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Making Money So You Want to Get Rich?
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Ensam Offline
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Post: #51
RE: So You Want to Get Rich?
(12-29-2014 09:17 PM)BasketBounce Wrote:  That being said, "fishes" is just a term. Have you read the book? He uses fishes in contrast to sharks and dolphins. Fishes conveys a sense of goodwill and togetherness and essentially harmlessness. Venture capitalists and bankers that give out loans in return for ownership of your company are referred to as dolphins and sharks respectfully because they ultimately end up tearing you down to keep you afloat. Fish are friends, dolphins and sharks aren't.

Ah, I haven't read the book. In that sense of the word then I completely agree with him. Personally I wouldn't take a loan before I had a solid plan for generating cash flow in the near future. I would make repayment of the loan contingent on generating the expected cash flow. If friends and family want to fund my ventures I'll tell them exactly what their money is going towards but make no promises to pay it back if things don't go well. The last time I did this I setup a blog so people could see how I was spending their money. In that case the venture didn't go anywhere so I paid them in trade by giving them whatever products I'd made up to the point I decided to close up shop. I also explained very clearly why things weren't going to work. Everybody had a positive experience and I doubt they'd had problems funding me again if it I was doing something they saw promise in.
(This post was last modified: 12-29-2014 09:32 PM by Ensam.)
12-29-2014 09:31 PM
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Saweeep Offline
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Post: #52
RE: So You Want to Get Rich?
The most important thing if you want to get rich is this:

Think Big.

Like really big.

Most people set small goals from the outset; goals that will never make them truly wealthy.
12-30-2014 06:56 AM
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TheFinalEpic Offline
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Post: #53
RE: So You Want to Get Rich?
(12-30-2014 06:56 AM)CrashBangWallop Wrote:  The most important thing if you want to get rich is this:

Think Big.

Like really big.

Most people set small goals from the outset; goals that will never make them truly wealthy.

This is a great point, one that Grant Cardone states in his book "The 10X Rule". Essentially take your goals and multiply them by ten, because thats the actual amount of drive, work, and ambition etc. it will take to get to the goal.

Take a goal of 1M in the bank. Multiply that by ten, and overshoot what you are looking for, because with that amount of effort to achieve the higher goal, you'll hit the smaller one quite "easily".

"Money over bitches, nigga stick to the script." - Jay-Z
They gonna love me for my ambition.
02-20-2015 02:21 PM
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megadeth Offline
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Post: #54
RE: So You Want to Get Rich?
Going long on Unicorn companies with LEAPS is one way to do it, works like this:

1) Work hard, save up some money.
2) Take the money and purchase LEAPS http://www.investopedia.com/terms/l/leaps.asp for a stock you believe has tremendous upside
3) Profit when price goes up, with a capped loss (initial capital). You can control more quantity of the stock via LEAPS and thus profit more than just the gain you'd have obtained by directly owning the stock.

It's a good way to go long on a stock without leverage and getting into debt.
For a company like Tesla, this would be nice to do. Except that the in the money LEAPS are pricey, waiting for a correction to get in would work.
(This post was last modified: 02-27-2015 06:09 PM by megadeth.)
02-27-2015 06:08 PM
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