[HankMoody]

(01-18-2016 03:05 PM)H1N1 Wrote:  

With respect, $200k per year is a very long way from rich. You'd need to make significantly more than that here in the UK to send your child to a decent school, live in a modest house, run a couple of cars, and go on holiday once or twice a year.

I'm not saying to hate on you, you've obviously got a lifestyle that brings you plenty of happiness and well being, and that is what we are all aiming for. I have tremendous respect for that, and don't personally ascribe completely to the view that money is the best measure of success.

However, for those aiming to get rich, money is a means of keeping score, and for anyone serious about it, $200k/annum would be regarded as the worst case scenario 'if everything went badly wrong and I took big risks and never got rich, at least I could always make £100k/year' level of money.

Again, in many ways the way of life you advocate is more appealing than scrabbling up the greasy pole. But in the eyes of anyone who is rich, you are off their radar you're so poor. There are guys making more than that as associates in IBs.

Yep.

That's why my car is paid off, I don't have kids, and I bought my house at short sale for a bag of baseballs. And then did all the construction on it myself. Most of my vacation trips involve camping and hunting.

That frees up a lot of income. I use what's leftover to invest.

$200k can be a lot of money, or a little bit of money, depending on how much you spend.

[Brodiaga]

I'll always remember something that radio host Tom Leykis said in one of his Money Monday shows.

Having money = sexy.
Spending money = sexy.
Saving money = not sexy.

Saving and investing can be boring and frustrating. It requires intelligence and, more importantly, impulse control. It's about discipline, staying the course, and not getting swayed by market swings because you are in in for the long term. I am not rich, but I can make my money go much farther by not making stupid mistakes, such as marrying a bitch or wasting money on things like fancy cars to impress people I don't care about.

I agree that income has to be high as well, because no matter how diligent you are at saving and investing, getting rich on the average salary while living in the US is mathematically impossible (except inheriting a fortune, winning the lottery or getting lucky with risky investments which is similar to winning the lottery). Making good money from work or own business is probably the most difficult part compared to investing it or not spending it on stupid shit.

However, I believe that financial independence is within reach for an intelligent and determined man. I can name dozens of places in the world where I could live on $1500/month, stay in a nice apartment, go out to eat and date multiple girls. Anything else on top of that would be gravy. Getting passive or at least location independent income of $1.5K/month or more is not easy but doable.

Also, like Tim Ferriss mentioned in one of his books, wealth is measured in time, not money. It is how much time you can spend without having to work for money. A financially independent guy who lives in Cebu, Kiev or Medellin on 1.5K/month and doesn't have to work is wealthier than an investment banker in New York who makes 500K/year but has to spend all of it between high taxes, private school for kids, rent/mortgage and expensive things for him and his wife.

[Gringuito]

(01-18-2016 07:04 PM)HankMoody Wrote:  

That's why my car is paid off, I don't have kids, and I bought my house at short sale for a bag of baseballs. And then did all the construction on it myself. Most of my vacation trips involve camping and hunting.

That frees up a lot of income. I use what's leftover to invest.

$200k can be a lot of money, or a little bit of money, depending on how much you spend.

Then isn't this thread about living below your means, saving and investing prudently over time, and then living in a low cost-of-living country? That's not the same as being rich in my mind.

[el mechanico]

(01-18-2016 08:56 PM)Gringuito Wrote:  

(01-18-2016 07:04 PM)HankMoody Wrote:  

That's why my car is paid off, I don't have kids, and I bought my house at short sale for a bag of baseballs. And then did all the construction on it myself. Most of my vacation trips involve camping and hunting.

That frees up a lot of income. I use what's leftover to invest.

$200k can be a lot of money, or a little bit of money, depending on how much you spend.

Then isn't this thread about living below your means, saving and investing prudently over time, and then living in a low cost-of-living country? That's not the same as being rich in my mind.

True but old school claims slow and steady wins the race. I believe just make more and work smarter and extend your grip.

When you get rich by being cheap it becomes a virus but when you plow through to make cash and keep the ball rolling you have a different mindset.

Hank is giving good advice especially after the rent wave here that was spoken as gospel when the prices were ripe to buy.

3 year at the same living space and job with good credit should buy now.

[Gringuito]

Mech, I agree this is awesome advice. It was just the thread title that threw me off.

