For a while now I have pretty much "Lived for today" (could not afford to do that right out of college though). I don't think driving a shitty car to potentially become fairly wealthy is the right approach. The day i hit 40 and planned to retire (and finally live it up) would be the I would get hit by a truck and be dead.

I currently have 5 cars a dirt bike, 16 houses.....and 2 funny little kids...... and compared to my neighbors I spend money way better than them...cheap, poor bastards

Scot

 

I'd like to add a simple one..don't get audited...EVER!!

 

There will be a handful of opportunities in your life when you need to make key decisions in your investments and career, quite likely involving some risk. Make the right decisions, and you are on your way. Blow it, and it's like that really long slide in the kids game chutes and ladders...

 

I agree but so much of it is luck. Oftentimes, the difference between a great decision and a terrible one are the circumstances beyond your control.

I think that we make a lot of our own luck, but some things happen in spite of us and our plans.

 

I think the way to wealth is this: spend WAY less than what you make, and save the rest.

 

You guys seemed to have missed the other get rich quick option: marry a rich girl, works every time.

 

[QUOTE]Originally posted by JonBoy
[B]Like one of the first few posters, I think diversification is the key.

 

Well, unlike the others who answered this thread, I don't think I am really that "financially well off."

But then how do you know?

I'll bet Bill Gates would say he's not yet financially well off either!

 

Well, for starters, I don't work in the company that I invested in - I work (in alternating semesters, for internships) with Halliburton. They're a big energy services company - worth about $150B over the next ten years. They also made an open offer (blank cheque, basically - literally) for the company I've invested in, so that alone tells me a LOT about how valuable the company is (especially as they're issuing a rather small number of shares, compared to big corporations)

You know, I seriously considered telling the people on here quite a while ago when I bought in (it's still a privately owned company - latest shareholder report says expectations are to go public sometime in the first quarter of next year) at 10% of the cost of buying in now. I decided NOT to do it because I've seen one or two others on here do the same thing (promote or just mention a company) and get seriously flamed by others. I know I'll make money on the deal, since I bought in for pennies really (the stock would have to be WORTHLESS, literally, for me to lose money on the deal), but people just seem to perceive any mention of money and investment as rather unprofessional and somehow suspicious. Thus, I haven't and will not do it in a public forum.

If you (or anyone) wants some information about the company, I'll gladly provide it privately. I don't think this forum is quite proper for this kind of information and no doubt most will agree.

Just as a sidenote: I'm not rich. I'm not even close to being remotely wealthy (in terms of what I now own or have - my worth isn't bad for a 22 year old still doing an engineering degree, but it's certainly not spectacular) - I just decided to invest in something that I know a great deal about (information is power ) and trust that it'll work out. I'm just an average Joe Blow that has taken advantage of an opportunity.

Private message me if you want, or try jonboy@attcanada.net - either should work.

 

sometimes it is not all luck....it is hard work and dedication... and some luck.

I sold a car to get the equity out of it to start our mortgage broker company.. at the time it was the only thing we owned..... i took the $4k (it was not a great car obviously) and got the licenses, computer,etc..... It was only $4k but that was about all we had back then. it never did make us superwealthy, but it still does pretty well (especially with interest rates so low).

But...it was some hardwork, knowledge and some luck that got it working.... not 100% luck.

Scot


[QUOTE]Originally posted by ralper
[B]

I agree but so much of it is luck.