If you just received 5 million dollars
- Thread starter Kevmeister
- Start date
Quote from axeman:
I tell him he has it backwards. He is worth millions
BECAUSE HE IS SO TIGHT WITH THIS MONEY
Live well below your means.
peace
axeman
I find it very interesting that so few people truly understand this. Excellent advice.
Kev
Surf is thinking big these days. He just got done reading "Credit Card Millionaire." The book teaches you to get hundreds of credit cards, get cash advances on each, buy tons of real estate no money down, and retire in a year.
Quote from marketsurfer:
dude,
one usually does not buy investment real estate for cash. since real estate is a cash flow/ tax game, financing your properties is the way to go. start out with 100 duplexes / mortgages then wrap the mortgages and watch your net worth increase---hopefully !
surfer
Surf, true to a degree. But the old saying, "it takes money to make money" still applies. You cannot do any of this without some dough. What did Donald Trump start with to become a "self made" man in RE? $20 million? Something like that I think.
The banks love to lend-----To those that need it least.
Try going in with no assets and financing 100 duplexes. No matter how good the cash flow looks, you better have more than a good "business plan".
That guy that did the infomercials, where he did his pitch in a jet he didn't own, with cars he didn't own, and at a house he didn't own.....is he in jail now? I know it was all a fraud. I forgot the end of the story, but I am sure there are many here who know the details. I do remember a guy I traded with back in the mid 90's dragged me to his (very modest) apartment during lunch one day to show me the infomercial he had taped. And to get my opinion. I called the 800 number after I watched the thing, and I asked the guy who answered the phone how come he was answering phones instead of making huge real estate deals with no money down. He laughed and told me he was more interested in buying groceries. I had all the answers I could have ever have wanted. And my buddy saved himself the $200 dollars (or whatever it was).
What did happen to that guy? Anyway, selling the "dream" worked for him for a while. But the cost of dreams is cheap. If you can re-sell yours, you have it made. Nothing like selling a cheap inventory (and easy to keep in stock
).Peace,
RSAxe, your plan actually has merit. Except for one thing. It implies you can see the future. If this is so, than the $5 mil will be the easy part.
Sticking to your "plan" may be more difficult than you can foresee now. Assuming you are heterosexual, and not past your child-bearing years....and with a name like "Axeman" it is unlikely you are a female (so that becomes essentially a non factor). You can have kids at any time. And that changes EVERYTHING!!!!!
Peace, (and good luck),
RSYes, I can have kids at any time.
But this clearly falls into the "something crazy happens in your life" cateogry
No kiddy plans to date.
peace
axeman
But this clearly falls into the "something crazy happens in your life" cateogry
No kiddy plans to date.
peace
axeman
Quote from Error 404:
Axe, your plan actually has merit. Except for one thing. It implies you can see the future. If this is so, than the $5 mil will be the easy part.
Sticking to your "plan" may be more difficult than you can foresee now. Assuming you are heterosexual, and not past your child-bearing years....and with a name like "Axeman" it is unlikely you are a female (so that becomes essentially a non factor). You can have kids at any time. And that changes EVERYTHING!!!!!
Peace, (and good luck),
Quote from TM_Direct:
That was well thought out and well said........Now if any other ET members know what the hell he just said, please feel free to translate
When danielc1 says, "It is be - do - have"
What I think that he is saying is:
Be = I have to first develop a conscienceness for whatever I plan to achieve. ( I have to believe in order to achieve) My goals and plans to achieve them must be deeply ingrained in my mind.
Do = Then I must take the necessary steps to achieve my goals. Hard work, trial and error, study of successes and failures, fine tuning my method in order to achieve my goals through progressive study and action.
Have = the results from Be and Do
Now, when someone has the 5 million bux dropped in their lap, without having first gone through the experience of the "Be" and the "Do", then they are less likely going to be able to hold on to it or even more likely will part with it rather quickly.
Pertaining to trading: this happens with new traders coming into the market with some easy money, be it inheritance, gift, won the lottery or whatever.
They start trading with a squeaky clean trading account and lose big, fast, because of the lack of having the experience that comes from the "Be and the Do" (which often, can take more time than they had ever imagined)
Some do well at first, only to find out the hard truth later. Eventually the cold hard facts will hit, and then the trader realizes that there is no such thing as consistent easy money. They come to realize that it might just take more of an effort than reading a couple of books about *How to Daytrade Online*, etc. Then the trader will work towards the development of the "Be and the Do" or either will blow out or give up.
Simply put : *Easy Come - Easy Go*
Quote from axeman:
Yes, I can have kids at any time.
But this clearly falls into the "something crazy happens in your life" cateogry
No kiddy plans to date.
peace
axeman
John Lennon said something like "Life is what happens while you are busy making other plans". You never know my friend. It's all "crazy".
I have no idea how old you are, but I had no wife until I was 31, and no kids until I was 37. Now I have 2 in college (stepkids, but I bear the financial burden), and a son going into the Navy next month (thankfully, they pay HIM!!...but he's been a big expense for the past 18 years for sure!
Peace,
RS