24
   

HOW TO GET WEALTHY

 
 
Slappy Doo Hoo
 
  2  
Reply Sat 21 Feb, 2009 10:39 am
Besides my 401K, I can't save sh!t, and I make an ok living. Food & booze. I'm just going to keep trying to buy properties, so that one day, I'LL be the guy driving the Porsche convertible young guys look at and say, "what a waste of a car for that old guy who's blinker has been on for 7 blocks."

So that's my tip: real estate. Over the long run it's always gone up. It's one thing many wealthy people have in common.
0 Replies
 
CalamityJane
 
  1  
Reply Sat 21 Feb, 2009 10:46 am
That's certainly true - real estate in a desirable neighborhood is always a sure
winner!

As long as the stock market is manipulated by people like Cramer, who makes
absolutely no sense, be cautious!
0 Replies
 
shewolfnm
 
  1  
Reply Sat 21 Feb, 2009 11:07 am
Short term -

If you are a cash user, save all of your silver change for an entire month.
At the end of the month add that to your credit card bill, or put it into your savings.
0 Replies
 
piapetersson90
 
  1  
Reply Sat 23 May, 2015 12:05 am
@farmerman,
Start financial planning, early you start planning the more you will be rewarded in future. Give first priority to your saving s and then to your expenses.
farmerman
 
  1  
Reply Sat 23 May, 2015 05:08 am
@piapetersson90,
I always put my spare change in a big bowl and last week I had over 9 dollars!!
CalamityJane
 
  1  
Reply Sat 23 May, 2015 09:57 am
@farmerman,
BofA will do that for you too! They round up all the expenses you have and put the round up amount into your savings account. It's never more than 10 to 15 cents, but it adds up nicely.
0 Replies
 
chai2
 
  1  
Reply Sat 23 May, 2015 12:04 pm
@farmerman,
farmerman wrote:

I always put my spare change in a big bowl and last week I had over 9 dollars!!


You know those Coinstar machines?

They waive the fees if you buy a gift card with the change.
They'll usually have ones for Home Depot and the like.
farmerman
 
  1  
Reply Sat 23 May, 2015 12:08 pm
@chai2,
I used to use them at the Gint markets, then they quit being "no fees" So now, all we have are "gift cards to Lowes, Applebees, Starbucks (ugh), a bunch of clothing stores I never even heard of, and some other stuff we dont purchase)

I dont know about anyone else but my weekly coin mass would pull off my pants ifn I let the coins in my pockets pile up.
chai2
 
  1  
Reply Sat 23 May, 2015 04:11 pm
@farmerman,
I use coin and cash as little as possible. Yesterday I had to put air in my tires and had to ask a neighbor for quarters.
CharlesWhitworth
 
  1  
Reply Mon 20 Jul, 2015 03:17 am
@farmerman,
Hi Everyone!

My Name is Charles and I'm pretty much interested about building wealth tips. As to such extent, there are a lot of ways to start but I would assert that the surest way of building long term wealth is thru formation of desirable habits.

Practice the 70, 20, 10 Rule.

Save 20% of your income
Allot 70% to your expenses
and Give back 10% to Charity

Remember that the key to this method is consistency.
0 Replies
 
farmerman
 
  1  
Reply Wed 22 Jul, 2015 04:50 pm
@chai2,
are you ona them people who use credit cards at a Starbucks. Every Sun I usually pull out about 250 at one of our bank ATMs . Thats sorta my weekly cash allowance (I pay meals and hotels and gas etc on ONE credit card (its one that gives points)

Ive gotta have cash on me. I really hate credit cards or even doin the phone thing. CAsh is actually quicker and I am always the guy stuck in the longest line and everyone ahead is using a credit card for a 5$ to 10$ purchase.
Ive seen Starbuckians who will pay 2.50 with plastic
farmerman
 
  1  
Reply Thu 10 Sep, 2015 04:16 am
@farmerman,
The smart money has been reinvesting in several classes of industrial US.(Berkshire Hathaway has re jiggered its own portfolio and Buffet is actually taking loans to buy)
Ive taken this as the bottom and reinvested in metal commodity stocks. (Copper, Ti, Lead, Tin). NEVER EVER think you can pick a bottom or a top, you will always be screwed in the long run.
Remember, Bears and Bulls make money, pigs dont
farmerman
 
  1  
Reply Thu 10 Sep, 2015 04:19 am
Buffet is also reinvesting in petroleum stocks. Hes in it for the long term
0 Replies
 
roger
 
  1  
Reply Thu 10 Sep, 2015 10:25 am
@farmerman,
Bears get fat; hogs get slaughtered.
0 Replies
 
cicerone imposter
 
  1  
Reply Thu 29 Sep, 2016 12:10 pm
@farmerman,
Quote:
Begin a religion and ask for significant donations for your ministries. This has never failed and has masde several, otherwisew unemployable pweople, quite rich.


Don't forget to make sure that the minimum tithe is 10%. If you have 100 parishioners and the average income is $50,000, just do the math.
0 Replies
 
cicerone imposter
 
  0  
Reply Thu 29 Sep, 2016 12:23 pm
@farmerman,
I always have a minimum of $150 ($100 + $50 bill) on me plus some $20s and $1s. I rarely use my credit card, but my wife uses here credit card even for small purchases.
When we worked, we saved 15 to 20% of our earnings. I retired in 1998, and my wife a few years later. We invested the money into Vanguard funds. Ten years ago, our balance was a little over $300k, and now our balance is double that.
I learned early in my working career that investing for the long term is the best policy. The next rule was "diversify." Many investment pundits recommend investing in bonds as one grows older, but I never followed that policy. Rather than picking individual companies, we invested in funds and let the experts pick the composite. Our choice was between Fidelity and Vanguard; I picked Vanguard. My wife's investment has more funds than mine; I have only two funds, she has about eight funds.
0 Replies
 
 

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