Financial tips for the bums

[MooNiNite]

oppps!! i meant condo over a house. like owning

[MooNiNite]

you need to put on a spreadsheet and compare.

 

HOA is only if there is a development cost... most houses don't have HOA at all.    Don't go for an HOA over $250 unless it is compelling to your desires.

 

You need to play with the numbers to understand it all.

 

Some HOAs in Colorado are $600.00

[Aetherous]

Some HOAs in Colorado are $600.00

 

That's per month? Ouch.

[Rishi Das]

Save up until you buy large items without using credit.

 

I was always taught to have cash to cover the cost, pay with credit, and immediately pay it off. Not only are you building your credit but will also be taking advantage of 'rewards' program points.

 

Ideally one would be paying credit for everything and always have the cash to cover.

 

Totally agree that one need to be cautious with accruing debt.

 

Speaking of fixed costs, shop around, the internet makes it easy.  You can find phone numbers and even scripts that tell you which department and what to say.  Once you get to the right person/department something like 'I will be quitting your service.. is there anything you can offer me.'  and have numbers for there competition ready.  This is a must for service comcast that jack up the price every 6 months unless you play the game, call, threaten to quit and get the same or sometimes lower price.

 

This is great insight. My wife and i caught on to doing this a couple years ago. It's amazing what they'll do to get customers to stay.

 

 

EDIT: changed some words

Edited January 12, 2017 by Rishi Das

[Aetherous]

I was always taught to have cash to cover the cost, pay with credit, and immediately pay it off. Not only are you building your credit but will also be taking advantage of 'rewards' program points.

 

Ideally one would be paying credit for everything and always have the cash to cover.

 

I was just reading yesterday about building credit...they say to not pay off purchases immediately, but simply pay the bill once the charges are on the billing statement, before the due date. It's good to stay in 8-9% utilization for building credit (spending 8-9% of the amount of credit available). Then, know when your closing date is...and make your purchases with credit the day or so after, so it shows up on the next bill. This all amounts to keeping utilization pretty much constant and in the right amount they want to see.

 

It's also good once credit is doing well to have a few different cards, and do the above for all of them. When credit is excellent, apparently you can use up to 30% utilization.

 

All of this would require some skill with budget spreadsheets, I think...keeping track of the exact funds to pay these credit bills, separate from your other money.

[dawei]

Speaking of mortgage payments they still provide a nice deduction on federal taxes.   

 

I have always heard this but our method of not having such a high loan and paying back fast doesn't seem to give a better deduction than the standard... In FL at least.

 

Speaking of fixed costs, shop around, the internet makes it easy.  You can find phone numbers and even scripts that tell you which department and what to say.  Once you get to the right person/department something like 'I will be quitting your service.. is there anything you can offer me.'  and have numbers for there competition ready.  This is a must for service comcast that jack up the price every 6 months unless you play the game, call, threaten to quit and get the same or sometimes lower price.

 

We do this with our internet... they will offer some lower special but you may never know it without looking at the website once in a while... or if we do get a flyer in the mail, we might change to it.   I usually don't have cable stations... but right now, I could add cable and it would be cheaper together than my cost of internet only right now.

 

Every few months look at all your utilities and expenses, see what can be reduced.   What other alternatives are available. 

 

As was mentioned... we like to pay everything by credit... and this helps my mileage program... I'm amazed that some places won't let you pay by credit...  they feel the credit card is charging too high a fee...  OMG... just pass it along to the consumer to decide.  If I'm willing to pay the fee, why do they care about the fee.

 

For those who do charge a fee, it can be more than you want to pay... so what we do is pay the entire year at one time and so the fee is essentially spread across the year.  

[dawei]

I was just reading yesterday about building credit...they say to not pay off purchases immediately, but simply pay the bill once the charges are on the billing statement, before the due date. It's good to stay in 8-9% utilization for building credit (spending 8-9% of the amount of credit available). Then, know when your closing date is...and make your purchases with credit the day or so after, so it shows up on the next bill. This all amounts to keeping utilization pretty much constant and in the right amount they want to see.

 

It's also good once credit is doing well to have a few different cards, and do the above for all of them. When credit is excellent, apparently you can use up to 30% utilization.

 

All of this would require some skill with budget spreadsheets, I think...keeping track of the exact funds to pay these credit bills, separate from your other money.

