Home
Forums
New posts
What's new
New posts
Latest activity
Log in
Register
What's new
New posts
Menu
Log in
Register
Install the app
Install
Home
Forums
Living
Living general
The Secret To Attaining (and Recognizing) Wealth — Know Your Number
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="worldwidetraveler" data-source="post: 1167557" data-attributes="member: 1934"><p>I didn't knock the concept of compound interest. I disagree that saving is the most important thing the majority should do. I find reinvesting money into the right skills will have a much better roi.</p><p></p><p>I believe compound interest can also be applied to skills. </p><p></p><p>You mentioned that it takes a lot of work to find a 30% return on investment. I would agree which is why I ask if your time is better spent looking for a high return or developing skills that will allow you to make 30% more income every year?</p><p></p><p>Read Scott Adams book, "How to Fail at Almost Everything and Still Win Big".</p><p></p><p>I fell into this idea myself because I worked many different jobs and have massively different college degrees that has helped me build my own business. I really didn't put much thought into it until I read his book.</p><p></p><p>For those that haven't read Scott's book, the idea is you have a group of skills that work together to give you better opportunities. You don't need to be an expert in one particular skill. You can be mediocre at all the skills yet the combination of them will lead to success.</p><p></p><p>You can't get that type of success working for a company while squirreling away money hoping to retire in 30 years.</p><p></p><p>My dad worked for one of the big 3 car companies in the US. There was a time when they were getting a lot of overtime. There were guys who saved, there were guys who spent all of it and then there were guys who took that extra money and build businesses such as trucking companies.</p><p></p><p>Granted, the guys who invested their money into businesses were low in comparison. Many of them became multi-millionaires because of it. I doubt the people that saved made that multi-millionaire leap. </p><p></p><p>I honestly don't know how you guys could sleep at night with a retirement figure of 1 million. I would be uneasy at 2 million. The older you get, the more you pay in medical expenses. God forbid you move to a 3rd world country and have to pay cash for something like a stroke. It may be cheaper, but it isn't that cheap. It would take a major cut out of that roughly 30k yearly budget since you got to cough up the cash before they help you. I've seen too many aging family members to know medical expenses can be a big issue.</p><p></p><p>Warren Buffett wouldn't be where he is if he worked a normal job and saved half his income. I also don't think Buffet had a retirement number in mind when he started.</p></blockquote><p></p>
[QUOTE="worldwidetraveler, post: 1167557, member: 1934"] I didn't knock the concept of compound interest. I disagree that saving is the most important thing the majority should do. I find reinvesting money into the right skills will have a much better roi. I believe compound interest can also be applied to skills. You mentioned that it takes a lot of work to find a 30% return on investment. I would agree which is why I ask if your time is better spent looking for a high return or developing skills that will allow you to make 30% more income every year? Read Scott Adams book, "How to Fail at Almost Everything and Still Win Big". I fell into this idea myself because I worked many different jobs and have massively different college degrees that has helped me build my own business. I really didn't put much thought into it until I read his book. For those that haven't read Scott's book, the idea is you have a group of skills that work together to give you better opportunities. You don't need to be an expert in one particular skill. You can be mediocre at all the skills yet the combination of them will lead to success. You can't get that type of success working for a company while squirreling away money hoping to retire in 30 years. My dad worked for one of the big 3 car companies in the US. There was a time when they were getting a lot of overtime. There were guys who saved, there were guys who spent all of it and then there were guys who took that extra money and build businesses such as trucking companies. Granted, the guys who invested their money into businesses were low in comparison. Many of them became multi-millionaires because of it. I doubt the people that saved made that multi-millionaire leap. I honestly don't know how you guys could sleep at night with a retirement figure of 1 million. I would be uneasy at 2 million. The older you get, the more you pay in medical expenses. God forbid you move to a 3rd world country and have to pay cash for something like a stroke. It may be cheaper, but it isn't that cheap. It would take a major cut out of that roughly 30k yearly budget since you got to cough up the cash before they help you. I've seen too many aging family members to know medical expenses can be a big issue. Warren Buffett wouldn't be where he is if he worked a normal job and saved half his income. I also don't think Buffet had a retirement number in mind when he started. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Living
Living general
The Secret To Attaining (and Recognizing) Wealth — Know Your Number
Top
