Man takes his $12/hr job and invests. His new networth is over $500,000.

[Turbulent]

VA had posted this on SOHH about 10 years ago.
It is good, detailed, and covers all the basics.

comprehensive guide to funds.txt
http://www.sendspace.com/file/jpz3iv

comprehensive guide to stocks.txt
http://www.sendspace.com/file/hwngf8

i actually remember that thread. probably top five thread of all times at SOHH.

it was taken from this if i'm not mistaking.

http://www.morningstar.com/cover/Classroom.html

say, would you happen to have it in another format besides .txt?

 

[Turbulent]

I said if you can AFFORD to NOT take a loan then why take a loan. I still stand by that. Example, if you have millions and you are liquid enough to purchase a home (not investment property) why take out a loan when you can buy outright?

Im done breh. Good luck in all your future endeavors breh. Get ya money.

i see what both of you are saying but in some situations, even if you can afford to not take a loan, taking a loan is still a better option financially like the scenario he described.

If the interest rate on the loan is lower than the return you would get on investing the same amount then you are better off taking a loan. it's also why businesses use lines of credit and loans instead of straight cash sometimes eventhough they may have the cash.

but in general, i'd say your logic would probably be right in most scenarios.

 

[Turbulent]

as far as dude's story, i don't think the point is to live exactly like dude if it doesn't make you happy. take what's useful to your situation, circumstances and values and leave the rest.

the main point is that if you can budget and save some of your money, what dude in OP did is not THAT far-fetched or unattainable. I kinda compare it to getting in shape. You see a fat dude get very fit and you think "how did he do it???" but the truth is, it's not that complicated. it's just a matter of having a plan and being disciplined. but it doesn't mean you have to follow the fat dude's regimen to a T. maybe his regimen is a little too extreme for you and your situation. do what works for you. it doesn't have to be all or nothing.

 

[Suicide King]

i actually remember that thread. probably top five thread of all times at SOHH.

it was taken from this if i'm not mistaking.

http://www.morningstar.com/cover/Classroom.html

say, would you happen to have it in another format besides .txt?

I posted a PDF.

It was a great thread by Southside VA.

By then I already been investing for a couple years, I had already bought Fidelity Contrafund for $42/share, now its $97/share.

So I had a good idea about the fundamentals.

After reading the guides I really liked how thorough the guides were, it got into the science of investing and the stock market. Its not some Mickey Mouse stuff, this is probably best stuff I read after all this time.

Back then all someone had to tell me, "you need to make your money work for you by investing." Now its hard to get through to these guys cause everyone feel like there is only ONE strategy to getting rich.

There is WAY too much at stake. So, I can't let anyone try to minimize or belittle good information.

Comprehensive guide to stocks posted By Southside VA.pdf (358.22KB)

http://www.sendspace.com/file/y02zuu

Comprehensive guide to funds posted By Southside VA.pdf (245.28KB)

http://www.sendspace.com/file/d3lt00

 

[WheresWallace]

i see what both of you are saying but in some situations, even if you can afford to not take a loan, taking a loan is still a better option financially like the scenario he described.

If the interest rate on the loan is lower than the return you would get on investing the same amount then you are better off taking a loan. it's also why businesses use lines of credit and loans instead of straight cash sometimes eventhough they may have the cash.

but in general, i'd say your logic would probably be right in most scenarios.

I feel you. I also noted that not taking a loan is primarily for people who are not looking to turn that house into an investment property. I also mentioned that it makes sense to take a loan out if you want to be liquid. So I agree with you. It really can go in either way.

 

[Turbulent]

I posted a PDF.

It was a great thread by Southside VA.

By then I already been investing for a couple years, I had already bought Fidelity Contrafund for $42/share, now its $97/share.

So I had a good idea about the fundamentals.

After reading the guides I really liked how thorough the guides were, it got into the science of investing and the stock market. Its not some Mickey Mouse stuff, this is probably best stuff I read after all this time.

Back then all someone had to tell me, "you need to make your money work for you by investing." Now its hard to get through to these guys cause everyone feel like there is only ONE strategy to getting rich.

There is WAY too much at stake. So, I can't let anyone try to minimize or belittle good information.

Comprehensive guide to stocks posted By Southside VA.pdf (358.22KB)

http://www.sendspace.com/file/y02zuu

Comprehensive guide to funds posted By Southside VA.pdf (245.28KB)

http://www.sendspace.com/file/d3lt00

dap, pos rep

 

[Mr. Somebody]

My wife and i put 10k to the side every year. Hopefully we'll be ballin like Jim Jones when we get old.

 

[The Coochie Assassin]

i dont see whats so smart, he missed out on may great experiences just being a wage slave his who life...now hes old and near the end.....his grandkids will probably just blow it on dumb shyt anyway


if i was him, i wouldve started using some of it and invest in my own business.....

The fact he worked for 12/hr his whole life lets u know he isn't the most ambitious guy. Guys like us are thinking bigger and would laugh if someone told us to live like him, but u have to remember there are tons of people just like him who are okay with working for pennies, they just aren't gonna strive for more. At least this guy chose to take some of his money and made sure to save it instead of so many people taking their little paycheck and standing in line for the new Jordans. I feel where u coming from but we gotta remember everyone is not looking to work smarter lol.

 

[theflyest]

The fact he worked for 12/hr his whole life lets u know he isn't the most ambitious guy. Guys like us are thinking bigger and would laugh if someone told us to live like him, but u have to remember there are tons of people just like him who are okay with working for pennies, they just aren't gonna strive for more. At least this guy chose to take some of his money and made sure to save it instead of so many people taking their little paycheck and standing in line for the new Jordans. I feel where u coming from but we gotta remember everyone is not looking to work smarter lol.

It has nothing to do with lack of ambition. The guy is disabled & can't even read. He did the most with what he had to work with.

 

[big bun]

Hope y'all silly knee grows aren't getting your hopes up. That won't ever be you.

 

[The Coochie Assassin]

It has nothing to do with lack of ambition. The guy is disabled & can't even read. He did the most with what he had to work with.

shyt didnt look at the article....dude i quoted made it seem like dude coulda started a business or got a better gig

 

[Crakface]

You know what's even more crazy, some of these dudes have parents in here who won't leave them nothing.

If Earl keep investing the money.

Rule of 72 tells you how often money doubles based on interest rate.

72/6% = 12 years for 500k to become $1million.

Nigro where are you gettin 7 percent interest on your money. PLEASE TELL ME!?!?!?!

 

[Suicide King]

Nigro where are you gettin 7 percent interest on your money. PLEASE TELL ME!?!?!?!

...............................

 

[.༼-◕_◕-༽.]

The problem- as stated earlier- is CONSUMPTION. Somehow many of us have been tricked into believing we must validate ourselves with material things.

 

[Suicide King]