How to Make $1,000,000 (Accurate Depiction)

[Tenacity]

In light of another thread circling around the main discussion forum, I thought I would take it upon myself to make an alternative version of said thread, or what I believe to be a more ACCURATE depiction over what the previous Author displayed.

The previous Author primarily focused his efforts on what I deem to be "spiritual" aspects that are full of ambiguity and lack specific, measurable, actionable, results-oriented and time-bound aspects.

Which means in the very since of things, the previous Author failed to provide any real foundations for members to SET goals and ACHIEVE goals, but instead rather chose to spend his thread discussing ambiguous "thought-based" concepts that have no such tie to actual concrete planning aspects .


#1.) What Is A Goal?

Goals in general can be like Opinions, which are like A.ssholes, literally anybody and everybody can have ONE without any sound reasoning, research, nor planning behind it. As a result, most Goals are not Goals, but they are simply Wishful Thinking.

- I can state that at 32 and 5'9 with no basketball playing skills, that my goal is to be an NBA Player because I "believe" I can be it.

- I can state that I will (before the end of the year) meet Paula Patton and have passionate sex with her, then she will soon be my wife forever, because I "believe" it.

- I can state that somehow I will make "$20 million" before age 45, without any concrete information on markets, supply, demand, investments, etc. that I will do between now and the next 13 years to make $20 million in production.

Gentlemen, these are NOT goals, instead they are simple forms of wishful thinking. Goals must be SMART GOALS, which are goals that are specific, measurable, achievable, results-focused, and time-bound. If a Goal is not a SMART GOAL, then it is merely a "day-dream" or a form of wishful thinking, instead of being a planned VISION of where you are going.

 

[Tenacity]

#2.) How Do You Construct Your Smart Goal(s) In Terms Of Financial Performance?

You have to begin with a Supply and Demand analysis before you begin setting any of your objectives (goals). The reason being is that you have to know where the "money" is now, and going forward, in addition to how your current set of skills/talents align best.

- Where Is The Demand? This is where you are going to scale the landscape to determine the hot areas going forward. I believe the hot areas are going to be anything centered around Healthcare, Technology, Robotics, Engineering, Computer Science, and the Finance Suite which includes Financial Services, Banking, Accounting, Insurance, etc.

- What are your raw talents and passions? Of the areas in Demand above, which area do you see yourself having the most impact? Which area do you see yourself working 80 plus hours a week and it not bother you because, you are literally doing what you love?


#3.) CONCRETE EXAMPLE

After doing this analysis, let's say you determine that you love numbers, love math and you love Accounting. So how can you position yourself to make the most money doing what's in Demand and doing what you are passionate about?

The next step is to research where the hot areas are in terms of working as an Accountant/CPA. Let's say that's NYC. So you would work to get into a decently ranked Business School with a scholarship in hand. You get good grades, pass the CPA Exam while still in school and manage to land an Internship before graduation as well. After graduation, you are offered a job in NYC as an Accountant starting out at $65,000 that you quickly get promoted to $85,000 within 3 years. Within 5 years, after continuing to work an perform well, you get up to $100,000 plus.

In terms of achieving the $1 million dollar goal, you will surpass it by leaps and bounds through the total amount of income you make, as well as through investing it conservatively on the side to earn, let's just say a passively modest 5% per year return with a Balanced Fund.

So let's just look at this starting at age 35 when let's say you have reached the $100k per year income range. You work until you age 65 and you are putting away $15,000 a year into your retirement/investment accounts at 5% per year. In terms of income alone, you will have made $3 million over the 30 year period (before taxes), but you will also have a side investment account that has grown to over $1,100,000 by the age of 65.


#4.) Conclusion

In order to achieve any particular Goal, it must be a SMART Goal. Following the concrete steps above can allow you to tailor it to any industry sector to map out your way to specific (not ambiguous) financial performance.

I will await your discussion over this topic

 

[Speculator E]

What about luck? It's good advice. But luck is also involved. For example.

What if you invested and made 1 million then lose it all in the next stock crash? But you did everything right and still you're no better then someone who didn't invest.

My point is yours or anyone advice aren't guarantees of success.

 

[Tenacity]

What about luck? It's good advice. But luck is also involved. For example.

What if you invested and made 1 million then lose it all in the next stock crash? But you did everything right and still you're no better then someone who didn't invest.

My point is yours or anyone advice aren't guarantees of success.

Good point, but this is why I believe my depiction of goal setting and planning is better than the other Author because he doesn't account for risk mitigation.

