Lee good advice…where have you been hiding.

 

I have been building my new house and the water system from hell in my development. I was living in a ranch house in the development while the new place was under construction. The internet there was terrible. I am in my new place now but still getting moved in I have 4000 sf of garage heated and cooled. I will post pics as soon as I finish moving in. The lambos really like their new home.

 

If you’re going to build a business first learn a valuable skill. This will give you better insight into less obvious ways of making money that you won’t find being pushed by TikTok gurus to millions of people.

 

The secret to become wealthy is to get in lots of debt for investment. Like borrowing money from bank and use it for property investment. The rates from bank is still low compares to the rising rates of property.

Or, break down the competitors, the corleone way. Or buy them out, the Apple / Microsoft way.

 

I agree with you Sakura but think the loan to value should be no more than 60%. I always look for distressed deals on real estate like estates with multiple heirs. One of them will always be willing to take a low offer and convince the others to accept. Buy ones that are dirty, unkemptt and in general need of TLC. The regularr buyers will pass it by.

 

main thing never give up. you gonna have hard times good times always stay fresh as much as possible. as once u hungry and you get good and lots of food you become lazy, try always to expand and to search new options. People say its impossible show yourselve that everything is possible as long u alive. as long is impossible as long its locked in your head!

 

Hard asset(s). Passive income. Deferred gratification. Diversification. Solid savings/investment/money management philosophy(s). If you're young, compound interest and sweat equity are your friends. A genuine interest in what you do will propel you forward in both good and bad times - But there is only one of you. Entrepreneurial pursuits, where you're the Boss, and real property are a start. Leverage. The majority of 20 somethings today want immediate gratification in everything they do and with the purchases they make. Don't get caught up in this disposable crap. Save. Buy a fixer-upper, two-family.. Move-in, live on a cot and renovate, flip side w/tenant and repeat. Now you have collateral, an asset with which you can leverage, and secure lower interest loan rates etc. Don't buy/lease a new car. Ever. Mitigate the depreciation curve by buying-in a minimum of five years out. Buy/Sell your way up the car ladder. Do not marry, even if your're in an equitable distribution state LOL - One bad divorce can set you back a life time. My Grandfather always said: If it floats, flies or f@cks - Rent it.

 

My Grandfather always said: If it floats, flies or f@cks - Rent it.

And for this reason i have just sold my boat! the day you buy it the day you sell it.. Happiest days of boat ownership..

 

Since this is for dreamers and I’m on the lower end of wealth I’ll chime in. Plus I feel like this will be a much different pov than most.
I would say almost anyone can afford at least an entry level Lamborghini but with sacrifices.
My advice for someone that would be happy with entry is the following:
1. Minimize your expenses. Becoming a minimalist will greatly weed out what you need/want. Instead of financing that $60k truck, buy a used economy Toyota for your daily (Echo, Yaris, Prius, etc.)
2. Own your home. Rent out bedrooms if not married. If you stay single don’t be scared to cash out if the home goes up big in value and downsize.
3. Always be looking for rental properties to purchase. If you know for sure it’s a good deal finance it with the minimum down. If it goes up enough you’ll be able to drop PMI with an appraisal.
4. Never stay complacent with your job/career. Always be looking for better opportunities or promotions. Even police officers make six figures with enough time on the force (saw a Huracan EVO with police tags yesterday).

This strategy alone will easily afford you the entry level with opportunities to upgrade as you accumulate wealth. Sure maybe the higher end Lamborghinis are out of reach but for me that’s perfectly fine. I’ve been able to live like I’m retired my entire career (currently sitting poolside in Miami) and I paid cash for my Gallardo (I know not impressive to most in this group but I’m proud of myself for it!)
My dream car/ next goal is a Murcielago LP640 Roadster. This would be my last upgrade ever! But if I had to stick with the Gallardo to maintain my lifestyle, I’m perfectly happy keeping it forever.

