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  1. #31
    I like turtles ๐Ÿข nn586's Avatar
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    Originally Posted by GordonXXX View Post
    please don't quote this image. i want to delete it shortly.
    watch out bro FraudCostanza is gonna steal that
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  2. #32
    Lactose intolerant dairygains's Avatar
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    Originally Posted by GordonXXX View Post
    1. get a job with a high income potential and work hard - sales is good.
    2. save and invest your ass off. buy low cost stock and bond index funds direct from Vanguard. buy every month.
    3. enjoy life but defer gratification towards the ultimate goal - to be financially independent and free.
    4. stay out of debt.
    5. realize that a wife and kids will be a drag on your finances.
    6. realize that buying expensive material possessions will be a drag on your finances and will not make you happy.
    This is almost a word for word summary of Wall Street Playboys lol

    Edit: They'd probs recommend starting a side biz at step 2 tho...

    Still, thanks for your advice. I've been thinking of getting into sales based on WSP advice as well, but have no experience. How high should I aim to enter?

    Thanks and reps on recharge.
    Don't you think it's weird that some accounts average over 200 reps per day, every single day, for years on end?
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  3. #33
    Registered User FFailed's Avatar
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    Originally Posted by GordonXXX View Post
    please don't quote this image. i want to delete it shortly.
    What are you mainly invested in? What mostly made you decide to retire at 50 instrad of earlier or even later?
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  4. #34
    Capitalist GordonXXX's Avatar
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    Originally Posted by dairygains View Post
    This is almost a word for word summary of Wall Street Playboys lol

    Still, thanks for your advice. I've been thinking of getting into sales based on WSP advice as well, but have no experience. How high should I aim to enter?

    Thanks and reps on recharge.
    here's the key - JUST GET YOUR FOOT IN THE DOOR! once your foot is in the door - you have a chance to get the position you want within the company a lot easier than trying to come in from the outside. come in and offer to do anything - and if you have what it takes someone should see that and give you a shot. but there are no guarantees. and be careful what you wish for - these jobs can be very stressful.
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  5. #35
    Capitalist GordonXXX's Avatar
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    Originally Posted by FFailed View Post
    What are you mainly invested in?
    very simple -

    NAT MUNI BOND VWLUX
    TOTAL BOND VBTLX
    INDEX 500 VFIAX
    HEALTH CARE VGHAX

    70/30 - Stocks/Bonds
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  6. #36
    ๐Ÿ…ณ๐Ÿ…ฐ๐Ÿ†‚ ๐Ÿ…ธ๐Ÿ†ƒ Luc1fer's Avatar
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    Originally Posted by GordonXXX View Post
    very simple -

    NAT MUNI BOND VWLUX
    TOTAL BOND VBTLX
    INDEX 500 VFIAX
    HEALTH CARE VGHAX

    70/30 - Stocks/Bonds
    You can make it simpler, unless you're using multiple funds to tax loss harvest.

    What's your withdrawal strategy?
    ๐•ฎ๐–๐–†๐–˜๐–Š ๐–† ๐–ˆ๐–๐–Š๐–ˆ๐•ถ, ๐–“๐–Š๐–›๐–Š๐–— ๐–ˆ๐–๐–†๐–˜๐–Š ๐–† ๐–‡๐–Ž๐–™๐–ˆ๐–
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  7. #37
    Capitalist GordonXXX's Avatar
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    Originally Posted by FFailed View Post
    What mostly made you decide to retire at 50 instrad of earlier or even later?
    i retired at like 42. i was burned out. the business changed and it wasn't fun anymore for me. i made "enough". i wanted to do other things and move to the beaches of S FL. i wanted to have no regrets on my death bed. i didn't want to be the richest man in the graveyard. i'm not very materialistic so every extra dollar beyond a certain point doesn't add much value for me. i probably will never spend what i have. i asked myself - how much do i need? the answer is - not that much. oh at age 50 i'm in the best shape of my life - lift every day, walk the beach every day, and diet is pretty good with the exception of some cheats and some tequila. no more big expense account breakfast/lunches/dinners/travel entertainment which blows you up!

