I've been trying to get there for a little while now. It's not working.
Any suggestions?
I'll do almost anything as long as it's really easy and doesn't require hard work or mental activity.
Posted by rivka (Member # 4859) on :
When you get rich, can I have a loan?
Posted by Kama (Member # 3022) on :
When and if I get to work for the EU, I'll be rich. Plus I'll be getting additional money for a husband...
*hides from Kira's wrath*
Posted by Mean Old Frisco (Member # 6666) on :
quote:It's funny that pirates were always going around searching for treasure, and they never realized that the real treasure was the fond memories they were creating.
Posted by TheTick (Member # 2883) on :
For a husband? They pay you to get married?
Posted by TMedina (Member # 6649) on :
Geeze Kama - I hope you never have to pay that kind of money back.
It kinda sucks being a loan.
-Trevor
Posted by Kama (Member # 3022) on :
yes. *thinks* If I get to earn about 3900 EUR per month when I'm single, I get additional 200 if I'm married.
Posted by Synesthesia (Member # 4774) on :
Screw getting rich. I just want moderate financial security and I can't even get that... Perhaps it is because I am stupid.
Posted by TheTick (Member # 2883) on :
Imagine if you married five guys!
Posted by Kama (Member # 3022) on :
That would be exhausting.
Posted by Fitz (Member # 4803) on :
It's easy to sit there and say you'd like to have more money. And I guess that's what I like about it. It's easy. Just sitting there, rocking back and forth, wanting that money
-Jack Handey
Posted by Mean Old Frisco (Member # 6666) on :
quote:3900 EUR per month when I'm single, I get additional 200 if I'm married
*reconsiders*
Posted by Kama (Member # 3022) on :
of course, I keep talking about that job for at least a year now. I wonder if I ever get to get it.
Posted by Book (Member # 5500) on :
Have you considered becoming a high class prostitute that is hired by a wealthy executive played by Richard Gere who eventually falls in love with you?
All you have to remember is no kissing on the lips.
Posted by The Pixiest (Member # 1863) on :
oh and Eddie, there's more if we have babies!!!
Posted by Mean Old Frisco (Member # 6666) on :
I still get to be the housewife, right?
Posted by Kama (Member # 3022) on :
sure. after all, I'll be busy earning the money.
Posted by fugu13 (Member # 2859) on :
Kama, I think Strider means a rather higher amount of rich than you do .
However, here's Russell's Real Simple Formula (Nearly) Guaranteed To Make You Rich. RRSF(N)GTMYR.
Get a decent job, even something starting out at $20,000 a year or so. Live very frugally -- you can do it, give up those extras, live in a smaller apartment, make your own food, all of it. If you can, don't have a car.
Don't have kids (sorry, but kids take a lot of money -- you may still get rich with kids, but it won't be (Nearly) Guaranteed (tm)).
Sock thousands of dollars every year into anything your employer matches, socking the remainder into something like a Roth IRA.
When you can, purchase a house on really good terms (that you should have enough to purchase it in cash if that's the best option will help).
When you reach a comfortable level to retire at for the age you're at, retire. If you're really saving everything you can, this'll be fairly young, and you'll be pretty wealthy.
Assuming one starts around 20 to 25 (anywhere under 30 shouldn' t be too bad), barring really major medical accidents (have decent insurance, that's not something to skimp on), assuming regular basic career advancement, and the continued socking away of money, you should be able to retire very, very comfortably (particularly if you keep working a part time, enjoyable job afterward, which is likely) by the time you're 60.
Posted by Kama (Member # 3022) on :
shhh, fugu. You'll scare Frisco away.
Posted by Mean Old Frisco (Member # 6666) on :
fugu's way doesn't look like fun at all.
Posted by Kama (Member # 3022) on :
oh, good.
I'll let you know when I'm employed.
Posted by Strider (Member # 1807) on :
I leave this thread for 5 minutes and look what happens!
Few things...
Good job Pixiest on actually making this thread serious.
quote:Have you considered becoming a high class prostitute that is hired by a wealthy executive played by Richard Gere who eventually falls in love with you?
All you have to remember is no kissing on the lips.
Book, if only it were that easy. But sadly I don't swing that way, no matter what Frisco tells you.
Fugu, no offense, but your plan stinks. Work up a new plan, but with expected retirement at 30.
Kama, Kira and her wrath are laying cozily in bed right now. You don't have much to worry about.
[ March 10, 2005, 06:05 PM: Message edited by: Strider ]
Posted by Mean Old Frisco (Member # 6666) on :
4000 Euros would be rich to me. I live rather comfortably on 1/4 of that right now.
Get crackin'!
