Author Topic: How many getbiggers are financially secure?  (Read 23537 times)

el numero uno

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How many getbiggers are financially secure?
« on: June 07, 2017, 08:35:25 PM »
I've been reading about it lately. A financially secure person is someone who basically can live (frugally) from his investments, have many sources of income, etc.

If you're a top notch laywer then you're wealthy but not financially secure (if that's your only income).

On the other side, if you have a moderate income, but you have many sources of income (e.g. rental units) then you're FS.

The book "The millionare next door" is perhaps the best book if you want to learn about this. The only problem I have with the book is that it doesn't consider the quality of life among the cases it presents.

calfzilla

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Re: How many getbiggers are financially secure?
« Reply #1 on: June 07, 2017, 09:44:24 PM »
Millionaire next door is an excellent book.

Also Rich Dad Poor Dad. Biggest thing I took away from that book is pay yourself first.

polychronopolous

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Re: How many getbiggers are financially secure?
« Reply #2 on: June 07, 2017, 10:20:39 PM »
I've been reading about it lately. A financially secure person is someone who basically can live (frugally) from his investments, have many sources of income, etc.

If you're a top notch laywer then you're wealthy but not financially secure (if that's your only income).

On the other side, if you have a moderate income, but you have many sources of income (e.g. rental units) then you're FS.

The book "The millionare next door" is perhaps the best book if you want to learn about this. The only problem I have with the book is that it doesn't consider the quality of life among the cases it presents.


"Live like no one else now, so you can live like no one else later on"

I think that's the Dave Ramsey quote that would address the last part.

You avoid the debt trap game, practice delayed gratification and invest early so you can enjoy a solid bank account and the lifestyle that comes with it later on.

ratherbebig

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Re: How many getbiggers are financially secure?
« Reply #3 on: June 08, 2017, 12:48:06 AM »
we could all be financially secure

but where's the fun in that?


NelsonMuntz

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Re: How many getbiggers are financially secure?
« Reply #4 on: June 08, 2017, 12:49:56 AM »
Waiting for inheritance, seriously. Then we will talk if it works out. Other than that fuck no
"

phreak

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Re: How many getbiggers are financially secure?
« Reply #5 on: June 08, 2017, 01:06:27 AM »
we could all be financially secure

but where's the fun in that?


This. My goal is not to be rich when I'm old, my goal is to live rich while I'm young.

ESFitness

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Re: How many getbiggers are financially secure?
« Reply #6 on: June 08, 2017, 01:24:57 AM »
I've been reading about it lately. A financially secure person is someone who basically can live (frugally) from his investments, have many sources of income, etc.

If you're a top notch laywer then you're wealthy but not financially secure (if that's your only income).

On the other side, if you have a moderate income, but you have many sources of income (e.g. rental units) then you're FS.

The book "The millionare next door" is perhaps the best book if you want to learn about this. The only problem I have with the book is that it doesn't consider the quality of life among the cases it presents.


One of the few books on finance that I've yet to read. Somebody mentioned Rich Dad Poor Dad I had seen that book everywhere for a long time before I finally gave it a read. Thought it was going to be cheesy and juvenile but and was surprised I actually liked it I think Ive read about 7 of the books in that "series".

To me "financially secure" means having multiple sources of income including passive income. Most people only think about making money through working and making money only when they're working.

Simple Simon

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Re: How many getbiggers are financially secure?
« Reply #7 on: June 08, 2017, 01:26:59 AM »
One of the few books on finance that I've yet to read. Somebody mentioned Rich Dad Poor Dad I had seen that book everywhere for a long time before I finally gave it a read. Thought it was going to be cheesy and juvenile but and was surprised I actually liked it I think Ive read about 7 of the books in that "series".

To me "financially secure" means having multiple sources of income including passive income. Most people only think about making money through working and making money only when they're working.

hahahahah so you have read most of them, please tell me how you find time to read all these books bearing in mind the amount of people you are supposed to have met.

ESFitness

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Re: How many getbiggers are financially secure?
« Reply #8 on: June 08, 2017, 01:33:13 AM »
hahahahah so you have read most of them, please tell me how you find time to read all these books bearing in mind the amount of people you are supposed to have met.
just following me from thread to thread trolling and trying to ruin everybody's threads with your pathetic shit.

OLKE_TEXAS

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Re: How many getbiggers are financially secure?
« Reply #9 on: June 08, 2017, 01:56:09 AM »
Millionaire next door is an excellent book.

Also Rich Dad Poor Dad. Biggest thing I took away from that book is pay yourself first.

What is the concept of pay yourself first?
O

OLKE_TEXAS

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Re: How many getbiggers are financially secure?
« Reply #10 on: June 08, 2017, 01:57:03 AM »
hahahahah so you have read most of them, please tell me how you find time to read all these books bearing in mind the amount of people you are supposed to have met.

Cut the man some slack now and then brah.
O

ratherbebig

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Re: How many getbiggers are financially secure?
« Reply #11 on: June 08, 2017, 02:00:06 AM »
rich dad poor dads wife

bet all she ever eat is hay


Simple Simon

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Re: How many getbiggers are financially secure?
« Reply #12 on: June 08, 2017, 02:05:07 AM »
Cut the man some slack now and then brah.

I think you're right, I'm even boring myself now.

It looks like no matter how many people pull him on his bullshit hes just going to keep spewing it.

