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Perhaps he needs a dollar figure rather than just "enough". Otherwise how will he be able to tell if he's on track?
Cheers
Sir O
Has anyone here made themselves "rich" or wealthy by trading?
Perhaps he needs a dollar figure rather than just "enough". Otherwise how will he be able to tell if he's on track?
Cheers
Sir O
tech/a
No Ordinary Duck
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You come up with some real gems
Stuff you should etch in your grey matter.
Simple yet complex
Here is another
Stuff you should etch in your grey matter.
Simple yet complex
Here is another
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Indeed. Steve for me personally my aim is retired by 45 and 30 mill by the time i'm 50. And no I am most certainly not joking. This will allow me to achieve everything I could ever dream of and provide my wife and future family with what I believe they will deserve. Majority will laugh at such a goal, they laugh because they cannot understand how such a goal can be achieved.
Work out exactly what it is in life you desire, find out how much that is gonna cost, and don't stop until you find your way there. It really is that simple, and I'll show you
... It really is that simple, and I'll show you
Regardless of your end goal, if your post from the first page remains true in that you haven't invested yet but are going to invest aggressively in derivatives in the next few months when you get more capital, I feel that attitude will change. Though I do share a common goal so keep at it.
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It's hard to explain but alot has changed in just a couple of days, my thought process included. I've got a path that will see me there. I have invested previously, but was wrong in almost everything I did.
There is one thing I am certain of, and that is my attitude will not change, and I will get to where I want to be.
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Good luck young-gun, I sincerely hope that you achieve your goal (feel free to PM me your plan and strategy if you are willing to share ideas)
Sir O- thanks for taking the time to write such a detailed response, I completely agree with you. One problem with the PPR/IP scenario, I am about to get married so living seprately at our parents houses whilst renting out the house we have just built isn't really appropriate (although it would make perfect financial sense).
Thus I am dedicating my time to learning everything there is about the stockmarket and using it is a vehicle to create additional income. My job is related and allows me to almost research whilst working and I am also about to start a Grad Dip App Fin so the wheels are in motion.
Sir O- thanks for taking the time to write such a detailed response, I completely agree with you. One problem with the PPR/IP scenario, I am about to get married so living seprately at our parents houses whilst renting out the house we have just built isn't really appropriate (although it would make perfect financial sense).
Thus I am dedicating my time to learning everything there is about the stockmarket and using it is a vehicle to create additional income. My job is related and allows me to almost research whilst working and I am also about to start a Grad Dip App Fin so the wheels are in motion.
skc
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Don't be so sure. The marginal utility between having $10m and $30m is actually pretty small for most people.
The first $million matters a lot. Then you aim for $5m. Keep doing what you are doing you'd easily get $10m. Anything beyond that you have to ask - why not just stop and smell the roses a bit.
tech/a
No Ordinary Duck
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You'll find you will alter your perspective.
Friends lost their son a few years ago money didn't help.
Last Xmas they thought my princess had terminal liver cancer.
She didn't ---- $30 million right there!
Don't have 30 mill ----- have a few ----- but have a completely
Different perspective than I did when younger.
Never aimed at riches just travelled the road.
Friends lost their son a few years ago money didn't help.
Last Xmas they thought my princess had terminal liver cancer.
She didn't ---- $30 million right there!
Don't have 30 mill ----- have a few ----- but have a completely
Different perspective than I did when younger.
Never aimed at riches just travelled the road.
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Great to hear tech. Some things are without a doubt priceless.
Personally I would be more than happy to stop at $10m. Start really enjoying life, travel the world, race fast cars, spend plenty of quality time with the wife.... oh isn't it just great to dream
You are the only person that stands between the dream and the reality, that is the simplicity of it. I'll pm ya later but can assure you there is nothing secret or ground breaking behind my new plan.
The difference increases as time does. A million dollars 26 years ago I'm sure was considered a huge amount of money. Although today I still consider $1 million alot of money It does not buy much today, and most certainly does not ensure a lifetime of financial security. Just as I think that in 26 years 10 million may perhaps not be valued as much as we consider it today. It's for that reason I went higher, and I will smell the roses the whole way
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But are you not exactly where you placed yourself, tech?
skc
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The difference increases as time does. A million dollars 26 years ago I'm sure was considered a huge amount of money. Although today I still consider $1 million alot of money It does not buy much today, and most certainly does not ensure a lifetime of financial security. Just as I think that in 26 years 10 million may perhaps not be valued as much as we consider it today. It's for that reason I went higher, and I will smell the roses the whole way
Sorry my point was made using all today's dollar. It's about marginal utility of money as an economic theory and philosophy. Google it.
tech/a
No Ordinary Duck
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Further along than I ever imagined.
You know I never had any expectations.
Just wanted to be happy and not waste a life.
Know many who have.
They just seem to be one train wreck
After another.
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When I was 18 I wanted to be a billionaire.
When I was 20 I realised it would take ridiculous work (with good fortune) that would take up my whole life without it still being likely
When I was 22 I had a few investment properties and wanted a net worth of about $50-100M.