[Belgrano]

Very interesting thread.
Whenever people on this forum talk about money I'm amazed by just how much more money there is to be made in North America compared to Continental Europe. If I'd earn 100k Euro a year I'd consider myself to be rich as fuck from a practical point of view.
We really get taxed and regulated to death here.
Well, at least there's "free" healthcare and "free" eduation and stuff like that...

[worldwidetraveler]

(01-18-2016 09:17 PM)el mechanico Wrote:  

True but old school claims slow and steady wins the race. I believe just make more and work smarter and extend your grip.

I think this is good advice for most people. I do think it is harder to scale up like you mentioned. Maybe to a certain degree, but after that I don't see it since many of those careers outlined in Hank's OP would be geographically dependent.

I know Hank was joking about the pua stuff and I understand where the joke came from but if you take a moment and look at the market behind it you would see that the market is huge and you would be able to scale massively.

I think Roosh could be doing a lot better if he had wanted. Still, he is doing pretty damn good and his books that he has already written still continue to sell.

People are pulling down much more coin from these types of markets than working a career job.

Still, it isn't for everyone and Hank's advice is great for those that would rather play it more safe. I personally believe that if you put the same type of effort that you would put into something like attorney you would be much farther ahead and after some time you see it isn't really that dangerous.

One of my best friends worked at one job since he graduated from college. He will have roughly 2 million in his retirement when he quits. He is far better than most people in this country and will have a nice retirement. Unfortunately, he won't be able to touch it until he gets older but by then I can talk him into making some SEA trips to keep him motivated to retire. haha

[Brodiaga]

(01-18-2016 09:31 PM)Celtic_Austrian Wrote:  

Very interesting thread.
Whenever people on this forum talk about money I'm amazed by just how much more money there is to be made in North America compared to Continental Europe. If I'd earn 100k Euro a year I'd consider myself to be rich as fuck from a practical point of view.
We really get taxed and regulated to death here.
Well, at least there's "free" healthcare and "free" eduation and stuff like that...

People mention these numbers, such as $200k/year salary or $5M net worth, but making this kind of money is very difficult in the US as well.

In my opinion, for a guy of average looks and intelligence, it is much easier to learn how to get laid and sleep with 30 sluts per year than make $200K+.

[captain_shane]

(01-18-2016 09:38 PM)Brodiaga Wrote:  

(01-18-2016 09:31 PM)Celtic_Austrian Wrote:  

Very interesting thread.
Whenever people on this forum talk about money I'm amazed by just how much more money there is to be made in North America compared to Continental Europe. If I'd earn 100k Euro a year I'd consider myself to be rich as fuck from a practical point of view.
We really get taxed and regulated to death here.
Well, at least there's "free" healthcare and "free" eduation and stuff like that...

People mention these numbers, such as $200k/year salary or $5M net worth, but making this kind of money is very difficult in the US as well.

In my opinion, for a guy of average looks and intelligence, it is much easier to learn how to get laid and sleep with 30 sluts per year than make $200K+.

No its not. Anyone can make 200K in sales if they're doing it right. And salesmen aren't born, they're bred.

Jordan Belfort, taught 19 year old high school dropouts how to sell and made them millions. And that wasn't only in his Stratton Oakmont business, the guy set up a mortgage business after he got out of jail and went door knocking with one of his employees, he made 80K that day.

Sales are where the money is at.

[TheFinalEpic]

I wrote a post similar to this about a year ago. You need to focus on buying assets, building companies and services, and money generation if you want to become rich. Simply saving will not get you "rich" by any means. You will be worth maybe a couple million dollars, which is far from being rich. I agree with gringuito that when you do not have to answer to anyone and can do whatever you want for the rest of your life, then you are rich.

I'll link my thread here, because we do offer some of the same advice, however I would put all work into businesses (there's so much money to be made online), investing and learning about more risky vehicles and hedging your bets in the stock market, and real estate. Take your money from the businesses, funnel them into purchasing assets, and then you have rent, dividends, and capital gains to pay your way for the rest of your life.

Here's my thread and thoughts on the subject: thread-42822.html

[lavidaloca]

(01-18-2016 11:51 PM)TheFinalEpic Wrote:  

I wrote a post similar to this about a year ago. You need to focus on buying assets, building companies and services, and money generation if you want to become rich. Simply saving will not get you "rich" by any means. You will be worth maybe a couple million dollars, which is far from being rich. I agree with gringuito that when you do not have to answer to anyone and can do whatever you want for the rest of your life, then you are rich.