Your example of investing and losing "everything" in a stock market crash would be mitigated by individuals using my approach as you wouldn't invest in ways to where you would lose "everything".

The S&P Index Fund has usually out performed the majority of Mutual Funds, but you don't want to put EVERYTHING into Stocks, you want to have a well balanced, diversified portfolio the likes of one of the Vanguard Life Strategy Funds or maybe a Vanguard Wellington.

You put the money in (buy) and you leave it there (hold) for at least 15 - 20 years. Over that time period, based on historical performance, you should average about 6% - 8% CAGR.

Now, I personally am not a Stock Market "person" because I just don't like the volatility. I use a lot of Long Term and Brokered CDs, but anybody looking for a solid passive investment I think Vanguard Wellington is excellent or one of the Vanguard Life Strategy Funds.

But again, notice how we are discussing specifics here? This is a thousand times more helpful to anybody looking to gain "$1 million" than telling them to just have some sort of random/arbitrary "belief".

 

[TheException]

But again, notice how we are discussing specifics here? This is a thousand times more helpful to anybody looking to gain "$1 million" than telling them to just have some sort of random/arbitrary "belief".

:yawn:

You are not part of the "5%". Period.

You completely missed the entire point of the original thread and subsequently have shown yourself incapable of understanding.

 

[Tenacity]

:yawn:

You are not part of the "5%". Period.

You completely missed the entire point of the original thread and subsequently have shown yourself incapable of understanding.

Well sir, if you are going to come into my thread with these statements you are going to have to provide details.

- What 5% are you referring to? Is it the 5% of US Individual Income Earners?

- What portion of the other Author's thread have I failed to understand?

If you refuse to elaborate but prefer (just like the other Author) to throw out random/arbitrary statements, do yourself a favor and NEVER click on one of my threads again

 

[guru1000]

This thread is more important than mine, as

"Piker men (which involves concrete planning only and no abstract) are essential for the current world order." Hence, your current annual income.

 

[Tenacity]

This thread is more important than mine, as

"Piker men (which involves concrete planning only and no abstract) are essential for the current world order." Hence, your current annual income.

What is my current annual income?

 

[guru1000]

Well let's crunch some numbers, shall we:

Your net worth you allege (and I believe as you are a small thinker) is 200k+.

Your monthly expenses total around 2k per month (extrapolated by 40k annual expenses at retirement in 30+ years at historical inflation will leave you at less than 2k per month today)

You mentioned you see a 5% annual return on your investments.

You mentioned you've been working in your industry for 7+ years.

70k annual gross will lead you to roughly 48k annual net, or 4k per month, with write offs and shelters. Accordingly, your net savings are roughly 2k per month or 24k per year. Annualize by 7+ years at 5% compounded interest returns nets you a 200k+ net worth.

And yet you have no humility with these numbers??

Nothing wrong with being a piker. But don't pretend as your monetary recommendations have merit to greatness. I do admit though that your monetary recommendations are the entrance to mediocrity. However, this is not goal for many: to be a rat in the rat race. Some wish to transcend. Your recommendations do not get them there as they are based in "average" thinking models and prisons--which evade the abstract planning.

Inevitably, only facts will show the truth of our claims. Ergo, Tenacity's life and Guru's are exemplifications of the thinking models professed and the ensuing results. And the readers choose what best suits them.

Further, although identical titles, my thread focalizes on abstract planning in relation to the reader's goal, not necessarily money. Your thread is how to generate one million by retirement in concrete form. Entirely disparate subject matter. Accordingly, your confusion demonstrates that you lack critical-thinking skills as well, which belies your concrete planning only direction.

 

[Tenacity]

Well let's crunch some numbers, shall we:

Your net worth you allege (and I believe as you are a small thinker) is 200k+.

Your monthly expenses total around 2k per month (extrapolated by 40k annual expenses at retirement in 30+ years at historical inflation will leave you at less than 2k per month today)

You mentioned you see a 5% annual return on your investments.

You mentioned you've been working in your industry for 7+ years.

70k annual gross will lead you to roughly 48k annual net, or 4k per month, with write offs and shelters. Accordingly, your net savings are roughly 2k per month or 24k per year. Annualize by 7+ years at 5% compounded interest returns nets you a 200k+ net worth.

And yet you have no humility with these numbers??

When you assume you make an A.SS out of yourself.

These aren't my numbers at all, these are numbers (just like your thread) that you just literally, randomly and arbitrarily pulled out of your a.ss without any concrete information behind them.

