Re: How did you do it? Financial Success Thread
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The easiest way to financial success is just saving as much as you can every year, putting it in an index mutual and leaving it alone. It's not sexy or exciting. It just works.
MM MD
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This is what they taught us in college and I always disagreed with it. This is the easiest way to living a comfortable life when you are retired.
I think young people should be more concerned with busting their asses to do something your peers are not than simply saying "i'll put 20% of my pay into an index fund and then 40 years later I'll be able to afford to retire."
Maybe I'm just weird, but the thought of waiting 40 years to retire/become wealthy just doesn't appeal to me. I think Scorpion Man's post was very representative of what it takes for success; someone smart who is both willing to work harder and take more (calculated) risks than everyone else. I really enjoyed reading that post.
One other thing it got me thinking about is you can't just blindly follow the trends. I can't tell you how many people I know tell me "I plan on making a little money and then getting into real estate because that's where the money is." Yeah, you could still make a lot of money if you are really good at it but the market is filled with millions trying to do the same. Find a new market that is just getting started (BEFORE it is getting hot) and learn everything there is to know about it if you really want to give yourself a chance for financial riches.
tc
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