    John Bogle: I read this story recently: Thereโ€™s a big cocktail party on Marthaโ€™s Vineyard. Someone comes up to this writer, I think itโ€™s Joseph Heller [author of โ€œCatch-22โ€], and says, โ€œJoe, see that guy over there? Heโ€™s a hedge fund manager, and he made more money yesterday than you made on all the books you have ever published.โ€ Heller looks over, pauses and says, โ€œYeah, but I have something heโ€™ll never have: enough.โ€ And I have enough too.
    Last edited by GordonXXX; 08-03-2020 at 05:45 PM.
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  8. #38
    Capitalist GordonXXX's Avatar
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    Originally Posted by Luc1fer View Post
    You can make it simpler, unless you're using multiple funds to tax loss harvest.

    What's your withdrawal strategy?
    simpler? the only way to do that would be to dump VGHAX which i've owned since 1995 and i would get killed in taxes so i keep it - plus i like it.

    i just live on some of the tax-free income, dividends, and long term capital gains distributions. most of it gets reinvested. i don't sell anything.
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  9. #39
    N = R * fp * ne * fl * fi tank2003's Avatar
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    Any misc millionaires hiring?
    โ€œThat is not dead which can eternal lie, And with strange aeons even death may die.โ€ - The Nameless City by HP Lovecraft

    "On a mountain of skulls, in the castle of pain, I sat on a throne of blood! What was will be! What is will be no more! Now is the season of evil!" - The scourge of Carpathia, The Sorrow of Moldovia
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  10. #40
    Registered User rareangus's Avatar
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    27. Working on 2.

    Started a small service business. Always available for advice srs.
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  11. #41
    Registered User FFailed's Avatar
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    Originally Posted by GordonXXX View Post
    simpler? the only way to do that would be to dump VGHAX which i've owned since 1995 and i would get killed in taxes so i keep it - plus i like it.

    i just live on some of the tax-free income, dividends, and long term capital gains distributions. most of it gets reinvested. i don't sell anything.
    Is almost all of your net worth in your vanguard account or do you have rentals and other sources of money? Im quite a few years behind but with a similar account and about to take a long break myself. Im not sure if it will be for a few years or for good at the moment though.
    Last edited by FFailed; 08-03-2020 at 06:00 PM.
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  12. #42
    Registered User NextPound's Avatar
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    40. I believe Gordon. I could have done it earlier, but I wasted a decade not investing, and not taking care of debt.

    One piece of advice is, stay away from debt as best you can, and put as much tax sheltered cash away as best you possibly can, as early as you can. Everyone thinks you have to hit it big, but most people millionaires just spend less than they make, build security, and build investments. Literally anyone can do it at any income level. Of course, if you make more itโ€™s easier, but dead serious anyone can do it. Itโ€™s kind of like lifting, have to have right knowledge.

    Best part is when you start slaying cash for sport.
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  13. #43
    Capitalist GordonXXX's Avatar
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    Originally Posted by FFailed View Post
    Is almost all of your net worth in your vanguard account or do you have rentals and other sources of money? Im quite a few years behind but with a similar account and about to take a long break myself. Im not sure if itll will be for a few years or for good at the moment though.
    All net worth is at Vanguard with the exception of some money in an Ally Bank Checking and Savings Account. I have a Pension coming at Age 65 and SS and will have an inheritance too someday but I don't count on it. No rentals - I don't need those headaches!!! That's a JOB.
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  14. #44
    Capitalist GordonXXX's Avatar
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    Originally Posted by NextPound View Post
    40. I believe Gordon. I could have done it earlier, but I wasted a decade not investing, and not taking care of debt.

    One piece of advice is, stay away from debt as best you can, and put as much tax sheltered cash away as best you possibly can, as early as you can. Everyone thinks you have to hit it big, but most people millionaires just spend less than they make, build security, and build investments. Literally anyone can do it at any income level. Of course, if you make more itโ€™s easier, but dead serious anyone can do it. Itโ€™s kind of like lifting, have to have right knowledge.