Inevitably, only facts will show the truth of our claims. Ergo, Tenacity's life and Guru's are exemplifications of the thinking models professed and the ensuing results. And the readers choose what best suits them.

Well, we know a lot of about Tenacity's Life based on what I have put on this Forum. But we know nothing about Guru.

- Tenacity has posted pictures of his car, his apartment, his current fitness progression, pictures of himself, pictures of chicks I've dated, information on his CURRENT career, his LinkedIN infomation, etc.

- Guru has yet to post ANYTHING on who he is, other than the fact that he is a Convicted Felon for scamming people with Stock scams. No pictures of Guru, no pictures of his supposed material possessions, no LinkedIn information, no information on what you are CURRENTLY doing to make money....nothing.

So if you want to compare us two, in terms of ethics/credibility, how someone that's a Convicted Felon who made his "millions" by scamming people, who then LOST all of those millions through government sanctions....can get up here and talk about "How To Make $1 Million" is beyond me .

Say whatever you want about a "piker" or whatever random term you want to use, or make "fun" of me because I'm not at 7 figures in net worth yet lol, the bottom line is that Tenacity didn't have to SCAM anybody out of anything to get ahead. But Guru did......

 

[zonn]

Reading the first 2 posts is this not what society at large advices people to do? Hardly anything ground breaking.

 

[Konada]

So I guess Jordan Belfort is a loser for selling penny stocks to the ignorant...He lost millions but look where he is right now, well off than most middle class people in the world.

To be honest, $1,000,000 isn't a crapload of money in this day and age. This whole guide smells of rat race to me. No offense, but if you keep crawling with the chickens you can never soar with the eagles.

 

[Reservoir Dog]

Don't both of these threads belong in the wealth and success forum? Furthermore if I want advice on how to make a million i'm not going to ask a random on a pua site. I'd go to where other millionaires hang out like Warrior Forum.

 

[guru1000]

1. Although identical titles, Guru's thread focalizes on abstract planning in relation to the reader's goal, not necessarily money. Tenacity's thread focalizes in how to generate one million by retirement in concrete form. Entirely disparate subject matter. Accordingly, Tenacity's confusion demonstrates his lack of critical-thinking skills. Yet, he creates this thread advocating concrete planning, which requires critical thinking. The irony!

2. Tenacity's milestone is to attain least $750,000 in 33 years.

I laid out my goal by Retirement (65) to have enough in principal to where the monthly interest off that principal in combination with Social Security (what's left of it) will cover ALL of my personal expenses even factoring in Inflation and higher health care/health insurance costs.

My goal was to have this principal be about $1 million but if not, at least $750,000 with about 4% interest being paid on it which is $30,000 a year.

So the NPV (Net Present Value) with a 3.22% average compounding inflation rate, Tenacity's $750,000 at retirement is the equivalent of $272,200 today.

So Tenacity is educating others in how to attain a $272,000 net worth. Who in their right mind would sit, plan, and strive “tenaciously” to be average? And Tenacity calls these “smart goals,” and “Smart planning.” LOL. They are stupid goals if they demand planning and effort that will lead one only to mediocrity at best.

A “piker” is a small fish who believes he is a big fish. Accordingly, up to this point, I have called Tenacity a piker. But after closer analysis, I retract my name-calling of piker, and now will call Tenacity a fraud.

Let’s delve deeper, shall we:

I laid out my goal by Retirement (65) to have enough in principal to where the monthly interest off that principal in combination with Social Security (what's left of it) will cover ALL of my personal expenses even factoring in Inflation and higher health care/health insurance costs.

My goal was to have this principal be about $1 million but if not, at least $750,000 with about 4% interest being paid on it which is $30,000 a year.

1. Tenacity mentions pursuing 4% returns.

2. Tenacity mentions striving for a minimum $750,000 net worth in 33 years.

3. Tenacity acknowledges having a $250,000 net worth here.

Let’s crunch some numbers again:

If Tenacity had $250,000 today with 4% annual compounding returns, in 33 years, Tenacity ends up with $877.015. So does this mean that Tenacity would no longer need to contribute to his retirement for the next 33 years as he has already reached his retirement goal with the 4% annual compounding interest returns alone? This makes absolutely no sense. If Tenacity had been contributing $20,000+ per year toward retirement for the past 7+ years but then all of a sudden backtracks to contribute $0 per year for the remaining 33 years considering the IRA and Keogh tax breaks that allow for $5,500-$30,000+ tax-free annual contributions, what does this tell us about Tenacity?? BULL****!