 

You nailed it so well, crazy how similar my story in the idea of what it takes. I’m still working as a teacher” I’m 34” but I got my dream 911 Carrera 4 and my yellow Gallardo.
I bought my home and a rental property, I do crypto and Airbnb on the side , but still trying to find was to do better, non the less grateful for what I’ve accomplished with little to no help or guidance.

 

Personally I got my $400k Av cash but I don't think I ever actually worked for money, at least not for myself.
I just do what I love doing (programming and selling my technologies to big companies) and want my company to be always vastly profitable, not for being rich, but to avoid worries when paying employee monthly salaries...
Incidentally, profits went so high that at some point I realized I could pay myself dividends without impacting the company financial health...

 

Inspirational


Sent from my iPhone using Tapatalk

 

First of all visualise the thing you want, in my case it was a lamborghini huracan. Draw a picture of the lamborghini huracan on a piece of paper, then stand with your back to space and throw the piece of paper over your shoulder and wish really hard. couple of days later go out and buy yourself a lamborghini huracan…

 

Couple of thoughts from a guy who would be considered wealthy by most.

1) You need to become an expert at something (see number 2).

2) People don't become "experts" at anything in a classroom. School can help with some basis of knowledge, but you become an expert on your OWN time. This is why people commonly say "do something you love". You generally become an expert in a hobby or craft you are pursuing on your own time, whatever that is, follow that. Another metric thrown around is 10,000 hours. You have to do something for 10,000 hours before you are an expert at it. Think concert pianist.

3) I've never met a person who became "wealthy" from only their job. Doesn't matter how high it pays. I've seen comfortable living and retirements, but not true financial independence (think at least 10 million in investible cash.) Obviously, there are exceptions to this if you become a fortune 500 CEO, etc.. but that's about as rare as an NBA contract. This can be a problem for people with high paying jobs early in their career. You become beholden to the high pay of the job, and it keeps you from taking the risk to do something on your own. When I was in my early 20's, if anyone had paid me $67,500 per year (which is what I thought I needed to be successful), I'd still just have a job today. Instead, I didn't have much to lose so went out on my own.

4) Real family value is made from the growth in value of the things you own. Your company, your property, your patents, etc... If you own your company, it pays you money as a job, pays dividends on your profit AND is building value as an asset. (This is the path I took)

5) I've never met someone chasing money who found any. Money is a trailing indicator of doing something well that provides value to others. Pursue the craft and get better at it, provide more value to others, keep your eyes forward. After that, you can look backwards and see that your money has been growing. DO NOT MAKE MONEY THE FOCUS. Those guys are all show and rarely successful, and many times they end up in jail. In the words of Kenny Rodgers "Never count your money when you're sittin at the table, there will be time enough for counting when the dealings done."

6) "Every hand's a winner and every hand's a loser". Another Gambler quote, but to me, that song is about life and business. Don't fret about anything that you think may hold you back. Don't spend any time at all doubting your future and potential because of the difficulties in your life. Everyone has similar opportunities and potential to exceed their dreams. Thinking you are at a disadvantage or even a victim of anything will only slow you down and hold you back. There is no value in victimhood.

7) Don't fear failure. Keep moving and learn to make decisions faster. If you're unsure of what you want to do, go try something, and if you don't like it, quit. That isn't wasted time, that is a valuable insight into which direction not to go.

8) If you are in school, get into the real world as soon as you can. Start collecting experience. There is no alternative to real experience and there is no failure to fear except for the self-inflicted (see number 9)

9) Avoid unforced errors. Nothing kills net-worth potential more than prison time, devoice, or children too early.

10) Give to others, be humble, be a good person. You cannot grow a business, a following, or have an impact that will create value if no one wants to work with you or work for you. These are core elements of being a leader. If you are an a-hole who is self-absorbed and just wants cash. You likely will not succeed.

p.s. While pursuit of and obtainment of wealth may bring satisfaction. Do not conflate that with happiness. Happiness comes from love and relationships and that is freely available to all who put the time in.

