some good advice..some bad.. (archive)

When I was 27 I earned over $300K..every year it has gone up....last year when I turned 31 I earned $581K. What do I do...sell residential real estate. I know that I am rare..the average Realtor only sells 4 homes per year and earns less than $10k per year. I believe that when you honestly try to be the best, have a true heart for your clients, care about them before you think of yourself...everything else will follow. When I was 20 I read a book called "Think and grow rich" and used the pearls contained within. Read "The Millionare Next Door" and "Rich Dad Poor Dad". You will learn that 1) Most folks with a net worth over 1M own their own businesses....and have a greatest % of their net worth in their businesses. 2) Married early and never divorced 3) DIDNT spend a ton of time in school...dont have MBAs, PHDs and the like 4) Always saved and invested..paid themselves first.5) Invest heavily in real estate. A vast majority of the wealthiest families in the world have earned it via real estate. Remember the TRUE golden rule.....the one with the gold rules. 6) Count their primary home as a liability and NOT and investment.....though many have homes worth a ton..they have owned their homes many years and rarely sell. 7) Drive paid for American cars 8)Dont live the "Robin Leach" Life style.
The very definition of wealth is when your money works for you...and you no longer have to work for money. The goal shouldnt be net worth...it should be cash flow. Thats my goal. Oh Yeah, if you won your own business you can lease whatever you want and write off as much as 100% of your payments and upkeep.....thus, having your cake and eating it too.
Hi All,

I've been trolling this message board for the last few days - usually I'm on the 3 series board (I own a 330i). In any case, a while back someone said that they made a ~200k a year and YET he was disappointed with his income.

I'm 25yold and I was wondering - how the d*mn, do you get into the position of making that much money. Obviously, I am 3series owner and don't have the wisdom that m5 owners have. Maybe you guys can shed some light into this subject (or is everyone here buying their m5 and forgoing nice appartment, food, etc :-) After all according to the "million dollar mind" most well off people avoid buying such expensive cars.

Follow Ups:

Great response but 1 question (m) John 14:57 10/16/2001 (8)
- First, its cool that you are thinking about this.. BillE 15:17 10/16/2001 (7)
  - Re: First, its cool that you are thinking about th eleison 16:29 10/16/2001 (6)
    - I have read and re-read.... BillE 22:57 10/16/2001 (5)
      - Your advice, though excellent... Owned them all 09:46 10/17/2001 (4)
        
        EGAD! First timers buying @ $400k! BillE 10:03 10/17/2001 (3)
        
        Re: EGAD! First timers buying @ $400k! Owned them all 10:42 10/17/2001 (2)
        
        Excellent idea except.. BillE 13:12 10/17/2001 (1)
        
        No!, no..... Owned them all 15:22 10/17/2001 (0)

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