I'll link my thread here, because we do offer some of the same advice, however I would put all work into businesses (there's so much money to be made online), investing and learning about more risky vehicles and hedging your bets in the stock market, and real estate. Take your money from the businesses, funnel them into purchasing assets, and then you have rent, dividends, and capital gains to pay your way for the rest of your life.

Here's my thread and thoughts on the subject: thread-42822.html

You are looking at rich from a pure number of $ standpoint. You want the hard facts. The odds are about 9999-1 you will be worth 10+ million before 40. Who cares if you have tons of money and you had to work 35-45 years to get there. You are still 55-65 years old. Look at the demographics of millionaires. Something like 0.2% of all millionaires are under 35. The odds are exceedingly low even amongst business owners. Can you get to 1 or 2 million by then through hard work and high savings. Yes. In fact you can almost guarantee yourself that if you get an above average career, keep your expenditures in check and have a reasonable understanding of investing that early retirement at 35-40 is a real possibility.

Gringuito is an exception to the rule. Frankly, no one in this thread is rich based on the $ you consider rich.

Hank has described how to get rich from the perspective of being free and living on your own terms. What he describes would also lead to you being worth 8 figures if done over the long term. If you have 1 Million at 35. If you work to 65 you may not even have to invest another dollar to get to $10 million.

If you decide to chase the fast way to riches you may get there or you may fall flat on your ass and be in the working to retire at 50+ column. Hank describes a fool proof way to become a millionaire.

Keep in mind when you get to be a young millionaire you can still create a business and try to become rich. You can even do it from a country of your choosing.

Don't fall into the trap of believing people with luxury items are rich because for the most part they buy those items to "look rich." One of my best friends is like that. 6 Figures of debt yet drives a new german car.

One of my relatives makes mid 6-figures per year. He gives himself an allowance of $500 / week to spend. Why? He has such extraordinary expenses he can't be doing much more than that. Multiple kids in private schools, multiple ex-wifes, multiple vehicles etc. You can be screwed extremely quick if you acquire too many expenses that just won't let go.

[TheBulldozer]

(01-19-2016 10:06 AM)lavidaloca Wrote:  

(01-18-2016 11:51 PM)TheFinalEpic Wrote:  

I wrote a post similar to this about a year ago. You need to focus on buying assets, building companies and services, and money generation if you want to become rich. Simply saving will not get you "rich" by any means. You will be worth maybe a couple million dollars, which is far from being rich. I agree with gringuito that when you do not have to answer to anyone and can do whatever you want for the rest of your life, then you are rich.

I'll link my thread here, because we do offer some of the same advice, however I would put all work into businesses (there's so much money to be made online), investing and learning about more risky vehicles and hedging your bets in the stock market, and real estate. Take your money from the businesses, funnel them into purchasing assets, and then you have rent, dividends, and capital gains to pay your way for the rest of your life.

Here's my thread and thoughts on the subject: thread-42822.html

You are looking at rich from a pure number of $ standpoint. You want the hard facts. The odds are about 9999-1 you will be worth 10+ million before 40. Who cares if you have tons of money and you had to work 35-45 years to get there. You are still 55-65 years old. Look at the demographics of millionaires. Something like 0.2% of all millionaires are under 35. The odds are exceedingly low even amongst business owners. Can you get to 1 or 2 million by then through hard work and high savings. Yes. In fact you can almost guarantee yourself that if you get an above average career, keep your expenditures in check and have a reasonable understanding of investing that early retirement at 35-40 is a real possibility.

Gringuito is an exception to the rule. Frankly, no one in this thread is rich based on the $ you consider rich.

Hank has described how to get rich from the perspective of being free and living on your own terms. What he describes would also lead to you being worth 8 figures if done over the long term. If you have 1 Million at 35. If you work to 65 you may not even have to invest another dollar to get to $10 million.

If you decide to chase the fast way to riches you may get there or you may fall flat on your ass and be in the working to retire at 50+ column. Hank describes a fool proof way to become a millionaire.

Keep in mind when you get to be a young millionaire you can still create a business and try to become rich. You can even do it from a country of your choosing.

Don't fall into the trap of believing people with luxury items are rich because for the most part they buy those items to "look rich." One of my best friends is like that. 6 Figures of debt yet drives a new german car.

