What I learned yesterday - American Millionaire

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

Trip,

Are you referring to "Bully for You, Teddy Roosevelt!"

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

05/03/06

The book defines wealth not as how much money you have, but rather by how independent you are. Do you posses the “go-to-hell” factor? Could you tell your employer to go to hell and still survive for tens years without any additional income?

The book categorizes people as Proficient Achievers of Wealth (PAW), Average Achievers of Wealth (AAW) or Under Achievers of Wealth (UAW).

To determine your wealth metric, (age) multiplied by (taxable income) divided by (10).

So if you are 25 and make $40,000 a year, to be a PAW you would need to have $100,000 in appreciable assets.

Based on the book, anyone can become wealthy as long as they learn to live below there means, save and invest. Wealth is not based upon salary.

Again, I highly recommend reading or listening to this book – if only the first portion.


Cheers!

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

For the record........I am a UAW.........but not for long

[mick-G]

Re: What I learned yesterday - American Millionaire

I found to be able to reach the million mark, you have to do certain things. 1. Be able to save $ and not touch what you have invested. 2. Find the highest most secure interest rates for your captial. 3. If you are in a relationship, wheather it be non-married or married have common goals that you agree on before you get married and both be able to control your fianances together as a couple. 4. Don't live over your means just so you can look like you are rich when you are not. You will reach that level if you do the above. 4. When buying real estate especially your first home always look first for the highest class neighborhood that you can afford and buy at below market value or lowest you can to have the bid accepted. 5. Always, always deal, deal, deal! Many ppl just do not know how to barter to get the best price, because they were either not taught, or the feel like they are being cheap, but it is not being cheap, it is being smart. and last 6. Plan your future, don't just go day by day throwing away your $ on small items that you really don't need. If you don't need it don't buy it.

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

Good Cliff Notes

I found to be able to reach the million mark, you have to do certain things. 1. Be able to save $ and not touch what you have invested. 2. Find the highest most secure interest rates for your captial. 3. If you are in a relationship, wheather it be non-married or married have common goals that you agree on before you get married and both be able to control your fianances together as a couple. 4. Don't live over your means just so you can look like you are rich when you are not. You will reach that level if you do the above. 4. When buying real estate especially your first home always look first for the highest class neighborhood that you can afford and buy at below market value or lowest you can to have the bid accepted. 5. Always, always deal, deal, deal! Many ppl just do not know how to barter to get the best price, because they were either not taught, or the feel like they are being cheap, but it is not being cheap, it is being smart. and last 6. Plan your future, don't just go day by day throwing away your $ on small items that you really don't need. If you don't need it don't buy it.

[supasaiyan99]

Re: What I learned yesterday - American Millionaire

^^ Good advice Mick!

I also read (actually listened) "You too Can be Rich" by Robert Kiyosaki (author of Rich Dad Poor Dad). It was a very inspiring CD. Since listening to it, I began to save and opened up a seperate Roth IRA from my job's 401k plan. Now it's just the matter of getting into other paper assets and real estate.

[supasaiyan99]

Re: What I learned yesterday - American Millionaire

05/03/06

The book defines wealth not as how much money you have, but rather by how independent you are. Do you posses the “go-to-hell” factor? Could you tell your employer to go to hell and still survive for tens years without any additional income?

The book categorizes people as Proficient Achievers of Wealth (PAW), Average Achievers of Wealth (AAW) or Under Achievers of Wealth (UAW).

To determine your wealth metric, (age) multiplied by (taxable income) divided by (10).

So if you are 25 and make $40,000 a year, to be a PAW you would need to have $100,000 in appreciable assets.

Based on the book, anyone can become wealthy as long as they learn to live below there means, save and invest. Wealth is not based upon salary.

Again, I highly recommend reading or listening to this book – if only the first portion.


Cheers!

Which book is this?

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

The Millionaire Next Door

by Thomas J. Stanley, William D. Danko

ISBN: 0671015206

[trip]

Re: What I learned yesterday - American Millionaire

se,

no the bully for you, was just a compliment


and mickg, just summed up the whole book, think about it, if you started at 25 followed that plan, by 45, think iit's hard or can't be done, well that is what the whole book is about, citing dozens of examples along with factual statistics


I lived by one simple creed my whole life, I've never had a credit card and if I don't have cash, well, it ain't mine, lol, except real estate

[kite]

Re: What I learned yesterday - American Millionaire

I found to be able to reach the million mark, you have to do certain things. 1. Be able to save $ and not touch what you have invested. 2. Find the highest most secure interest rates for your captial. 3. If you are in a relationship, wheather it be non-married or married have common goals that you agree on before you get married and both be able to control your fianances together as a couple. 4. Don't live over your means just so you can look like you are rich when you are not. You will reach that level if you do the above. 4. When buying real estate especially your first home always look first for the highest class neighborhood that you can afford and buy at below market value or lowest you can to have the bid accepted. 5. Always, always deal, deal, deal! Many ppl just do not know how to barter to get the best price, because they were either not taught, or the feel like they are being cheap, but it is not being cheap, it is being smart. and last 6. Plan your future, don't just go day by day throwing away your $ on small items that you really don't need. If you don't need it don't buy it.

Cool advice.

[Klash]

Re: What I learned yesterday - American Millionaire

This is just the thread I need. My family keeps giving me gift certifictes to book stores.

Anyone read "The secrets of the millionaire mind" - T. Harv Eker
or "Economics in One Lesson" - Henry Hazlett
I recently ordered these two, if you didn't like don't tell me.

My recommendation is "Philosophy: who needs it" by Ayn Rand, the only bad thing about this book is it will be hard to ever find another book as consice and straight to the point as it is.

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

Klash, I haven’t heard of those books. The philosophy one sounds interesting. I would bet that you would enjoy “Confessions of an Economic Hitman.” It has no financial advice, but is very interesting, although it may border fiction.

[Klash]

Re: What I learned yesterday - American Millionaire

Klash, I haven’t heard of those books. The philosophy one sounds interesting. I would bet that you would enjoy “Confessions of an Economic Hitman.” It has no financial advice, but is very interesting, although it may border fiction.

I'll put that on my list. Thanks
I read fiction much slower, it doesn't mesh as well with my brain as non-fiction. I read it when I can't find a good non-fiction book. I just recently finished "Atlas Shrugged" (took me forever). It was alright. I'll probably read "Unintended Consequences" by John Ross, one day and "Catcher in the Rye" (never read it in high school). When I read fiction, I like the ones that challenge social conformity.

[Slightly Enhanced]

Re: What I learned yesterday - American Millionaire

I don’t read fiction. I have preferred non-fiction since elementary school. Confessions of an economic hitman is sold as non-fiction, however some of his claims cannot be substantiated.

I did read Ghost Soldiers which is non-fiction but written as a novel, very good.

General Franks’ auto biography is good also, but long, I suggest skipping to the Vietnam era and beginning there.

[Shiner22nd]

Re: What I learned yesterday - American Millionaire

The Automatic Millionaire
The Millonaire Next Door
Smart Couples Finish Rich

ALL THREE ARE GREAT BOOKS.......great thread for all the bros here