Financial Plan Begins

[inquisitive]

Hi everyone, I am very excited to have found this place although I have been interested in similar issues for a while now. I am young, have a detailed plan to become a multimillionaire, and have come to this place for small practical considerations that will help my planning and implementation. I have been listening to The Millionaire Next Door over the past few days while driving back and forth from work, which has really piqued my interest in millionaires. From reading posts on here it seems like there are many millionaires posting, and hopefully after some years I will be able to contribute (not that I can't contribute now, but I don't have the credibility of being a millionaire yet). I saw there is a thread on what to do after ER. There are so many exciting things that I think it would be easy to allocate my time, but now I am on the other end of putting in hard work to be able to reap the benefits quickly so that I can spend more time on what I really want to achieve. I look forward to learning from these forums!

[crazy connie]

Welcome aboard Inquisitive! Most all of us enjoy having youngsters around here! The Millionaire Next Door can be a real eye opener. My 24 year old daughter is reading it when she travels on business. Save, read, invest... it will all fall into place!

[SteveR]

Welcome to the forum Inquisitive.

I wish I had been more focused on saving and investing at an early age. It is refreshing to see someone so young be interested in getting ahead the old fashioned way...earn it though work, savings and investments.

Take a look around and you will see there is a wealth of knowlege here ripe for the picking. Yes, there are several millionaires here, some deca-millionaires too. Most did through savings and investing over time. FIRE (Financial Independence, Retire Early) is what this board was founded on and supports today. We share real-life experiences, wisdom and hard lessons learned with each other.

Spend the time to search older threads and read the history of how wealth is created through personal stories and by direct posts of what to buy and what not to buy.

Who knows? Maybe you will be the next Millionaire next door.

BTW, not everyone here is one. You don't have to be to be FI or RE, but if you don't have a COLA pension and paid for healthcare insurance you might well need to be one or better to have a good shot at early retirement. Remember, it take $25 in investments to support every $1 you spend in retirement over 30+ years. Do the math and see what you will need. Of course if you have a nice COLA pension the number goes down.

Good luck.

[packrat44]

Quote:

Originally Posted by inquisitive From reading posts on here it seems like there are many millionaires posting, and hopefully after some years I will be able to contribute (not that I can't contribute now, but I don't have the credibility of being a millionaire yet). but now I am on the other end of putting in hard work to be able to reap the benefits quickly so that I can spend more time on what I really want to achieve. I look forward to learning from these forums!

Welcome to the forum,

Having the proper attitude offers more towards a persons credibility than the size of their portfolio.

[Midpack]

Welcome to the forum. The Millionaire Next Door was an important read for me, I'd recommend it for anyone who's serious about building net worth. If you're young, there's no reason you can't become a multi-millionaire --- almost anyone can do it, 'it's simple, but not easy.'

[virginia]

Welcome to the forum inquisitive. There's lots of good info here and it's just plain fun too

[Amethyst]

Quote:

Originally Posted by inquisitive Hi everyone, I am young, have a detailed plan to become a multimillionaire, and have come to this place for small practical considerations that will help my planning and implementation. I am putting in hard work to be able to reap the benefits quickly so that I can spend more time on what I really want to achieve. I look forward to learning from these forums!

Welcome aboard. You sound like you're ahead of the game. Knowing what you really want to achieve is just as important as having financial resources.

The forum members want each other to achieve FI and enjoy retirement. There are gems of knowledge or insight into finances - or anything else - to be mined here. Please feel free to tell us about your plan, if you like, although you are just as welcome if you'd rather keep it private.

Though I don't recall the book's name, I remember reading a story when I was young and poor, whose moral was "always pay yourself 10%, no matter how small your income." This is so simple, I don't know why it isn't taught in schools. Nowadays, with 401K's and matching contributions, there is even more incentive to follow the old advice.

Finally, guard your health. Do not take it for granted, just because you are young and nothing hurts yet. If you lose it, you can't enjoy your millions.

Amethyst

[JacqJolie]

Though I don't recall the book's name, I remember reading a story when I was young and poor, whose moral was "always pay yourself 10%, no matter how small your income." This is so simple, I don't know why it isn't taught in schools. Nowadays, with 401K's and matching contributions, there is even more incentive to follow the old advice.

Could it be "The Richest Man in Babylon"?
http://www.bizbuildersusa.org/files/...nInBabylon.pdf

It was a good read.

[Amethyst]

Quote:

Originally Posted by JacqJolie Though I don't recall the book's name, I remember reading a story when I was young and poor, whose moral was "always pay yourself 10%, no matter how small your income." This is so simple, I don't know why it isn't taught in schools. Nowadays, with 401K's and matching contributions, there is even more incentive to follow the old advice. Could it be "The Richest Man in Babylon"? http://www.bizbuildersusa.org/files/...nInBabylon.pdf It was a good read.

That's it! Thanks for posting. Funny that I had forgotten everything about the story, except that 10% rule. The other rules are also excellent. If only it was possible to consistently get the "Babylonian" rate of return on investment (increase your principal by one-fourth every 4 years), though!

Amethyst

[misty57]

Best of luck to you. I'm sure that you're going to be FI in your later years.