One of my relatives makes mid 6-figures per year. He gives himself an allowance of $500 / week to spend. Why? He has such extraordinary expenses he can't be doing much more than that. Multiple kids in private schools, multiple ex-wifes, multiple vehicles etc. You can be screwed extremely quick if you acquire too many expenses that just won't let go.

How many of those 9999 actually have the awareness or ambition to actually become rich?

Once you realize the value of time, perhaps life's greatest red pill, all decisions become crystallized. I would say in the next 5-7 years there is a greater chance I am earning >$1MM year than I would be earning what a decent progression in my field would entail.

[TheFinalEpic]

(01-19-2016 10:06 AM)lavidaloca Wrote:  

You are looking at rich from a pure number of $ standpoint. You want the hard facts. The odds are about 9999-1 you will be worth 10+ million before 40. Who cares if you have tons of money and you had to work 35-45 years to get there. You are still 55-65 years old. Look at the demographics of millionaires. Something like 0.2% of all millionaires are under 35. The odds are exceedingly low even amongst business owners. Can you get to 1 or 2 million by then through hard work and high savings. Yes. In fact you can almost guarantee yourself that if you get an above average career, keep your expenditures in check and have a reasonable understanding of investing that early retirement at 35-40 is a real possibility.

Gringuito is an exception to the rule. Frankly, no one in this thread is rich based on the $ you consider rich.

I state that "rich" is where you are in a position that you never have to work again, your income is purely passive. Whether you continue to work is up to you and what you enjoy doing, if you enjoy law for example, then continue to practice. However, you don't have to. You could up and leave tomorrow to never return with your investments and businesses generating all you need. I also state in my previous thread that "rich" is relative; for every different person it means something different, for one guy living in Thailand it may be 1500 per month, for another, it may need to be 100k per month living in New York city with blow and hookers 5 nights a week, only you know that for yourself.

I do believe that in this day and age, a couple million in net worth is pretty much upper middle class, sure you're ahead of most people, but you're also running against 50% of the american population that has less than 10k to their name. At age 22, I'm already ahead of that, it's definitely not hard to be better than average. A mil doesn't do much compared to what it used to. I remember having a conversation in a class a few years back, it was a night class with some people 45+. They were talking about retiring and needing 1m to retire. I scoffed. You can live a lower class lifestyle for that kind of money, and you've got another 15-20 years to live.

Quote:

Hank has described how to get rich from the perspective of being free and living on your own terms. What he describes would also lead to you being worth 8 figures if done over the long term. If you have 1 Million at 35. If you work to 65 you may not even have to invest another dollar to get to $10 million.

Your statement is an oxymoron, i.e. "being free and living on your own terms" and "If you work to 65"

Quote:

If you decide to chase the fast way to riches you may get there or you may fall flat on your ass and be in the working to retire at 50+ column. Hank describes a fool proof way to become a millionaire.

Keep in mind when you get to be a young millionaire you can still create a business and try to become rich. You can even do it from a country of your choosing.

Don't fall into the trap of believing people with luxury items are rich because for the most part they buy those items to "look rich." One of my best friends is like that. 6 Figures of debt yet drives a new german car.

One of my relatives makes mid 6-figures per year. He gives himself an allowance of $500 / week to spend. Why? He has such extraordinary expenses he can't be doing much more than that. Multiple kids in private schools, multiple ex-wifes, multiple vehicles etc. You can be screwed extremely quick if you acquire too many expenses that just won't let go.

If you fall flat on your ass, you get back up again and do something else. The only foolproof way of freeing yourself from corporate drudgery is to build your own businesses, learn investing, and take the leap until it pans out. I agree with your second paragraph, the internet is a great tool in freeing yourself.

I also agree that appearances don't matter. I couldn't care about most of the things average people do. I'm in real estate (among other things) and see it everyday where people will come in looking for a house that they can't afford with a wife that nags and a desire to be liked by everyone. That's where you fail. Don't get married and don't get into (bad) debt. It's been said 1,000 times ad nauseam.

[thisisright]

(01-18-2016 11:29 PM)captain_shane Wrote:  

(01-18-2016 09:38 PM)Brodiaga Wrote:  

(01-18-2016 09:31 PM)Celtic_Austrian Wrote:  

Very interesting thread.
Whenever people on this forum talk about money I'm amazed by just how much more money there is to be made in North America compared to Continental Europe. If I'd earn 100k Euro a year I'd consider myself to be rich as fuck from a practical point of view.
We really get taxed and regulated to death here.
Well, at least there's "free" healthcare and "free" eduation and stuff like that...

