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New member new 7 figures
Old 07-29-2007, 03:19 PM   #1
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New member new 7 figures

52 year old son of coal miners and lumber men, raised poor. Decided 20 years ago (summer 1987) to not stay that way and set arbitrary goal of $1,000,000 liquid. Hit $1,000,000+ net worth last year, and $1,000,000 plus invested financial assets 6/12/07. I lived below my means: bought less house; drove vehicles until fixing was more expensive than purchasing (300K-500K miles); and made saving and investing a priority (as if my life depended on it, because in some ways it did)!

As a former college business professor I can tell you that "they" don't teach you how to handle your personal finances in B-school. Truth be known, they don't really teach much of practical use in B-school. I still am not sure even of what questions to ask, and I made, and still make mistakes, but I learn fast, and believe one of the best ways to grow is to access others experiences. Looking to learn mostly, contribute occasionally if able, encourage and be encouraged.

~All you can do is all you can do; but, all you can do is enough~ A.L.Williams
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Old 07-29-2007, 03:23 PM   #2
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Welcome to the forums and congratulations on making the seven figure goal.

LBYM is very helpful, I think, along with saving. We look forward to your contributions and encouragement.
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Old 07-29-2007, 03:33 PM   #3
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Thanks

I am hesitant to join sites as they usually are havens for anonymous ill advice and worse temper. Also most of them are too general in nature. I reviewed this forum carefully and am encouraged by all I see. I am on a "mission to spread the gospel" of the positive potential financial independence has on an individual.
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Old 07-29-2007, 03:49 PM   #4
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I, too, am a fan of Salma Hayek.
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Old 07-29-2007, 05:09 PM   #5
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Quote:
I am hesitant to join sites as they usually are havens for anonymous ill advice and worse temper.
And still you came here?
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Old 07-29-2007, 06:08 PM   #6
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Welcome to the board. I am sure you will learn a lot here and have a lot to contribute! For us still plugging away we like to hear of success stories.

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Old 07-29-2007, 07:54 PM   #7
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Hayekcapitalist, congratulations on hitting your goal! Yours sounds like a great success story. I think you'll be a terrific contributor -- welcome!

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Old 07-30-2007, 01:00 AM   #8
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Welcome to the board, Hayek.

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Originally Posted by hayekcapitalist View Post
Hit $1,000,000+ net worth last year, and $1,000,000 plus invested financial assets 6/12/07.
We're all hoping that we don't hit those significant-digit goals a second time-- on the way down next week...
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Old 07-30-2007, 07:54 AM   #9
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Welcome! Look forward to hearing more about your retirement plans and investment philosophy.
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Old 07-30-2007, 01:45 PM   #10
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I, too, am a fan of Salma Hayek.

O AL your trombone is so big!

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Old 07-30-2007, 02:06 PM   #11
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We're all hoping that we don't hit those significant-digit goals a second time-- on the way down next week...
too late. I crossed the boundary in the wrong direction last week...
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Old 07-30-2007, 02:10 PM   #12
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Good for you, Hayek. Welcome to the forum.
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Old 07-30-2007, 10:33 PM   #13
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too late. I crossed the boundary in the wrong direction last week...
Crossing over will happen many times. Get used to it now and it won't be as much of a shock when the numbers are even higher. Once you realize your portfolio makes more money than your annual salary and your living expenses can be cut by 40% or more it will be time for you to go Grasshopper.
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Old 07-31-2007, 01:23 PM   #14
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see. I am on a "mission to spread the gospel"
Most of us can be pretty irreverent. But you probably know the folks here know the difference between the actress and the economist. Thats not saying which one we'd rather spend the night reading.
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Old 08-01-2007, 01:52 PM   #15
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the folks here know the difference between the actress and the economist. Thats not saying which one we'd rather spend the night reading.
When bimbo wins the Nobel Prize in economics, it will be worth spending time pondering her thoughts. Until then ...
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Old 08-03-2007, 08:18 AM   #16
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Crossing over will happen many times. Get used to it now and it won't be as much of a shock when the numbers are even higher. Once you realize your portfolio makes more money than your annual salary and your living expenses can be cut by 40% or more it will be time for you to go Grasshopper.
The first few times we had $50k a day swings in our portfolio took my breath away. In today's market these type of swings are routine. In my view, as long as you are comfortable with your investing strategy, don't panic, just let it ride.
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Old 08-11-2007, 07:44 PM   #17
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Yes, I crossed over in the past week. Only market timers who got it right didn't, but I don't play that game. I have a small % of portfolio in precious metals and foreign currencies which has helped some and then not. I lost money years ago in options and am a liitle gun-shy although writing covered calls may be a legitimate way to enhance invesgtment income; am considering buying a few puts in the future. and buying the VIX as avolatility hedge when its price declines. I also own quite alot of energy stocks: large integrateds such as Exxon, natural gas ex/prod such as XTO, deepwater drillers such as Trans-ocean. They havent''helped and in fact hurt recent performance, but the fundamentals of supply and demand driven by global growth coupled with depressed prices make the stocks that more attractive. I don't try tyo catch falling knives, but one other strategy I have used over the past tow weeks is to put small amounts of money to work in equites as prices fall: looking for more atractive entry points in some beaten up stocks, Bank of america for instance.

I am not discouraged. I started in 1987, remember October of that year. Have dollar averaged throoughout all the ups and downs since. I like an edge and play the odds, and the odds favor the long term informed and intelligent investor. Unless it is apocalypse (and it ain't) this too shall pass.
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Old 08-11-2007, 07:51 PM   #18
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Trombone AL: I am unaware of Salma Hayek. But Freidrich Hayek, was an economist whose writings include the must read The Road to Serfdom, a classic economics work on the dangers of what he called collectivism, we would call socialsim. Anyway, glad to know you.
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Re :SalmaHayek
Old 08-11-2007, 09:19 PM   #19
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Re :SalmaHayek

No I don't get out much.
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Old 08-12-2007, 11:06 AM   #20
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The first few times we had $50k a day swings in our portfolio took my breath away. In today's market these type of swings are routine. In my view, as long as you are comfortable with your investing strategy, don't panic, just let it ride.
Hmm... It depends, I guess. 50K swing out of a 2MM or more portfolio is not such a "big deal", but the same swing out of a 1MM or less portfolio is a very significant.

But I agree about today's volatility. In only 7 months of this years, we already have at least 3 days when the market swings more than 2%. It was 3% just a few days ago!
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