The 6 Biggest Myths About Millionaires

Business Insider ^ | Feb. 27, 2014 | Jaime Tardy

[expat_panama]

Many people believe that — while it’d certainly be nice — they’ll never become millionaires. That it’s an utterly unattainable dream. 

The truth is: Hitting the $1 million mark is more attainable today than ever — and more important. That’s because, in order to live comfortably in retirement through your eighties, many people will need a nest egg of at least $1 million.

“A general rule of thumb is that you need to save $1 million for every $40,000 of annual income you need to replace at retirement, not including Social Security, pension income or any other retirement income,” says David Fernandez, CFP, of Wealth Engineering in Scottsdale, Ariz.

Fortunately, there are a lot of ways to do it. While doing research for my book, “The Eventual Millionaire,” I interviewed more than 100 millionaires who came from all walks of life and made their first million in dozens of different ways, from starting their own businesses to investing in the stock market or real estate. And those aren’t the only paths to becoming a millionaire, either: Others hit the mark by simply living below their means and saving portions of each paycheck. 

[snip]

[expat_panama]

...Nearly every millionaire I ever met owned their own business....

It sure as hell works for me; for decades my income depended upon my having to convince others that I was doing a great job, but all I have to do now is the great job and it's sooo much easier...

[expat_panama]

...had an edge over those who may have never been thought right from wrong...

Too many damn TV shows always want to make the rich look like a bunch of crooks but in real life the liars, cheats, and thieves are more often than not the poor.  Folks with no self restraint tend to grab what they can, they fail, and then they blame all their misery on Obama's "millionaires'n'billionaires".

[expat_panama]

...Not only is envy irrational, it’s socially and personally corrosive...

It's also evil, as in 'satanic'; the old testament bans it by commandment the new one very clearly spells out the importance not bitchin' about 'equal pay scales'.  imho America's past greatness has been a direct result of the choice of piety before pretention, and we risk a lot by electing advocates for class hatred.

[reed13k]

any gas companies providing to EU

[abb]

I miss your daily finance threads.

[expat_panama]

...definitive book on this subject is The Millionaire Next Door by Thomas J. Stanley and William D. Danko....

The Millionaire Next Door by Stanley Ph.D., Thomas J. (Nov 30, 2010)

$9.99 Kindle Edition

 

 

Great book!   Then again, here's the torrent to get it for free.

[Little Bill]

I totally agree, the main thing is getting out. I got divorced in 1996 and I was dead broke. I rode the dot com bubble and cashed out before the crash. Paid off all my debts.

I then played the market until the Obama Crash, got out before that happened, worked well.

[expat_panama]

lol —you’re very kind, made me run right back and make up a new thread page for next Monday. Now I’m exhausted; please wake me up in time to post it...

[Aliska]

Nice ta see ya back, Pete!

Ya!

[RWB Patriot]

I’d like to believe I could be wealthy one day (by that, I mean I could actually enjoy a good retirement), but frankly, watching what our politicians are doing, I think my chance has passed. The dollar is virtually worthless, government is getting more and more control over one’s private life (and they just got a free pass to tax you for just about anything), there are more looters than producers now and the looters have government behind them, there are more businesses going under than are being created, and we’ve all but rolled over and shown our bellies to the people who desire nothing less than our complete destruction.

Hate to sound so pessimistic, but A is A. I don’t see things changing as they need to anytime soon, so optimism is becoming a luxury I can’t afford.

[SAJ]

Actually, El Valle is "helicopter-over" country: the nobs fly their choppers up here most weekends (and, if you please, have landing pads in the yards of their homes!).

Love to chat w/you any time you like. Might even get up to David this summer (NOT for border games; I'm quite done with that rubbish).

In any case, I've a new strategy for trading right in front of earnings. Seems to work, too -- 25 out of 27 so far, AND (bonus!) the two losses were minimal. I should think that if we hash this out together, we might have something VERY useful.

There is also a very good opportunity with a ratio-spread in the calls in coffee futures that bears some examination.

Let's talk when convenient for you, ok?

Best always to Ann!