globetrotter wrote:Such an outlook is foolish and immature and it is not applicable to 99.99 % of all people; but most people CAN work hard for 15 to 30 years and sacrifice and accumulate wealth. If you breakdown USA millionaires you will find that most made it the way I describe, not the way you describe. Contractors, Plumbers, Carpenters, PE Geologists, RRE and CRE investors, small businessmen, on and on. Decades of hard work and sacrifice, not instant gratification.
right. More people have done this they way you mention, as laid out in "The Millionaire Next Door" than through my way. Also there's nothing wrong with this method if the person is happy.
Still, it's not just actors and sports players who ruin their lives who get really rich without the slow process described in that book.
There are some amazing entrepreneurs who will tell you that you have to take risks
to get the big rewards. Like the guy, at least if I am remembering this correctly, who does the Saleen Mustangs. Not a year goes by that he doesn't "bet the entire farm" on some endeavor, with the possibility of losing it all, but the rewards he reaps are far greater than what he could ever achieve playing it safe.
right in that not everybody can be Lady Gaga, John Carmack or Magic Johnson. But I truly, honestly believe
that everyone has something in them they can turn into a great idea or great business. Everyone has some talent they can use, possibly in a unique way, to lead to wealth. Great ideas aren't just movie scripts, songs and video games. I knew a guy who laid concrete or asphalt, and knew the business backwards and forwards. He created a concrete (or asphalt) website and tons of business flocked to it. He got rich. Who would have ever thought such a thing was possible?
Also, what about outside of strong economies like the U.S. or England? People with good ideas are making fortunes in China and India right now. A technique like "The Millionaire NExt Door" doesn't seem like it would be anywhere near as effective in those economies. What do you guys think?
And one more thing you're right about, as far as Gary Coleman or Eddie Money etc. I also made quite a lot on money in my video games days and blew it. I want to be clear that I am not
recommending people do that. I did so because I am full of great ideas and will get rich again. But blowing it all and not spending at all
are two extremes. Anyone can find a balance. The book "The Richest Man in Babylon" has a great system. A percentage of income for investment, a percent for debt repayment, a percent for bills, and even a percent for fun and recreation. No one has to sacrifice their best years on the chance that they will still be around to enjoy their million when they're old.
And yes. I also know a guy, my friend's uncle, who died with $2 million in cash and assets he never got to enjoy, and with no one to pass it onto, because he sacrificed everything to build that small fortune.
“b***y is so strong that there are dudes willing to blow themselves up for the highly unlikely possibility of b***y in another dimension." -- Joe Rogan