I have been fortunate enough to meet several people like this

[raleighherdfan]

"cant be done." lol

I always laugh when I hear people say this...

 

[Penn2moss]

anyone who says "can't be done" is an idiot.

If this man started at the age of 18 investing, he would only need to invest less than $200 a month to reach 8 million. That is assuming an 8% return.

We have a society that can't wait to take on a new car loan when they pay off the old and can't wait to throw $100s of dollars away on a new iphone every year.

Anyone can become a millionaire if they can resist the money traps everyone falls into.

 

[raleighherdfan]

I agree with you. Of course many of the "cant be done" crowd frequent this site and claim "luck" is needed.

 

[banker6796]

Anybody can become wealthy, but only if they are willing to trade immediate gratification for future, long term financial success. I would say most people are just financially illiterate, but that really isn't the problem, even if true, but the biggest problem is being so self centered. The post about new cars and new phones is a big part of it. You have to want to leave a financial legacy more than you want stuff.

 

[Raoul Duke MU]

Hell, you can be financially illiterate and still amass a small fortune, just be frugal.

 

[Penn2moss]

A good book to read is the millionaire next door.

It is a book about the average millionaire in America. Once a salary gets over about $70,000, the correlation between income and wealth is not strong at all. Most millionaires are regular joes.

 

[i am herdman]

The best way is to inherit it. That is where most of it is coming from these days.

 

[HerdFan73]

What good is a fortune if you don't spend it? Some people may not be illiterate, they may just see more value in a nice car and the latest gadgets vs a number on a balance sheet that otherwise does very little for you in the short run. Just depends on what your goals are.

 

[herdfan06]

Originally posted by i am herdman:
The best way is to inherit it. That is where most of it is coming from these days.

A lot of people are investing in the death of their parents via life insurance because the ROI is pretty good.

This post was edited on 2/9 6:57 PM by herdfan06

 

[raleighherdfan]

Originally posted by HerdFan73:
What good is a fortune if you don't spend it? Some people may not be illiterate, they may just see more value in a nice car and the latest gadgets vs a number on a balance sheet that otherwise does very little for you in the short run. Just depends on what your goals are.

Yes they are financially illiterate.

It matters greatly if you are not fortunate enough to have good health, but yet still live into your 80s or beyond. I guess if you are willing to let the govt (other tax payers) "take care" of you in your later years and "hope" you don't max out medicare benefits and "hope" SS (other tax payers) pays you enough.

What good is fortune if you don't spend it??????????? Asked like someone who advocates being poor in mind and broke in wallet.