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January 9, 2008 at 3:34 AM #132789January 9, 2008 at 5:37 AM #132507
kewp
ParticipantI used to have a link to a great article on exactly this, however I can’t seem to find it. The basic gist of it was ‘how to become rich’.
In a nutshell it was the following:
1. Make over 100k a year.
(get educated, get upwardly mobile)
2. Invest 20% of your salary a month in a diversified portfolio of index funds (re-investing the returns).
In 10 years you will be rich (or so the article said).
My take is this advice would be great circa 1998, however as the great de-leveraging occurs over the next decade I’m not sure its going to hold. Market deflation combined with inflation are going to take their toll.
Re: The rental property. Real estate is the worst investment vehicle there is (when its not experiencing a bubble). This will be made clearer in the coming years.
January 9, 2008 at 5:37 AM #132690ParticipantI used to have a link to a great article on exactly this, however I can’t seem to find it. The basic gist of it was ‘how to become rich’.
In a nutshell it was the following:
1. Make over 100k a year.
(get educated, get upwardly mobile)
2. Invest 20% of your salary a month in a diversified portfolio of index funds (re-investing the returns).
In 10 years you will be rich (or so the article said).
My take is this advice would be great circa 1998, however as the great de-leveraging occurs over the next decade I’m not sure its going to hold. Market deflation combined with inflation are going to take their toll.
Re: The rental property. Real estate is the worst investment vehicle there is (when its not experiencing a bubble). This will be made clearer in the coming years.
January 9, 2008 at 5:37 AM #132697ParticipantI used to have a link to a great article on exactly this, however I can’t seem to find it. The basic gist of it was ‘how to become rich’.
In a nutshell it was the following:
1. Make over 100k a year.
(get educated, get upwardly mobile)
2. Invest 20% of your salary a month in a diversified portfolio of index funds (re-investing the returns).
In 10 years you will be rich (or so the article said).
My take is this advice would be great circa 1998, however as the great de-leveraging occurs over the next decade I’m not sure its going to hold. Market deflation combined with inflation are going to take their toll.
Re: The rental property. Real estate is the worst investment vehicle there is (when its not experiencing a bubble). This will be made clearer in the coming years.
January 9, 2008 at 5:37 AM #132758ParticipantI used to have a link to a great article on exactly this, however I can’t seem to find it. The basic gist of it was ‘how to become rich’.
In a nutshell it was the following:
1. Make over 100k a year.
(get educated, get upwardly mobile)
2. Invest 20% of your salary a month in a diversified portfolio of index funds (re-investing the returns).
In 10 years you will be rich (or so the article said).
My take is this advice would be great circa 1998, however as the great de-leveraging occurs over the next decade I’m not sure its going to hold. Market deflation combined with inflation are going to take their toll.
Re: The rental property. Real estate is the worst investment vehicle there is (when its not experiencing a bubble). This will be made clearer in the coming years.
January 9, 2008 at 5:37 AM #132794ParticipantI used to have a link to a great article on exactly this, however I can’t seem to find it. The basic gist of it was ‘how to become rich’.
In a nutshell it was the following:
1. Make over 100k a year.
(get educated, get upwardly mobile)
2. Invest 20% of your salary a month in a diversified portfolio of index funds (re-investing the returns).
In 10 years you will be rich (or so the article said).
My take is this advice would be great circa 1998, however as the great de-leveraging occurs over the next decade I’m not sure its going to hold. Market deflation combined with inflation are going to take their toll.
Re: The rental property. Real estate is the worst investment vehicle there is (when its not experiencing a bubble). This will be made clearer in the coming years.
January 9, 2008 at 7:41 AM #132522La Jolla Renter
ParticipantDefine financial independence/wealth for yourself? It is not the same for everyone.
How old are you? How far along are you already? How much do you make now? Do you have debt?
I like the classic The Millionaire Next Door.
Dave Ramsey and Suzie Orman are good start if you have personal debt. The odds are stacked against you if you have it. Most wealthy people I know carry zero personal debt.
Real estate, business owner, financial markets… they all work.
Robert Kioski’s message is ok, made up or not, IMO.
January 9, 2008 at 7:41 AM #132705ParticipantDefine financial independence/wealth for yourself? It is not the same for everyone.
How old are you? How far along are you already? How much do you make now? Do you have debt?
I like the classic The Millionaire Next Door.
Dave Ramsey and Suzie Orman are good start if you have personal debt. The odds are stacked against you if you have it. Most wealthy people I know carry zero personal debt.
Real estate, business owner, financial markets… they all work.
Robert Kioski’s message is ok, made up or not, IMO.
January 9, 2008 at 7:41 AM #132712ParticipantDefine financial independence/wealth for yourself? It is not the same for everyone.
How old are you? How far along are you already? How much do you make now? Do you have debt?
I like the classic The Millionaire Next Door.
Dave Ramsey and Suzie Orman are good start if you have personal debt. The odds are stacked against you if you have it. Most wealthy people I know carry zero personal debt.
Real estate, business owner, financial markets… they all work.
Robert Kioski’s message is ok, made up or not, IMO.
January 9, 2008 at 7:41 AM #132773ParticipantDefine financial independence/wealth for yourself? It is not the same for everyone.
How old are you? How far along are you already? How much do you make now? Do you have debt?
I like the classic The Millionaire Next Door.
Dave Ramsey and Suzie Orman are good start if you have personal debt. The odds are stacked against you if you have it. Most wealthy people I know carry zero personal debt.
Real estate, business owner, financial markets… they all work.
Robert Kioski’s message is ok, made up or not, IMO.
January 9, 2008 at 7:41 AM #132809ParticipantDefine financial independence/wealth for yourself? It is not the same for everyone.
How old are you? How far along are you already? How much do you make now? Do you have debt?
I like the classic The Millionaire Next Door.
Dave Ramsey and Suzie Orman are good start if you have personal debt. The odds are stacked against you if you have it. Most wealthy people I know carry zero personal debt.
Real estate, business owner, financial markets… they all work.
Robert Kioski’s message is ok, made up or not, IMO.
January 9, 2008 at 7:49 AM #132527
CoronitaParticipantRobert Kioski's message is ok, made up or not, IMO.
Robert K is a scam imho. He sells books, not financial advice. And he was a nobody until an MLM company started selling his books. Ever notice people love selling advice on how to make money by talking about the book that they just sold to you?
—– Sour grapes for everyone!
January 9, 2008 at 7:49 AM #132710CoronitaParticipantRobert Kioski's message is ok, made up or not, IMO.
Robert K is a scam imho. He sells books, not financial advice. And he was a nobody until an MLM company started selling his books. Ever notice people love selling advice on how to make money by talking about the book that they just sold to you?
—– Sour grapes for everyone!
January 9, 2008 at 7:49 AM #132717CoronitaParticipantRobert Kioski's message is ok, made up or not, IMO.
Robert K is a scam imho. He sells books, not financial advice. And he was a nobody until an MLM company started selling his books. Ever notice people love selling advice on how to make money by talking about the book that they just sold to you?
—– Sour grapes for everyone!
January 9, 2008 at 7:49 AM #132778CoronitaParticipantRobert Kioski's message is ok, made up or not, IMO.
Robert K is a scam imho. He sells books, not financial advice. And he was a nobody until an MLM company started selling his books. Ever notice people love selling advice on how to make money by talking about the book that they just sold to you?
—– Sour grapes for everyone!
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