People mention these numbers, such as $200k/year salary or $5M net worth, but making this kind of money is very difficult in the US as well.

In my opinion, for a guy of average looks and intelligence, it is much easier to learn how to get laid and sleep with 30 sluts per year than make $200K+.

No its not. Anyone can make 200K in sales if they're doing it right. And salesmen aren't born, they're bred.

Jordan Belfort, taught 19 year old high school dropouts how to sell and made them millions. And that wasn't only in his Stratton Oakmont business, the guy set up a mortgage business after he got out of jail and went door knocking with one of his employees, he made 80K that day.

Sales are where the money is at.

how old are you? how much do you make?

[EuroSlumming]

The problem with the OP's current situation is if he does what a lot of people on this board want to do and head off to live somewhere else his income plummets. Whereas in Gringuito's situation worth 200mil-ish and I'm guessing late forties/early fifties he can be smoking hundred dollar bills anywhere he pleases.

200k net at a youngish age (30's, 40's) location independent is huge. After travelling for a while you realise most people are in and out (saving and travelling), or have a low remote income of a couple of thousand a month (even that is fairly rare). I've never met someone travelling with a sizable remote income, maybe there is a secret club they're all a member of - I'm still waiting for my invite.

[captain_shane]

(01-19-2016 12:20 PM)thisisright Wrote:  

(01-18-2016 11:29 PM)captain_shane Wrote:  

(01-18-2016 09:38 PM)Brodiaga Wrote:  

(01-18-2016 09:31 PM)Celtic_Austrian Wrote:  

Very interesting thread.
Whenever people on this forum talk about money I'm amazed by just how much more money there is to be made in North America compared to Continental Europe. If I'd earn 100k Euro a year I'd consider myself to be rich as fuck from a practical point of view.
We really get taxed and regulated to death here.
Well, at least there's "free" healthcare and "free" eduation and stuff like that...

People mention these numbers, such as $200k/year salary or $5M net worth, but making this kind of money is very difficult in the US as well.

In my opinion, for a guy of average looks and intelligence, it is much easier to learn how to get laid and sleep with 30 sluts per year than make $200K+.

No its not. Anyone can make 200K in sales if they're doing it right. And salesmen aren't born, they're bred.

Jordan Belfort, taught 19 year old high school dropouts how to sell and made them millions. And that wasn't only in his Stratton Oakmont business, the guy set up a mortgage business after he got out of jail and went door knocking with one of his employees, he made 80K that day.

Sales are where the money is at.

how old are you? how much do you make?

27.

I should bank right around the 200k mark I noted. I might cut that in half and put it back into my business for more growth though.

[booshala]

(01-18-2016 05:11 PM)Gringuito Wrote:  

(01-18-2016 04:57 PM)Merenguero Wrote:  

I'm not getting some of the comments here. Half a million a year, or maybe even a lot more than that, means shit if you have some stay at home mom wife, three kids in private school, an upside down mortgage, car payments, taxes, credit cards, and alimony and child support from a previous marriage. Many, many people making minimum wage are doing better than many people who earn six figures. If you think I'm joking, stop and think about it a little. Now, if you are making $200,000, but have no debts, no mortgage, no wife, no kids, no credit cards, no student loans, no car payment, and are overall careful with your money, you can easily be a millionaire in under ten years and easily be a multimillionaire in under twenty years. What percentage of people anywhere are multimillionaires? Mayweather's retired, so bet on Golovkin. I wonder how many people will follow my advice.

There are two main ways to build wealthy. One way is to reduce your spending as much as possible and save your income over a period of time. This will yield 7 figures after many years. This is a less risky approach as you can control your spending and saving.

The other way is via taking large risks. This would include starting a business, leveraged investing, real estate, etc. This is much less likely to be successful but the returns can be much larger and much quicker.

Which approach is up to each person. I took the second road, and it worked out.

Anytime Gringuito chimes in I'm always apt to listen as he seems to be the resident subject matter expert when it comes to making the big bucks. I'm with him in the "take risks and make cash" camp, although I'm also trying to take from the first camp and geo-arbitrage after making an amount I've set as my bank. Also use the US tax code for early retirees to my advantage to shorten my stint in the business game till I'm late 30's early 40's, instead of retiring at the "normal" age of 55-60.

