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How To Get Rich
01-20-2016, 12:58 PM
Quote: (01-20-2016 12:44 PM)Peregrine Wrote:
Quote: (01-20-2016 11:52 AM)CrashBangWallop Wrote:
This thread is really "How to be comfortable".
I hate to, once again, question you on your threads Hank, but what is your net worth? Over what period was it accumulated? How was it accumulated specifically? How do you intend to translate what you have now into being rich not comfortable?
This just sounds like any old business insider article on building a comfortable retirement, which doesn't make it bad advice per se, re-writteen and wrapped up in personal "anecdotes".
He already told you how it was accumulated. Went into a lucrative career, kept expenses (significantly) under income, started his own business, and then invested (in real estate). It's really that simple.
If you aren't satisfied with his level of "rich" and want to achieve what Gringuito has, add risk. More risk, more variance in result.
If you think Hank's advice is like any old Business Insider article, I don't know what to tell you. He's not telling you to stay at your 9 to 5 for shit pay while thinking one less Starbucks coffee is going to catapult you to riches.
Edit: Hank's advice can take you to 10MM USD while you are still young enough to enjoy it. That's "rich" in my books, when combined with great health and strong relationships.
Ok, well I think you are naive for believing any of it. One thread after another of make believe, in my opinion.
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How To Get Rich
01-20-2016, 01:23 PM
Quote: (01-20-2016 01:09 PM)Peregrine Wrote:
Hank's advice can take you to infinite money, because they key part is "start your own business" and "invest".
Yeah, but everyone knows that.
Hank told us "I will teach you to get rich".
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01-20-2016, 02:26 PM
It's no different to starting a thread saying "I will teach you to get girls" then saying 1) Go to the gym 2) Buy new clothes 3) approach.
That's general advice too. But equally worthless without detail.
See the thing is, like game concepts, we on this forum like to get into the nitty gritty of things. If the thread was "I will teach you how to spot undervalued real estate" or "How to scale a law firm" or "how to add value to your home via improvement" or any of the other things Hank claims to have done, I would sit up and notice.
Let's hope they'd be better than his "short guy solution" which was to buy big great heeled shoes...
They are specific, accountable things that require actual knowledge and experience to sound credible...not something one can regurgitate from a Facebook article.
Hank is either a bullshit artist, a deeply insecure attention seeker or setting himself up for some generic self improvement business (despite what he says), if you ask me.
What other reasons would there be for a super successful: professional/businessman/real estate investor/playboy (delete as per which thread we read) to spend his time writing these threads? Surely someone of that calibre would have something more nuanced and insightful to say.
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01-20-2016, 02:56 PM
I certainly don't need advice on how to get rich, my friend.
Your defence of someone you don't know...to the point of searching around for things previously written by me...is very strange.
I'll leave you and this thread to talk in circles.
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01-20-2016, 03:22 PM
Quote: (01-20-2016 02:20 PM)lavidaloca Wrote:
Quote: (01-20-2016 12:59 PM)H1N1 Wrote:
10mm USD is roughly the price of an actual rich guy's 2nd or 3rd home that he uses twice a year for a couple of weeks of holiday.
If you think this, you have a very unrealistic perception of rich people or classify rich as billionaires, celebrities and heirs to large fortunes.
Can you state your perception of what "rich" means then? Seeing as you've criticized multiple people for their definitions including myself.
It's beating a dead horse to criticize others of what their definitions of this word means. It is literally as productive as saying a girl I perceive to be a 10/10 to be your 8.5/10, completely pointless.
It's all relative.
Here's Felix Dennis' scale:
$2-4 million: The comfortable poor
$4-10 million: The comfortably off
$10-30 million: The comfortably wealthy
$30-80 million: The lesser rich
$80-150 million: The comfortably rich
$150-200 million: The rich
$200-400 million: The seriously rich
$400-800 million: The truly rich
$800 million - $1.998 billion: The filthy rich
$1.998 billion and Above: The super rich
"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.
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How To Get Rich
01-20-2016, 05:26 PM
This absolutely captures my feeling about this thread.
+1 rep for cutting through the bullshit
I would have appreciate it more if Hank dropped a datasheet like LouieG did on business:
thread-29744.html
Just look at the level of granular detail and good information density of that thread, showing how LouieG goes about making solid 6 figures from little to nothing.
He sure as hell didn't title it "How to Get Rich" only to turn around and feed us boiler-plate advice you can read in esquire magazine at the doctor's office like Hank did. On the other hand, LouieG's brought the thunder and lightening in that thread.
thread-29744.html
Even Gringuito's thread was titled "Starting and Growing a successful business".
thread-33451.html ; NOT some charlatan sounding "How to Get Rich".
Quote: (01-20-2016 02:26 PM)CrashBangWallop Wrote:
It's no different to starting a thread saying "I will teach you to get girls" then saying 1) Go to the gym 2) Buy new clothes 3) approach.
That's general advice too. But equally worthless without detail.
See the thing is, like game concepts, we on this forum like to get into the nitty gritty of things. If the thread was "I will teach you how to spot undervalued real estate" or "How to scale a law firm" or "how to add value to your home via improvement" or any of the other things Hank claims to have done, I would sit up and notice.
