Any advice on how to become rich?

[BookerL]

Billionaires quotes

Good one and it makes me grin!

Buffett's 2 rules of investing, and I quote:

RULE #1: NEVER LOSE MONEY....
RULE #2: NEVER FORGET RULE #1........................

http://www.brainyquote.com/quotes/authors/w/warren_buffett.html

Wil we get rich if we apply is quotes ?



Regards


BookerL

 

[clark_larson]

Quit fucking whores, that should help you a little bit. Second, practice rhetoric and interpersonal skills.

 

[BookerL]

Quit fucking whores, that should help you a little bit.

If you are already rich does it apply ?


Cheers


BookerL

 

[BookerL]

Buffett's investment philosophy has always been predicated on a "Value Investing" approach!
That is, buy good solid stocks (blue chip) that consistently grow earnings (profits) and pay dividends and lock them away! Unfortunately this approach requires investor discipline (need to commit to a very long term investment horizon) and it requires a lot of upfront capital to get you very rich.

It is an old timers approach to investing, and a great approach to investing...However, it will not make you rich in the long run unless you start with a big sum of capital and continue to contribute additional capital on a regular basis, and make sacrifices (forego other expenses such as expensive cars, SPs, etc). Some investors will cash in and pay for personal expenses (mortgage, credit card debt, private schooling for kids, university, etc.) or invest the proceeds from the gains in the stock markets in real estate.

It is an investment approach which has always worked well and will keep you in the "Upper Middle Class"!

In today's investment environment you have to take more risks to make it big...and prices of risky stocks (US high tech stocks) make very large moves in very short time periods. (i.e.: short time investment horizon).

Basically, you need to hit home runs to make it "very rich"...and not singles and doubles to just live well!

Hi sharkman

Thanks for your analysis ,
I prefer my self real estate investment then stock markets !
Because you are closer to the action and you can make moves that will directly influence the value of your investment ?
Properties in different Province does it for me !
Since I have been in it for years its easier to foresee market shift .
And banks will finance brick investment at very low rates ,you then cover your mortgages with new money ,tenants money and built equity reducing your dept ,after a few properties you obtain a leverage effect and you get exponential after 5 or 6 properties .
When its done under corporate hats you benefit of corporate laws and favorable income taxes rates .
And dividends payments in between corporation is tax exempt a 10% voting shares is required to qualify !

Warmest Reguards


BookerL

 

[gan]

Learn to play poker. Lots of money to be made. The world series of poker main event pays up to 10 Million dollars to the winner.

 

[easyguy]

Getting rich is simple:

1. Start your own business
2. Claim at least 50% of your expenses as business related
3. Pay your ATF with company check for bookkeeping work
4. Don’t get divorced at later age

Small requirement: you need to be a professional with some brains in your head

 

[Sol Tee Nutz]

Hi STN Do you believe its easier to get rich when you are a bachelor ?
Or you prefer to retire at a later age ?

Ideal to save money is couple both working with no kids. Second would be bachelor, then couple both working with kids and last would be 1 working and 1 stay at home with kids. This is with each group having the same income. I like my job, get paid well and take 5 months off every summer ( this year only 3 or 4 since extremely busy ). I travel every spring, golf ( suck at it ) and enjoy my kid time. I can not see myself retiring for at least 10 more years, I am having fun and my kids are taken care of.... Would never trade that.
Wanted to add that being self employed ( incorporated ) has huge tax advantages ( make sure you have a good accountant that is not too scared but will not get you into trouble ).

 

[Sol Tee Nutz]

Getting rich is simple:

1. Start your own business
2. Claim at least 50% of your expenses as business related
3. Pay your ATF with company check for bookkeeping work
4. Don’t get divorced at later age

Small requirement: you need to be a professional with some brains in your head

I was reading this and had some comments until I read the last sentence.

 

[Doc Holliday]

Ask Merlot. He seems to have all the answers. :lol: :lol:

 

[BookerL]

I fully concur with you Booker that real estate is a great asset class as well as it provides investors a lot of leverage...However, you need to take a long term time horizon approach to invest in real estate to get "very rich".

