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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:10 PM   #141
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Well by far the most important item in your plan to get a million by age 35 is the ability to save $65,000 per year. If you are able to do that over the next 12 years I do not see where you will have much of a problem - whatever your allocation method.

Personally I think the books to read are the Benjamin Graham books. The Intelligent Investor is very good yet short and his classic Security Analysis is all that is needed for investment. If you are to put such a large percentage of your labors into financial assets you owe it to yourself to become knowledgable into where your money should best be kept.

As for investing the key to Warren Buffet becoming as successful as became was leaving the market when it was overvalued and investing it all at the bottom in 1974 and riding a 30 year trend when it reversed. The ability to analyze a situation and not be influenced into changing your mind other than through reasoned thought is your key.

An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative."

Good fortune to you it appears to me you are already off to a good start.

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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:12 PM   #142
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by AirJordan
I feel confident that Fairholme, Primecap Core, and Dodge and Cox International will outperform over the next 10 years, and I'll take a substantial bet up to 10k, that these funds outperform their respective indices over that time frame. From your logic, you're saying that people like brewer are screwed, because just because a stock has performed well in the past, no one knows how it will be in the future.
There is a big difference between what I do and what you do. You are looking at past performance and tring to pick managers that will be able to continue outperformance even though you have no clue what they do or how they do it. I do analytical work to pick undervalued securities with good return potential and I have the background, training and expertise to do so.
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:12 PM   #143
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by soupcxan
Buying stocks of any kind is "giving up." If you are a REAL MAN [tm] then you create your own equity by starting your own company.
I agree with that statement. If someone is so smart and doesn't want to "give up" by relying on other people's companies, or funds managed by other people, or indexes put together by other people, then starting your own business to prove your manhood is in order.

This way you can invest in your own company stock which undoubtedly will perform much better than any other stock AND you won't be relying on someone else to make you rich.
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:15 PM   #144
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by AirJordan
a myriad of people pontificating about how stock picking/ active management, will always fail
If you are sincere about feedback, and not just trolling, stop putting words in people's mouths.

No myriad of people said it will always fail. As I said above, a monkey with darts can win at stock picking about half the time, even if they got their law degree from a 5th rate school

What some of us *are* saying, is that it would help to present some basis for the idea that past performance of funds can be used as a predictor for future performance. And that, on a risk adjusted basis, there is some level of confidence that can be assigned to it. If the confidence factor is 0.5, it is not of much practical use.

-ERD50
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:25 PM   #145
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

ok - i just read this looong thread and just kept wondering -

why said "wunderkind" needed someone to verify if he could make $1 mill by 35 given his input/year and age? He could put it in an online savings at 4 or 5% and get close if not there - so i vote TROLL!

my daughter is learning to count w/ her fingers in preschool if you want to sit in...they will do percentages soon.

and by the way, i work (he volunteers) with a multi- multi-millionaire who worked in one of the top finance firms and he is now retired and he said the real way to "wealth" is to invest in a specific industry - to specialize - and his friends are all the top .05 percenters (billionaires)- but they can take that risk and "gamble" - you win big or lose big - people here aren't trying to gamble with retirement planning...

so go read up on an industry/sector and put your "bet" down... good luck! i'm sure you'd have picked the right one in 98/99...
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:26 PM   #146
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Re: "giving up" by passive investing.

I find that the more I research investing and the vagaries of the market, I find the fear and greed and other behavioral aspects are pretty damn hard to predict.

The more I learn, the more I find I didn't/don't know.

So chalk me up as an ignorant sissy who "gave up"... :
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:28 PM   #147
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by brewer12345
There is a big difference between what I do and what you do. You are looking at past performance and tring to pick managers that will be able to continue outperformance even though you have no clue what they do or how they do it. I do analytical work to pick undervalued securities with good return potential and I have the background, training and expertise to do so.
And that's why many investors on this board are happy to buy some managed (gasp) value funds and why we are happy to listen to brewer's advice....
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:29 PM   #148
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Ok 2 things, the title of this thread is misleading. If I just save 65k a year, and put it in a money market I'll easily be a millionaire by 35. So that's not my problem.

Second, can somebody suggest something I should do to invest BESIDES indexing, which I have problems with. I.e. can i see what kind of portfolio you are using, and what I should do besides sell everything active managed and put it all in VTSMX.
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:29 PM   #149
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

When you boys gonna tire of bitch-slappin' this guy?

Ha
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:34 PM   #150
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by HaHa
When you boys gonna tire of bitch-slappin' this guy?

Ha
Does it ever end?

