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TomBoleware Inner circle Hattiesburg, Ms 3174 Posts 
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On 2014-01-15 13:37, LobowolfXXX wrote: I too think it would be a very short list. And I think most people don't make the list simply because of these words: "The fear of loss is always greater than the desire for gain." We (as in most) simply too busy trying to hold on to what we have to go for more. We looking for guarantees. Like they say, and it's not really a nice way to say it, but if you looking for a guarantee, buy a toaster. 
Business has risks, big risks. Very scary risks for many. A younger person can easily become rich from savings. Problem is, most younger can't see that far down the road. Everybody 'hopes' to be rich one day. So they just wait and hope. Tom
The Daycare Magician Book
https://www.vanishingincmagic.com/amazekids/the-daycare-magician/ My Blog - https://boleware.blogspot.com/ |
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Bazinga Loyal user 277 Posts
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You guys are thinking so small. I am half-way to becoming an eccentric Billionaire. I got that first part down perfectly.
;) Bazinga! |
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tommy Eternal Order Devil's Island 16543 Posts
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I knew a young fellow age 22 who arrived in England, stone broke from a poor village in Guiana and within three months he was millionaire and then he got caught. I asked him, why didn't you leave, go home, when you got that much and live like a King, instead going for more? King, King he said, I wanted to be Emperor!
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Dennis Michael Inner circle Southern, NJ 5821 Posts
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I've been fortunately to own my home at age 35, own my second home at 50, and retired at 50.
The only advice I have is that it is a very good feeling being debt free, especially after once being in deep credit card debt. If a million dollars is what you want then plan for it. Here is an old posting Making A Million Dollars A Year in Magic Shows You might find it interesting, inspiring, and a possible way to make a million.
Dennis Michael
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Dannydoyle Eternal Order 21263 Posts
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It is easy to have a million dollars at the end of the year with a magic show.
Step 1) Start with two million dollars.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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balducci Loyal user Canada 227 Posts
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Ed Thorpe on how rich is rich ...
http://www.edwardothorp.com/id9.html http://www.edwardothorp.com/sitebuilderc......rich.doc http://www.edwardothorp.com/sitebuilderc......ich2.doc
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Dennis Michael Inner circle Southern, NJ 5821 Posts
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On 2014-01-24 18:54, balducci wrote: Very Interesting
Dennis Michael
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Dennis Michael Inner circle Southern, NJ 5821 Posts
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Dennis Michael
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General_Magician Special user United States 707 Posts
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On 2014-02-02 08:49, Dennis Michael wrote: I am a big believer in saving and staying out of debt. I also like to set certain financial objectives and then save towards those goals. I think investing conservatively is important as well and while saving towards certain financial objectives, depending on how expensive that objective is, you could possibly invest the savings you have towards a financial objective conservatively to help you achieve that objective. Depending on the objective, you can't always take savings put towards that objective and invest it to help achieve that objective. But if it's a financial objective such as retirement for example or a brand new car or house that would cost a lot of money, you could invest those savings conservatively to help achieve those kind of objectives. Emergency cash reserve is important too though as you always have Murphy's law in place. You don't want to have to dip into investments working for you when Murphy strikes, so that's where the emergency cash reserve comes into play to protect the money invested that is working for you.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown
Company Website Facebook Business Page Twitter Business Page |
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Slide Special user 533 Posts
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A lot of these "get rich by saving" memes assume a lot. They assume you are going to be able to save $3-4 hundred a month from an early age, they assume a high rate of return that hasn't existed in some time. Perhaps it is possible but it wouldn't have been something I could have done. I was a starving artist for most of my 20's and early 30's. I didn't even make $400 a month for some of those years.
If I hadn't taken out a small business loan and a second mortage on my house, I could have never started my first companies. the risk paid off. today, I think there are ways to start businesses on a lower overhead, but when I was starting out it wasn't really feasible. You needed runway cash. I don't know how people save what they suggest and get married, get a house, have kids, pay for their college. Somethings got to give. |
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mastermindreader 1949 - 2017 Seattle, WA 12586 Posts
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Yes. And that's exactly why the intelligent use of debt and credit has been essential to most who have been successful.