 

Good issue to raise... my wife, coming from china, was amazed at the credit system in the US... she now says she gets it... and why her previous life of paying everything quickly with cash makes no sense, to a degree.   The flip side it, it is not really that easy for some people to build up credit; it can be like a slow boat to china. 

 

But buy, pay off, and buy is the slow but necessary method.   A second for folks who can't get a card is to do a security card whereby you pay a balance in advance and have fee.

 

The best way and fastest way to build credit are things that require long term, repetitive payback.   Normal consumer buying keeps it going.

 

Here is an odd situation that caused my credit score to actually go down... although it is still in the highest area...   I dropped one of my credit cards that I no longer use 

 

There is a balance where too many cards are not good and TOO FEW are also not good 

 

It turns out, I was better off keeping a card that had a healthy credit line even if I never used it... 

[Rishi Das]

Here is an odd situation that caused my credit score to actually go down... although it is still in the highest area...   I dropped one of my credit cards that I no longer use 

 

There is a balance where too many cards are not good and TOO FEW are also not good 

 

It turns out, I was better off keeping a card that had a healthy credit line even if I never used it... 

 

Another great point.

 

We have got in the habit of putting routine bills on separate cards so they are all utilized equally. Always good to keep an eye on the rewards programs too for any specials - good to switch things up if the opportunity presents itself.

 

Also, one needs to be aware of limiting the amount of 'hard credit checks' when applying for larger purchases. Too many of these over a short amount of time can also be a burden to the credit score.

[thelerner]

My interest in golf has gotten me back into resale shops- Salvation Army's, Good Wills.. not to mention resale shops in expensive neighborhoods can have less amazing deals but some great pickings.   For clothes, they're unbeatable, I've picked up suits for $5 to $15.   Expensive dress shoes for $5.   I think the secret is being picky and only getting what is in very good to excellent shape.  Nothing that looks used or worn.  

 

For setting up a house or dorm they're unbeatable.  As far as golf goes they have clubs for $1.99 and golf bags from $5 to $10.  Good choices too, many people get new clubs every few years.  There's a certain enjoyable anti-snob feeling to playing with $2 clubs versus those spending $100 or more on a single one.  And you get to blame your poor shots on something.. ie damn you $2 club, you've hooked again. 

[Archivist]

For those with a significant discretionary spending budget, looking at say a used car or a large homesteading garden or a down payment on a house: What about making more "traditional" financial investments with the possibility of decent returns? In particular, what say you about investing in a precious metals collection, versus splurging a few thousand on that used car?

[thelerner]

A problem with investing in physical precious metals, ie gold or silver is the large transaction costs on the spread.  What I mean is on a silver coin, most places will charge 5 to 10% more then face value on the initial sale, and will cut at least 5% when you try to sell it back.  That doesn't mean you can't make money in the long run, just that you need a substantial move.  

 

Nothing wrong with buying a few coins if the urge hits, or when the price gets low but I don't like them as a main component of an investment strategy, except as a limited <10% holding.  I understand opinions differ. 

 

Course a car has many extra costs associated with them, insurance, gas etc. but at least it can get you somewhere   Whereas coins just sit there collecting dust, no dividends, just the hope they'll go up.  One option if you think Gold or silver will be rising or staying the same, is buyng a stock that more or less follows the price, like GLD or SLVR.  They're totally artificial but the spread, buying and selling is much less then physical coins, especially in the short run. 

 

As stocks you do covered calls against them, ie buying for say $18 and writing month calls for $19 for what ends up being a nice yearly percentage earning IF you can do it continually, ie creating artificial dividends that way.  No free lunches, such covered calls options have much the same risks as stocks.  

 

One tip I'm using today is taking the time to file tax returns for kids.  My son worked as camp counselor, earned $1900.  I don't have to fill out a tax return for that small an amount, but by doing it he gets back $151 from the Fed and $71 from the state.  And it allows me to 'gift' him $ for a Roth IRA (cause I'm here now, probably not in 45 years)  At 20, over the last 5 years, he has $9,288 in it, all invested in a low expense, Vanguard Index fund, if it averages 8% a year in 45 years it'll be worth nearly $300,000!!  That's with no money added.  And that's why Einstein called compounded interest the 8th wonder of the world.

 

Course for all I know in the year 2062 coffee willbe $1,000 a cup, but that still means 300 cups of coffee, probably for large too. 

[Archivist]

Wow, that's quite an erudite take, thelerner! Thank you!