Tenacity’s numbers don’t add up because simply he doesn’t understand the numbers himself (LOL), nor does he have the $250,000 that he professes and as I believed. Tenacity is a fraud. I can see why he strives to be middle-class now, as he is probably closer to destitute.

Sorry to open you up buddy, but you did have it coming. This will be my last and only needed contribution in this thread. Try to explain this one away, LOL. Now back to the authentic wealth thread we go.

 

[mrgoodstuff]

Tenacity. Our retirement plans will work, whether we work for ourselves or someone else and as the $'s climb the capital accumulated off the interest will be high.

So our retirement plans, we can pretty much monitor them every so often, feed the properly and not worry about it.

What guru1000 is talking about is a bit more risky investing in our lives and livelihoods. With a nearly guaranteed beautiful retirement where we won't have to ask our kids or families to take care of us, we can start planning more aggressive and risky approaches to making money.

Since you are already doing a SEP retirement, you can just raise it up to the max, what is that $51,000 per year? In 7-10 years that account will have picked up a ton of steam and making way more than the $51k you put into it.

I mean do we have to be loaded filthy rich ontop of these nice retirements? No we do not. Do we have to blow our retirement to make some educated stabs towards this goal? No. Retirement plan stays put.

This more aggressive approach is within our lifestyle. I'm thinking...

For me if I could capitalize off of a dozen or more guys who do what I used to do, and they get paid well out of the deal that would bring in huge chunks of change.

The other, is real estate, once you get that streamroller going, makes bank.

There are many other ways.

 

[amazingswayze]

there's two different ways to look at this. Tenacity, you have a plan. Guru has a vision. And there's nothing wrong with either. This thread is boring. I think you two just don't like each other. Make your money however you want to. It doesn't matter what anyone else thinks. This stuff doesn't really matter, it's a internet thread. Just my 2 cents.

Swayze, out.

 

[mrgoodstuff]

Tenacity. Our retirement plans will work, whether we work for ourselves or someone else and as the $'s climb the capital accumulated off the interest will be high.

So our retirement plans, we can pretty much monitor them every so often, feed the properly and not worry about it.

What guru1000 is talking about is a bit more risky investing in our lives and livelihoods. With a nearly guaranteed beautiful retirement where we won't have to ask our kids or families to take care of us, we can start planning more aggressive and risky approaches to making money.

Since you are already doing a SEP retirement, you can just raise it up to the max, what is that $51,000 per year? In 7-10 years that account will have picked up a ton of steam and making way more than the $51k you put into it.

I mean do we have to be loaded filthy rich ontop of these nice retirements? No we do not. Do we have to blow our retirement to make some educated stabs towards this goal? No. Retirement plan stays put.

This more aggressive approach is within our lifestyle. I'm thinking...

For me if I could capitalize off of a dozen or more guys who do what I used to do, and they get paid well out of the deal that would bring in huge chunks of change.

The other, is real estate, once you get that streamroller going, makes bank.

There are many other ways.

No, Tenacity did say he is not currently in the $200k+ club...

Also Tenacity, there are funds who have performed over 8% some even over 10% for their entire lifetime of over 20 years....

 

[Konada]

If scam-artists are your role models for success, then that shows a lot about your character. How about just go rob a bank, get rich, and come back to the forum telling us how much of a financial success you are?

And if $1 million isn't a crapload of money, do you mind sharing at 22 how much wealth have you acquired right now? If it's NOT over $1 million then how can you state $1 million "ain't shyt" when you have no where CLOSE to it? It's like standing at the Bus Stop waiting for Public Transportation, but talking shyt about someone's vehicle driving by when YOU have no vehicle.

While definitely these 'scam-artists' as you term are preying on the ignorant, it takes a pretty smart one to spot loopholes (or opportunities in a more honest sense) in the current system to take advantage of. Certainly his current success isn't a fluke, he lost it all and now he is back where he is legitimately. Stop judging people on a surface level and you might see even the 'crooks' have skill sets that can take them far in life, legitmately or not. Take what is good, trash what is bad. I've done some questionable stuff (in my opinion to get to where I was). While in hindsight I regret screwing over those people, I would certainly do it again because what I got from it (skillsets and experience) was far more beneficial than cooping up in school studying to get my A+.

I don't have to boost my e-peen on this forum but if you must know, I had $300,000~ in networth at age 21 before my investments and business went to sh!t. That is why I feel your idea of working for others towards a million is what majority of people (heck, even my parents) are doing now. If I can acquire 1/3 of your supposed worth in a few years (I started when I was 18), who the fvck wants to work till they're 65 when they can be doing so much more if they get everything together by 35?

