Paying for a mentor vs. Elite Trader Forum

[marketsurfer]

NO NO NO, this is a judgement.
Industry recognition comes only to those in the industry. How would a stay at home retail trader get recognition?
Lifestyle? So you have to look flashy to prove you got money? This is how suckers get attracted to bad fish.

Trading records? Yeah, I'm down with that.

Flashy isn't the right word. There are subtle signals that successful people radiate and it has nothing to do with driving a Bentley , wearing a rolex, or anything like that---

I guess if you are a total hermit kinda guy-- nothing wrong with that--- you could keep it a secret MAYBE

 

[lawrence-lugar]

A mentors success should also be obvious in lifestyle, industry recognition, and trading records. Its hard to hide success in this business--

lol ...your post reply reminds me of the movie The Karate Kid 1984...the 'Right' mentor versus the Right mentor
...Tomorrow,i'll teach you Karate...Daniel-san...

 

[nursebee]

People trying to be flashy brag about younger wives
livin large at the beach
while not disclosin performance

I'm having a stellar year
liven small
full disclosin

 

[londonkid]

Throughout my 16 years working in the money management business let me share with you the typical profile of affluent people I have encountered. A couple of points first though, firstly by affluent I mean $5m net worth and below, I have had little contact with people whose net worth is greater than this. Secondly I am mainly talking about British individuals here and by our nature historically at least we are more reserved than our American friends. Typically these people get their money from inheritance, landowners, running/selling their business or they are investment bankers (avoid!).

Almost without exception they are understated and never boast about their wealth. Often they are careful with spending to the extreme. I could give you a couple of examples of letters being hand delivered to me by multi-millionaires to save the cost of a stamp. They tend to value their privacy very much. They tend to drive classy cars not loud lambos etc. They tend to be self assured but never cocky. I also note they do not like to wear clothes with large obvious designer labels.

Now contrast this to a couple of people I have been unfortunate to have known. Both had flash cars on finance, Porsche 911. Both continually bragged about their net wealth and made a big loud statement about every 'luxury' item they owned. Both were constantly name dropping famous people. One of them quickly went bankrupt and moved abroad to sell cars lol. I recently checked up on the other guy and he was also made bankrupt recently! Both had car crash personal lives, multiple divorces etc.

All of this could be anecdotal of course. I know you American folk out there can often be more 'brash' but I am just telling like I see it. (I actually like brashness and go getting attitude btw, northern europeans are too miserable).

Using my experience I can literally smell the finance payments a mile off. If I hear someone bragging about their latest car or watch, the bullshit meter goes off the scale. The richest person I know has an old toyota that he 'poodles' around in, granted he has a nicer car for the weekend. He has property abroad and flys their economy, you would never pick him out.

GL.

 

[marketsurfer]

Throughout my 16 years working in the money management business let me share with you the typical profile of affluent people I have encountered. A couple of points first though, firstly by affluent I mean $5m net worth and below, I have had little contact with people whose net worth is greater than this. Secondly I am mainly talking about British individuals here and by our nature historically at least we are more reserved than our American friends. Typically these people get their money from inheritance, landowners, running/selling their business or they are investment bankers (avoid!).

Almost without exception they are understated and never boast about their wealth. Often they are careful with spending to the extreme. I could give you a couple of examples of letters being hand delivered to me by multi-millionaires to save the cost of a stamp. They tend to value their privacy very much. They tend to drive classy cars not loud lambos etc. They tend to be self assured but never cocky. I also note they do not like to wear clothes with large obvious designer labels.

Now contrast this to a couple of people I have been unfortunate to have known. Both had flash cars on finance, Porsche 911. Both continually bragged about their net wealth and made a big loud statement about every 'luxury' item they owned. Both were constantly name dropping famous people. One of them quickly went bankrupt and moved abroad to sell cars lol. I recently checked up on the other guy and he was also made bankrupt recently! Both had car crash personal lives, multiple divorces etc.

All of this could be anecdotal of course. I know you American folk out there can often be more 'brash' but I am just telling like I see it. (I actually like brashness and go getting attitude btw, northern europeans are too miserable).

Using my experience I can literally smell the finance payments a mile off. If I hear someone bragging about their latest car or watch, the bullshit meter goes off the scale. The richest person I know has an old toyota that he 'poodles' around in, granted he has a nicer car for the weekend. He has property abroad and flys their economy, you would never pick him out.

GL.

I think it depends on how you were raised. If you were born into wealth, you take all the luxury items for granted and don't have much interest in them.

If you were born poor or middle class, you have a much stronger attraction to luxury items since you never had them.

There are spenders and there are savers when it comes to $$. Spenders and savers exist on all economic strata. Witness the private jet and yacht business-- wealthy spenders. Designer clothing etc--- poor spenders--- but its the same inner drive.

surf

 

[londonkid]

I think it depends on how you were raised. If you were born into wealth, you take all the luxury items for granted and don't have much interest in them.

If you were born poor or middle class, you have a much stronger attraction to luxury items since you never had them.

