Where's the BIG MONEY at???

[Rudy_TubeSteak]

Right, I've always dreamed of being rich and having no constraints of doing whatever I wanna do. But back then I was still only a dreamer and had no way of doing it. Now that I am more older and wiser I am the one who can choose my destiny and future.

BUT

at the moment I'm still a small fry with basically no money (uni bum) but my eyes are very wide looking for opportunities.

So where is the BIG MONEY at?

Where I live during the holidays is a big mining town. Big money everywhere but the lifestyle is sooo bad. My friends are earning more than my parents combined at their peak. Yet, they have no savings or any idea what to do with it. 5 guys to 2 girl roughly in ratio. Another bad point. Would I work here? Yes and no. A lot of money can be made here and I am sure I'll save it up but it means I'll be wasting my precious young years. My friends here live off their paycheck because throwing money away seems to be fun for them to make up for the sh*t lifestyle. It's a trap. I have more money than them even though I earn 100times less than then.

Computers? Yea theres big money in it but I'm an active kind of bloke and can't look at a screen too long and my back seizes up when sitting too long.

A gigolo? Heck that'll be awesome and money would be great but.....old wrinkly women and fat b*tches put me off lol.

Real Estate Investing...YES!!! That's where I am aiming to go and have talked about it in a separate post.

These are some I could think up at the moment so feel free to write something

Anyway do you know where the BIG MONEY is at? Are getting that at moment? Please share or even brag about how you made it big I dont mind lol

 

[reyalp]

If you're thinking there's some sort of magic trick that is going to get you rich overnight, there's not.


I found this on the Washington Post (granted, it's an American publication of a survey on American millionaires, but still)



PORTRAIT OF A MILLIONAIRE

Who is the prototypical American millionaire? What would he tell you about himself?(*)

* I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.

* About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.

* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.

* About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.

* Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.

* We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million.

* On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth.

* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.

* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.

* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.

* Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement "Charity begins at home." Most of us will tell you that our wives are a lot more conservative with money than we are.

* We have a "go-to-hell fund." In other words, we have accumulated enough wealth to live without working for ten or more years. Thus, those of us with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, we could live longer than that, since we save at least 15 percent of our earned income.

* We have more than six and one-half times the level of wealth of our nonmillionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?

* As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.

* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.

* As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring.

* About two-thirds of us work between forty-five and fifty-five hours per week.

* We are fastidious investors. On average, we invest nearly 20 percent of our household realized income each year. Most of us invest at least 15 percent. Seventy-nine percent of us have at least one account with a brokerage company. But we make our own investment decisions.

* We hold nearly 20 percent of our household's wealth in transaction securities such as publicly traded stocks and mutual funds. But we rarely sell our equity investments. We hold even more in our pension plans. On average, 21 percent of our household's wealth is in our private businesses.

* As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.

* What would be the ideal occupations for our sons and daughters? There are about 3.5 millionaire households like ours. Our numbers are growing much faster than the general population. Our kids should consider providing affluent people with some valuable service. Overall, our most trusted financial advisors are our accountants. Our attorneys are also very important. So we recommend accounting and law to our children. Tax advisors and estate-planning experts will be in big demand over the next fifteen years.

* I am a tightwad. That's one of the main reasons I completed a long questionnaire for a crispy $1 bill. Why else would I spend two or three hours being personally interviewed by these authors? They paid me $100, $200, or $250. Oh, they made me another offer--to donate in my name the money I earned for my interview to my favorite charity. But I told them, "I am my favorite charity."

 

[SAYNO]

As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.

 

[Skel]

Open an exxon gas station

 

[sifer]

Originally posted by SAYNO
As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.

Sexism still exist today, even on this board. They believe women are inferior and their only use --- sex and making babies. That's it. No more, no less.

 

[Scrumtulescence]

Originally posted by sifer
Sexism still exist today, even on this board. They believe women are inferior and their only use --- sex and making babies. That's it. No more, no less.

Sexism does still exist. But there are a lot of misrepresented and plain false statistics out there perpetrated by the feminist movement to give the impression that women have it harder than they really do, and this extends beyond just women in the workplace.

 

[TooColdUlrick]

commodities.... oil, lumber, sugar, copper, steel, etc.

get yourself some advanced math skills first, then some of this stuff

real estate is DOA for a while. don't touch it unless you want to lose your arse.

 

[TooColdUlrick]

Originally posted by reyalp

* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.

don't become the "$30,000 per year job--$50,000 dollar car" dude.

cars will DRAG YOU DOWN in your younger years.