This is all not accounting the strong point guru brought up about NPV.

This is just my $0.02. I don't expect you or anyone to change their minds over the internet but do at least keep an open mind. There are many ways to skin a cat, I'm looking for the fastest one.

 

[Tenacity]

While definitely these 'scam-artists' as you term...

No, not as I "term", as they "are". Just because the people they promoted the Stock Scams to didn't know they were scams at the beginning, does not somehow "excuse" the fact that they were/are frauds that pushed illegal services. Why you you would look up to these types of people in order to make a Quick Buck, shows bad character, however, it appears as though you just revealed your character:

...Stop judging people on a surface level and you might see even the 'crooks' have skill sets that can take them far in life, legitmately or not. Take what is good, trash what is bad. I've done some questionable stuff (in my opinion to get to where I was). While in hindsight I regret screwing over those people, I would certainly do it again because what I got from it (skillsets and experience) was far more beneficial than cooping up in school studying to get my A+.

Exactly as I perceived. You too went about "screwing" over people and becoming a Fraudster to make a Quick Buck. If you want to learn more about that, go to "Guru's" thread. This thread is going to be (should others respond) about building wealth legally, ethically and over the long term through concrete planning. Not through get rich quick schemes and surely not through some Law of Attraction non sense like he preaches.

I don't have to boost my e-peen on this forum but if you must know, I had $300,000~ in networth at age 21 before my investments and business went to sh!t.

Remember though, you said earlier that $1 million "ain't shyt" so I would have assumed you were sitting on multi-millions. Say what you want about $1 million, but it's way more than $300,000 isn't it?

That is why I feel your idea of working for others towards a million is what majority of people (heck, even my parents) are doing now. If I can acquire 1/3 of your supposed worth in a few years (I started when I was 18), who the fvck wants to work till they're 65 when they can be doing so much more if they get everything together by 35?

This is just my suggestion, you can follow it or not, but maybe you should slow down? You are 22 and claimed to have made over $300,000 and LOST over $300,000 and the methods you used to make the money weren't ethical/legal. You should stop looking to make a quick buck and instead look to build a solid career in something, control your expenses, and do long term investments.

Continue on your path if you must, but be careful as Federal Prison could be in your future if you want to continue going around screwing people to "get rich quick".

 

[Tenacity]

Tenacity. Our retirement plans will work, whether we work for ourselves or someone else and as the $'s climb the capital accumulated off the interest will be high.

So our retirement plans, we can pretty much monitor them every so often, feed the properly and not worry about it.

What guru1000 is talking about is a bit more risky investing in our lives and livelihoods.

Actually, I'm not sure what type of investments or business opportunities he's referring to because he has refused to provide specifics.

He said I should be shooting to make $10 million per year, I asked if he had any ideas on doing this, and just like the requests for him to post pics of his "lavish" lifestyle, the request has gone unattended.

I honestly think Guru is just full of shyt. He knows people on this board get off on that Law of Attraction type of stuff he talks about, and that's why he spews it.

Since you are already doing a SEP retirement, you can just raise it up to the max, what is that $51,000 per year? In 7-10 years that account will have picked up a ton of steam and making way more than the $51k you put into it.

Yeah, 2015 was about $53k max and HSA was $3,350. SEP IRAs are great because you can control what investments goes into it, you can choose a Traditional or Roth, etc.

I mean do we have to be loaded filthy rich ontop of these nice retirements? No we do not. Do we have to blow our retirement to make some educated stabs towards this goal? No. Retirement plan stays put.

Yes, keep this in mind, I'm not having kids. I'm also not getting married so that avoids the potential of major financial setbacks right there. I'm pretty much a Minimalist to an "extent" but I wouldn't say I'm a total Minimalist.

I have 33 years of my career left and 33 years of compounding interest years left. I have a lot of time to rank up a lot of money, and that's exactly what I'm focused on.

I posted My Priority List here:

http://www.sosuave.net/forum/showthread.php?t=228434

As you can see, the bulk of my time is spent trying to continue growing my financial situation, yet this anonymous guy named "Guru" from the "City of Greatness" claims I'm a PIKER that isn't going after top level goals lol?

I mean that's completely insane.

No, Tenacity did say he is not currently in the $200k+ club...

Also Tenacity, there are funds who have performed over 8% some even over 10% for their entire lifetime of over 20 years....

I'm actually over $200k right now in terms of calculating Net Worth. You have information on some of those 8% - 10% funds? Are you looking at the CAGR rate?