    Best part is when you start slaying cash for sport.
    yes - the earlier you start investing the better. the money starts compounding like crazy. the S&P 500 will return about 10.4% annually over time. i have a chart showing my growth from 1991 to present and it's mind blowing. through all of the recessions, crashes, terrorist attacks, impeachments, etc. and yes, debt is bad.
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  15. #45
    Capitalist GordonXXX's Avatar
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    Steps to Success

    1. Set clear-cut, defined, lofty goals, with specific time deadlines, and let everyone know what they are.
    2. Always be realistic, skeptical, and never too optimistic. Banish wishful and hopeful thinking. Hope is not a strategy.
    3. Get your priorities straight and live them every day.
    4. Focus on actions, not words.
    5. Always stay organized.
    6. Always stay focused on completing your goals.
    7. Figure out the things that you need to get the job done and get them.
    8. Utilize ALL available resources.
    9. Prepare - and make your life easier.
    10. Take care of the downside and the upside will take care of itself.
    11. Maximize your options.
    12. Deliver the goods. Just get the job done - no matter what it takes.
    13. Donโ€™t be afraid to take smart chances - and educated risks - sometimes you just got to go for it.
    14. Plan your work and work your plan.
    15. Do tasks as soon as they hit you, then they never build up and overwhelm you.
    16. Continually monitor and evaluate your progress in accomplishing your goals and take corrective action if needed.
    17. Use whatever angle you have.
    18. Realize that thereโ€™s a back door into anything, but few take advantage of it. Use the back door if the front door is locked!
    19. Donโ€™t make excuses for your success or failure - realize that itโ€™s all up to you.
    20. Understand that everything has a price - nothing in this world is free. Success does not come without sacrifice.
    21. Understand that nobody can do it for you - you have to do it yourself.
    22. Learn from others who are where you want to be. Copy from them.
    23. Be very careful of who you trust.
    24. Be loyal and good to those who have been loyal and good to you.
    25. Help and teach others along the way to be successful.
    26. Get ready for change. Itโ€™s coming whether you like it or not โ€“ sometimes how and when you least expect it. Anticipate and prepare for it.
    27. Understand that life will throw you curveballs โ€“ itโ€™s all part of the game. You will be humbled at some point. We are all humbled at some point.
    28. Know when to cut your losses.
    29. Know when to pivot.
    30. Ask all the questions โ€“ donโ€™t go into anything blind.
    31. If you get knocked down, get up and keep fighting!
    32. Keep an open mind on everything. Closed minds never learn.
    33. Learn from your mistakes and donโ€™t repeat them!
    34. Always think about the future but try to enjoy and appreciate the moment. Life is short.
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  16. #46
    Registered User rareangus's Avatar
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    If I could count on the S&P 500 returning 10% every year I'd retire by 30 srs. I think it is irresponsible to tell anyone to bank on that. Sure it has given great returns historically and it gives you some context but nothing guaranteed.

    Not sure if I am just caught up in the times but no great nation has ever done it forever.
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  17. #47
    Lactose intolerant dairygains's Avatar
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    Originally Posted by NextPound View Post
    One piece of advice is, stay away from debt as best you can, and put as much tax sheltered cash away as best you possibly can, as early as you can.
    Question for misc CEOs about debt: I sank 100k into a house, still going to pay it off for many years to come. House has gained 200k value since then.

    What do you think, sell and rent somewhere? Put the cash into multiple properties and repeat process?

    Or keep it, get into sales, and grind?
    Don't you think it's weird that some accounts average over 200 reps per day, every single day, for years on end?
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  18. #48
    Registered User rareangus's Avatar
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    Originally Posted by dairygains View Post
    Question for misc CEOs about debt: I sank 100k into a house, still going to pay it off for many years to come. House has gained 200k value since then.

    What do you think, sell and rent somewhere? Put the cash into multiple properties and repeat process?

    Or keep it, get into sales, and grind?
    Cash in multiple investments if you have already have alternative money invested in the market. Also depends on area, if particular reason going up might be best to hold on.
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  19. #49
    No Huevos katya422's Avatar
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    Originally Posted by Luc1fer View Post
    Mother****er I typed out a response and got Permission Denied.

    Anyway I said that (5) is a legit tradeoff between earlier retirement and having kids, but I still lean towards kids.
    Super annoying.

    Select text + copy before you submit and then you at least have a shot at still making it work. I try to remember to do this if I type more than a sentence or two.
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  20. #50
    Proud dad IH8RICE's Avatar
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    Originally Posted by GordonXXX View Post
    1. get a job with a high income potential and work hard - sales is good.
    2. save and invest your ass off. buy low cost stock and bond index funds direct from Vanguard. buy every month.
    3. enjoy life but defer gratification towards the ultimate goal - to be financially independent and free.
    4. stay out of debt.
    5. realize that a wife and kids will be a drag on your finances.