 

Haha, I liked your coffee analysis. Good to know what you're doing for your son, especially for those of us who may still go the homesteader route. 

 

I'll add that was my gut feeling, that you've got to make a substantial move. Do you feel comfortable saying what amount you'd consider "substantial"? 10K? 20? More?

[Aetherous]

What about making more "traditional" financial investments with the possibility of decent returns? In particular, what say you about investing in a precious metals collection, versus splurging a few thousand on that used car?

 

Not as traditional, but I think investing in a passive income is the absolute best strategy. For instance, owning a franchise of some sort (not without its troubles, but yeah)...or, especially, owning rental property.

 

Another idea is owning land...but it only makes money years later. It's just not something you're likely to lose anything on.

[Archivist]

Interesting, Aetherous. I had a landlord in grad school who seemed really cool, actually came by and helped me shine the place up upon move-in. He seemed generally unstressed, so for awhile I thought it was probably easy to manage a three-story building with at least 100 rental properties in it. Then one week I saw him literally trampolining on a pile of student trash so it'd fit in one of those big dumpsters. Like you, it's on my radar, but it did get me thinking about those "hidden costs" thelerner was alluding to...

 

As for land, I think if it's arable soil and you go thru the effort of raising an organic garden on it, you could make a big dollar sale, in the coming years. Whenever it's trash/recycling day and I'm strolling thru a rich neighborhood here in Eastern U.S., I'm always a little surprised to see how the affluent are into woo-woo health, just like bohemian types--organic this and that, etc. People are going to want more than place to raise a McMansion or simply rent, I guess is what I mean to say. They'll want that fresh backyard cuke, too, esp. if food costs go up and cut into their budget. (You might even see the return of "home gardener" occupations, where millennials with farm skills get their own little quarters on grounds, hehe...)

[Aetherous]

About being a landlord...it's always an option to hire a manager.

[Archivist]

Haha, touche! 

 

[Taomeow]

Here's a few tips for someone who might never find either a passion or even patience for spreadsheets and suchlike:

 

Use magic.  This includes money feng shui, spells, and assorted time-honored tips and tricks from the ancestors.  I have two feng shui money frogs working for me, a jade plant aka money tree, a bent coin in my wallet, always cash in my wallet, not just plastic, and the wallet itself is never worn and tired, it has to look brand new, and its color is the phase of qi your own commands -- in my case, earth colors.  I have a feng shui wealth vase.  This is a bit of a project, but it's worth it.  Alternatively, you can go with Tibetan buddhist wealth vase, which works even better but you would have to be prepared to deal with Nagas who are in charge of it.  I wasn't, they are very efficient but can be a bit demanding.   

 

Frequent resale shops.  Thelearner already mentioned them and shared the benefits.  I want to add that, in case you didn't know, the second biggest pollutant in the world after big oil is fast fashion.  Research.  There's whole cities in China where people suffer from an incurable new disease -- denim lung disease, because they specialize in making and sandblasting jeans, and the blue jeans dust is what they wind up breathing 24/7.  Landfills are choked with discarded clothes because fast fashion, a devil's invention, causes billions of people to keep discarding perfectly fine clothes in order to buy the latest trend.  So buying everything new all the time is not only economically unsound but you are contributing greatly to global pollution when you make a habit of it.  I invest in a few "timeless" pieces, which I don't mind splurging on because I know they will serve me for years and never go out of style -- a nice leather jacket, a black cashmere coat, stuff like that.  I will never overpay for a "label" unless it's a thrift store find and costs me 1/10th of what it would cost otherwise -- and even then I'll have to think twice, labels brand you and I don't want to walk around advertising any particular company's product unless they pay me to.  

 

Research minimalism.  It's a flexible trend and you don't have to become a minimalist fundamentalist, but many ideas have been accumulated by folks interested in minimizing their possessions for various reasons, including but not limited to financial benefits.  (Warning: you will come across a few fundamentalists if you "go there," don't be discouraged, there's always people who will take any sound idea to absurd extremes.  Find a way to experiment with it that works for you.)  

[liminal_luke]

The following is a long ago post from Soaring Crane.  I haven`t tried it but it`s long intrigued me.

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..Massaging the ears for bringing good fortune ... This is a pretty easy practice, and it really works, but I realize now that it'll take a lot of writing to truly cover all the details, so this is just an outline:

 

First, be in a state of mind conducive to this kind of thing. We all have our idiosyncracies in this area, so I'm going to avoid getting into prep and finishing work. One tip though: this is good to do right away upon waking up, while still in bed.

