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Author Topic: Science of Getting Rich  (Read 6060 times)
Liquid
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October 15, 2012, 03:05:55 PM
 #1

http://www.youtube.com/watch?v=ub0Th1ewlws

Just listened to the whole thing really interesting if you have time i do recommend it  Wink

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October 15, 2012, 07:58:41 PM
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just listened to the first 5 minutes and i am already impressed. thx dude, for sharing.

* if i am actually becoming rich through this i come back to you
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October 15, 2012, 08:24:53 PM
 #3

I'm listening to it right now, I like it (10 minutes far).
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October 15, 2012, 08:48:19 PM
 #4

I heard Tony Robins on a Ted talk mention Getting Rich was a science but being successful was an art. 
I am 7 minis in and already I agree I deserve to be Rich, (at what point does Bitcoin come in?)

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October 15, 2012, 09:29:44 PM
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http://www.youtube.com/watch?v=ub0Th1ewlws

Just listened to the whole thing really interesting if you have time i do recommend it  Wink

In order to become rich all you need is a pen and a paper.

If you can write good books, movies, etc you can become rich.
If you can play soccer, run or box you can become rich.
If you can sing like a star, you can become rich.
If you can entertain with your humor, you can become rich.
If you can paint.

All of these are things you can learn or do for free.


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October 15, 2012, 09:41:03 PM
 #6

http://www.youtube.com/watch?v=ub0Th1ewlws

Just listened to the whole thing really interesting if you have time i do recommend it  Wink

In order to become rich all you need is a pen and a paper.

If you can write good books, movies, etc you can become rich.
If you can play soccer, run or box you can become rich.
If you can sing like a star, you can become rich.
If you can entertain with your humor, you can become rich.
If you can paint.

All of these are things you can learn or do for free.



and after 20 years I have finally got of my professional ass to write some short stories...and the 1st anthology entry I submitted has been short listed! yipeee

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October 15, 2012, 09:45:25 PM
 #7

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.

#richdadpoordad
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October 15, 2012, 10:55:10 PM
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In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.
This I have mastered.

I have cut my earnings significantly to avoid tax, and all the while, I have consistently spent less than I earn for over 20 years. (My Cash savings have not been so diligent and have sacrum to the temptation of inflation)   

What should I do next?

Quote
earn more than you spend Huh

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October 15, 2012, 11:01:20 PM
 #9

If you can write good books, movies, etc you can become rich.

i disagree.

for making money, i think the marketing of the product is more important than the product itself.

i.e. If you can sell a book, movie, etc to millions of people you can become rich. (regardless of how crap it may be).
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October 15, 2012, 11:30:35 PM
 #10

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.
This I have mastered.

I have cut my earnings significantly to avoid tax, and all the while, I have consistently spent less than I earn for over 20 years. (My Cash savings have not been so diligent and have sacrum to the temptation of inflation)   

What should I do next?

Quote
earn more than you spend Huh
Invest in income-generating assets.  Real estate, stocks, venture capital (if you have enough to "play with"), bitcoin mining machines, etc.  Put it into a variety of things.

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.
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October 16, 2012, 01:09:42 AM
 #11

Invest in income-generating assets.  Real estate, stocks, venture capital (if you have enough to "play with"), bitcoin mining machines, etc.  Put it into a variety of things.

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.
yip read the book just a little while ago, I think the message is bang on, but I have missed the big money maker "property boom" or as I see it I am on the wrong side of the malinvestment.

My primary investments have all been income generating assets, they have contributed to the progress of civilisation and my dwindling wealth (however they are relative commodities as the industries are highly competitive) the price deflation this competition causes is nicely matched by the inflation in the money supply)  The up side is I now don't produce anything and I outsource to China and am earning more than I did as a producer, (the economy is getting stronger by the day Cry )

Real estate is spending money I don't have,

Stocks all went belly up after 911 or 2008 (if my investments can go broke why can't the banks or some EU states),

Venture capital I haven't played with Kick-starter but it has been a 50/50 endeavour, I end up investing more than just money (maybe I have issues). 

My dilemma is investing because inflation requires it, is a form of what economic theorists call malinvestment, there are some good stocks out there and I have been a little timid after making some bad calls, but I should go at it again.

My Bitcoin mining rigs are the only shining light in all this investment centric, can't save world, they keep my family warm and my office too.  They bring in about 0.4% return per day, and have paid for themselves many times over. (as Mining investing goes, I am at the edge of my comfort level, can't justify more investment without some sure sign) 
I have been hesitant to save in Bitcoin because the Keynesian myth "the paradox of thrift" is actualy alive and well in the Bitcoin economy.

Ok so I have invested what should you do next?

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October 16, 2012, 02:20:29 AM
 #12

just listened to the first 5 minutes and i am already impressed. thx dude, for sharing.