In fact as I mentioned in post #232, a lot of investors re-invest their gains from the market into real estate for tax advantages reasons (benefits of tax deductions).

.

Hi Sharkman

You do have good insight and great point of views ,but for myself I work real estate in corporations that owns the shares and the dividends are exempt of tax .They are real estate holding companies as having stocks with those corporation the revenues would be ancillary revenues and impose at 52 % .
But when you have personal money it is different like you say
Different scenarios different choices

Kind REgards


BookerL

 

[BookerL]

I travel every spring, golf ( suck at it ) and enjoy my kid time. I can not see myself retiring for at least 10 more years, I am having fun and my kids are taken care of.... Would never trade that.
Wanted to add that being self employed ( incorporated ) has huge tax advantages ( make sure you have a good accountant that is not too scared but will not get you into trouble ).

Hi STN

You seem to be doing great !Keep it on !
Well have a good accountant and also a good tax lawyer and corporate lawyer !

Kind Regards


BookerL

 

[mauricevachon]

Learn to play poker. Lots of money to be made. The world series of poker main event pays up to 10 Million dollars to the winner.

Learning to play poker is more likely to take you to the poorhouse than Westmount.

I was at a poker hall in Kanawake last month that was filled with a couple of hundred people playing in a "Hold Em" tournament - all of whom had "learned to play poker" and many of whom were really good at it.

However there were only three prizes handed out that night. Everyone else lost

I think it probably makes more sense to play poker when you are already rich.

 

[anon_vlad]

Attempting to become rich by playing poker is comparable to attempting to become a movie star. Millions try, but only a tiny proportion get rich.

Worse, whether you play online or at a tournament, the house grabs a percentage, which only seems small. That ensures that you have to be well above average just to break even and exceptional to make any sort of consistent money.

Real estate and the stock market have proved to be positive sum games over the long haul. That means that an average investor will make money (unlike an average poker player).

 

[pokerpro]

Learn to play poker. Lots of money to be made. The world series of poker main event pays up to 10 Million dollars to the winner.

The entry fee is 10 000$. And if you want to try a poker career you need a big bankrool because you will loose a lot of money in the first years.
There's a lot of young poker players who started their careers because mom and dad are wealthy. I even met a young player in a poker club, three years ago, who was playing big tournaments here and Vegas and told me he had inherited a big sum of money from his grandfather.
I saw him one month ago, he is now playing 1-2 cash games and small 80 to 100$ tournaments.

 

[Sol Tee Nutz]

Hi STN You seem to be doing great

The sacrifices were too great and would not do it again if I had a second chance. Being away for months on end really kill any family life and in my early years I was lucky to be home 2 months of the year, even now it is too difficult to meet a new companion ( hence the escorts ). There are more important things than money. A person should get a proper education and try to branch out on their own as soon as possible. My son is a mechanic and he with some backing from me ( banks suck for a young person to get a business loan ) plans to open up an import tuner shop in the near future. Be your own boss.......

 

[MaxxxEdge]

Rich is relative... For example, $100k a year may be decent in Montreal, but it isn't shit in LA or NYC... If your primary purpose is to get rich so you can hire more SP's, you may want to consider geoarbitrage. The girls in Budapest are approximately half the cost as those in Montreal and the savings alone could easily offset travel costs. Throw in some necessary dental work while you're there, and you can save even more.

 

[BookerL]

why don't you go for cuban escorts way cheaper!Haha
Finance it importing Cuban cigars and Rhum.
Many reach people are fans !

Cheers

BookerL

 

[Sol Tee Nutz]

Throw in some necessary dental work while you're there, and you can save even more.

Very true, when I was in Mexico last I met a lady from England and she had her 3 kids with her all for dental work. She said that the holiday plus dental work in Mexico was cheaper than just the dental work in England. After asking around some more a few people I work with also do this, one guy said his dentist in Mexico got his degree in BC.