    6. realize that buying expensive material possessions will be a drag on your finances and will not make you happy.
    Being debt free is great for peace of mind but there will be opportunities( especially for those who are wealthy) that will require you to be in debt. Real estate will probably be the first that comes to most peopleโ€™s minds.

    Having a wife that also has a high paying job and similar life goals can help you reach your fire goals much quicker. A child does hamper that but thatโ€™s where planning comes into play.
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  21. #51
    Capitalist GordonXXX's Avatar
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    Originally Posted by Subzerow View Post
    should i get a mortgage or rent if i wanna become a millionaire before 40?
    you could do either. you could rent a cheap place and plow money into stocks and some bonds. you could also buy a small condo or house and still plow some money into stocks and bonds. but i wouldn't buy a house if it meant that you'd have no money left to invest in the market. and i wouldn't buy some huge expensive house - that's a liability that people think is an asset. you have to ask yourself - what's my rate of return net of expenses? does it make me money or does it cost me money? personally, everyone i know that's wealthy made it by owning stocks for the long term.
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  22. #52
    Respeck My CP iamdetermined's Avatar
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    Originally Posted by GordonXXX View Post
    Steps to Success

    1. Set clear-cut, defined, lofty goals, with specific time deadlines, and let everyone know what they are.
    2. Always be realistic, skeptical, and never too optimistic. Banish wishful and hopeful thinking. Hope is not a strategy.
    3. Get your priorities straight and live them every day.
    4. Focus on actions, not words.
    5. Always stay organized.
    6. Always stay focused on completing your goals.
    7. Figure out the things that you need to get the job done and get them.
    8. Utilize ALL available resources.
    9. Prepare - and make your life easier.
    10. Take care of the downside and the upside will take care of itself.
    11. Maximize your options.
    12. Deliver the goods. Just get the job done - no matter what it takes.
    13. Donโ€™t be afraid to take smart chances - and educated risks - sometimes you just got to go for it.
    14. Plan your work and work your plan.
    15. Do tasks as soon as they hit you, then they never build up and overwhelm you.
    16. Continually monitor and evaluate your progress in accomplishing your goals and take corrective action if needed.
    17. Use whatever angle you have.
    18. Realize that thereโ€™s a back door into anything, but few take advantage of it. Use the back door if the front door is locked!
    19. Donโ€™t make excuses for your success or failure - realize that itโ€™s all up to you.
    20. Understand that everything has a price - nothing in this world is free. Success does not come without sacrifice.
    21. Understand that nobody can do it for you - you have to do it yourself.
    22. Learn from others who are where you want to be. Copy from them.
    23. Be very careful of who you trust.
    24. Be loyal and good to those who have been loyal and good to you.
    25. Help and teach others along the way to be successful.
    26. Get ready for change. Itโ€™s coming whether you like it or not โ€“ sometimes how and when you least expect it. Anticipate and prepare for it.
    27. Understand that life will throw you curveballs โ€“ itโ€™s all part of the game. You will be humbled at some point. We are all humbled at some point.
    28. Know when to cut your losses.
    29. Know when to pivot.
    30. Ask all the questions โ€“ donโ€™t go into anything blind.
    31. If you get knocked down, get up and keep fighting!
    32. Keep an open mind on everything. Closed minds never learn.
    33. Learn from your mistakes and donโ€™t repeat them!
    34. Always think about the future but try to enjoy and appreciate the moment. Life is short.
    This is gold. Repped. I actually got into sales for the reason you mentioned a bit further up. I really enjoy it so I'm confident that it'll work out long term.
    Do not think that what is hard for you to master is humanly impossible; and if it is humanly possible, consider it to be within your reach.
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  23. #53
    ๐Ÿ…ณ๐Ÿ…ฐ๐Ÿ†‚ ๐Ÿ…ธ๐Ÿ†ƒ Luc1fer's Avatar
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    Originally Posted by RICHSTRONG View Post
    \\

    Perfect GIF
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  24. #54
    Proud dad IH8RICE's Avatar
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    Originally Posted by dairygains View Post
    Question for misc CEOs about debt: I sank 100k into a house, still going to pay it off for many years to come. House has gained 200k value since then.