 

[reyalp]

To think, if I would have started a Roth IRA at 16 instead of getting a new car. *shakes head in shame*

But an old, old man once told me, "There's two ways to have more money. One is to bring in more money. The other is to spend less of what you're bringing home."
He was pretty rich, he'd bought some land, raised cattle, bought more land, raised cattle, bought more land, and so on so on. I think he ended up giving his son 5,000 acres of land and a whole bunch of cattle when he died.

 

[SELF-MASTERY]

see my thread---

I dont know about BIG MONEY, but I believe that I will earn 90k my first year out of college (self-employed.)

 

[TheTrader]

Originally posted by SAYNO
As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.

indeed. outdated as most of the points. bad advice.

 

[reyalp]

You do realize that what I posted was just the results of a survey of many millionaires, right?

 

[NHY]

You forgot to mention one other profession where the graduates could have an absolute feild day when they are quailified and have some experince; Graphic Designers, they are the people behind all of those fancy ads / CD covers / logos / film posters / etc you see everywhere! The best of them make an absolute bomb.

Why do I say this? Well I'm training to be one myself! A professer of Graphic Design I talked to once told this; you wage will basic after you graduate, if after a year, you proved yourself, you'd be promoted and within five years, you'll driving a Ferrai '

Now, I know money is everything, in fact, its corrupting, I want to be a millionaire ( if that ever happens ) to ensure the comfort of myself and my possible future family.

 

[TheTrader]

Originally posted by reyalp
You do realize that what I posted was just the results of a survey of many millionaires, right?

Absolutely! I didnt want to diss your post - it was an interesting read - but the advice they give is questionable and even if it would works out i wouldnt want to live like one of those average millionaires.

 

[reyalp]

Ok, I just wanted to make sure we were on the same page.

I think a lot of people have this idea that there's going to be some huge break that will make them millions in a short period of time.

In general, there's not a single dollar that comes easy.

Sometimes things are easier than you realize though:
When I was working a standard 9-5 day job 3yrs ago, I came across an ad in the paper for an older Harley Davidson for $2500. I went and looked at it, it was in great shape, paint looked good, it ran great, I checked it out to make sure it was mechanically sound. All in all, according to the normal going rate, that bike was worth $5500. So I asked around at work, seeing if anyone wanted this bike, and I showed them pictures. Asking price was $5500.
Took me 3 hours to get a buyer.
I got the buyer in my truck and we went over there, the seller took $2K cash for the bike, I got the title from the seller, turned around and got my $5500 from the buyer, handed the title to the buyer.

I made $3500 in 2 days, on top of my piddly 9-5 wage, and I really didn't have anything invested in the bike.

Unfortunately I don't have the time to watch for deals like that any more, but you can flip around stuff from time to time and make a little extra change. As you have more money to play with, you'll have the ability to flip some bigger things from time to time.

A guy I worked with was a retired Walmart corporate project manager. He once flipped a boat he never saw up close. He saw it for sale online in a town about 180 miles away from us, for $60,000. He told me the boat was worth $85,000 easily, he said he was going to buy it. So he talked somebody in another town (100 miles the opposite direction) into buying the boat for $80K, he paid $10K to have the boat delivered, and the deal was sealed. He walked away making a smooth $10K on a boat that he never even saw.
But then again, he had the $60K in the bank to drop on it. Of course, he used to rake in six-figures working for the mighty Waltons, too. He worked for our company, making $60K, just to have some extra money to spend on his grandkids.

 

[Rudy_TubeSteak]

How safe is flipping though?

Like if the person found out the bike was originally for sale for $2500 and get's mad. Or if the original seller found out the buyer paid $5500 for his bike and I got the majority of the money and not him? Things could go right?

 

[reyalp]

Well I had a little bit of a upper edge because I knew the buyer. We played cards once a month and drank beer with a bunch of other guys from work. In fact, he later found out about it and told me "Way to go, pup! How'd you get so smart?"

If it had been anybody else, I would have driven to the seller's house, bought the bike and brought it home first.

I wouldn't take the chance I took with someone you don't know, though.

 

[Bible_Belt]

If you do what you enjoy, you will be good at what you do.

 

[STR8UP]

Originally posted by Bible_Belt
If you do what you enjoy, you will be good at what you do.

Unfortunately , "good at what you do" and "wealthy" are most often two different things.

If you aren't working on building your asset base no amount of this follow your heart mentality is going to get you anywhere.

 

[Bible_Belt]

I disagree. Chasing money without enjoying yourself is a recipe for misery.