It seems that there's no such thing as a "balanced life" if you want to be quantifiably rich. All the people I know who make a large income ($500k to several million a year) work 80+ hours a week at their businesses or in finance. Kids/wives complain that "dad is never around" but they sure seem to enjoy the trappings of the wealth that their fathers provide. I broke into the club during the Wild West boom in real estate during the mid aughts and lost most of my friends and relationships as I was always too busy to socialize. Girlfriend and later (ex)wife only stuck around because her grandfather's a billionaire and she knew that that was a prerequisite of making money.

Also, unsexy businesses seem to be a more proven way to make decent skrill, although I'm sure there are some tech guys on this site that have done very well for themselves. The three richest people I know are in retail apparel, appliances and energy.

[worldwidetraveler]

Why do some of you guys want to retire by 35? Women and drinking gets old after awhile and you need to keep the brain working by challenging yourself. If it's because you hate the work then find work you enjoy doing. I rather work to 100 doing what I enjoy (I plan on it to be honest) than 20 years of doing something I dislike or hate.

[TheFinalEpic]

(01-19-2016 06:29 PM)worldwidetraveler Wrote:  

Why are you guys so interested in retiring at 35?

I don't think that's the desire of many of us. I'd personally have to be on some hard drugs to sit around doing nothing with my days. I like the lifestyle a lot of guys have on the forum in that they work as much as they like, but also take off to travel and pursue other interests. If I can do that through business and investing, sign me up for life, I enjoy what I do.

[Adrenaline]

(01-19-2016 06:29 PM)worldwidetraveler Wrote:  

Why do some of you guys want to retire by 35? Women and drinking gets old after awhile and you need to keep the brain working by challenging yourself. If it's because you hate the work then find work you enjoy doing. I rather work to 100 doing what I enjoy (I plan on it to be honest) than 20 years of doing something I dislike or hate.

Yeah, I don't think the appeal is retiring by 35 so you can lounge around the beach, drinking and fucking all day. The appeal is it gives you the flexibility to pursue what you want, when you want. So if you have the sudden urge to travel, you can get on the plane and be in a different country the next day. If you feel like settling down and working on some enjoyable projects for a while, you can do that as well at your own pace. Never having to worry about money again, or working when you don't want to, would be a fantastic feeling.

I get what you're saying though because I'm the same way. I would rather find a career I'm passionate about and would enjoy doing until death, rather than grinding out my 20's and 30's making millions only to spend the rest of life being unproductive. If I had the freedom to do whatever the hell I feel like after 35, I would probably be in university studying random shit that interests me for the rest of my life.

[Brodiaga]

(01-19-2016 06:29 PM)worldwidetraveler Wrote:  

Why do some of you guys want to retire by 35? Women and drinking gets old after awhile and you need to keep the brain working by challenging yourself. If it's because you hate the work then find work you enjoy doing. I rather work to 100 doing what I enjoy (I plan on it to be honest) than 20 years of doing something I dislike or hate.

It's not about sitting on your ass, drinking beer all day and banging third world sluts on a regular basis.

What I'd like to do when retired is not likely to pay well. I'd like to catch up on reading books (mostly classical literature), compose music, maybe write a book or two, but not to sell as many copies as possible. Something about life philosophy, not how to get laid in 20 minutes or make a million in a year.

Also, when it comes to paid work, I tried a number of different things and never really enjoyed doing any of them apart from the occasional feeling of pride of a job well done. Some people are lucky because they find something they really enjoy doing that makes them money. However, many people who say they enjoy their jobs are probably lying to themselves and others.

[HankMoody]

(01-18-2016 08:56 PM)Gringuito Wrote:  

(01-18-2016 07:04 PM)HankMoody Wrote:  

That's why my car is paid off, I don't have kids, and I bought my house at short sale for a bag of baseballs. And then did all the construction on it myself. Most of my vacation trips involve camping and hunting.

That frees up a lot of income. I use what's leftover to invest.

$200k can be a lot of money, or a little bit of money, depending on how much you spend.

Then isn't this thread about living below your means, saving and investing prudently over time, and then living in a low cost-of-living country? That's not the same as being rich in my mind.

My point is most people think becoming rich involves making a rap album like Jay-Z or winning the Powerball. That's wishful thinking.

For most of us, it involves obtaining more income and leveraging it accordingly.

Not exactly sexy, but...

[Saweeep]

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".

[Peregrine]

(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.

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^^^
But we were all hoping for something like, "One WEIRD trick that gets you RICH!"