There are spenders and there are savers when it comes to $$. Spenders and savers exist on all economic strata. Witness the private jet and yacht business-- wealthy spenders. Designer clothing etc--- poor spenders--- but its the same inner drive.

surf

my post wasn't really about the attraction to luxury goods. It was more about the differences between someone who is actually wealthy compared to a wannabe. The wannabe will spout all sorts of BS and constantly brag about cars, watches, holiday homes and will love to name drop. In my experience with this sort of individual they are typically far from rich, they may actually be heavily in debt. The homes are rented or maxed out on a mortgage, the cars are leased and it's all a front. Typically they leave a trail of destruction in their wake.

Upbringing and circumstance can be a factor and this behaviour manifests itself in many ways. Right from the wannabe with a $1000pm Porsche 911 finance plan down to the guy in a developing country who flashes his iphone 6 around all day in the mall before going back to his pit in some backwater.

 

[marketsurfer]

my post wasn't really about the attraction to luxury goods. It was more about the differences between someone who is actually wealthy compared to a wannabe. The wannabe will spout all sorts of BS and constantly brag about cars, watches, holiday homes and will love to name drop. In my experience with this sort of individual they are typically far from rich, they may actually be heavily in debt. The homes are rented or maxed out on a mortgage, the cars are leased and it's all a front. Typically they leave a trail of destruction in their wake.

Upbringing and circumstance can be a factor and this behaviour manifests itself in many ways. Right from the wannabe with a $1000pm Porsche 911 finance plan down to the guy in a developing country who flashes his iphone 6 around all day in the mall before going back to his pit in some backwater.

It all depends--- some folks believe in renting all depreciating assets like cars. It is a mindset basically.

It also seems to be cultural-- asians, italians, middle easterners seem to enjoy spending while the english are the most conservative and anti-spending-- but you guys do have your Bentley and range rovers.

Nothing worse than a wealthy person who lives like a pauper. That's a scared mental patient--- i know several personally, and when they die - the destruction begins as family members fight each other for the estate. Its a terrible way to live - like a scared selfish rabbit who cant even enjoy what they have.

surf

 

[luisHK]

my post wasn't really about the attraction to luxury goods. It was more about the differences between someone who is actually wealthy compared to a wannabe. The wannabe will spout all sorts of BS and constantly brag about cars, watches, holiday homes and will love to name drop. In my experience with this sort of individual they are typically far from rich, they may actually be heavily in debt. The homes are rented or maxed out on a mortgage, the cars are leased and it's all a front. Typically they leave a trail of destruction in their wake.

Upbringing and circumstance can be a factor and this behaviour manifests itself in many ways. Right from the wannabe with a $1000pm Porsche 911 finance plan down to the guy in a developing country who flashes his iphone 6 around all day in the mall before going back to his pit in some backwater.

It's more complicated than that, and to begin with if you live in London but the wealthy people you deal with are worth less than 5mlnusd, you basically don't know wealthy people.
Can you even buy a nice apartment there for this price ?
Where I live you can get a decent apartment or a small house, I don't think anyone in the residence is worth less than that, and mostly they weight much more.
Anyway in the 5mln + and wayyyy plus, you will find modest but also luxury cars, some drive the kids to school with those luxury cars some keep them for more discreete outings (it also depends on the city/country, in France they tend to be more discreete, in UAE less)
It makes no sense to endure economy class or shitty hotel rooms if you can afford better. When I see the crowd spending 1000+ a night in high end hotels, it's pretty obvious for most of those they are not saving the whole year for 1 week luxury Holiday.
And some of those also own a whole bunch of real estate, it's actually a sector where the better off seem to feel secure investing. They might not brag about it but the more money one has the more freely they can spend.
As of not wearing obvious labels, yes, that's pretty basic, actually the same fashion houses usually have several brands, and the more expensive ones show less of a label on the clothes.
Besides one's spending is also dictated by how secure they feel about their future income (I'm not secure for instance and spend much less than I earn but some on a less rough career need to worry less about the future )

 

[londonkid]

It's more complicated than that, and to begin with if you live in London but the wealthy people you deal with are worth less than 5mlnusd, you basically don't know wealthy people.

Yes I agree you are correct that's why I used the term affluent to describe people in the <$5m bracket. I personally don't know anyone who has $5m+ in wealth, I just don't move in those circles. Of course many people (especially on internet forums) will claim that they are friends with an exclusive group of $5m+ net worth people, in reality it's BS, they may know a couple. Others will claim to know them or be friends with them after they have asked them for a signature.

Can you even buy a nice apartment there for this price ?

Yes. The most exclusive areas of London to live in are Mayfair, Knightsbridge, Kensington, Belgravia & Chelsea. You can still buy decent 2 bed apartment in these areas for $3m, something small for $1m.

They might not brag about it but the more money one has the more freely they can spend.

Yes I agree. They key for me is they do not brag.

 

[Al_Bundy]

Re recongnition from industry...what industry ? the great majority of 'mentors' course sellers and those in the speaking circuit, the so called industry, are jokers, not traders.