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Heh sounds like someone has nicely rationalized to themselves why they don't have a million.
Funny thing about milestones is that given volatility or stocks and real estate over recent times most milestones the wife and I have hit have done it several times. That's okay though, always nice to go out drinkin' to celebrate breaking a big financial milestone, even if it's the third time that year.
most people believe their own bull-sh*t and it paralyzes them from ever acting... their brain hands them all kinds of excuses why not to do something ,they then dont do it and go thru life not realizing if they did it they would have been successful at it..
we rarely regret what we do but we always regret the things we didnt do...
the first million took me my life until my fifties, the 2nd took 6 years
The mantra of "high risk, high return" still holds true. Owning your own business is a high risk proposition, with a high failure rate. But when it succeeds, the returns can be phenomenal. If you want to be a millionaire at a relatively young age, this is the way to go. Just make sure you diversify away from your business (own lots of bonds, stock indexes, real estate, precious metals etc....things that are not correlated with your core business and industry).
yep, to many people invest into things pertaining to their industry. they see things in product lines that most investors couldnt care less about and so the stock goes no where.
a good stock and good company arent the same thing alot of times.
you dont always need money to make money. you can have skills or an idea and get backers.. my wifes family were builders of huge buildings in manhattan. they worked for a living but they would give a little off the construction price for a 10% stake in the building.
back in the 60's they put up a prestigious building in nyc for elliot spitzers father .they end up with a 10% stake in a building over looking central park in nyc.
I have a crazy plan that consists of me paying off a house (450k) by the time I'm 25.. I'm 20 now.
I wish you luck! I loooove hearing a good plan of attack for a financial goal, it is stepping stones like this that allow one to achieve personal financial success.
Actually that sounds like a hell of a lofty goal for most people in their early 20s, what is your plan?
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