 

Today I don't know anyone who makes less than $500,000 per year from a job who feels completely comfortable about their future considering the lifestyle they are trying to live.

Hi, my name is Rico, let me be your first. Love the rest of your thoughts though!!

 

Inherit it

 

ClubIsolation has some great points. I advise all the young guys to read that entirely.

 

Thank you. I do a lot of public speaking and guest speaking to college students, and it’s probably because I’m older, but the college kids seem younger than ever. I think the pandemic and lockdowns have stunted the natural maturity of many young people. So I’ve been thinking and speaking frequently about many of these points.

 

After such great informative posts I simply have nothing of any substance to add. However I will this, I never loved what I do, but I do love the lifestyle it has afforded me.

 

Don’t have kids, kidding but serious as well. Lol

 

People see the toys and trappings of success and assume you’re an overnight success story. More often than not, it’s really more like a “20 year overnight success story”.

Understand that when you first start out in the business world:

You will log ridiculously long hours at the beginning.

You may have to sacrifice vacation, and family time.

You will probably work for less than minimum wage (or at least less than the wage you would pay an employee).


You will have to tolerate the naysayers and those who lack the clarity of vision and focus you have.

But, if you persist, you will succeed.

Remember, many people will see the results of your success. Few have what it takes to achieve it.


.

 

People see the toys and trappings of success and assume you’re an overnight success story. More often than not, it’s really more like a “20 year overnight success story”.

Understand that when you first start out in the business world:

You will log ridiculously long hours at the beginning.

You may have to sacrifice vacation, and family time.

You will probably work for less than minimum wage (or at least less than the wage you would pay an employee).


You will have to tolerate the naysayers and those who lack the clarity of vision and focus you have.

But, if you persist, you will succeed.

Remember, many people will see the results of your success. Few have what it takes to achieve it.


.

100%. I'm 20 years in on my grind and for the vast majority of it probably could have been paid more working for someone else. I think my wife and I went on one 4-day vacation in 15 years.

 

Success is the standard
When you believe this complacency has no room to breed.
Wake up, succeed, do it all again
Over and over
Day after day

 

I would imagine most here did not wake up one day and suddenly think they wanted to buy a Lamborghini.
More than likely it was your goal to obtain it one day.
Having a goal and a clear path to get to that destination is key.
Burn bridges that lead back to places you shouldn’t have been and shouldn’t go back to-Abandon people that keep you in places you don’t want to be.
Work your ass off until you are where you want to be. Then…keep going.

 

these are all extremely helpful comments I may not be considered wealthy in today's world but I would like to add that through hard work and sheer determination you can receive whatever your opinion of wealthy is

 

I feel the same way. I am not sure what even defines "wealthy" in today's world. I just know that I am happy.
"Well, according to Schwab's 2021 Modern Wealth Survey (opens in new tab), Americans believe it takes a net worth of $1.9 million to qualify a person as being wealthy."
That seems a bit dated, but who knows?

 

Great posts everyone. Especially the one about keep up with Joneses. I love to walk out of a store in my old ratty clothes and get in the Lambo. It is uber cool to have money and not show it. Some other good advice is not to make partners easily. If you must do this, then it needs to be someone you know very well and trust explicitly. Even then, it may go South.
There is no substitute for hard work and persistence. There are very few lazy millionaires. As others have said , failure is a part of success. You must work through it and move forward. The secret is to know when it is time to switch horses. I beat many a dead horse as a younger man. That is where I learned the mantra. "You can be tired or you can be broke but to be both is stupid" I did not buy a new tract for development this year waiting to see what the market will do. Land prices doubled and made it difficult to make large profits. So I am waiting until the guys that bought this year go broke, pick up the pieces and make bank. In Real estate patience is an incalculable virtue. If you must buy in a short period, you WILL (probably)pay too much. Lee

 

Lee wise words my friend remember no one died from hard work.
Iam on the side lines wanting to buy some more junkers to fix and rent.
Just unsure where these prices will go ….right now they are still so high.
Gone are the days when i would buy junkers in philly 10k /20k.

