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

NotaPAWG

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Good for him.

If youre poor, or making not a lot of money the best thing you can do is accept that youre not rich instead of overcompensating to feel better about your misfortune. And invest or save up the bit of extra money you do have, live frugile.

When I was a kid, before my mom rented a house, we lived in a cochroach infested apartment and she worked in a paper mill making chump change and part time at a gas station (my dad was in jail for 3 years for selling cocaine) and even though she was an alcoholic, she was functioning and didnt try to overcompensate through materialistic means and saved what she could. No car, limited food in our fridge, hand me downs..etc

When my dad got out of jail he got a job, and helped my mom even then we still lived on a really tight budget and stayed there for a few years. I remember being execited for school lunches because we mostly ate fukkin ramen and pb&j, everyday. i got picked on in school for my clothes (kmart, hand me downs & payless shoes) when most people were rockin hollister, abercrombie and fubu. I felt like a loser.

Anyways, fast forward years later..my parents own their own house now, they arent rich..they couldnt put me through college or nothing but they are not struggling. They still live frugile with certain things, though. because its apart of them and what made them.

they came from growing up poor and living in the projects (my dad lived in a two bedroom apt with a single mother, 7 brothers and sisters)

Now, i know we were granted with white privilege but regardless, i think the power of living within your means, investing what you can into yourself and living frugile can go a long way. Not everyone comes from the same situation, though.

This story just had me reflecting back on growing up.
 
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MAKAVELI25

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he worked at a parking lot that had access to people that worked in the financial sector. he also was able to invest at he most opportune time. One thing I do suggest is people that have 401k, and leave that company. I left a job with over 11k in my 401k. I rolled it over into and IRA and spread it out over different mutual funds. I put in about $250 a month. I believe in investing but thinking people that make $12 dollars an hour can do what he did is not realistic. Everyone's circumstances is different.

Exactly, the story in the O/P is cool but ....
Unsure-Larry-David.gif
 

WheresWallace

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I can't understand how grown men can doubt themselves?

We are not talking about getting into the NBA.

I suspect this thread will be 30 pages of people saying its not possible, instead of us building with each other so we can get ahead in life.
How much do you know about Index Funds...can you provide us some links with more information on them?
 

MAKAVELI25

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You mean to tell me...dude had more access to information from a parking lot than you have from an internet connection? :camron:

Really breh? :camron:

:camron:

I mean to tell you that what he did isn't gonna happen often, THUS WHY IT MADE THE NEWS. You think this shyt would be newsworthy if it often happened for people making $12/hour? :mjpls:
 

Mr. Pink

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Not a unique story for people who are not materialistic and money wise.

People throw 5k a year on nonsense. Think about it.

Look how much people spend on 1)internet ($60/month vs. $20/month), 2)cell phone ($140/month vs. $50/month), 3)cable tv ($75/month vs. $0/month), 4)entertainment, 5)unnecessary commutes meaning more gas cost, 6)eating out/fast food, etc...

Saving on internet, cell phone, and cable will save $2k/year alone.

Invest 5k x 20 years = 100,000 total investment & with 7% interest it becomes $205k or 9% interest it becomes $255k after 20 years.

After 35 years it becomes $700k at 7% interest or 9% interest it becomes $1.1 million.

If you are 24 years old, you would be a millionaire before you are 60 years.
Inflation.

I agree with you about not spending money on useless shyt, but the point is not to live frugally for 40 years in the hopes that you'll enjoy a comfortable retirement(which a myriad of factors can rob you of). Forget the Robert Kyosaki "don't drink Starbucks" shyt. You'll never get rich that way.

The point is to stack some $, educate yourself and then start a business/hustle. Just identify a need and focus all of your time, energy and brainpower into solving that need better than your competition. That's the secret to wealth.
 

Suicide King

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Inflation.

I agree with you about not spending money on useless shyt, but the point is not to live frugally for 40 years in the hopes that you'll enjoy a comfortable retirement(which a myriad of factors can rob you of). Forget the Robert Kyosaki "don't drink Starbucks" shyt. You'll never get rich that way.

The point is to stack some $, educate yourself and then start a business/hustle. Just identify a need and focus all of your time, energy and brainpower into solving that need better than your competition. That's the secret to wealth.

I'm not talking about wealth or getting rich, though.

There are a million threads and tons of people on the wealth tip. I hope the "get money" and "certs" crowd understands this is not that type of thread.

I'm talking about investing and being money wise.

How much do you know about Index Funds...can you provide us some links with more information on them?

Index Funds are Mutual Funds that invest in a specific market, like the S&P 500 or DJIA. It gives good and steady returns.
 

Mr. Pink

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I'm not talking about wealth or getting rich, though.

There are a million threads and tons of people on the wealth tip. I hope the "get money" and "certs" crowd understands this is not that type of thread.

I'm talking about investing and being money wise.
My bad.:ehh:
 

Ethnic Vagina Finder

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North Jersey but I miss Cali :sadcam:
You invest $3k a year, who can not invest $3k a year? Are you really saying someone making 24k($12/hour) can't put $3k aside?

Invest in an index fund, these funds have a steady return. Index funds that follow S&P 500 are good.

All you need is a steady return.

Here is what Warren Buffet says about index funds:



Here is an investment calculator, play around with the numbers:
http://www.bankrate.com/calculators/retirement/investment-goal-calculator.aspx


breh, that's $12 dollars an hour before taxes. And if they live in North Jersey... fukk no. Rent and utilities will eat up half. If you got a car you either got a car note, insurance or both. If you got a studio apartment for 800 and pay utilities, that's more than half your salary for the year. And if you making $12 an hour as a wage with little or no benefits... oh that's right Obamacare forces people to pay health insurance so there goes that. Then lets take into account of sick days that most companies don't pay. Unexpected expenses. So unless you don't want to have a life, stay at home all day and basically life like a prisoner going to and from work and that's it.. knock yourself out. Don't date, eat ramen noodles for breakfast lunch and dinner. And he did this in the 60's and 70's. :mjpls: They didn't have cell phones or the internet. He invested in blue chip stock in the early 80's. Most companies that blow up now a days like a Google don't start at $5 dollars a share.


If you're talking about saving for retirement then i'm all for it, but thinking people can become millionaires like him is setting unrealistic expectations, especially for low wage earners.
 

Ethnic Vagina Finder

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Dude has enough to retire on...$500K net and $0 debt. His children are fully grown and (I presume) are making their own living. Dude probably works because retirement may be boring to him.

if he was in his 20's making what he's making now in this era (and not the damn 1960's) he'd be assed out just like most people that try to get by on $12 dollars an hour.

Most people in their 20's aint got time to worry about how they gonna be living 40 years from now :rudy:
 

Slystallion

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did he invest in penny stocks? the right penny stock and the right gamble can change your life. Friend of mine put in about 2g's in a pot stock months ago and that 2g's is worth 350,000 and he's got 4.5 million shares believe me he will be a millionare with that one stock alone I wish I got in it sooner i've only got 24,000 shares and i missed out on the mega growth but i'll still do ok
 

Da King

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nikkas still thinking the American dream is a reality that anyone can achieve :mjlol:


Stories like the OP shared are 1/1,000,000 and are the feel good stories republicans LOVE to share to spread their tax cuts for the rich BS, keep middle income and poor thinking "I'll become rich one day so they better keep those taxes down so when I become rich I don't Obama taking my money"
 
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