Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 08:09 PM   #201
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by Bikerdude
Just got back from a few beers at "Gatekeepers". Peter says "Hi"
I guess you didn't get out much in your 4 years in Middletown. :
__________________

__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 09:18 PM   #202
Full time employment: Posting here.
 
Join Date: Jan 2006
Posts: 899
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by brewer12345
You might wish to be a tad more polite. There are several very seasoned investment professionals posting here that have a much better track record than either of the two clowns you mention.
Those who can do, those who can't do investments programs on TV and radio
__________________

__________________
mb is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 09:29 PM   #203
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,054
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Well, we're up to about 200 replies and I haven't read most of them, so this may have already been addressed, but: If you're making $100,000 a year how are you saving $65,000? (I've got to know, because I'm sure not doing it). You did mention taxes and a car note. Are you living in your parent's basement? Do you spend money on dates/clothes/food/utilities--including cable TV? Do you go to the dentist?
__________________
Carpe cōleī
redduck is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:03 PM   #204
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,269
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by redduck

Well, we're up to about 200 replies and I haven't read most of them, so this may have already been addressed, but: If you're making $100,000 a year how are you saving $65,000? (I've got to know, because I'm sure not doing it). You did mention taxes and a car note. Are you living in your parent's basement? Do you spend money on dates/clothes/food/utilities--including cable TV? Do you go to the dentist?
Go back a few posts and you'll see that he hasn't exactly been honest about a few things. Such is the internet. Search for wesleyan in these posts.

Google wesleyan and middletown and you'll find they don't even have a school of law.

He may well be living in his parent's basement. The $100K salary, graduating law school at 23, and being 'a wunderkind of sorts' is much more doubtful. A real wunderkind would not have made an identity slip like that, and more than likely would know that the best way to learn from people is not to insult them.

$100K after taxes and car payments and after saving $65K would not leave much, would it? It is among the many things in his posts that do not add up.

If he is that young, there may be hope for him though.

-ERD50
__________________
ERD50 is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:08 PM   #205
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Well now - a send up pitch like his gives us a chance to dust off our/my er lefthanded theories - and darn I just remembered:

pssst! Wellesley!

heh heh heh - with this many posts almost forgot.
__________________
unclemick is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:28 PM   #206
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Hmmm. I've been busy lately. Has anyone got a summary of this thread, or do I have to read all of it?
__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:34 PM   #207
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by bbbamI
Hmmm. I've been busy lately. Has anyone got a summary of this thread, or do I have to read all of it?
Young lawyer genius tells us ignoramni that high cost managed funds are the only way to paradise.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:35 PM   #208
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by Khan
Young lawyer genius tells us ignoramni that high cost managed funds are the only way to paradise.
You mean if I get into funds with 2% expense ratios and chase past performance I'll get 72 virgins? Hmmm...on second thought, no thanks. :P
__________________
laurence is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:41 PM   #209
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Thanks Khan! Movin' on.............
__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 10:43 PM   #210
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,269
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by Khan
Young lawyer genius tells us ignoramni that high cost managed funds are the only way to paradise.
Phoney young lawyer genius tells us ignoramni that high cost managed funds are the only way to paradise.

Asks us ignoramni to poke holes in his plan, then gets upset and insulting when we actually do question the plan.

Stories are full of holes, and he gives away his identity. Any internet troll living in his parent's basement should know better than that.

-ERD50

__________________
ERD50 is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-03-2007, 11:52 PM   #211
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 322
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Its interesting that as the posts went on so many came out and admited to owning a managed fund
Hi my name is Robert and I own a managed fund.
Sounded kind of like gamblers anonymous.

It was also interesting that it was a thread from someone who has so little time in the market. I love the argument that I can do X better than you . Oh really so your really good at stock picking and have done it for years. Err no but I am going to be better than you when I start
LOL


__________________
spideyrdpd is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 01:09 AM   #212
Recycles dryer sheets
 
Join Date: Jul 2005
Posts: 423
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

I was also amused that people go through sort of a 12-step process in investing.

1. get responsible and start saving
2. invest in managed funds
3. begin thinking you can beat everyone and the market because you are "just that much smarter than the clueless unshaved masses"
4. chase performance
5. get burned
6. go through the anger/denial/blame
7. find index funds and give up

damn, i need 5 more steps.. maybe as soon as I RE, I'll come up with them!
__________________
Olav23 is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 02:08 AM   #213
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

I've only evolved to step 2, and am holding there.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 07:02 AM   #214
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 329
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by Olav23
I was also amused that people go through sort of a 12-step process in investing.