 

Warm the hands and the rub the ears in a general way, vigourously, make them warm, hot They should be glowing red when you finish.

 

Massage the ears between thumb/forefinger (up and down the outer ear, and also the lobes). Massage and knead them hard. If you fiind a painful spot, knead it longer and harder. Pull on the ears, and try cupping them between the fingers and pulling on the roots, like you're trying to pull them off your head (don't pull that hard).

 

Flick your fingers along the outer ear. You can use the middle fingers. Flick from top to bottom and bottom to top. Up and down, up and down. This hurts a lot. Alternatively, you can use the ring, middle and index fingers. The ring finger will at the top, the index finger at the bottom and the middle finger in the middle (good finger exercise). Do this till the ears are almost numb, or your fingers are worn out. 

 

Now fan the ears from back to front. This is a little difficult to describe, I'm thinking of making a video. 

 

Now you cup your hands over your ears, pushing the little cartilage "stopper" (I know it has a proper name, but I can't think of it at the moment) into the earhole. Hold the ears shut, feel the pressure in there. Then quickly release the hands, and release the pressure. There could be an audible pop when you do this. Champagne cork-style.  I know a few different techniques but get the best results when I use the balls of my thumbs (fire point on the lung meridian) to seal the earholes, with my fingers on the back of my head. Do this at least three times and better nine times. Take a big inhale before sealing the ears, and exhale while sealing them. Hold until the exhale is complete (exhale slowly) and inhale when you release the pressure.

 

Ok ... almost done with the physical work. The last stage is beating the heavenly drum. Easy version: seal the ears with the palms as before and use the index and middle fingers to "drum" the back of the skull. It sounds deep and booming inside the brain. There are youtube videos showing various techniques. You can time this with breaths. Take a big inhale and beat the drum for the duration of the exhale. Exhale slowly. Do at least three breaths, and of course nine breaths would be optimal.

 

Have to wrap this up .... to finish, cover the eyes with the hands and begin to listen. Listen at first to your immediate surroundings. Then send the "ears" out a little further, maybe through the walls of your room into the rest of the house, or to the garden. Listen for little details. Then send them out further, listen to your neighborhood, or village, then send them out further, listen to the mountains, listen to the horizon, listen to the atmosphere, to the stars... send your ears out to the universe... like a tremendous antenna system picking up very fine signals ... then (this is one way I learned to finish this, but not everyone likes it) ... suddenly shift your focus to your eyes, still closed, behind your warm hands.... suck all that energy from the universe very quickly inward, you might even hear a sucking sound, or see a light flash, or both, or something else ... Observe the darkness for a few moments and open the eyes behind the hands... open the hands, like curtains being drawn ... view the world like you're viewing it for the first time, passive ... guide the hands to the kidneys and hold them there for a good minute or two ... close the lower dantian area, etc

 

You have to do this almost religiously, at least once a day and better two or even three times. Don't think about money, just do the ear massage and enjoy it. It's a very healthy practice regardless of your bank account.

 

Baolin Wu describes something similar in his qigong book (which is excellent, btw), but I learned it originally from one of my qigong teacher trainers. There are many ways to modify it.

 

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[thelerner]

1) To Archivist- 'Substantial' is in the eye of the investor and more often in terms of percentage then dollars.  Sometimes you cheer when you only lose 5 or 10% when the market nose dives.

 

Liminal's post made me think of a Chinese proverb that said rice brings wealth.  One of our members wrote that years ago, and got some flack; rice being a grain is looked down on in some Daoist circles.  Yet, in a practical sense, the person who eats rice every day, becomes wealthier.  Rice is dirt cheap, the ultimate meal extender, a 10# bag at Walmart is $5.69.  With each pound making 11 servings (cooked cups) that's 110 servings for about 5 cents each.

 

Not bad and thats why, for good or ill, rice feeds the world.  Not that its a nutritional powerhouse.  It's a blank slate waiting for the right spices and sauce. 

 

To minimize is good but be sure to enjoy life.  It's all about finding sweet spot, which is moving target, and a bit of hunger accentuates future delights. 

[Orion]

I've found that my biggest obstacles to money making have been my values around self-worth and what it means to ask people for payment for the services I render. Anyone can learn the practical details of money making but you'll notice that the people who make the most progress on the financial ladder are the ones who have zero qualms about assuming they are entitled to financial success. It's not even a concept to them, they just do it. A lot of it goes back to how we were raised in our families and our relationship to getting (or not getting) what we wanted from our parents.

