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Strategies for Retiring Young, Soon, and Wealthy
658 hits
| Aug 10, 2005 2:12 am |
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re: Retiring early with traditional ways |
Chika
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What a great post, David
It's quite refreshing to read something that is practical, informative and isn't selling anything. Yes if it was that easy (through MLM etc) to get rich, then we'd all be wealthy.
Do what you love and the money will follow. Find a niche and become an expert on the subject and then "monetize" that knowledge. There are enough people with wide varying interests in this world that would like to read or receive content on their interests(Jeff Bezos - Amazon and the long tail)
C
> David Pan wrote:
> Hi all,
>
> Why is it that everywhere I look, "retire young", "retire soon" or "retire wealthy" always have some kind of MLM implication or advertisement to it? Why is it that no one ever looks at how other people made it without MLMs? After all, you'd think that if MLM was so awesome, Warren Buffet, Bill Gates , Donald Trump and other people would have jumped on it -- yet they made it via other alternatives. Some of you might counter, "well, they are still working." I'd like to remind you that these people could have retired if it weren't for the passion for their work; they work because they enjoy it. To me and probably to some of you, those methods just as interesting, if not more.
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> From what I know, here are two of the ways of getting wealthy:
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> Standard Traditional Ways:
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> 1. Invest in real estate slowly but surely you will amass great wealth. A friend of mine's mother came to the US with 4 children in her 30s with less than 100K USD in cash that she and my friend's passed-away father saved. After 20 years of real estate investing, she's worth roughly $50 Million net. I am talking about over $100 Million in assets minus the mortgage outstanding. How did she do it? It's her passion and diligence in real estate. Yes, she could have "retired years ago" but she loved her business so much that at age 70, she's still healthily working and training my friend to take over the family business.
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> 2. Work hard and save and then invest. Yes, I have been to enough MLM presentations to hear all that talk about "trading time for money won't work etc." Oh yeah? The truth is: Americans in general do not save. They spend way more above their means. If you can't afford going out this Friday night, don't do it. If you can't afford that nice car, don't buy it. Having less consumerable material goods doesn't make you a less person. It is the discipline excercised that truly makes you great. My grandmother once told my father that during the time that he was single prior to getting married, he should be saving 2/3 of his disposable income. That's right -- 66% of his disposable income.
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> My father followed that golden rule and did that for 10 years. He was a young doctor that lived well below his means. He took a bus to work instead of driving flash sportscars his friends were driving. He lived in a very small apartment with my mother before they got married while his other doctor friends were living in luxurious houses with maids. The money he saved during that time gave him the ability to own what he has now: 2 hospitals worth millions each. 6 houses in different continents worth millions net and plenty of cash in the bank to afford treating poor patients for free. Yet today, he still follows the same principle my grandmother laid out and saves more than 66% of his disposable income because it has become a habit for him. Besides the Mercedez that my father bought for my mother and full college and graduate tuition bills and living expenses he paid for my brother and me, my father spent very little money for himself. Even at age 60+, he takes the bus to work every day without ever even getting a driver's license in his lifetime.
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>Here are my final thoughts. Whatever you do, you need to do it with a passion and work hard at it so that your enjoyment for it is greater than all of the materialistic goods that may otherwise make you disillusional. But the bottom line is becoming a profitable person by managing your expenses accordingly. Do not spend beyond your means and start saving a sizable "warchest" towards future investment opportunities.
> 
Private Reply to Chika (new win) |
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