Anyone here a Millionaire ?

Sounds like driving my kids around

 

My wife was a financial advisor to some folks in the erotic industry...... they were worth many, many millions. That is one industry that never saw the recession.

 

This is very old school thinking. Plot a chart of the DOW for just the past 10 yrs. Volatility from computer aided trading has killed this train of thought.

 

lol... at 21 I would have killed for a $50k "legit" salary that didnt involve me pulling 60+hr weeks or involve overtime.
With your advice folks should never persue their dreams or have any dramatic events occur or spend too much money on motorcycles or related paraphernalia...lol

 

aka....short term greed.

 

I agree. I am a firm believer in other types of investments for mine and future generations. I am 32 and predict that most people my age won't have remotely close to enough money to retire at 60 or 65...etc. Pensions are a lost cause and companies market their 401K programs as the greatest thing since sliced bread.

Ask around your workplace and see how many people actually have more money in their 401K than 10 years ago.....smart investors will, but the ones that "invest and forget" won't.

If you think about the "7/10" rule that is still the basis for most retirement/investment calculators....very few have seen 7% annually and definitely not 10%.

I personally have done around 80% in my 401K over the last year, but I am not much further ahead than I was August 2008.

 

There are probably quite lot of people on this BBS who are millionaires on paper but few that could put their hands on that kinda cash immediatley.

 

Any millionaires in here wanna risk half of it with me?? All I need is about $500,000 to get my business going. It'll make you rich(er)(er).

My salary the first year will only be $200,000 . Long story short, I'm building a business plan and doing so as a project with PSU. I have a couple of kids working on it with me and I just received the pro forma financials from one of the kids, $350,000 in salaries. I was like WTF. Talked with him and his response was that since I'm the "CEO" I get $200k, he gets $100k and the schlep we hire will $50k. I was like, yeah ok, how about $25k a piece for the two of us and $30k for the schlep, and that $25k for us is most likely not going to happen. He no longer wants to be an entrepreneur.



And it's not dildo's

 

It's much worse than that. Depending on who you listen to, something like 80% of people over the age of 55 now won't be able to retire at 65 because they won't have enough money. They will have to keep working just to pay the bills they have been racking up since their 30s. People our age (I turn 32 this year) are going to be even worse off if they don't learn to control their spending. Honestly, I don't really look forward to "retirement" but I would much rather work because I want to than because I have to.

 

business ownership is not what many people think....'specially the kiddos!:up:

 

You really want me to post pictures of a dildo and some lubes? They are a retail and wholesale corporation....not porn stars

 

the best thing i've heard on the subject in a long time!

 

Hell yes!

 

It's still up 8% including the "Great Recession"

You have to invest long term...

You may not get a 50K job @ 21 either, but if you're still making 50K at 45 you haven't advanced so much. That simulation includes no raises or employer match either.

The only person as cheap as I am is ScottyRock, but we both seem to be doing OK with our used toys

 

Yes.

My wifes parents are, and when they pass, they will pass it on to 'us'.

Since they have made me Executor of their Will, it'll probably go to.....ME!

 

"executor" doesn't mean shit other than that it is your responsibility to see that THEIR wishes are carried out. In other words, they could leave 90% of their wealth to the family dog and as "executor" it would be your responsibility to make sure the dog gets it, not having power to change anything...

that being said...hope you get a whole bunch:up:

 

Yeeeeeeeep. You should advise them to create a trust and name your wife as the beneficiary.

 

Aww damn

Nevermind then.

 

I doubt the family dog has a good lawyer...I say go for it!