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| View Poll Results: Age you think you'll be a millionaire? | |||
| < 20 | | 5 | 2.16% |
| 20-29 | | 86 | 37.07% |
| 30-39 | | 91 | 39.22% |
| 40-49 | | 27 | 11.64% |
| 50-59 | | 10 | 4.31% |
| 60-69 | | 0 | 0% |
| I'm never going to make that kind of cash. | | 11 | 4.74% |
| Already rolling in the 7-digit club. | | 2 | 0.86% |
| Voters: 232. You may not vote on this poll | |||
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| If I had to recommend two books on the subject, they would be: The Automatic Millionaire. Great book, mostly about the basics of personal finance and a decent plan for getting started on the road to becoming a millionaire (for those of us who don't want to spend lots of time working on becoming a millionaire but want it to sorta just happen). The Millionaire Next Door is also an amazing book from a few years ago. Many of the current millionaires (80%) are first generation rich. Most of that 80% got rich by either budgetting or paying yourself first (saving ~10% of every paycheque automatically), so paying yourself first does work. This book is great for insights into what habits and beliefs make people rich (self-employed people are really up there, btw). I don't really have a set plan for when I want to be a millionaire, I'd like to be one before 30, but I am intending it every ~day. In a little while, I'll put together a solid plan for when/how I wanna be a millionaire, besides investing and so forth. There's lots of other stuff to focus on first and now (physical, fun and recreation, mental development).
__________________ Mind-Manual "Pure hell forces action, but anything less can be endured with enough clever rationalization." - Tim Ferriss |
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__________________ Public Speaker, Writer, Marketer, Gym-o-holic, Loving Husband. |
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| I think learning is more important that earning. Andrew Carneigie (the richest man in the world at one point in time) once said that if someone were to take away all of his money and businesses, and leave him with only his knowledge, and his associates (he associated with a group of people you might call business associates, i think ive also heard the term "mastermind group", but they basically put their knowledge together to work toward a common goal: basically to get rich) he would be back in riches within a few years... or some really short timeline-sorry for the vagueness, but i cant find the exact passage in my history book This being said, I know there are people out there who know how to do it- I also know that much of this knowledge is floating around on this site--- the only problem i currently have is that i cant read fast enough to absorb all that knowldge. My Photoreading package seems to have been lost in the mail |
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| A fascinating thing about money is the less you need it; the more you'll make! I'm currently touching a nice salary as a medical student sponsored by the army. I have very little spending (living in residence, no car) so I get to invest the bulk of my earnings. |
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| hehe photoreading i havnt figured it out completely. Well its good to see your acting on limited information of stocks. At least you dont have the problem of having knowledge and never applying it which would frankly seem to be my biggest problem. id be interested to hear what you have learnt from investing when you sell your stocks toasterwater. |
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The first one that comes to mind that was able to go from billionaire to bankrupt to billionaire again is Donald Trump. Also, I heard that there were a group of millionairs that will periodically would challenge each other on who could make the most profit starting a business or investment with no money of their own. |
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| excellent thread, quality posts so far. I am listening to the unabridged audio version of Millionaire Next Door and I highly recommend this book too. It tells a truth a lot of people probably don't want to hear. On the other side it might be enlightening for some of us. I believe in living below my means because one day this will equate to still living below my means but a higher living standard than most people have. Lots of guys I know who graduated at the same time live this high consumption life style. One might think they earn twice as much as I do and as a consequence I sometimes had the feeling that I have obviously done something wrong because I don't have the money for a big car and big apartment and a luxury vacation three times a year. Now I know - they don't have the money either. I am convinced you get a headstart to financial freedom if you start thinking about these topics early in life. |
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I've given up on my ambition to become a millionaire in favor of a more simplistic lifestyle that centers around only taking what I really need.
__________________ The rat-race journal |
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Money's just paper. It's the mindset that makes you wealthy. And there's no limit to that. |
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| I think through living frugally as Jill says, and careful investing it would be quite easy to amass a million, especially if using a multiple streams of income idea like Steves. Cant wait to see how many of us make it. Good Luck Everyone
__________________ "Never violate a woman, nor harm a child. Do not lie, cheat or steal these things are for lesser men. Protect the weak against the evil strong. And never allow thoughts of gain to lead you into the pursuit of evil" The Iron Code of Druss the Legend (David Gemmel) |
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You made me swallow my gum. What's your plan of action to get $15 million?
__________________ Public Speaker, Writer, Marketer, Gym-o-holic, Loving Husband. |
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| millions are only as good as you utilize it. Personally when I acquire a nice stash like that through investments, I'm going to turn around and give the majority of it back into the universe. There's no point having money or the power that comes with it without serving a greater good, in my opinion. It becomes an empty pursuit otherwise. Im not overly attached to money. Its only flimsy paper, a man made object with no inherent value. |
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| I'm planning to have a million before I turn 25, I'm 18 now, so that's plenty of time But off course, the most important thing is indeed waht you do with it. I don't think I'd really change my life because of the amount of money I have. If I magically got 1 million$ today, I'd probably buy a boat for my mother (something she's been dreaming of for all her life) , and I'd just invest the rest I think :-). I just want to make sure I never have to worry abouy money and that I can help other people realise their dreams and projects. Last edited by Gerto : 11-27-2006 at 06:28 PM. |
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| Ahimel, I'd like to offer some unsolicited advice. I wouldn't say you are almost a millionaire since you have a list of things you've learned before starting the business. This is simply a good foundation. What I have found is that with almost every business you will most likely hit a brick wall. When you do hit a brick wall, its how you learn to climb it, break through it or go around it that will determine your success and ultimately make you a millionaire through business. When I started out I thought like you, thats the great thing about such forums is that you can learn from others. Sincerely, "Still Growing" |
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| Ahimel, I'd like to offer some unsolicited advice. I wouldn't say you are almost a millionaire since you have a list of things you've learned before starting the business. This is simply a good foundation. What I have found is that with almost every business you will most likely hit a brick wall. When you do hit a brick wall, its how you learn to climb it, break through it or go around it that will determine your success and ultimately make you a millionaire through business. When I started out I thought like you, thats the great thing about such forums is that you can learn from others. Sincerely, "Still Growing" Quote:
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So many people are ignorant about even the basics of modern economics, that they too share this total misunderstanding of how currency is created by banks. It is the ultimate in "scarcity thinking", as Steve Pavlina calls it. Not only do you believe that you personally can only have a finite amount of money, but you believe that your country, and indeed everyone in the world, is thus also limited. It's not true, and our country is great because our leaders have always understood this. But thinking this way as a populace is what creates depressions, recessions, and currency devaluations. It's actually unpatriotic to think this way, and it hurts the entire country. Here's an article I wrote about how the Federal Reserve creates money, and how the concept of infinite wealth is built into the very structure of the American dollar: [LINK] And here's the book I wrote that goes with the article: Solomon's Treasure: The Magic and Mystery of America's Money. Anyone want to talk more about this? Ask me a question or make an observation. I love this topic! |


