First post, REALLY curious...

Ok Kid,
I'm going to take you at your word here and not that you're messing with folks. You have something retired geezers like me don't have. Time. Got it?

Now, get on the internet and look up the rule of 72. OK? Now you probably won't do anything about it because most young guys don't. But some do.

If you try to make your way in the world by fixing up old cars the system will gobble you up. It's designed to do that. There is a cog in the big wheel just made for old car fixer uppers. It grinds them to pieces and they end up lying on their backs on cold concrete garage floors with grit and crap falling down in their eyes for $10 and hour and all the country music they can stand.

Don't go there. Check in your pockets right now and whatever you got goes in the jar till you got about $500. And it doesn't come out! When you got $500 you are going to put it in a Mutual Fund family that has sector funds. Put the money in which ever sector has posted the greatest gains in the previous quarter. You can jump every 3 months in most sector fund families. Then read Investors Business Daily and when your sector fades jump in the new hot one. Put every dime you can lay your hands on in there.

What I've just outlined you can flesh out on the internet with solid study. Make it your passion, you won't regret it.

Remember the rule of 72. When you're my age you'll remember me. I guarantee it.

 

Thread of the year. I'm calling it now. I've been waiting 20 days for this thread to show up. 06 is officially here.

 

There is no such thing as a stupid question (especially when a kid is looking to the future)...........only stupid answers from arrogant, anonymous internet posters (w/thousands of posts)...........go find a mirror and you'll see who I'm talking about.

 

I say read 'The Millionare next door'. It has huge amounts of statistics on wealthy people in today's society. Like Ernie says, most people become wealthy through disciplined investing and living below their means. I would not expect a Ferrari enthusiast board to be full of people living below their means, but it is still good advice on how to get where you want to be. Personally I think it is easier to get a good professional degree and be self employed to make enough money to own a decent exotic. But you still have to live below your means to save substantial monies to buy exotics. It is just easier with a decent income as compared to McD's type income.
BT

 

Interesting thread.

I know plenty of wealthy people who don't look like wealthy people, and plenty of people who look like they're wealthy but who actually aren't.

It's a strange world we live in.

 

I completly agree with the "I want it now" argument. Many young kids (in the u.s.) grow up in a society that promotes this type of behavior. They tell kids to get as many credit cards as they can so they can "build" credit (liability) so that they can buy a nice house (liability) and buy a nice car (liability) all on credit so that they dont have to come up with a dime while they work there 9-5 J.O.B. that barely pays above minimum wage. They are a slave not only to the person/company they work for but also to the Liability they have accumulated, all because they wanted and needed it "RIGHT NOW". When they realize that there minimum wage job cant support these expenses they then seek higher paying jobs and complain about how bad life sucks and that there are no-longer good jobs, this leads to them filing bankruptcy and then repeating the process over again, and who ends up paying for these peoples f-ups in the long run?

I started my own Real Estate Investment Co. right out of high school 3 years ago when i was 19. I cant begin to tell you how many houses i walk into where the owner cant even pay there mortgage but has the biggest f-in Television you have ever seen. Thats just the world we live in, I guess it makes my job that much easier. You have to learn to control and not give in to your desires of "want". Instead let them motivate you to Acheive your goals. I have accumulated enough money to buy a Nice Ferrari but because im not comfortable spending that much cash on a car, i will wait and keep investing in Real Estate and Stocks untill i am comfortable with dropping 150k on a car (after all its just a car). You need to make your money work for you by investing it not spending it on large amounts of debt that you accumulate because of "want". Starting young is the best thing possible because you have little responsablities and little debt, you can afford to take big risks investing the money you have. When you get to the same point as me, ask yourself "is it the right decision to drop 150k on a car or to invest that 150k to make 1million and then buy that car".

Good luck, much of the advice given here is spot on. Nothing in life is free and unless you plan on winning the lottery you will have to work you butt off and working hard for yourself is all the more rewarding because your enriching yourself and not your employer.

 

Thanks guys, you've been much helpful!

 

Oh....
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this is what i do
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Underwear model.

 

It's been a long time since I've been back here, thanks again for all the help (except the last poster), greatly appreciated!

 

i bet on the olympics

 

Never mind all the previous posts. Here's what you need to do:

1. Get financially educated
2. Start a part time business along with your day job (after researching what field you will market to and coming up with a logical, realistic business plan)
3. Love what you do
4. Never give up
5. When money comes in, pay yourself first
6. In some time, you will be closer and closer to accomplishing your goal of getting a Ferrari

 

5. When money comes in, pay yourself first
Very true

 

Good god Kiyosaki_Fan......

I got to play this card on you now!
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The more I drink, the better looking they get.............

 

You see that's the difference between a poor person's thinking and a rich person's mindset. Poor people make money and pay their bills, even if it means they're broke with nothing to eat.

A rich person's mindset is to pay yourself first by diverting a percentage of income before expenses. It's not the money that makes us rich - it's the habit and mindset of the individual. Regardless of any financial starting point in life, if you modify the thinking, the money will follow.

 

Cornelius....seriously.

http://www.ferrarichat.com/forum/showthread.php?t=78128&page=3&highlight=CD+Allen

http://www.ferrarichat.com/forum/showthread.php?t=79575&highlight=CD+Allen

http://www.ferrarichat.com/forum/member.php?u=15591

http://www.ferrarichat.com/forum/member.php?u=21163

http://www.ferrarichat.com/forum/showthread.php?t=42979&highlight=CD+Allen

Man, I don't mean to be cruel. But, why are you back? What's the point of this?

 

Man, you just dont know what you are talking about.

 

Homosexuality?

 

You write with such self-assuredness about what it takes to be rich, but if you really knew what you were talking about you wouldn't be parroting Robert Kiyosaki.

Robert Kiyosaki is something like 60 years old right now. According to him "My wife and I were homeless in 1985. I know what it feels like to be a million dollars down." That means he was broke when he was 40. The lessons he wrote about in Rich Dad, Poor Dad were supposedly learned when he was 9 years old. So if what he wrote is in fact the basis of his current success, those lessons failed him as late as 40. In fact, the few tidbits that are worth anything in Kiyosaki's tedious books were already expressed more succintly and clearly in the book "The Richest Man in Babylon" by George Clason, originally written in the 1920's.

 

I believed Donald J. Trump hit hard times as well in the early 90's, but now his privately held New York company is much more solid and more profitable than ever. Kiyosaki hit a small bump in the road, and now he's bigger and better than before.

 

Your like 16 years old, right?

 

I believe that regardless of how old or young I am, the fact remains - The poor/working class remains largely in their financial state not because of a lack of money in their current occupations, but a clearly and most obviously lack of financial intelligence and poor spending habits.