Posted by Strider (Member # 1807) on :
You live on Euros? No wonder you're having such a hard time making it here.
Posted by fugu13 (Member # 2859) on :
Yeah, darn those Euros that are . . . worth substantially more than our dollars. Kama can buy stuff in the US effectively for cheaper than we can, because she has Euros.
You didn't ask how to get rich quick, and what I posted is certainly a good plan for more definitely getting rich .
As for getting rich quick, its hard. First, how rich do you want to be? I'll throw some ideas out based on that number.
Posted by Strider (Member # 1807) on :
I'd just like to be dictator of a small country named after me. I'm not greedy.
[ March 10, 2005, 06:13 PM: Message edited by: Strider ]
Posted by fugu13 (Member # 2859) on :
*snort*
In that case, I recommend finding a small country in a state of unrest and forming a movement based around your personal charisma which takes over the country.
Posted by Strider (Member # 1807) on :
I was thinking of coming up with a really cool new fad and copyrighting it and making millions in royalties.
Posted by Synesthesia (Member # 4774) on :
gods, if I could just GET a job making 20,000 a year. I am sooooooooo sick of making 4 figures. I want five figures. Or at least 200-500 dollars a week! That would be great. Then I could buy a crappy, clunky, hoopty jalopy car where you have to jiggle the handle just the right way and lift the stirring wheel slightly to get it to work. I'd use it to get to work and to the vet and that would be good enough for me.
Posted by fugu13 (Member # 2859) on :
Good luck with that. Most of the individuals who come up with those rarely get rich -- its usually the company that employs them.
Also, its remarkably chancy, which can be good and bad. For instance, the guy who invented Magic: The Gathering is quite wealthy on something I think he had no idea would take off so much.
Posted by Strider (Member # 1807) on :
I had a really cool idea for a tv show. the whole season takes place in the span of one 24 hour day, each episode being one hour. Maybe centering around some sort of law enforcement angency. Or better yet, the CIA! hmmm...or maybe something even cooler...with more action...like some sort of counter terrorist unit. There'd be plot twists all over the place and each new hour would end on a cliffhanger!
Nah...sounds kind of stupid.
Posted by Strider (Member # 1807) on :
Want to buy my black lotus?
Posted by fugu13 (Member # 2859) on :
Sure, I'll give you $5. Well, if its alpha.
Posted by Strider (Member # 1807) on :
how much will you give me for it if I printed it out with a laser printer?
Posted by Mormo (Member # 5799) on :
quote: I'd like to start a religion. That's where the money is."
You don't get rich writing science fiction. If you want to get rich, you start a religion."
L.Ron Hubbard, founder of Scientology.
All hail Strider! And dig deep when the collection plate comes around.
Posted by Book (Member # 5500) on :
Find one of those islands where white people are still worshipped as gods. And when you do, give me a call.
If you are any other ethnicity than white (and I don't know if you are), sorry, because I think only us whities were arrogant enough to get deified.
[ March 10, 2005, 07:56 PM: Message edited by: Book ]
Posted by twinky (Member # 693) on :
*sigh*
I've set my life up so that I can follow fugu's plan, because that was what my society expected of me, and now that I'm ready to kickstart the wealth accumulation I find I have misgivings and secret dreams of moving to Australia or New Zealand.
Posted by Little_Doctor (Member # 6635) on :
If you move to South Africa, your American money will multiply by ten in their money.
Posted by fugu13 (Member # 2859) on :
Oh, I should point out I have no intention of following my plan.
I intend to work my way through a number of jobs of various sorts (not elaborating right now) in policy, primarily, and when I've reached a position of decent salary, start bargaining for more time off instead of increases in salary.
I intend to spend on what interests me, within a reasonable budget.
I do plan to save regularly for retirement, of course, just not go into it with the aim of having as much money as possible.
I don't particularly care about being wealthy, I'd much rather be comfortable.
Posted by aspectre (Member # 2222) on :
An average annual return of 12% over 40 years is naive and unrealistic. You'd be better off looking for the golden goose.
[ March 11, 2005, 06:54 AM: Message edited by: Mormo ]
Posted by Mike (Member # 55) on :
Besides, a million dollars in 40 years is worth, like, what, $200,000 or $300,000? Not only that, it's 40 years from now.
Posted by Dagonee (Member # 5818) on :
But the principle underlying the idea - time is your best financial friend - is sound.
Of course, time is your financial friend only if you're accumulating - even if you're accumulating slowly.
Dagonee
Posted by The Pixiest (Member # 1863) on :
This morning I was thinking about when I would be done with work+chores today. It ended up being 14 hours in the future.. about an hour before I go to bed.
