I have read and re-read.... (archive)

those books many times. They have different meanings as I get older. N.Hill wrote several follow up books that are excellent reads as well. Frankly the hardest thing is actually deciding to do things differently. You will be hard pressed to find anyone to help. Most if not all of your friends and family wont get it, they wont understand your quest not to be just another number. Some will take it as if you are rejecting them because THEY accepted being another number long ago as what life is. They never tried to do anything differently and WONT trust those who do. Have you ever noticed how most folks deem wealthy people as having done something 'wrong'. The masses seem to think in order to be wealthy..not Doctor, Country club wealthy either...you have to screw someone. Notice how people never talk about money other than to complain and bitch. When was the last time you had polite conversation at a party about how to be truly rich? It never happens. Guess what, all really rich people talk about at their parties is making money...guess who they are making the money from....the poor bastards at the other party down the street who think it rude to talk about money! It funny how there seems to be 'the way you are to do things AND the way they are really done'. Wanna have fun..try to have this conversation with someone in their 40s with an MBA...they will call you a fool. You are 25..you have time..compounding interest is in your favor. Dont believe the Aholes who will try to hold you back. Read, learn, apply. My advice is to buy as many "first time home buyer" priced homes as possible. Buy a home for yourself before a M. Remember, the American dream is to own your own home...as long as that remains true..interest rates high or low....economy shitty or not...stocks tanked or not....you will be fine. Buy as many homes in good areas that will rent for near the local market for ordinary apartment rents. If you buy 1 now..rent it out..figure in the National average for home appreciation (4%) you will see that the home will pay for itself (via rents) in under 20 years and could more than tripple in value over that same time. Now, apply that to owning many homes.....get it? Buy 5 homes in the next 5 years and your retirement is done. Buy another few and your future kids college is paid for....own 25-30 homes over the next 10 years and you will retire by the time you are 45. Oh yeah...the M5 is your "business use, rent collecting car" and is 100% deductable. :)
Aliter Faciendum Est (things must be done differently)
Thanks for your message. I was talking to several people here where I work - AON/combined insurance (not sure if I should mention the company name here, but what the heck, i.e., people could just check the freaking ip address:).

In any case, the book: "Think and Grow Rich" by Napolean Hill, I found out is a really famous book. Actually, I also found out that the founder, W. Clement Stone, of this compay (it is one of the largest insurance company in the states), used to give it to his new employers. I will definitely have to check it out.

Thank God, not all Marriages are an "economic black hole" :-) I agree with everything you say - especially the part about the "masses." Thanks for your posting. I will definitely maul over your advices. The hardest thing for me, I think, is to avoided getting "fooled" - I guess I will have to work on that.

I always try to get my clients to think long term wealth building thoughts..usually (99% of the time) they dont get it...regardless of what they earn or do for a living. SO, hats off to you.
I have been married for 10 years this year...I am 31. My wife is my best friend and business partner. She and I have created our lived together. I couldnt of done it without her. A good woman will make or brake you. In the book "Think and Grow Rich" Napolean Hill reports that the worlds wealthiest, most successful men were married early and stayed married to the same woman all of their lives. I was lucky (maybe) and ignored all of the folks who told me that I was too young. They were all full shit...it was usually these same sorts that told me the road to wealth was to get an advanced degree, and work for someone..all wrong. Truth is the more time that you spend in school the less probability you have of ever being wealthy. In retrospect getting married when I did allowed me the LUXURY of focusing on the business (es) we have several. I didnt spend my energies looking for (tang). I didnt hang out in bars, etc. We worked on created a shared vision. Would I do anything different...nope. Only take advice from those more successful than you. READ what others have done. Avoid conventional wisdow...it was created by people in charge, the rich and powerful in order to keep the "masses" in line so that they remain in charge. Think about what you 'think' that you want...do you really think those things will make you happy...that new coat from jCrew, the $4 coffee from Starbucks or have you been fooled into thinking that you need those things to be happy...BMW aside, of course!

I agree with all your points (esp #7) except for #2. Getting married early (assuming 20s) means you can't spend as much time on your business(es) as you could if you were single. I think marriage should come when when you stop working for your money.

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:

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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