Quote:
Originally Posted by AirJordan
<snip> ...and what I should do besides sell everything active managed and put it all in VTSMX.
Callan Periodic Table

Try different weightings of these eight assets. Start with 12.5% of each.

-CC
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:38 PM   #151
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by AirJordan
Second, can somebody suggest something I should do to invest BESIDES indexing, which I have problems with. I.e. can i see what kind of portfolio you are using, and what I should do besides sell everything active managed and put it all in VTSMX.
I would stick with an index portfolio unless you want to learn a lot about accounting, finance and portfolio management and start buying individual securities.
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:43 PM   #152
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by bright eyed
why said "wunderkind" needed someone to verify if he could make $1 mill by 35 given his input/year and age? He could put it in an online savings at 4 or 5% and get close if not there - so i vote TROLL!

my daughter is learning to count w/ her fingers in preschool if you want to sit in...they will do percentages soon.
I stopped wondering about this wunderkind a while ago. If this guy is a lawyer, then it's bad news for humanity. I doubt he has finished high school. I don't think you want him in your daughter's class, it's not good for morale, nor tact, nor learning.

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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:49 PM   #153
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by Sam
I stopped wondering about this wunderkind a while ago. If this guy is a lawyer, then it's bad news for humanity. I doubt he has finished high school. I don't think you want him in your daughter's class, it's not good for morale, nor tact, nor learning.

Haverford Class of 2003, Tulane Law Class of 2006. Yep I finished them, I'll even give you my email and name if you want to chekc up on me
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 01:49 PM   #154
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by CCdaCE
Does it ever end?

Callan Periodic Table

Try different weightings of these eight assets. Start with 12.5% of each.

-CC
Besides indexing please...
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:02 PM   #155
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by AirJordan
And if you want to know what I do, I graduated law school at 23, yeah I'm a wunderkind of sorts, and do title analysis for a big oil company (won't say which one). Yipes other message boards were much nicer than this one
Quote:
Originally Posted by AirJordan
Haverford Class of 2001, Tulane Law Class of 2004. Yep I finished them, I'll even give you my email and name if you want to chekc up on me
You most certainly are a wunderkind (of sorts). Your ability to graduate in 2004 from law school at age 23 is amazing. The fact that now, over two years later, you are only 24 is simply unbelievable (literally). With that ability to bend facts as you see fit, I think you should have a very successful career as an attorney (until the Bar's ethics board catches up with you).

Now I understand why you fully expect to obtain 12-14% returns - you are a math genius! Prolly got a PhD in Mathematics from some 3rd tier college, too, huh?
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:04 PM   #156
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by AirJordan
Besides indexing please...
Oh, that's easy. Find some low cost, low turnover, tax efficient funds with successful managers that won't change their strategy when they shouldn't and will keep managing the fund forever. In addition, a good risk-adjusted "long term" track record.

-CC
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:06 PM   #157
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by HaHa
When you boys gonna tire of bitch-slappin' this guy?
Probably when he quits making it so easy and so much fun!

Really, you guys are cracking me up, but then again, what do I know, I'm a loser who didn't even graduate from law school until I was 24!!!!!!!
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:10 PM   #158
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by shiny
Really, you guys are cracking me up, but then again, what do I know, I'm a loser who didn't even graduate from law school until I was 24!!!!!!!
At least you went to a 1st tier school. That makes up for your dallying around.
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:12 PM   #159
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

Quote:
Originally Posted by AirJordan
Ok 2 things, the title of this thread is misleading. If I just save 65k a year, and put it in a money market I'll easily be a millionaire by 35. So that's not my problem.
And whose fault was that particular misunderstanding, Mr. "I don't need yer advice even tho' I'm askin'" Wonderboy? Obviously, you need to find someone to blame it on - it sure can't be you, right?


I'm thinkin' that when you tell the guy "puts" and you really meant "calls", they might be even less understanding towards your communication plight, than us supposedly loser "haystackers". :

Oh yeah, you are a real financial world-shaker alright...


I tremble in anticipation of your next amazing pronouncement...
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan
Old 03-02-2007, 02:17 PM   #160
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Re: 24 year old trying to get to millionaire by 35, punch holes in me plan

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Originally Posted by AirJordan
Besides indexing please...
Okay, I know this guy, "Guido".

You put it on the street, and the vig....

Oops, never mind, just one of your little verbal slip ups, or attitude spurts, and you might not be lookin' quite so pretty anymore -- so let's forget that route.


And, tell me again why the world should be at your service to figure out how to make a little twit like you wealthy, when you supposedly have it all figured out already? I musta forgot, cause it doesn't seem first on my personal "To do" list any longer ...
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