that I underlined as a concrete fact are only interested in the personal finance side of the picture. Tax cuts and bootstrapping is not sound economic policy.
I don't expect to ever make that much. I don't expect anything. That's why I live so frugally. It won't matter whether I make 2 grand or 100 I'll still live a spartan lifestyle so I can aggressively raise my net worth vs my age group or the US population.
To say what you make doesn't matter it's what you keep is a bit silly. If you make 50k and keep 45k great but the other guy making 200k and keeping 100k is crushing you. To some point you can only cut so much and what you make becomes a very important factor
Who cares what the other guy is doing? This isn't a race.
If I'm investing $45K per year, I'll be a millionaire soon enough. And I'll have my passive income stream in place so I can retire whenever I want soon enough. It's easy to turn $45K of annual investment capital into $100K of annual passive income. Any nitwit can do that in a matter of years, not decades. That's why this janitor was able to do it.
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