* if i am actually becoming rich through this i come back to you

Thanks bro  Cheesy

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October 16, 2012, 06:20:56 AM
 #13

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.

#richdadpoordad

That guy just filed for bankruptcy :/

http://www.nypost.com/p/pagesix/rich_dad_bankrupt_dad_UNJgqVDYCEthW1TEAYYwXN

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October 16, 2012, 07:20:45 AM
 #14

Thanks for the link! I love this type of information.

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October 16, 2012, 10:36:34 AM
 #15

http://youtu.be/ub0Th1ewlws?t=58m
Bullshit.

My ears are bleeding. Yes, thank you God, you are so great. Roll Eyes
This has been written in the early 1900s and published in 1910. Just a reminder.

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October 16, 2012, 10:55:15 AM
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http://youtu.be/ub0Th1ewlws?t=75m35s

This is beginning to be laughable.

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October 16, 2012, 11:17:42 AM
 #17

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.

#richdadpoordad

I thought this was obvious but apparently not.

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October 16, 2012, 03:43:48 PM
 #18

Invest in income-generating assets.  Real estate, stocks, venture capital (if you have enough to "play with"), bitcoin mining machines, etc.  Put it into a variety of things.

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.
yip read the book just a little while ago, I think the message is bang on, but I have missed the big money maker "property boom" or as I see it I am on the wrong side of the malinvestment.

My primary investments have all been income generating assets, they have contributed to the progress of civilisation and my dwindling wealth (however they are relative commodities as the industries are highly competitive) the price deflation this competition causes is nicely matched by the inflation in the money supply)  The up side is I now don't produce anything and I outsource to China and am earning more than I did as a producer, (the economy is getting stronger by the day Cry )

Real estate is spending money I don't have,

Stocks all went belly up after 911 or 2008 (if my investments can go broke why can't the banks or some EU states),

Venture capital I haven't played with Kick-starter but it has been a 50/50 endeavour, I end up investing more than just money (maybe I have issues). 

My dilemma is investing because inflation requires it, is a form of what economic theorists call malinvestment, there are some good stocks out there and I have been a little timid after making some bad calls, but I should go at it again.

My Bitcoin mining rigs are the only shining light in all this investment centric, can't save world, they keep my family warm and my office too.  They bring in about 0.4% return per day, and have paid for themselves many times over. (as Mining investing goes, I am at the edge of my comfort level, can't justify more investment without some sure sign) 
I have been hesitant to save in Bitcoin because the Keynesian myth "the paradox of thrift" is actualy alive and well in the Bitcoin economy.

Ok so I have invested what should you do next?
You haven't missed the big money-maker property boom.  Now is the PERFECT time to invest in real estate (in my opinion)!
- Renting demand is high.
- Real estate is cheap because of the housing crash. (remember that saying, buy low, sell high?  Well now is the "buy low" period!)
- If you think we're about to enter into an era of high inflation (which I do), then think about what that'll do to real estate prices.
- Real estate is a finite resource - it will always be in increasing demand as long as world population is growing.

And then I think stocks are a good investment as well, for similar reasons to those mentioned above.  My stocks (or rather, 401k mutual funds) have been doing fine through the recession (either stagnant or growing).  All your stocks lost 100% of their value?

I agree that inflation encourages over-investment (and bad investments), because an investment that loses 2% a year is still better than losing 3% a year to inflation.  But that's all the more reason to invest in something instead of nothing if you have extra money laying around to invest with.

If I had an extra million to invest right now, here's what I'd do:
- Invest half in real estate rental property.
- Invest 1/3 in dividend-paying stocks.
- Keep 1/6 around in very liquid investments (perhaps Bitcoin) to have ready for other investment opportunities that arise.

Also, if you haven't read the book Rich Dad, Poor Dad, I highly recommend it.

In order to become rich, you must first learn to spend less than you earn!  Getting rich does NOT happen by earning a lot of money.

#richdadpoordad

That guy just filed for bankruptcy :/

http://www.nypost.com/p/pagesix/rich_dad_bankrupt_dad_UNJgqVDYCEthW1TEAYYwXN
No, one of his corporations filed for bankruptcy because it was hit with a judgement against it for far more than it could pay.

That said, I lost some respect for the guy after reading that article.  He had an agreement to pay a percentage of his earnings to said company, and reneged on it.
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October 16, 2012, 04:20:03 PM
 #19

http://youtu.be/ub0Th1ewlws?t=58m
Bullshit.

My ears are bleeding. Yes, thank you God, you are so great. Roll Eyes
This has been written in the early 1900s and published in 1910. Just a reminder.

When I got to the god part I immediately turned it off.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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October 16, 2012, 04:30:13 PM
 #20

~ 1:20

"purpose of nature is the advancement and unfolding of life"
no

"to be content with less is sinful"
Calvinism? I'm out.

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