I will leave him alone from now on.
If only we had an ignore function.

ratherbebig

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Re: How many getbiggers are financially secure?
« Reply #13 on: June 08, 2017, 02:06:22 AM »
If only we had an ignore function.

you said it

bigmc

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Re: How many getbiggers are financially secure?
« Reply #14 on: June 08, 2017, 02:13:59 AM »
I've secured my financial security

I can retire when I'm fifty debt free

With a decent income
T

Pray_4_War

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Re: How many getbiggers are financially secure?
« Reply #15 on: June 08, 2017, 02:15:47 AM »
What is the concept of pay yourself first?

Listen to David Bach's "Automatic Millionaire" audiobook for free on Youtube.



Great stuff, basically he wants you to automate your saving and automate your monthly bills.  If you invest heavily (10-20% of your gross income) in pre-tax retirement funds (aka before the gov't gets your money) then you have "paid yourself first" and will likely retire with in excess of 1 million dollars depending on when you start saving and investing.  It's a pretty much idiot-proof plan.

calfzilla

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Re: How many getbiggers are financially secure?
« Reply #16 on: June 08, 2017, 02:16:25 AM »
What is the concept of pay yourself first?

Basically means tuck away some money into savings or investment for you before paying all your money out to bills.

Simple Simon

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Re: How many getbiggers are financially secure?
« Reply #17 on: June 08, 2017, 02:16:33 AM »
I've secured my financial security

I can retire when I'm fifty debt free

With a decent income

are you sharing joons trust fund?   ;D

Pray_4_War

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Re: How many getbiggers are financially secure?
« Reply #18 on: June 08, 2017, 02:22:30 AM »
Basically means tuck away some money into savings or investment for you before paying all your money out to bills.

Don't forget that it needs to be tax-deferred to help it grow to it's highest possible dollar amount.

Also, putting 10% of your income in a savings account won't do it.  Gotta be in something that will earn you 10% or more.

Compound interest.

ratherbebig

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Re: How many getbiggers are financially secure?
« Reply #19 on: June 08, 2017, 03:04:35 AM »
basically it means that if you saved money from the age of 5 when you started working, you will eventually be rich.

problem is most people who pick up on that have a low paying job and are middle age.


Pray_4_War

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Re: How many getbiggers are financially secure?
« Reply #20 on: June 08, 2017, 03:11:38 AM »
basically it means that if you saved money from the age of 5 when you started working, you will eventually be rich.

problem is most people who pick up on that have a low paying job and are middle age.



True.

Poverty breeds poverty.  If your parents were shitty with money you will likely grow up to be shitty with money.

By the time you figure out how the game works it's often too late.

BIG AL MCKECHNIE

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Re: How many getbiggers are financially secure?
« Reply #21 on: June 08, 2017, 03:34:51 AM »
I've secured my financial security

I can retire when I'm fifty debt free

With a decent income

That sound very nice. 

In my case I invested some of the sale of the equity of my business 2 years ago in an annuity which starts when I'm 60. It is a fairly considerable sum but not excessive. I also bought 5 flats which will be rented out but I cant be bothered yet.  I bought a new house for cash last year that is worth just under $2 million. Because of the rise in gin and whiskey production in Scotland over the past 2 years the minority share I still hold in my former company is generating more dividends that when I owned all 100% of the equity. This past tax year my dividend was over $200k and I will be able to sell my minority shareholding at the end of the 5 year earn out period for around $5 million which is triple what I expected when I did the deal. I must admit I bought a brand new S class Mercedes 2 weeks ago to replace the noisy Maserati I bought a while back but other than that I save 80% of what I'm currently earning.   



oldtimer1

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Re: How many getbiggers are financially secure?
« Reply #22 on: June 08, 2017, 04:03:35 AM »
So many of the people I know my age have the appearance of money due to inheritance. Guys that were in the same profession as me are sending two kids to 40K a year colleges bragging how their kids won't have a penny of debt. I often wondered how they saved up 320K for college? Then the truth revelation came. When people get into their 50's it's not uncommon for parents to die and to leave a paid off house to their kids and often other sources of income like savings/life insurance. I didn't have that luxury or my wife.  I have often seen 50 something guys buying really nice cars and paying for 100k weddings like it was nothing but the source of their income is obvious. You do not make 120k a year and have 300 k or more in the bank for college and another 100K plus for weddings while paying your own mortgage.  Regarding me the zero inheritance guy, lol, I can live okay till I die which could be tomorrow without working if need be. I might have to sell my big house and down size at some point but that's okay.

Morale to the story. Invest in a deferred compensation type account early invested in a safe diverse manner. Have two sets of elderly parents meaning yours and your wife that have mortgage free houses.

Grape Ape

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Re: How many getbiggers are financially secure?
« Reply #23 on: June 08, 2017, 04:07:03 AM »
What is the concept of pay yourself first?

I know it's been answered, but a specific example would be not paying a mortgage down early to save interest, but taking that money and investing it.

Instead of paying the bank, you pay yourself.
Y

Mr Anabolic

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Re: How many getbiggers are financially secure?
« Reply #24 on: June 08, 2017, 04:08:13 AM »
Millionaire next door is an excellent book.

Also Rich Dad Poor Dad. Biggest thing I took away from that book is pay yourself first.

Which is what I've been doing for the last 30 years.  All of these "get rich" books are really about basic common sense.  Unfortunately, common sense has become a rarity.  The majority go through most their lives working menial jobs and never acquire a valuable set of skills.  

Besides having no valuable skills, poor people routinely make very poor choices that negatively impact their finances.  Having children (and raising them properly) is VERY expensive.  The more kids you have, the poorer you will be.  Again... common sense.