 

How come no one mentions an education I wonder.

My education took me from being a first generation American living in poverty, to being a respected physician in my community.

And I got my first Lambo at 35.

Most doctors are risk averse and many of my colleagues have many homes, lots of investments etc etc….but I was the first physician in my hospital to buy an exotic. My buddy went and bought an F430 the day after!

Yes, delayed gratification is the name of the game when one decides to go to medical school. We doctors trade our youth and some of the best years of our lives to become healers. For example, I got my MD when I was 25 and finished my residency at 29, both very young. And there are specialties that are even longer, but I got tired and wanted to just start working already. I bet many (yes, even here!) that were doing a lot of “sowing of oats” if you will, at those ages. As a doctor your nose to stage grind stone at those ages.

This reminds me, and many here are also mirroring this sentiment, but don’t forget to live your life. We are literally dying, every day, and we can’t take our wealth with us.

 

How come no one mentions an education I wonder.

My education took me from being a first generation American living in poverty, to being a respected physician in my community.

And I got my first Lambo at 35.

Most doctors are risk averse and many of my colleagues have many homes, lots of investments etc etc….but I was the first physician in my hospital to buy an exotic. My buddy went and bought an F430 the day after!

Yes, delayed gratification is the name of the game when one decides to go to medical school. We doctors trade our youth and some of the best years of our lives to become healers. For example, I got my MD when I was 25 and finished my residency at 29, both very young. And there are specialties that are even longer, but I got tired and wanted to just start working already. I bet many (yes, even here!) that were doing a lot of “sowing of oats” if you will, at those ages. As a doctor your nose to stage grind stone at those ages.

This reminds me, and many here are also mirroring this sentiment, but don’t forget to live your life. We are literally dying, every day, and we can’t take our wealth with us.

Most of the people I know of that own cars at this level are professionals (Surgeons, Dentists, CPA's, Lawyers, Tech professionals, other highly educated types). Many times it is their kids that are driving them into cars and coffee, posting on social media, car forums though.. )

 

With this advice, what do you fellas consider wealthy? When I was at $1.2-1.5 per year I felt well off. At this point it seems no less than $15-20 gets you the wealthy. $30++ is the really the magic number and $100++ and you won at life.

 

I think it depends where you started. If you start from nothing and make 7 figures with a true net worth in 8 figures ,you are wealthy by most peoples standards. If you start with a large inheritance and are just spending it with little income,, then are really wealthy?

 

So sad about Mike Leach. Doesn’t matter how much money you have if you aren’t healthy or around to spend it. If your net worth is $1,000…enjoy life. Mine isn’t $10mm and that doesn’t keep me up at night. I’m super healthy and feel like a billionaire!!

 

Don’t need to be the smartest to be wealthy… but don’t be dumb 😎
How’s that for advice?

 

School is over rated on the path to wealth.

 

Now that my daughter is 22 and close to graduating you tell me this! Sheesh!!!!

 

The number one quality of “wealthy” to me, is having control over one’s time.

A lot of people can maneuver into a decent position as it relates to that even without enough assets to not have to work. Enjoying your trade/craft is an incredible gift in feeling satisfied and happy with how you spend your time.

I have certainly seen wealthy people who are miserable with lots of time but a loss of purpose. As it was said by Flash, balance is a key to happiness.

 

Yes!

Being able to enjoy the fruits of one’s labor is a nice definition of wealth.

Raising a family, getting along with a wife, obtaining “money”, etc… these are labors. And enjoying them, as you see fit, that’s a nice definition of wealth I can get behind.

Look at all of us, down right Platos with our philosophizing!