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No I’m going to disagree here. My girlfriend goes to a nail salon where the owners are from one of the Asian countries. Came here poor about 10 years ago and lived cheap and worked hard. They just bought their first home, 7500 sq ft. Part of making it work is learning the easier pathways. Your acquaintances did not. Most storefronts in downtown areas come with high overhead and regulations. Sometimes it’s better to pick another business.
I was at my local Asian restaurant last night. An extremely accomplished family runs it, 11 yrs in business, they started with nothing and now they own about 2.5mm in real estate, probably another 400K in cars. It was a 7 day a week grind, they recently dropped back to 6 days and guess what.........gross revenue didn't drop!
4 kids, I know for sure 3 are college graduates (2 have advanced degrees). 4 kids and mom/dad have all become US citizens (mom and dad did it in the last 2 years).
They work hard, the restaurant represents their family name as well as their livelihood. They are closed on Sunday, what do the sons do.........7am Sunday they literally dismantle the kitchen and do a deep cleaning! I swung by one Sunday to get some ice, filling a couple of big coolers. I got out of a brand new car (100 miles on it) and walked to the back door of the kitchen. He said just walk on the towels, I don't want footprints on the floor.
Despite what you see on youtube/instagram there is no substitute for hard work kids!
Yes since that’s how Tax Brackets work. In the example given the last dollar earned would be taxed at 22%. All the other dollars would still be taxed at 12%. The poster seemed to believe that the last dollar earned caused ALL earnings to be subject to a tax rate of 22% when filing. Nope.
Yes since that’s how Tax Brackets work. In the example given the last dollar earned would be taxed at 22%. All the other dollars would still be taxed at 12%. The poster seemed to believe that the last dollar earned caused ALL earnings to be subject to a tax rate of 22% when filing. Nope.
Every time bluesclues5 opens one of his, "America Sucks" threads whining about how the little guy can't get ahead etc. etc. I think of the donut shop owner in North Dallas who as a young man was set to be executed in one of Pol Pot's concentration camps. Long story short he escaped and then walked/ran across most of his country with no shoes.
Years on I'm sure he isn't rich but he has done well though hard work.
__________
FWIIW I've more or less begged the guy to write a book. He has no interest.
I rented a Tesla 3 in California last month, I can see the allure for sure.
Nice choice on the GT4, I'd be happy with the GTS 4.0 7 spd, less boy racer with the wings/spoilers. I've got a 22 C4S cab now with a 23 911 GTS/4 7 spd already built, sitting at the factory waiting for me to pick it up.
I have a model Y. Interior is a little low rent and spartan, and build quality isn't the greatest but it goes like stink and is super spacious and high tech.
Give me manual or give me death. They make a Spyder if you want it to look a little more subdued (or they used to).
I think intelligence has a lot to do with generating wealth. You can’t get blood out of a stone.
Warren Buffett says that an IQ of 125 is all you need to be a successful investor. That's definitely above average, but not quite Mensa level. What made me successful was hard work, perseverance, living frugally, and saving & investing. And then there's faith: absolute faith in the long-term rise of the stock market.
Warren Buffett says that an IQ of 125 is all you need to be a successful investor. That's definitely above average, but not quite Mensa level. What made me successful was hard work, perseverance, living frugally, and saving & investing. And then there's faith: absolute faith in the long-term rise of the stock market.
I think it is far easier to agree that among the ultra wealthy, or just quite well off people of the world, there are very few stupid people.
It's not zero because of inheritance. Or winning a big lotto. Or being a dictator. (though that might also require intelligence to pull off)
Would anyone argue that really stupid people are often wealthy? (yes, I know it's the internet, so of course somebody will, so I mean aware intelligent people)
Interest rates and treasury yields have risen so a large portion of my investments and savings have been converted to high yield accounts. If I were poor, I would not be able to take advantage of the fed raising interest rates.
I have to say even if one can only buy 2 or 3 T-Bills a year it can be done. If you want to keep more than you spend you can do it.
I know several people whose wealth I could only envy if I were that type person. They worked hard, saved and invested, and now are in really good shape. But one thing I'll never understand about them is they seem to hate those who have more than they do because those more wealthy won't just walk out on the street and throw their money in the air. Please remember "poor" is a relative term.
How much do you give to orgs. like Salvation Army, Feed The Hungry, etc.? I think your perspective is like those who call people who claim various tax strategies as "cheaters" and "dodgers" but the gripers have no problem taking the standard deduction.
Many societies as a whole tend to forget we are the hopes and dreams of 100's of generations before us. It took thousands of years for us to get here and we hopefully will contribute to our lines just as our antecedents did getting us here. It doesn't have to be 10 million dollars to pass down. Maybe it is just teaching your offspring the power of work and frugality. Maybe better things don't happen to your line for several more generations but you don't quit trying and you shouldn't hold others back by having them be OK with not being self-reliant. In many ways we are much more than just us.
Last edited by amil23; 03-29-2023 at 01:29 PM..
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