Let's hope they'd be better than his "short guy solution" which was to buy big great heeled shoes...
They are specific, accountable things that require actual knowledge and experience to sound credible...not something one can regurgitate from a Facebook article.
Hank is either a bullshit artist, a deeply insecure attention seeker or setting himself up for some generic self improvement business (despite what he says), if you ask me.
What other reasons would there be for a super successful: professional/businessman/real estate investor/playboy (delete as per which thread we read) to spend his time writing these threads? Surely someone of that calibre would have something more nuanced and insightful to say.
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01-20-2016, 06:51 PM
H1N1, if your friends have a property portfolio of over 30M with net worth of about 50M then they would have 60% of their net worth in illiquid assets. This may be normal for old money in the UK but my advisors will kill me if I wanted that amount of my worth in any one asset class. In addition, homes are a cash sink (like boats and jets) since you need to pay upkeep, property taxes, staff to maintain. In any event, it's not worth arguing over.
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01-20-2016, 08:12 PM
Quote:Quote:
Here's Felix Dennis' scale:
$2-4 million: The comfortable poor
$4-10 million: The comfortably off
$10-30 million: The comfortably wealthy
$30-80 million: The lesser rich
$80-150 million: The comfortably rich
$150-200 million: The rich
$200-400 million: The seriously rich
$400-800 million: The truly rich
$800 million - $1.998 billion: The filthy rich
$1.998 billion and Above: The super rich
This is one of the dumbest things I've ever read. Categorizing someone with a $4 million net worth as "comfortably poor" requires a staggering lack of perspective and a general disconnect from reality. It would be akin to calling Ron Jeremy "needledick", or Shaquille O'Neal a "tiny little man". It reveals an obsession with money that is absolutely pathological in nature, the financial equivalent of the 78 lb. anorexic girl who thinks if she just lost a few more pounds she would finally be beautiful.
Making money is good, and making a lot of money is better, but past a certain point an obsession with money serves no purpose. Health, family, good friends, challenging/fulfilling work, interesting hobbies, peace of mind, purposeful living, spiritual contentment and hard-earned wisdom are going to matter a lot more to your satisfaction in life than stacking millions upon millions of dollars on your existing fortune. The "comfortably poor" guy worth $4 million who manages his priorities well is going to have a much, much better life than a guy who sacrifices his entire life to claw his way into a nine-figure fortune, only to realize once he acquires it that ultimately it was just a number he was chasing, and all those years he spent scratching and clawing and living red-eyed in the trenches were actually his life - a life now mostly behind him.
Money is not an end in and of itself. It's a tool to be used to enable to you live a better life. If you lose sight of this fact and make money an end rather than a means to an end, it's very likely you will come to regret it. Living a successful life is much less about how much money you acquire and much more about how wisely you spend your limited time on this planet.
Ecclesiastes 5:10
"He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity."
[size=8pt]"For I reckon that the sufferings of this present time are not worthy to be compared with the glory which shall be revealed in us.”[/size] [size=7pt] - Romans 8:18[/size]
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01-20-2016, 08:31 PM
Exactly. A friend of mine recenltly acquired an expensive house from a business owner who wanted to unload his third home and dump the money back in his industry while others are running scared shitless and unloading assets for pennies on the dollar (O&G). He ended up selling at a 250k discount because it's hard to shop around a high-priced house to potential buyers in a timely manner, the pool of buyers that can get a loan or close quickly (don't need financing) is inherently smaller than on lesser-priced properties, and monthly holding costs are in the five-figure range so he can limit his hit on the front-end now or take it later but with a greater degree of uncertainty. That 250k may have been a spore of the seller's net worth, but it's still another Aston Martin. Or a scholarship for a promising student. Or whatever.
Real estate over a certain price point is illiquid by nature but it's always better to be illiquid and "income-producing" rather than illiquid and "income-depleting."
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01-20-2016, 10:16 PM
This thread has made me re-read Dennis' book. And early on he states that money will not make an unhappy poor man happy, and that past a certain point it becomes almost more of a game than anything else. You need to ask yourself what getting rich means, and where you want to be. That chart is a direct quote out of his book, and that's what money meant to him. It is completely perspective. For me, even at a young age, I see it as a game; for others, it's a completely emotional topic. That article that Gringuito posted about how few people have over 1k in savings hit me hard though, it brings me back to Earth and shows me where I am in life compared to more than half the U.S. population.
I think that anyone, if they desire it enough, can get to a point of freedom. I don't think desire alone will bring someone to a billion dollars however. Personally, I enjoy building businesses and building relationships because of them. I enjoy learning about investing and playing with my money in the markets not only because it makes me money, but also because it shows me how interconnected the world is, and how everything impacts everything else. I am lucky to have a dad that has always had the mentality needed to build his companies and been able to teach me that mentality, and because of that mentality had the time to be able to do it too. I desire the freedom that business can create, and have been inspired by business and creating value for others since I was a boy. But I think being rich in time is what rich actually means.
When you have time, you have freedom. Take all the fancy houses and cars out of the equation, they are an afterthought. Rich is being free to live as you want. For many people, that is spending time with loved ones. For some, it is building their empire. I enjoy the many perspectives in this thread though, because it has made me look at myself and ask what do I really want.
"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.