When I was 24 I thought:
1) crap, I'd better sell those properties (which I now have) AND
2) I really don't like working 8:30-5:30 in a job which isn't my passion. My main financial goal will revolve around freeing up as much time as possible.
Now I am 26 and work as a property valuer in the government. It is perfect for me. Flexible hours, finish at 4pm, autonomous, drive around a few hours a day, no stress. Plenty of time to come home and work on my trading at nights. I've spent just over 1,000 (18 months) on a system and am looking at getting stuck into it in about 1 month.
My main financial goal is to build up more and more savings, make more and more trading, and eventually be able to scale back to 3 days a week or work and then free myself all together if I wish.
It is interesting how my primary financial goal has gone from quantity of money to quantity of time.
I have no doubt I can get to $10 million. I don't know when but I know I will. I could get to more if I was committed to doing so, but the truth is that I am not. I agree that the marginal utility of much more isn't worth the time invested to do so!
When I was 20 I realised it would take ridiculous work (with good fortune) that would take up my whole life without it still being likely
When I was 22 I had a few investment properties and wanted a net worth of about $50-100M.
When I was 24 I thought:
1) crap, I'd better sell those properties (which I now have) AND
2) I really don't like working 8:30-5:30 in a job which isn't my passion. My main financial goal will revolve around freeing up as much time as possible.
Now I am 26 and work as a property valuer in the government. It is perfect for me. Flexible hours, finish at 4pm, autonomous, drive around a few hours a day, no stress. Plenty of time to come home and work on my trading at nights. I've spent just over 1,000 (18 months) on a system and am looking at getting stuck into it in about 1 month.
My main financial goal is to build up more and more savings, make more and more trading, and eventually be able to scale back to 3 days a week or work and then free myself all together if I wish.
It is interesting how my primary financial goal has gone from quantity of money to quantity of time.
I have no doubt I can get to $10 million. I don't know when but I know I will. I could get to more if I was committed to doing so, but the truth is that I am not. I agree that the marginal utility of much more isn't worth the time invested to do so!
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Steve - Congratulations. I hope you and your wife live a long happy life together. Remember that bit about knowing the why, not necessarily the how? You've stated the why "makes perfect sense", yet what you can't see is the how. How do you have that very large (but ultimately unattractive) asset work for you rather than against you. This is where the reality of company and trust structures can help you.
INSERT MASSIVE NON ADVICE DISCLAIMER HERE. Go speak to a professional trust lawyer. DYOR
You may be able to live in your newly built house as a tenant.
Here's a tip for free. If the house is less than 10 years old - pay the $500 to have a quantity surveyor check the place out. You can then put a depreciation schedule against the house and get on average 1% of the house value as a tax deduction in addition to the interest deduction.
Cheers
Sir O
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I concur. One thing you can never buy, no matter how much money you have, is time. If you're smart you can (eventually) structure things so your wealth generating vehicles are operated by other people. This creates time for you to do what you enjoy (which may include some sort of "work" - the best type).
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Steve - Congratulations. I hope you and your wife live a long happy life together. Remember that bit about knowing the why, not necessarily the how? You've stated the why "makes perfect sense", yet what you can't see is the how. How do you have that very large (but ultimately unattractive) asset work for you rather than against you. This is where the reality of company and trust structures can help you.
INSERT MASSIVE NON ADVICE DISCLAIMER HERE. Go speak to a professional trust lawyer. DYOR
You may be able to live in your newly built house as a tenant.
Here's a tip for free. If the house is less than 10 years old - pay the $500 to have a quantity surveyor check the place out. You can then put a depreciation schedule against the house and get on average 1% of the house value as a tax deduction in addition to the interest deduction.
Cheers
Sir O
Thank you so much for that Sir O, when I read contributions like the above from such knowledgable people I realise how much I have to learn!
Great insights and advice like this is the reason this is my new favourite forum and basically my homepage at work. Thanks everyone
Julia
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Really? When?Indeed. Steve for me personally my aim is retired by 45 and 30 mill by the time i'm 50. And no I am most certainly not joking. This will allow me to achieve everything I could ever dream of and provide my wife and future family with what I believe they will deserve. Majority will laugh at such a goal, they laugh because they cannot understand how such a goal can be achieved.
Work out exactly what it is in life you desire, find out how much that is gonna cost, and don't stop until you find your way there. It really is that simple, and I'll show you
It's good to have something to aspire to. However, I would question whether it should all relate to money.
Might be worth asking how many people who have won large amounts in Lotto etc never seem able to hold on to it.
Could those of you who seem to see 30 million as some sort of magic figure outline what your life will be like when you get there?
What is it that you don't have now that that magic amount of money will buy you?
What satisfaction will you derive from that supa large house?
How long will the thrill from the Maserati last?
This post will undoubtedly be seen by you bulletproof young people, yet to experience much of the real world with all its unexpected failure and tragedy, as miserably pessimistic.
However, I've lived the ultra rich lifestyle with the sports cars lined up outside, the house others envied, and I can tell you it's all superficial and entirely unimportant when compared with finding joyful relationships, contributing to your community, and feeling a simple sense of being OK with your inner self.
