Living Frugally to Retire By 40? Mental Illness or Smart ?

Ditch said:
At least he didn't blow it on chicks and I believe he recovered pretty well. The other BB, Boris Becker, also had his share of business failures. His foe on the courts, Stefan Edberg, on the other hand became a successful hedge fund manager. Note that Stefan Edberg stayed with the same girl.
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Interesting stat... About "the number of children you have/don't have" and whether or not you get divorced.

Having numerous kids and getting divorced(s) wreaks havoc on your likelihood of lifetime financial success.
 
A relative of mine sold his company to IBM for a billion dollars. Obviously he didnt pocket the billion but certainly made in the $100million plus area. He was in his 50's. I asked if he was going to retire. He looked at me like i was an idiot and said no, ill never retire, why woukd i?

This has stuck with me as reality. Returement as a goal is such SMALL thinking its sick.
 
Ditch said:
"... The other BB, Boris Becker, also had his share of business failures.
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Common. Just because someone makes a lot of money quickly (especially celebrities and sport stars) doesn't mean they have financial acumen. Those people are easily talked into marginal/poor financial risk opportunities simply because they, in spite of their $Millions, are financially naive. More recently, Henrik Stenson effectively "lost it all" by going all in with Madoff. Stenson, however, has since recovered by winning the $10Million FedEx cup and more. Good for him.
 
What about a guy like tyson mike? I think ge is the poster child for spending. Thats pure madness!! But woukd be a blast to hang with him back in the spending spree.
 
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Scataphagos said:
Common. Just because someone makes a lot of money quickly (especially celebrities and sport stars) doesn't mean they have financial acumen. Those people are easily talked into marginal/poor financial risk opportunities simply because they, in spite of their $Millions, are financially naive. More recently, Henrik Stenson effectively "lost it all" by going all in with Madoff. Stenson, however, has since recovered by winning the $10Million FedEx cup and more. Good for him.
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I recall a stat, that some 25% of NFL players end up in bankruptcy after retirement.
 
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marketsurfer said:
A relative of mine sold his company to IBM for a billion dollars. Obviously he didnt pocket the billion but certainly made in the $100million plus area. He was in his 50's. I asked if he was going to retire. He looked at me like i was an idiot and said no, ill never retire, why woukd i?

This has stuck with me as reality. Returement as a goal is such SMALL thinking its sick.
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"Retirement" is mostly a goal from those who are locked into a job they don't like... "hating it daily, looking forward to the end". I guess if you were a miner working every day below ground or a janitor swabbing municipal building floors for a living, retirement would be a desirable goal. Not the same for everybody.
 
Ditch said:
Do they get dumber than him? Maybe Hulk Hogan.
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Tyson made what, $300 Million in the ring and still went broke... even owing the IRS $millions?

Tyson is not a smart guy, but it's still a shame he didn't do better with his money... should have had an adviser like me. :)
 
marketsurfer said:
What about a guy like tyson mike? I think ge is the poster child for spending. Thats pure madness!!
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No worse than Michael Jackson. His estate balance sheet has gone positive and increased hugely since his death. Money still coming in from his royalties, but he's not around to "spent it even faster."
 
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