yick wrote: ↑March 16th, 2024, 10:09 pm
Natural_Born_Cynic wrote: ↑March 16th, 2024, 5:40 am
yick wrote: ↑March 16th, 2024, 3:19 am
Natural_Born_Cynic wrote: ↑March 15th, 2024, 6:03 pm
You can try the British stock market or American Stock Market.
I seen couple of high yield British stocks and ETFs but I know that the British economy is in the shitter right now... you can always buy them low and wait for the British economy to recover.. I don't know if that can happen since the UK is going down the crapper.
Despite what many people on the forum say about America sucks, the US stock market is one of the most robust, biggest and influential one out there. I am currently investing right now, and getting nice dividends every month on top of my salary. I can't tell you my numbers, portfolio and results might vary person to person. I am not qualified financial advisor, but just an investor.
However, you really have to have the financial discipline and really pinch your pennies and send all of your available income to your brokerage account for couple of years. If you are up for the task, With compounded interest and reinvesting your dividends and various other factors, you can become a millionaire in 5 to 30 years depending on how much grit you have and how much you can sacrifice.
This is my method. If you want, you can try on your own and do your own research.
Well, quite! That is a good example of such a method where you can make some money, maybe gain wealth, people have - I read about some 16 year old girl who became wealthy from doing this but like you say there - there is a learning curve, risks and no guarantee that you'll get that wealth - and it has the same sacrifices - if you said to Joe Average - 100 dollars to your brokerage account or 100 dollars for a Friday night out down the pub and a chance to get laid - Joe Average is going to pick the latter! I actually have a mate who trades in gold and he has offered me lessons on how to do but I have no real interest in it - I don't know why - but he is doing all right out of it so I know it works but I can't say I would be interested in learning all about it - it looks like you're doing well out of it - keep going and good luck!
Thank you. Believe me, it's bloody hard when I have to send most of my discretionary monthly income to my brokerage account. I could've spent that money on living in more fancier flat, shiny new electronic devices, a new BMW, eating out, designer clothes, women and others just like your average American blokes out there. Everybody at my Korean church are flexed out with designer clothes, Mercedes, BMWS, expensive flat down the Hudson River. However, they are the ones who will end broke in the future while I have my millions in my account spitting out dividends.
So what's stopping you my friend? You said a 16 year old girl from England did it. Her parents must've given her an allowance and she deposited in her piggy bank
or her parents might set up a brokerage account for her. You can always invest in an index fund with follows the entire market or Broad range ETFs if you don't like the risk(dividend might be lower but the stock price will grow over time). Or you can invest in U.S or UK government bonds if you don't like the ebb and flow of the stock market. Or I don't know if they have in the UK... just park your money in a "high savings yield account" ranging 5% interest rate. They have plenty of those in the U.S. I don't know about the UK.
The reality is making loads of money isn't a passion of mine, it's yours which is why when you say it's bloody hard to invest your present earnings into possible future outcomes - it's not an easy path and there's no guarantee and that's fine because there's no guarantee in very few things but the stock markets and your wealth fund is what gets you up in the morning and that's great but it would never get me up in the morning in excitement of a new day.
Frank made some great posts here about his wealth - it's nice to have that wealth but does Frank need it? His passions aren't speedboats or private aircraft collections - what I know about @Shemp is that he likes hiking, going abroad, his biggest expense are young ladies but he doesn't need six million dollars to do that - my passions are being healthy, doing weights and travelling - I don't need millions of dollars to do what I want and anything I want to buy I can without thinking about it too much - like yesterday I paid twenty dollars for a box of protein bars
but if I was paying out for mooring fees for a yacht I would probably would look into making money from stocks and shares. As it happens, I am saving for a flat in South America so I will be mortgage free in ten years and the most expensive thing in that flat will be a versaclimber!
Frank also said something that is important - all of us here were born into and are within the top ten percent bracket of global wealth and if we're not we're definitely in the top twenty percent and not only that, we have all the trappings of the first world that someone born in Gabon will never have - if they want to visit Paris they will need to go to the French Embassy in Gabon and if they don't have piles of money their tourist visa will be rejected but I can go to France wherever and whenever I want - that's true wealth - only the very richest of Gabonese society could do something as simple as that - it doesn't matter how intelligent or resourceful they are, they're not going far unless they're very lucky.
Most of us were born lucky anyway, do I need more? Not really because my interests and needs don't align that way - everything I want is within reach, I have many things money can't buy - nationalities, health, peace of mind and I get to do what I like - that's wealth right there - today I did a ten mile hike and did it in just over two hours which is pretty good going - a beautiful day for a hike too and that's another thing - I am 52 now, I might have another 30 years or so left - do I need loads of money now? Maybe medical bills if I get some kind of cancer or 24 hour care if I have a stroke but otherwise, I don't really need more than what I have now.
That's quite true. Money isn't everything and I fully respect your perspectives and choices. I'm not telling you to do anything at all. I'm just answering your questions with best of my ability and my experience. You wanted people to "outline their plan of accumulating their wealth", so I have answered your question. It seems that you are having some sort of an epiphany with yourself when you read the article about that wealthy guy saying "he doesn't deserve his wealth".
Your quite wrong about me. My passions are drawing, history, geopolitics, and video games. I am bit of a liberal arts guy, not one of those STEM heavy East Asian "troglodytes" that Winston is talking about.
I'm in the Logistics Industry. Freight Forwarding to be exact. I rather work in the American comic industry drawing overpowered arseholes wearing spandex tights( Batman, Superman, etc), but it's difficult to get a job there because you have to know someone there. I do have good artistic skills, but making money off of it... too much work with paltry financial reward right now.
I have to work for a living to a job I don't really enjoy. You think I enjoy sending 1,500 USD to 2,000 USD or more to my brokerage account at the end of every month? Nope. But I have to because it's the only way to protect myself from the unfortunate events in the future such as getting fired suddenly or unable to find work because your job is automated by Generative A.I. Then again, your also right. I do enjoy a steady stream of dividends every week on top of my main salary and that keeps me happy and helps me wake up every day in the morning.
Ultimately, it's up to you. I'm just merely giving you a suggestion. The ball is in the court. It's your decision to take it or not.
If you ever decided to change your mind, there is always "British American Tobacco" (Ticker Symbol:BTI) Dividend yield 9.65%. You can put some of your money in British Fags
I am just joking. To an American, Fag is a bad word meaning gay guy, but For British Fag just means cigerrates. It's a stock related joke.
You could always do real estate like what your planning to do with a flat in Colombia.