Then I saw the cooler I used to keep my water in when I was unemployed and walked every day. For a moment I was in that time, not so very long ago, when I woke up excited in the morning, looking forward to a happy day of sitting on my butt and doing nothing of consequence.
How long till I'm retired?
[ March 11, 2005, 11:18 AM: Message edited by: The Pixiest ]
Posted by Strider (Member # 1807) on :
quote:Not only that, it's 40 years from now
Which is my number 1 problem with it.
Posted by Book (Member # 5500) on :
I hope you don't mention your plans to retire to your gruff but attractive partner on the police force, because that means you're going to die in at least the next hour of the movie or so.
Posted by Koga (Member # 5646) on :
one reason getting rich is hard:
# of combinations possible in powerball(multi-state lottery) = 14,463,212,400
Posted by hugh57 (Member # 5527) on :
Strider: If you really want to get rich for no hard work and minimal mental effort, I get tons of spam each day offering ways to do just that. I'd be happy to forward all this stuff to you, if you like.
Hugh
Posted by skillery (Member # 6209) on :
You could mine the Internet and generate new ideas by bringing together seemingly unrelated bits of information. Some of those ideas are bound to pay off.
Posted by The Rabbit (Member # 671) on :
Getting Rich is so difficult because he's mine and I don't share my man, especially no with other men.
Posted by docmagik (Member # 1131) on :
12% average return is not unrealistic. Please, I encourage you to research the actual performance of mutual funds and the stock market over any ten year period.
Yes, any.
If you've had any type of 401k or IRA, and you haven't averaged above 10% for the last 10 years (yes, even this past 10 years) your money is in the wrong place.
I have not been in for 10 years. However my father's 401k has averaged only slightly less than 12% over the last 10 years (as in, about 11.5%).
The last year? No. The last five years? No. But over the last 10 years, yes.
Expecting a 12% return on a single given year is naive and unrealistic. Expecting a 12% average return over the long term shows you've done research.
Some stocks, like Coca-Cola, outperform even that. Coca-Cola, for decades was performing at 16% for any 10 year period you looked at. People called it the first national bank of Coca-Cola.
(Edit: For a bad ubb tag)
[ March 11, 2005, 08:32 PM: Message edited by: docmagik ]
Posted by fugu13 (Member # 2859) on :
Uh, its not a ten year period, its a 40 year period.
Posted by docmagik (Member # 1131) on :
It's actually a 48 year period, but since 10 is less than that, that doesn't change the point at all. Posted by Dagonee (Member # 5818) on :
docmagic, could you link some sources? The S&P 500 does not average a gain for every 10 year period, let alone a 12% annualized return for each period. See this.
This being the case, you have to show that there's a way to pick the correct stocks in advance. What method to do so is available to someone in a 401k plan?
Dagonee
Posted by Strider (Member # 1807) on :
With my 401k plan, and I assume most others were like this, you don't pick individual stocks, you pick different funds. I was working for the government and we had a choice between 5 or 6 funds, don't remember the details. and you could distribute any amount between all of them. I think about half of them had averaged over 10% over the last 10 years, and the other half were in the 6-7% range. And that's with a few pretty bad years in there.
Posted by Dagonee (Member # 5818) on :
The other thing not being taken into account is that you need ramp down time - you have to get your retirement account out of stocks (part of it, at least) so you can start spending it. Imagine if you had to do that in 2000 or 2001? You'd be out a LOT of money.
Dollar cost averaging helps a lot, but it's not a foolproof 12% a year.
Posted by Stan the man (Member # 6249) on :
Unfortunately I don't have anything that works quickly. However, it is stable to a point. For the past 5 years I have invested $50 a month to mutual funds (minimum. I have invested more on occasion). Since December of 2003 I have been playing the stock market. I do not buy to sell the stocks. I save the dividends. At the moment the dividends get reinvested automatically back into the stock. When the dividend amount increases I will start having it go to my money market account. My mutual funds account is going to be my retirement money. My stocks are going towards my backpacking trip when I get out of the Navy (in 14 more years).
The only stock I have sold was Google. I bought when it just came out public and sold all that I bought when share price went above $200. I made almost $1000 on that. I used it to make payments on my truck and the insurance.
One of my friends practically lives and dies by Roth IRA's. Some others are the same way in that they invest in real estate. There are so many ways to save money and make money (stupid internet scams are not included in this) it is suprising how few people take advantage of them.
Posted by docmagik (Member # 1131) on :
These are the Vanguard stock funds. As you can see, most of them that have been around for 10 years are showing over 11% for the last 10 years, and all of them are showing over 10% for the last 10 years.
Also, if you notice the 500 index fund has, since it's inception in 1976, averaged over 12% lifetime.
These types of funds are available to anyone in a 401k.
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