Share your get rich slow schemes

[presonorek]

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I used 250 a month not 50

What APR did you use? What did you use as the initial investment?

 

[Blues Man]

What APR did you use? What did you use as the initial investment?

250 and 250 a month at 12% for 40 years that that result at 10% for 10 years which put a person at age 66

Wait. I saw an error in my previous I think I didn't change the rate so it's more like 6.5 million at age 66

 

[BULLDOG]

LoL!

When my first son grew up, I was reading a lot of "how to succeed in business" type books and I passed that onto him. Never worked for me, I just became a teacher, but he absorbed it all. He would quote them back to me, "Dad, that 'be the go to guy' you talked about really works." He had jobs lined up will before he finished putting himself through college and was making six figures before he was thirty.

He asked me if I would be offended if he helped with retirement by buying a house more his mom and me to live rent free, and it would be an investment for him. I said, "Son, that was my plan."

I joke about such, but I guess I'm just too prideful for that. If I ever need her help, I'm sure she will be there, and I will gratefully accept it, but till then it's mostly just a joke. If she ever buys a lake house with a bass boat, I probably won't be too proud to use them every once in a while, though.

 

[presonorek]

250 and 250 a month at 12% for 40 years that that result at 10% for 10 years which put a person at age 66

Wait. I saw an error in my previous I think I didn't change the rate so it's more like 6.5 million at age 66

So 50 years?

 

[Woodznutz]

Not really but keep telling yourself that

When prices are high you don't buy. However, some really good bargains happen during periods of inflation.

 

[Woodznutz]

250 and 250 a month at 12% for 40 years that that result at 10% for 10 years which put a person at age 66

Wait. I saw an error in my previous I think I didn't change the rate so it's more like 6.5 million at age 66

12 percent annual return is probably a bit optimistic.

 

[Woodznutz]

The biggest hurdle today is the price of housing. If one can live at home with parents, or share rent with roommates, one can get a leg up on savings. Of course, this means delaying marriage as well.

 

[Woodznutz]

Oh so natural disasters are now an everyday occurrence in your world?

They are happening to millions as we speak.

People who lose a job always find another. There has never been a month since I was 16 and had a job that I couldn't save at least 50 bucks

I always had money up until I got married, and the Arab oil embargo turned the world upside down. It took many years to recover financially and saving anything was out of the question. I borrowed from the VA, and from my family to get by. I did turn it around, but it was tough going for years.

 

[Canon Shooter]

I retired from the Navy in 2001 and had managed to save up a nice little sum of money during my career (low five figures) which was conservatively invested along the way.

After retiring I went to work in the music industry, doing artist relations and tour support for a major musical instrument manufacturer; basically, I went on tour with rock bands, making sure they had what they needed from the company I worked for. This was a lucrative (just shy of $200K a year) position and, with my wife making about $80K a year, we were able to increase both our savings and our investments.

The day came when we wanted to start our own business, so we liquidated some of our investments and did just that. We were both still working our "regular" jobs, so growing a new business was a challenge for a while. I don't think anyone would've faulted us for closing up shop had we decided to do that. I think we considered doing exactly that maybe half a dozen times.

But we were just bull-headed enough to ignore the proverbial writing on the wall and, one day in 2009 we started making money. We weren't making a lot of money, but it was enough to keep us out of the red. I quit my job in 2012 and dedicated myself to our business while my wife kept her job and worked in our business. My daughter, then 26, had already moved to and back from New York and worked for the business, as well.

In November of 2012 I lost my wife to a drunk driver. We'd been together since 1984 and it was a devastating loss. I found solace in a bottle of vodka (real gut-rot shit, too) and pretty much stopped caring about everything, including the business we'd started. My daughter was my lifeline. If I didn't have her I'm rather certain I'd have said "fuck it" and eaten a bullet. But she was a rock and, somehow, I managed to realize that I needed to be there for her as much as she was there for me.

When I emerged from my self-imposed pity party, I rededicated myself not only to my business, but to the memory of my wife. In late 2013 I relocated to Florida and brought my business with me, and started a second. I was literally working seven days a week to make it work, but work it did. Both have been successes I could never have imagined when I quit that job back in 2012. When I retired from the Navy I was making about $38K a year with all pay and allowances (BAQ, BAS, VHA) factored in.

Without going into detail, I can say I'm doing somewhat better than that now.

The "secret"? Well, there is no secret and there are no schemes, unless being dedicated to your success is some sort of secret. Along the way on my business journey I got some bad advice, but thankfully it was greatly outweighed by the good advice I'd received from those who'd been down the exact same path. The ability to weed through the bad for the good helps a lot, too.

I am a firm believer in "You get what you work for."

My Dad drove a tanker for Exxon and Mom was a housewife. Unless you come from a rich family (obviously I didn't), no one is going to give you anything. So, you have to figure things out and make some decisions:

• What you want
• What you need
• What are you willing to do to get those things
• What are you willing to sacrifice to get those things

It really is that simple.

My two businesses are very successful. While I can acknowledge that I'm fortunate, I'll also gladly take the credit for it. I know I worked my ass off to get where I am. My daughter has moved on to other endeavors (she's now a fashion model) and I now have 150 people doing the jobs my wife used to do (so to speak). I've got a smokin' hot Puerto Rican girlfriend who's retired from NASA and, for whatever reason, loves the Hell out of me despite being waaaaay more intelligent than I am. While no one will ever take the place of my late wife, Ruthie does a pretty fair job of being the perfect partner in every respect, including now being half owner of the business I started after arriving here.

Success is there for the taking, if you're willing to work for it, can ignore the pain of achieving it and are willing to share it with your loved ones...

 

[Woodznutz]

Another key to financial success is the use of time. Turn wasted time into productive time. I did this (when I was single) by always having a parttime job, usually bartending. And, I still had time to party.

 

[Blues Man]

So 50 years?

If you read my post you'll see I said starting at age 16

 

[Blues Man]

12 percent annual return is probably a bit optimistic.

Not for a long term aggressive growth portfolio.