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On $20,000 Salary Parking Lot Attendant Saves and Invests Has $500,000 Portfolio
09-17-2007, 05:21 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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On $20,000 Salary Parking Lot Attendant Saves and Invests Has $500,000 Portfolio
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09-17-2007, 05:27 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 1,703
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Not bad. 44 years is the key, I think. Save $1000/year for 44 years at 9% and you get $500K.
Edit: wait, it says he started in 1981 with a $400 investment in IBM. So, that means 25 years at 25% to get $500K. We have found WEB's replacement!
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Emancipated from wage-slavery since 2002
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09-17-2007, 05:53 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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"I saved what I could from odd jobs, such as lawn cutting and window washing"
Hmmm. I wonder how much he earned in unreported cash on those "odd jobs."
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No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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09-17-2007, 06:22 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Having a 2nd self-employed job can be pretty profitable in terms of savings and tax-def accounts. It doesn't sound like he went that route though.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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09-17-2007, 06:38 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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What a rookie! Swiping the 'classic example' from gummy stuff. It's those dang women again - they confirm(being not male) - it's the hormones:
Ann Scheiber 1944-1995, never made over 3,150/yr as a civil servant and put in a total of $5000. Her stocks were 22 mil when she died in 1995.
Prompting yet an another woman(Roxann Klugman) from Minnesota to write a book - Dividend Growth Investment Strategy or something like that.
heh heh heh - she brown bagged a lot. I derailed a lot: 8k to 60k salary took 33 years to cross 1 mil the first time. Partyed a lot, sports cars, dirty blondies, tryed to unthaw Seattle - and Denver. Finally got serious in quiet staid New Orleans.
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09-18-2007, 02:06 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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I think it is an inspiring story. It shows what can be done if one puts their mind to it.
I hope he can loosen up, retire, and enjoy his hard earned money and investment gains.
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09-18-2007, 06:11 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Quote:
Originally Posted by chinaco
I think it is an inspiring story. It shows what can be done if one puts their mind to it.
I hope he can loosen up, retire, and enjoy his hard earned money and investment gains.
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In similar cases that I have read about in the past, these types usually donate a large chunk of their savings to charities. They seem to enjoy work, have minimal needs and would rather see the money go to some social cause.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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09-18-2007, 07:06 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Quote:
Originally Posted by wildcat
In similar cases that I have read about in the past, these types usually donate a large chunk of their savings to charities. They seem to enjoy work, have minimal needs and would rather see the money go to some social cause.
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Probably so. He's used to living on less than $20,000 per year. His SS will cover a lot of that, given his age and his 40 year working history. Something as small as a 1-2% SWR will cover any extra spending needs he would have.
It is a pretty amazing story. An example of the "American Dream", perhaps? Even someone in the lowest paid position can rise to wealth.
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09-18-2007, 08:20 AM
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#9
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Recycles dryer sheets
Join Date: Aug 2007
Posts: 224
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This inspiring story just proves you don't have to be a financial genius to acquire wealth. You just need to master 3 basic activities:
-Budgeting
-Saving
-Investing
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09-18-2007, 08:29 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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This reminds me of some of the stories of Wal-mart employees buying stock through their discounted employee purchase plan and becoming wealthy during the big growth years....
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09-18-2007, 09:08 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Quote:
Originally Posted by maddythebeagle
This reminds me of some of the stories of Wal-mart employees buying stock through their discounted employee purchase plan and becoming wealthy during the big growth years....
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I wasn't one of 'em
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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09-18-2007, 08:26 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Not poor - 2nd lt. newly minted - pssst TSP equivalent of 500Index. Got a good ten years in - till he screwed up and started reading - Four Pillars.
Today - dollar cost average as early and often as you can into the new model - Total Stock Market Index - taxible, tax deferred whatever.
Do NOT Read Books/Investment crap/ watch the market/hang around the water cooler with the guys - or at least talk sex and sports - Not the third S.
DCA for X years and when it's time to retire(trust your bellybutton) - retire and psst Wellesley or Target Retirement.
Of course it only took me forty years and every investment mistake in the book to figure out it is that simple - really!
heh heh heh - keep the faith: 'God Looks After Drunkards, Fools and The United States of America.'
Oh yeah - and sometimes idiots like me who read books, dinked/invested around for forty years - like the blind squirrel with the acorn I didn't notice much - my 500Index DCA'd into 401k got me to ER. Hindsight and a Curmudgeon certificate makes one 'crusty.'
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