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General_Magician Special user United States 707 Posts
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A lot of these "get rich by saving" memes assume a lot. They assume you are going to be able to save $3-4 hundred a month from an early age, they assume a high rate of return that hasn't existed in some time. Perhaps it is possible but it wouldn't have been something I could have done. I was a starving artist for most of my 20's and early 30's. I didn't even make $400 a month for some of those years. Warren Buffet saved and made his billions by being frugal and investing his money. You don't have to take a big gamble by going into a lot of debt when first starting a business. Sometimes the gamble pays off, a lot of times it doesn't. Ted Turner's father went into millions of dollars of debt that he took out for his business and his gamble failed. Drove the guy to sucide if I rememeber correctly. I view going into debt to start a business as a very risky proposition and personally prefer to start business without going into any debt whatsoever.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown
Company Website Facebook Business Page Twitter Business Page |
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Slide Special user 533 Posts
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Well, Warren Buffet may have been frugal but he made his billions running Berkshire Hathaway. His genius came, not from frugality, but by being able to pick winners on the horses he bet on.
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mastermindreader 1949 - 2017 Seattle, WA 12586 Posts
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The ability to raise money and attract investors is an essential skill for any entrepreneur. You can't do that without understanding how debt is actually an asset when used properly.
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General_Magician Special user United States 707 Posts
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Well, Warren Buffet may have been frugal but he made his billions running Berkshire Hathaway. His genius came, not from frugality, but by being able to pick winners on the horses he bet on. Warren Buffet didn't make his money by betting on horses. He made his money by investing. There is a big difference between betting and investing. Most people who put their money in the stock market are betting, rather than investing in the stock market. Warren Buffet on the other hand, invested his money in the stock market and did not bet on it. Quote:
The ability to raise money and attract investors is an essential skill for any entrepreneur. You can't do that without understanding how debt is actually an asset when used properly. Smart investors would be attracted to a company that provides a return. It becomes much more difficult for a company to bring value to shareholders and a return to those shareholders, when it has to pay bond holders or the bank.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown
Company Website Facebook Business Page Twitter Business Page |
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tommy Eternal Order Devil's Island 16543 Posts
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Yes manipulation is more profitable than speculation.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Dannydoyle Eternal Order 21263 Posts
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On 2014-02-02 16:38, mastermindreader wrote: He is never going to change his opinion. All debt is bad. He has his truth and no interest in learning. Only proslotising.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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balducci Loyal user Canada 227 Posts
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On 2014-02-02 16:45, General_Magician wrote: His father had problems with depression, alcohol, and pills. I would guess that any of those had much more to do with his suicide, than did any debt. BTW, Ted inherited / bought out his father's company after his father committed suicide, and made it into a success. So I think it is inaccurate and an exaggeration to say that his father's investment was a failed gamble. (At least, it wasn't a total failure and it must not have destroyed the company.)
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci Loyal user Canada 227 Posts
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On 2014-02-02 17:31, General_Magician wrote: I think it is safe to say that Buffet was never scared of taking on debt. BTW, Buffet invested in Berkshire Hathaway because he felt slighted by the previous owner and took over the company only so that he could fire the guy. You call that smart investing? Warren calls it his biggest ever investment mistake.
"In 1962, Warren Buffett began buying stock in Berkshire Hathaway after noticing a pattern in the price direction of its stock whenever the company closed a mill. Eventually, Buffett acknowledged that the textile business was waning and the company's financial situation was not going to improve. In 1964, Stanton made an oral tender offer of $11 1⁄2 per share for the company to buy back Buffett's shares. Buffett agreed to the deal. A few weeks later, Warren Buffett received the tender offer in writing, but the tender offer was for only $11 3⁄8. Buffett later admitted that this lower, undercutting offer made him angry. Instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton (which he did). However, this put Buffett in a situation where he was now majority owner of a textile business that was failing." "In 2010, Buffett claimed that purchasing Berkshire Hathaway was the biggest investment mistake he had ever made, and claimed that it had denied him compounded investment returns of about $200 billion over the previous 45 years. Buffett claimed that had he invested that money directly in insurance businesses instead of buying out Berkshire Hathaway (due to what he perceived as a slight by an individual), those investments would have paid off several hundredfold." http://video.cnbc.com/gallery/?video=1618466375&play=1 http://en.wikipedia.org/wiki/Berkshire_Hathaway
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci Loyal user Canada 227 Posts
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BTW, where I said "invested in" I should have said "took control of".
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Posted: Jan 15, 2014 08:11 pm 
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