1. get responsible and start saving
2. invest in managed funds
3. begin thinking you can beat everyone and the market because you are "just that much smarter than the clueless unshaved masses"
4. chase performance
5. get burned
6. go through the anger/denial/blame
7. find index funds and give up

damn, i need 5 more steps.. maybe as soon as I RE, I'll come up with them!
Woohoo! I started at number 7 Of course I didn't start until I was 27, so I'm quite a bit late to the party... But hey, I'll get there. Will one of you ER types save me some cake?
__________________
NinjaPigeon is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 07:06 AM   #215
Full time employment: Posting here.
DRiP Guy's Avatar
 
Join Date: Nov 2006
Posts: 546
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by NinjaPigeon
Woohoo! I started at number 7

Hey, many of us find beauty in the haystacks:

Art:
http://www.mystudios.com/art/impress...stack-1873.jpg
http://www.intermonet.com/oeuvre/grainstack.htm
http://www.pbase.com/carole_s/golden_fields

Study:
http://www.sarcasta.net/archive_guest_column.html
http://www.tkinter.smig.net/Romania/Haystacks/index.htm
__________________
DRiP Guy is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 08:43 AM   #216
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,315
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by ERD50
Google wesleyan and middletown and you'll find they don't even have a school of law
In all fairness to AJ, he didn't say he went to law school at Wesleyan. He said he went there for undergraduate school, and went to law school at Tulane.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
FIRE'd@51 is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 09:06 AM   #217
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,860
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by FIRE'd@51
In all fairness to AJ, he didn't say he went to law school at Wesleyan. He said he went there for undergraduate school, and went to law school at Tulane.
Ouch, all that excellent Tulane legal education that is so firmly centered on the intricacies of Napoleonic code. That must make it difficult to practice anywhere but Louisiana. All in all, the mention of Tulane Law School makes me glad I'm not a lawyer.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 10:00 AM   #218
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,269
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by FIRE'd@51
In all fairness to AJ, he didn't say he went to law school at Wesleyan. He said he went there for undergraduate school, and went to law school at Tulane.
True, (not that we really need to fair to him though ). I never went to law school, but, I would think that if you were to graduate 'early' as he spouted, your undergraduate work would have been in the law field?

Maybe not, at any rate, lots of holes in his stories. This one is at least questionable.

-ERD50
__________________
ERD50 is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 10:25 AM   #219
Dryer sheet wannabe
 
Join Date: Mar 2007
Posts: 11
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by redduck
Well, we're up to about 200 replies and I haven't read most of them, so this may have already been addressed, but: If you're making $100,000 a year how are you saving $65,000? (I've got to know, because I'm sure not doing it). You did mention taxes and a car note. Are you living in your parent's basement? Do you spend money on dates/clothes/food/utilities--including cable TV? Do you go to the dentist?
I posted a response to this question here.

For those that don't want to read it: Yes, it is possible depending on where in the country you are, but it's a stretch. It's less of a stretch if you include company incentives like 401k matching.
__________________
Lambda is offline   Reply With Quote
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-04-2007, 12:10 PM   #220
Recycles dryer sheets
 
Join Date: Mar 2007
Posts: 79
Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Yes it is in fact possible. A lot of my money consists of being out on the road and going to court houses. I get per diem money tax free, and I get mileage tax free. So when I make 100k a year, I might only have to pay 20k in taxes, since so much of my income is tax exempt. I don't live in my parent's basement, just an apartment I share with 3 guys and a girl, which is about 200$ a month for each of us, so just 2400 a year. I've got a steady girlfriend, and I drive a pretty nice car.

I am a scrimper in a lot of ways though, hardly ever go out to eat, brown bag it a lot, get drinks before I go to the bar. Etc. etc., I'm just frugal by nature so it's how I know to live, once I get up to that million threshold, I'll start to let it go a bit :P
__________________

__________________
AirJordan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Poke holes in my new financial plan Zoocat FIRE and Money 16 03-11-2007 08:12 PM
35 buckets plan, starting WR of 7.4% - punch holes in me plan citril FIRE and Money 35 03-10-2007 06:46 PM
New retirement plan, 400 million in a year, no money down teejayevans Other topics 1 02-13-2007 01:38 PM
nTelos cell phone plan? Dreamer Other topics 3 07-14-2006 01:27 PM
Shoot holes in my plan or give me a sanity check frayne FIRE and Money 4 04-04-2004 04:48 PM

 

 
All times are GMT -6. The time now is 07:49 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.