 

Over the years I've taken 5 or 6 entrepreneurial programs, some of them long-term. Money making strategies are diverse but honestly they start to look the same the more and more you take such programs. No tips will help you though if you secretly don't think you're worth it. You really see your internal blocks around abundance and prosperity when you start networking with business people.

[liminal_luke]

I've found that my biggest obstacles to money making have been my values around self-worth and what it means to ask people for payment for the services I render. Anyone can learn the practical details of money making but you'll notice that the people who make the most progress on the financial ladder are the ones who have zero qualms about assuming they are entitled to financial success. It's not even a concept to them, they just do it. A lot of it goes back to how we were raised in our families and our relationship to getting (or not getting) what we wanted from our parents.

 

Over the years I've taken 5 or 6 entrepreneurial programs, some of them long-term. Money making strategies are diverse but honestly they start to look the same the more and more you take such programs. No tips will help you though if you secretly don't think you're worth it. You really see your internal blocks around abundance and prosperity when you start networking with business people.

 

Great post, Orion.  I think looking at the psychological side of money is essential: it`s kind of a project of mine right now.  As a guide, I`m working through the book The Art of Money by financial therapist Bari Tessler.  Heartily recommended.

 

https://www.amazon.com/Art-Money-Life-Changing-Financial-Happiness/dp/1941529208/ref=sr_1_1?ie=UTF8&qid=1490303997&sr=8-1&keywords=the+art+of+money

[thelerner]

Oil changes aren't too bad, particularly if you have a coupon, or they're running a special.  But often they end with the words, you need your filters changed.  My wife had that happen and was quoted $110.  She called and I told her I could probably do it.  I hit a nearby auto parts store, the cabin air was $8, the inside engine air one was $29 (note on internet they're $10ish) and with the help of youtube was successful installing them.  Big, and relatively easy saving. 

 

Still even buying retail provided a nice savings. 

Edited October 16, 2017 by thelerner

[dawei]

On 6/3/2017 at 6:04 PM, thelerner said:

Oil changes aren't too bad, particularly if you have a coupon, or they're running a special.  But often they end with the words, you need your filters changed.  My wife had that happen and was quoted $110.  She called and I told her I could probably do it.  I hit a nearby auto parts store, the cabin air was $8, the inside engine air one was $29 (note on internet they're $10ish) and with the help of youtube was successful installing them.  Big, and relatively easy saving. 

 

Still even buying whole sale a nice savings. 

 

I can still see my dad with half his body under the engine of a 1973 Ford Bronco and the fascination I had with whatever it was he was doing...  In HS, I had several friends who were really into cars... in a way that I would never even later touch.  They were into racing and thus, engine performance.  But their obsessions with cars lead me to take in HS an automotive repair class.   I would say of 4 years of HS, that was likely the best class I took;  do they even do this anymore ?

 

I spend the past 30 years doing any repair I can do myself...  I have fond memories of replace my [then] gf's brakes.  Another friend asked me if I could replace his 'heads' on his Hyundai engine.  I had enough confidence at the time to say 'yes', although I had only done it in that HS class.   Take some bolts out, take some wires out... put it all back in... those were simple days.

 

Today, the car as a whole is much more complicated with electronics.  I don't do the brakes anymore although nothing much has changed.   I just can find a decent deal and I don't drive that much so it was a 6 year interval on the brakes.   I do the small stuff...  Tire got a nail.   Ok... just go to the parts store and get a repair kit; I know this blindfolded.

 

I go to WaWa gas station as their air is free.  I like free

 

In my experience, you want air in the tire when you pull out the nail and then attempt to plug it... but I soon realized that this was a small nail and the reamer was quite big...  trying to push a too large reamer into a small tire hole is as difficult as wrestling a bear... so I think...  and I had two times I was going to give up on this bear of a tire as I was sweating and at my energies end... but kept at it... and finally decided to stop reaming and just plug the damn thing 

 

You put on a bit of glue and you put in the plugging tool as quick as you can...  that was another round of wrestling and 2 more considerations to give up.   I sat there, next to this free air pump, dripping with sweat... dirty all over from a tire and tried one more time...  just said, 'to hell with it... shove this SOB in'... and in it went.   The picture of a plugged tire is a beautiful sight 

 

I saved myself a miserable $10 and lose about 2 pounds 

[thelerner]

This posed an interesting financial question.  My family was getting a pension from an old job.  We could take it as an annuity, one that was paying about 5.5% or it could be rolled over whole into an IRA or with 20% deducted into a normal savings account. 