    What do you think, sell and rent somewhere? Put the cash into multiple properties and repeat process?

    Or keep it, get into sales, and grind?
    Whatโ€™s your current situation?
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  25. #55
    Registered User nosirrahx's Avatar
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    38

    The above steps are fantastic but I also want to offer up a simplified version specific to how I made it.

    1. Self educate and use the self education process to come into contact with people that are experts in what you are learning.
    2. Use this networking to put yourself in the path of opportunities.
    3. When you find your spot, where you are sure it is worth the effort, be prepared to sacrifice your free time and bust your ass.
    Eat in a deficit to lose weight.
    Hit your protein and fat minimums to stay healthy and keep your gainz.
    Lift heavy and do HIIT to look and feel awesome.
    Use the internet to learn why you should do these things and how to do these things.
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  26. #56
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    Originally Posted by nosirrahx View Post
    38

    The above steps are fantastic but I also want to offer up a simplified version specific to how I made it.

    1. Self educate and use the self education process to come into contact with people that are experts in what you are learning.
    2. Use this networking to put yourself in the path of opportunities.
    3. When you find your spot, where you are sure it is worth the effort, be prepared to sacrifice your free time and bust your ass.
    Was waiting for you
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  27. #57
    Registered User OliverHeldens's Avatar
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    I'm a paper multimillionaire from groups of properties my dad has given myself and my brothers ownership to. However, I'm still probably 18 months away from being one based on my own achievements(I'm 35).

    I've always been a particularly enterprising individual, but didn't really get a real job until I was 27(due to graduating in 2008 with a questionable degree and some medical issues a couple years later). Learned some great skills at that job, and eventually burned out and started my own business at 31. Now at 35, I have a very good client base built up and I'm busy as hell. Even in a "tough" economy where I didn't work for 90 days due to quarantine, I might end up having my best year ever. Last year grossed $350k and am already above $150k on the year with a couple big deals still in process.

    I'm very content with life right now. However, I would never advise someone to save all their money and strive hard to be a millionaire at 20-22 at the expense of enjoying life. However, if someone can get a nice cushion built up(~$50k-100k) by mid to late 20s, it allows you to take that next step when life begins to slow down a bit.

    Obviously I had an easier path than most people, but if you can avoid taking on a bunch of liabilities or having kids, 25+ isn't too late to start trying to become one.
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  28. #58
    Capitalist GordonXXX's Avatar
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    The Millionaire Next Door

    1. They live well below their means.
    2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
    3. They believe that financial independence is much more important than displaying high social status.
    4. They do not chase status symbols.
    5. They minimize their realized (taxable) income and short-term capital gains and investment costs and they maximize their unrealized income and long-term capital gains. (Tax-Free Money Market Funds, Tax-Free Bond Funds, Tax-Efficient, Low Cost, Diversified Stock Index Mutual Funds, and Retirement Accounts).
    6. They systematically โ€œpay themselves firstโ€.
    7. They chose the right occupation.
    8. Their parents do/did not provide economic outpatient care.
    9. Their adult children are economically self-sufficient.
    10. They are proficient in targeting marketing opportunities.
    11. They buy their cars and drive them for a long time. They believe that you ARENโ€™T what you drive.
    12. They never purchase a home that requires a mortgage that is more than twice their householdโ€™s total annual realized income.
    13. They are their own favorite charity.
    14. They pay cash and avoid debt.
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  29. #59
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    Originally Posted by OliverHeldens View Post
    I'm very content with life right now. However, I would never advise someone to save all their money and strive hard to be a millionaire at 20-22 at the expense of enjoying life. However, if someone can get a nice cushion built up(~$50k-100k) by mid to late 20s, it allows you to take that next step when life begins to slow down a bit.
    Agree with that, chasing a number at the cost of a balanced life is a mistake.

    However, chasing the financial cushion (emergency fund) is worth it. Removes so much anxiety knowing you can lose your job and be good for 1-2 years.
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  30. #60
    Capitalist GordonXXX's Avatar
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    Originally Posted by Subzerow View Post
    thank you man, cant thank you enough for these posts. Can someone rep this dude
    you're welcome. i feel very fortunate and i like to help people and share the knowledge and pay it forward.
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