24 year old trying to get to millionaire by 35, punch holes in me plan

[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. :

 

[mb]

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

 

[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?

 

[ERD50]

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

 

[unclemick]

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.

 

[bbbamI]

Hmmm. I've been busy lately. Has anyone got a summary of this thread, or do I have to read all of it?

 

[Khan]

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.

 

[laurence]

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.

 

[bbbamI]

Thanks Khan! Movin' on.............

 

[ERD50]

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

 

[spideyrdpd]

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

 

[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!

 

[FinanceDude]

I've only evolved to step 2, and am holding there.............

 

[NinjaPigeon]

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?

 

[DRiP Guy]

Woohoo! I started at number 7

Hey, many of us find beauty in the haystacks:

Art:
http://www.mystudios.com/art/impress/pissarro/pissarro-haystack-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

 

[FIRE'd@51]

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.

 

[W2R]

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.

 

[ERD50]

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

 

[Lambda]

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.

 

[AirJordan]

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

 

[Olav23]

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

We'll see! Please let us know when you hit 35 how your spending changes. Frugality is a VERY hard habit to break, trust me! More money didn't seem to cure it for me, but getting married on the other hand... Somehow I am now enforced into a 20% minimum tipping scale when we eat out, no matter the service! Fancier vacations that don't involve just going to mexico and drinking too much

It is the small things that creep up on ya

 

[FIRE'd@51]

.............. but getting married on the other hand

I know what you mean. DW told me I was Director of Inflows, and she was Director of Outflows.

 

[Spanky]

it's hoped that inflow > outflow.

 

[Alex]

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

don't let the curmedgeons here beat ya down AJ. Some of the people here are just jealous: you have a high income, are young, AND have a clue! You have much to learn, but then, don't we all? Just keep plugging away and keep accumulating. Read lots of books and get varied opinions. You'll find the path that works for you and hopefully it won't cost you a fortune! Whatever you do, at this point you are way ahead of the game.

 

[haha]

don't let the curmedgeons here beat ya down AJ.

My feeling is if one has knowledge or opinions that he feels are hard won and at least somewhat likely to be helpful, and he is willing to make the effort to express these ideas clearly, then someone like AJ really doesn't deserve to hear them. No vale la pena.

I have no issues with truth or falsehood of what he says. He is likely telling the truth. My issue is with his lack of ordinary courtesy and also the idiocy of coming to ask people something and then arguing with what they say!


Ha