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

[Suicide King]

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. 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.

1st, what unrealistic expectations? I started off very conservative with the numbers. And the guy in the OP is not even a millionaire. I posted an investment calculator for people to play with the numbers.

2nd, I recommended people to get started with index funds. What is so unrealistic about that? People can invest in index funds, and historically the returns are good. I posted an investment calculator for people to play with the numbers.

3rd, Why are you confusing the issue? Especially for folks who just want to get started. You all for investing, but you are coming at me JUST because of "supposed claims" I never made in the first place. I posted an investment calculator for people to play with the numbers.

How is any of this unrealistic? I'm being painfully realistic. Especially, for my black folks who want to get started in securing their future. My estimates are very conservative. I posted an investment calculator for people to play with the numbers.

My initial numbers never said anything about millions in 5 years. Its about making 500k in 30 years or EVEN more if you invest more. I posted an investment calculator for people to play with the numbers.

I posted an investment calculator for people to play with the numbers.
http://www.bankrate.com/calculators/retirement/investment-goal-calculator.aspx

I not even against the "make millions" and "working is for suckers" coalition.

I just don't want guys to lose precious time by not getting started in investing.

 

[Scientific Playa]

Agree on being frugal period is extraordinary but America it's been embedded into a belief that life isn't worth living unless one is doing extraordinary things.

modern day economic slavery/servitude of all cultures ..... many interns are working 80 hrs a week for peanuts and carry a boatload of student loan debt trying to get the so-called american dream which has become a nightmare for most.

 

[MercuryHayes]

Sounds like he just didn't want to work harder to make a better life for his kids.

 

[Donald J Trump]

Somebody say...invest :plo:

 

[WheresWallace]

it is but u don't want dat life

"drippin" just sounds like a druggie word don't it...

 

[philmonroe]

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.

Who the fukk wants to wait 40 yrs to be a millionaire. Man that shyt ain't even really worth it then. Also don't get why dudes always want to push that broke millionaire life why not live lavish if you can? Everybody hell most don't want to be on their Warren Buffett but if that works for you all the best.

that's the exception not the rule. most people are trying to get by on what they make.

This is true esp nowadays when you have student loans, some having kids earlier, and other expenses not including the fun people still are mainly trying to have.

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.

Bold is the key but people rather save up 40+ years for a lousy million dollars.

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.



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

Why aren't you talking about "wealth or getting rich"? What's the point of having money and doing what you talking about then to hang the shyt on the wall like a fathead lol. This is about money simple and plain just maybe not in the way other threads talk about it.

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


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"

Why shouldn't people think they can have the American dream because you don't think you'll ever be there so they shouldn't either? This type of thinking has me lost because I don't see how people don't think they could be in that position financially.

Agree on being frugal period is extraordinary but America it's been embedded into a belief that life isn't worth living unless one is doing extraordinary things.

Why be frugal if you don't have to though? If that's you cool but doing it just because as some precursor to getting money is absurd. I do agree on not spending above your means though but frugal nah that shyt ain't for me. Ill just get more money to get the material things I want or at least try to.

 

[Scientific Playa]

"drippin" just sounds like a druggie word don't it...

they say users get a nasal drip when they sniff that high potency chit

 

[Suicide King]

Who the fukk wants to wait 40 yrs to be a millionaire. Man that shyt ain't even really worth it then. Also don't get why dudes always want to push that broke millionaire life why not live lavish if you can? Everybody hell most don't want to be on their Warren Buffett but if that works for you all the best.

No one should be taking my recommendations if they don't want to wait 40 years. I'm doing everything I can to be clear about that, my recommendations WILL ONLY secure people's retirement.

I repeat, none of my recommendations WILL HELP Coli millionaires or future Coli millionaires.

Why aren't you talking about "wealth or getting rich"? What's the point of having money and doing what you talking about then to hang the shyt on the wall like a fathead lol. This is about money simple and plain just maybe not in the way other threads talk about it.

The reason I'm not talking about "wealth or getting rich" is because I'm bringing investment advice from a conservative perspective. That's all I have to offer.

It shouldn't be a big deal, though. There are tons of people on Coli who knows about getting rich and starting a business.


.

 

[mson]

Cliff Notes:

• Dude is dyslexic
• Never earned more than $12 hr
• Spends his money wisely and later decides to invest.
• Dude worked in a parking lot at a brokerage firm so he just started conversations with the people worked there
• He soaked that game and put it to use.
• His house is 100% paid off
• Dude has 0 credit card debt
• Dude has 0 certs
• Dude has 0 student loan debts.

Lessons I learned.

• Listen more than you speak.
  
• Soak up game and then apply it.
  
• Spending money wisely can go a long way. (I don't floss but this reaffirms the decision to be frugal)
  
• Taking out loans is for suckers. (Once I pay off my student loans credit unions and shiit.)
• Never let any disabilities get in your way. (Dude didn't let his dyslexia pigeon hole him.)

You still ain't tell us how much you got in the bank.

 

[atlbound]

yo Suicide, what about rate of return though?

Isnt possible you loose everything

 

[philmonroe]

No one should be taking my recommendations if they don't want to wait 40 years. I'm doing everything I can to be clear about that, my recommendations WILL ONLY secure people's retirement.

I repeat, none of my recommendations WILL HELP Coli millionaires or future Coli millionaires.




The reason I'm not talking about "wealth or getting rich" is because I'm bringing investment advice from a conservative perspective. That's all I have to offer.

It shouldn't be a big deal, though. There are tons of people on Coli who knows about getting rich and starting a business.


.

I get that but what I was saying is the point of your advice is still to have money right? I mean you're not investing for fun that's why I said it was about money whether you would like to say it is or not. Its just not like you said from the usual perspective of the getting rich quicker and or starting a business angle. That's all nothing more nothing less. Oh yeah regarding the 40yrs honestly even you shouldn't want that. You should want to get that paper ASAP to have the most enjoyment of it possible instead of when you have a cane making miss America 2014 in 2064 lol

 

[Suicide King]

yo Suicide, what about rate of return though?

Isnt possible you loose everything

7% to 9% is damn good for conservative investors and the long run.

Yeah, you can lose everything. That's why I recommended index funds for inexperienced investors.

Also, you ever ask yourself where do people with $5 million dollars put their money? You hear about munis (municipal bonds), those bring 2.5% - 3%. It will throw off an income of $150k per year.

That shows you Investing is a numbers game, that's why I tell people to play with numbers, until they get a feel on how principal, interest, and contributions affects returns. You need to start here first.

And you have the option between stocks, bonds, and mutual funds. People who don't have a lot of cash or can't tolerate risk should take my conservative approach.

 

[Suicide King]

I get that but what I was saying is the point of your advice is still to have money right? I mean you're not investing for fun that's why I said it was about money whether you would like to say it is or not. Its just not like you said from the usual perspective of the getting rich quicker and or starting a business angle. That's all nothing more nothing less. Oh yeah regarding the 40yrs honestly even you shouldn't want that. You should want to get that paper ASAP to have the most enjoyment of it possible instead of when you have a cane making miss America 2014 in 2064 lol

Of course its about money, I never made that a secret.

Since dudes were coming at me all crazy and insulting me, I just wanted to clarify things and make it clear:

1) My advice WILL NOT make them get rich quick AND
2) Any investment calculator will show them how much money they can make based on how much money they invest.

 

[WheresWallace]

You still ain't tell us how much you got in the bank.

Non of ya business how much I got in the bank.

 

[Malta]

It's a cool story and all, but he's probably lived one of the most boring lives in existence.