Young Millionaires

[tryan]

Here's a few tales of how others have done it ...

Enjoy!

http://articles.moneycentral.msn.co...tyle/MillionairesTellHowTheyDidIt.aspx?page=1

 

[mountaintosea]

Good reading, good stories. I love rags to riches stories.

 

[Sisyphus]

Good stuff. Too bad there aren't more articles like this about people who do it by LBYM.

Too many times, people think they need to create the next "big thing" in order to retire before 65.

Good stuff, though!

 

[jj]

I know the people in one of these stories, their story originally appeared in Kiplinger's magazine in May or June of last year. I was astounded when I saw it. Their real names, and those of their children, are used. In fact, their story is one of save, lbym and plan properly, which is heartening to see. They could be posters here.

My only thought was what on earth possessed them to bare their financial details under their own names for their neighbors/acquaintances to see?

I wouldn't do it....

 

[dex]

I know the people in one of these stories, their story originally appeared in Kiplinger's magazine in May or June of last year. I was astounded when I saw it. Their real names, and those of their children, are used. In fact, their story is one of save, lbym and plan properly, which is heartening to see. They could be posters here.
My only thought was what on earth possessed them to bare their financial details under their own names for their neighbors/acquaintances to see?
I wouldn't do it....

I agree - people treat you differently when they think you have money.
I post my financial info here only because people don't know me and I can get a little feedback from others and possibly give a little help.
I think once people hear from the media rational thought goes out of their head.

 

[rs0460a]

My only thought was what on earth possessed them to bare their financial details under their own names for their neighbors/acquaintances to see?

How is the information validated? If you're talking about this forum, who's to say who we really are, and what we actually do (Wo*k/Retired), income (or investments/net worth), etc.....

- Ron (if that's my real name )...

 

[maddythebeagle]

Even folks that post on message boards are out of their mind sometimes, too.....I have seen a few (more on another disc. forum) constantly look for attention by posting their brokerage account balances...."In the real world", I want everyone to think I am poor....who needs people wanting to ask to borrow money that they will never pay back, etc.....

 

[Rich_by_the_Bay]

How is the information validated? If you're talking about this forum, who's to say who we really are, and what we actually do (Wo*k/Retired), income (or investments/net worth), etc.

That's a good point, Ron. Yet after hanging around a board for a while one does get a remarkably personal sense of other regulars, and the ability to pull of a total charade becomes more compicated in my experience. I must admit there have been a few here where my bulls&%# meter has gone up and up, but they often don't stick around. On those occasions when I have met people I've only known from the board, there were few surprises.

Nice part is that it doesn't matter. You can get great ideas, lots of amusement, do your due diligence when it matters and still come out ahead.

 

[REWahoo]

Yet after hanging around a board for a while one does get a remarkably personal sense of other regulars, and the ability to pull of a total charade becomes more compicated in my experience.

Exactly. That's why I'm in awe of the teenage girl from Missoula who calls herself "Unclemick".

 

[rs0460a]

Exactly. That's why I'm in awe of the teenage girl from Missoula who calls herself "Unclemick".

Just as I suspected ....

Also, I'm still trying to figure out who/what CFB is : ...

- Ron

 

[cute fuzzy bunny]

I'll be glad to answer any questions you might have Ron.

Why do your eyes keep rolling up in their sockets like that? Are you constantly on the verge of losing consciousness?

 

[maddythebeagle]

after nearly 13k posts...if you dont have the answers by now, well....

 

[FinanceDude]

after nearly 13k posts...if you dont have the answers by now, well....

 

[SteveR]

Some folks like to share their financial information and that is fine. I don't and for many reasons. It would not be too hard for people I know or work with or even family to figure out who I am. I don't wish to share my financial details with these people as it is truly none of their business. It is no secret I am FI and that ER is a few months (or less) away. But, the size of my nest egg is not for the general public to see. There is too much to lose and nothing to gain by sharing this. Were I to have been more secretive in my choice of username and other details shared on this board I might feel more secure in bragging a bit. After all, I worked my butt off to get it and I am proud of what I have done despite not being a wiz-kid in investments or having a ton of cash dropped in my lap.

 

[cute fuzzy bunny]

after nearly 13k posts...if you dont have the answers by now, well....