 

We chose to roll it over into the IRA.  The 5.5% annuity was tempting (nice rate, guaranteed income) but it meant losing the principle.  Plus it wouldn't grow with inflation and if the owner died payments would stop and not be transferable. 

 

Losing 20% on day one also didn't seem wise, particularly if we didn't need the money right away.  Rolling it over preserves it and lets it ride tax free, til taken out.  Even if we only got 4 or 5% (versus a probable long term 8%) in growth and dividends, we'd still have the principle, whereas with an annuity the big initial chunk is essentially gone.

 

Here is my advice to her for investing it:

40% 50%in VYM, a vanguard fund that invests in the higher dividend stock in the S&P500.  Low expense- .20%, its beaten the Dow stocks by a little over the past 5 years.  Not the SP500. but it has a much larger dividend.   Stock prices go up and down, but dividends are what you keep.  I like them. 

Buying the Dow (DIA) or SP500 (SPY) or this one VYM, tends to beat 80% of active ETF's and mututal funds, ie the professionals, especially if you reinvest dividends.  The little fact that they continually drop out the worst also helps them do better then average.  So why individual stocks? Partly ego, and the fact hope some will do very well and with higher dividends a good stock can earn the equivalent of 7 to 10% on your originally money in 5 to 7 years due to dividend growth and some stock rise. 

 

Add 10% each to several stocks already in her IRA, ie adding to winners

ADP, nice steady growth, up 70% in 5 years and decent dividends.  A consistent grower.

AVA, nice dividends, up 65% in 5 years, the rare oil & gas fund that isn't too erratic.

O, a REIT play, good dividends(4.4%), erratic and doing poorly of late, but its long term record is very good.  Plus price isn't good diversity play as its not tied as much to the general market. 

 

Add 15% to these 2.

Scotts Miracle Growth.  Good stock, nice growth over 5 years-(+100%) decent dividend.  It's also a slight marijuana play, in that its been investing in hydroponics businesses that should do well as legalization increases.  

FDN, an internet ETF.  This a play on FANG, the 4 stocks that by themselves are responsible for much of the an entire stock market rise.  Facebook, Amazon, Netflix & Google.  All are very high priced- Amazon alone is over $1,000.  Always questionable to buy things at nosebleed prices but these are powerhouse stocks that own there field.  I don't feel good about it, the expense is .54 (not horrible) but this was the way to invest the last 10 years.  At some point you have to jump on a powerful trend. 

 

 

[gendao]

On 3/22/2017 at 9:55 AM, Orion said:

I've found that my biggest obstacles to money making have been my values around self-worth and what it means to ask people for payment for the services I render. Anyone can learn the practical details of money making but you'll notice that the people who make the most progress on the financial ladder are the ones who have zero qualms about assuming they are entitled to financial success. It's not even a concept to them, they just do it. A lot of it goes back to how we were raised in our families and our relationship to getting (or not getting) what we wanted from our parents.

 

Over the years I've taken 5 or 6 entrepreneurial programs, some of them long-term. Money making strategies are diverse but honestly they start to look the same the more and more you take such programs. No tips will help you though if you secretly don't think you're worth it. You really see your internal blocks around abundance and prosperity when you start networking with business people.

Yea, ultimately it boils down to our beliefs about money.  So, if you want to gain wealth - you have to troubleshoot those beliefs first.  Especially in this forum, "spiritual" people really tend to have repellant beliefs about money.

 

For example, not only do you believe that you must work to "earn" money, but that you don't even deserve to get paid for whatever work you do do!

 

Whereas most wealthy people get paid handsomely for their work, or have so much investment income (or other accumulated wealth) that they don't even have to work for it anymore.  I mean, for just one small, extreme example of what's possible out there:

Quote

if you bought $100 of bitcoin 7 years ago, you'd be sitting on $72.9 million now after new record high

Even a homeless man probably could have begged for $50 to invest - just kept pissing around for 7 years - and now be sitting on $36 million today!

 

There are general "outer" guidelines for attaining wealth, but ultimately no limits.  Somehow, all the water outside will find a way to match the level of your water inside.

Edited June 9, 2017 by gendao