Your inspiring success story

Shark01 · Dec 20, 2021

Texas Forever said: ↑

Getting paid for what you know, instead of how hard you work, is the key.
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Well damn, is this the reason I’ve been here 16 years never owning a Ferrari?

This sure put a wrench into my day....

Shark01 · Dec 20, 2021

IloveGT said: ↑

yup. Rule number one, regardless of how wealthy we think we are, stay away from bad women. Free is always most expensive. The key is how do we know who is bad or not at the beginning. That is the question.
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Very true but I have no idea how you guys go about that process. A girl working in the pet department of a retail store asked me out one day, and 41 years later still trying to figure out if I did the right thing by saying yes that day.

tomoo · Dec 21, 2021

rhtky said: ↑

Dear Ferrari Owners

I am a student from Switzerland. Besides my studies I also deal with shares (not in a big way).
Since Ferraris are quite expensive and not everyone can afford them, I have a question for Ferrari owners: How did you build up your assets? How were you able to afford a Ferrari?

I look forward to your inspiring success stories!
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Hi.
I think you did the first right thing and that is not to be shy and actually asked. I haven't been given anything for free, I had to work my way through. I was diagnosed with cancer during university (for which I didnt have enough money to finish but ultimately I did) which, in a way, changed the way I look at things (I tend not to give a damn about a lot of unimportant stuff). Looking back, I have to say I have never been employed and always relied purely on myself. (I am not suggesting that being employed is the wrong choice - at the beginning it gives you more security, but less room to earn limitlessly). I'd say chase your dreams and never be put off by the surrounding people (they don't know your reasons or circumstances). All my life, I have tried to be cheerful and make fun of everything. And living in the eastern Europe which is pervaded by corruption and weakly-educated people it is quite hard to strike out on your own. Never mind, somehow I did it. I got a beautiful family, moved to the sea and treated myself to the GTC4 Lusso and the brand new F8 Spider. Just turned 33 and still looking for good opportunities to invest in (of course sometimes I made wrong choices, but only those who dont try, never fail - but they dont drive Ferraris unless they have a rich dad). Dont hesitate to get in touch. All the best and never give up. We live only once. ouhh and one more thing, cut off stupid and negative people (even if it is family) - they waste your time and want to drag you down. Cheers.

LARRYH · Dec 25, 2021

Snapshift said: ↑

I don't have any inspiring success story but I started working in the 8th grade and have never stopped. Now 77. I saved as much as a could , parlaying it into the next job for better books, tools, instruments, tuition, etc, I came from a highly educated family and it was drilled into me that it was important at the time. . I got as much education as I could and paid for my own college and medical school. I have been lucky yes, and have worked hard all my life. Medicine was/is a great fulfilling career and has/had the potential to do well. Yes, I have made many financial mistakes but eventually recovered and learned from them..

My advice is to save at least half(or as much as you can) of what you make if at all possible set up 401K etc, careful investing, set your attainable goals early and always, stay focused, don't invest in shaky schemes, no get rich quick schemes, tax shelters ,always be careful who you lend money too, your not a bank and they rarely pay it back.

Your word is your reputation, always do as you say you will do, Marry a wonderful woman and don't get ever divorced if at all possible. Work as a team. Buy a house as soon as you can that you can afford or, go in with someone to buy rather than rent as early as possible. Rent payments are money down the rat hole. Buy used cars cash and live with it. pay off credit cards in full monthly, minimize superfluous purchases, don't buy a house that you can't afford (houses poor) and will be paying excessive taxes on when kids leave.

I did it very slowly, had a good financial advisor, learned to use banks, financial institutions, had a perfect credit score and the banks will hound you to loan money allowing me to Buy as much real estate as you can and rent it out. Your net worth increases with each rental you get and if you get good tenants it will pay the mortgage. Try to buy appreciating property location location etc. Eventually get a contractors license form your own business with good partners etc., and build multi-family apartment complexes in college towns and larger cities (competitive ,yes) It all takes time. Eventually I was able to retire part time and sold off an asset to eventually buy my first Ferrari 2 years ago. What was surprising is that I earn more money now that I'm retired than I did when I was working fulltime. I think you get the idea and there is some amazing advice here. I suggest that you make a notebook of all the advice you have received here from all the posters and refer to it often. If most young people were like you the OP there would be a lot better things for them too. you are off to a good start. I wish I had some of the advice given here when I was student. Best of luck.
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great post .... and to me important points are Always Keep your word.... This has been a very important part of my life.. and the best time to save is when you are YOUNG ... investments made when you are in your 20s will be worth far more than those in your 60s .

paulchua · Jan 20, 2022

Golden Steed said: ↑

I would never discount the value of hard work, or a work ethic. If you're starting from the absolute bottom of society, you'd better be willing to do some paddling to get yourself to shore.

But the largest sums of money I've made in my life were from investments. This requires very little work, especially if you borrow the money to invest. Yes, you read and research and discuss with advisors. But at the end of the day, when you treat money as a game, you'll always do far better than trying to "earn" more of it with hard work.

In point of fact, the rich people I know are VASTLY more lazy than the poor people I know.
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Success can come from luck or hard work. Since I’m not a sorcerer, I focus on what I have control over.

You must hang out with trust fund babies if all the affluent people you know are vastly more lazy then the rest of your friends.

my experience has been quite the opposite.

paulchua · Jan 20, 2022

Golden Steed said: ↑

There is no house, car, mansion, yacht, jet or dollar figure that would make me give up my little girl.

But. BEFORE I had a kid, I wouldn't have thought so.

The two things I've experienced in life that change everyone one way or another: military service and parenthood.
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Well said, thank you for your service.

Golden Steed · Feb 3, 2022

Texas Forever said: ↑

I worked construction as a lad. One of the first lessons I learned was he who works the hardest makes the least. Getting paid for what you know, instead of how hard you work, is the key.
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Somebody should make a plaque of this.

Or at least a t-shirt.

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