I'm so sorry Maddy, but i'm taken...

 

[firewhen]

You have to be careful what you say to anyone. I had a friend for 20 years, and in a conversation he mentioned a ballpark of what he had and then specifically asked me. I never would have gone down this road but since he did and shared with me first I took the bait.

His reaction was not good, and after that he distanced himself, stopped returning calls etc. to the point where I would say we are not in contact anymore. While some might say a true friend would not do this, I still feel it is best to only talk about net worth and income etc. anonymously on a board like this and not with virtually anyone else.

 

[milmoose]

I still feel it is best to only talk about net worth and income etc. anonymously on a board like this and not with virtually anyone else.

AMEN! My Dad has always asked probing questions, so I've become skilled at dodging any allusions to my net worth. I'm 29 and just hit $1M, so I certainly don't want my friends to know. Most of my close friends are very successful 2-3rd year associates at law firms or finishing medical residencies. All are smarter than me, but just starting their careers a bit later. The last thing I want to do is alienate my close friends/family...

- M

 

[Jay_Gatsby]

I still feel it is best to only talk about net worth and income etc. anonymously on a board like this and not with virtually anyone else.

AMEN! My Dad has always asked probing questions, so I've become skilled at dodging any allusions to my net worth. I'm 29 and just hit $1M, so I certainly don't want my friends to know. Most of my close friends are very successful 2-3rd year associates at law firms or finishing medical residencies. All are smarter than me, but just starting their careers a bit later. The last thing I want to do is alienate my close friends/family...

- M

Holy crap!

 

[brewer12345]

I don't trot out my net worth and income to friends and family, but when Dad asked point blank last year abut net worth, I told him. He's not going to get funny ideas, although my parents seem to want to live the high life by proxy through us (ain't gonna happen). Other family and friends, I really would probably be evasive.

 

[bongo2]

Nothing good can come from telling someone you have a lot of money. If pressed on this, I evade and spread disinformation. e.g. "it must be a lot less than Bill with his Porshe and vacation home," or "I read that 5% of the country has over a million dollars -- wow!"

 

[bssc]

I told my parents when I asked them to run our trust incase anything happens to the DW and me. They didn't seem concerned and still insist on paying for the same things that they pay for my sisters.

I haven't told anyone else and made a point of telling certain in-laws that we can't afford certain things such as a Porsche. In my thinking, it is because it is not in my budget. In their minds, it is because I don't have the money for it.

 

[milmoose]

made a point of telling certain in-laws that we can't afford certain things such as a Porsche.

Always key to emphasize what you can't "afford" (ie don't want to buy). I purchased a large house in a transitional neighborhood (massive lowball offer - 78% of asking price) and a 2002 Jaguar S-Type ($22,500). My folks think I'm spending every penny I make, but the reality is my mortgage payment is 13% of my salary and my car was paid for in cash...

Meanwhile, I sock away 30-40% of gross every year. Will be liquid enough to guarentee a solid retirement even if my income sees a permanent downward shift at age 33. (when I plan to start my own business)

- M

 

[Nords]

... and a 2002 Jaguar S-Type ($22,500).

I'd be afraid to turn my back on it in a parking lot, and I'd lay awake nights that the company would repossess it if I didn't wash it 3x/week...

The irony is that I know it's only $22K and I've lost more than that on a single stock-- let alone a depreciating asset.

 

[haha]

Some folks like to share their financial information and that is fine. I don't and for many reasons.

Dream on. Your fiancial information is clear enough. Some board memebers have phenominal memories and abilities to cross- link data.

Ha

 

[laurence]

I'm NOT a millionaire, not even close, but I'm definitely ahead of most of my peers, and I hide that fact from them. Oh, they have a suspicion because I'm always talking about diversification, Wellington, expense ratios, Wellington, etc.

Long story short, we made some really good friends through the Down Syndrom association ( My duaghter has DS) and one family in particular who we now go on weekend vacations with. They are LBYM types and are both MDs, so their NW is exponentially larger. But their savvy on financial stuff is less, so it's been a big relief for both of us to have someone to talk to about this. DW and I are two of the few people they can speak candidly to and have us just say, "good for you!" not "where's my cut?", and get some sound advice on feathering their nest egg.