What's the best way to accumulate wealth?
(Chimp, 2
Points)
on 12/26/10 at 8:47pm
Other than just saving up your salary, spending moderately etc..
What are some safe and more effective kinds of investment or ways to accumulate a substantial amount of wealth over time?
And yes, I lack knowledge in financing...






Rich dead relatives.
Rich dead relatives.
A Nigerian king who just died
A Nigerian king who just died in a plane crash.
Become poor and vote Democrat
Become poor and vote Democrat and push for more taxes that "redistribute" wealth to you.
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Real Estate.... find some
Real Estate.... find some people to coinvest with and buy a small apartment building and hire a management firm... obviously, you'll want someone in your syndicate to have real estate knowledge to take the lead role. You'll get tax shield from the depreciation, maybe a 5-8% after-tax yield on cash flow (depending on going-in cap rate and how highly levered you are and interest rate on debt -- expect to put 30-35% down today in most markets), and you'll be able to 1031 to avoid capital gains when it comes time to sell.
The value of information is
The value of information is the most underrated and essential piece of artillery that one can hold for prosperity. Read books and The Journal. Life is all about competition. Not only do you have to out work the next person and ultimately have the desire to want to be great, wake up in the morning everyday, look yourself in the mirror, and be content with who you are. Good luck.
Marry someone who is
Marry someone who is rich...otherwise stay single.
Regards
"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so."
- Ronald Reagan
Right not it is the perfect
Right not it is the perfect time, this is a once in a lifetime opportunity, seriously. Real estate is incredibly cheap, I am in the process of buying an apartment here in South Florida that is selling for 1/3 of the price of 2 years ago. Amazing how many are out there.
Buy a few and rent them out, the rent money will pay for the mortgage and leave you with some extra income every month (as long as you buy them cheap of course). In the meantime, the housing market with time will recover, and you will find yourself with homes that are worth more that what you paid them for.
Same thing goes for stocks, buy a bunch of stuff like BAC, C etc and wait.
These are really exciting times, it's really sort of "now or never."
1) Figure out who the best
1) Figure out who the best performing hedge fund managers are who hold on to stocks for long periods of time. Then steal their stock picks. If it's a hedge fund that actively trades, the information is worthless by the time you get it.
2) Start your own business. To be more specific, learn how to make a good bagel or a good slice of pizza. I know people who own pizza places and make north of $200,000 per year in an all CASH business.
3) Invest in the most volatile real estate markets you can find, and invest with as much leverage as possible. If you time things right you will become filthy rich.
4) Become highly educated. Lawyers, doctors, and investment bankers tend to make a lot more money than construction workers.
Typically speaking most of the ideas I listed above are not safe investments, but in my opinion you're better off trying risky investments over and over again, until you get it right than you are investing in safe investments, because safe investments rarely yield more than 10% annual gains.
Men are so simple and so much inclined to obey immediate needs that a deceiver will never lack victims for his deceptions.
-Niccolo Machiavelli
ANT wrote: Become poor and
Become poor and vote Democrat and push for more taxes that "redistribute" wealth to you.
Oh, Anferny, you so silly...
If I had asked people what they wanted, they would have said faster horses - Henry Ford
cphbravo96 wrote: Marry
Marry someone who is rich...otherwise stay single.
Regards
Easier to marry into money than to make it for sure.
Real simple dude. Spend less
Real simple dude. Spend less than you earn. Buy assets. Invest. Minimize taxes. Repeat.
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MrFuture wrote: Right not it
Right not it is the perfect time, this is a once in a lifetime opportunity, seriously. Real estate is incredibly cheap, I am in the process of buying an apartment here in South Florida that is selling for 1/3 of the price of 2 years ago. Amazing how many are out there.
Buy a few and rent them out, the rent money will pay for the mortgage and leave you with some extra income every month (as long as you buy them cheap of course). In the meantime, the housing market with time will recover, and you will find yourself with homes that are worth more that what you paid them for.
Same thing goes for stocks, buy a bunch of stuff like BAC, C etc and wait.
These are really exciting times, it's really sort of "now or never."
2 questions:
How do you find money to finance these cheap appts?
How do you find/know about these deals?
If you're seriously thinking
If you're seriously thinking about investments, all you're going to get here are ideas and maybe ideas on how to figure it out yourself.
If you want to make money, start studying. There is no easy way to make money, if there was everyone would be rich. You don't need a traditional university education to make money, but you DO need an education, even if you give it to yourself. Once you start understanding the markets and business in general, you will start to see investment opportunities everywhere, from foreclosure signs to mismanaged business to undervalued stocks.
"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer
Cmoss wrote: MrFuture
Right not it is the perfect time, this is a once in a lifetime opportunity, seriously. Real estate is incredibly cheap, I am in the process of buying an apartment here in South Florida that is selling for 1/3 of the price of 2 years ago. Amazing how many are out there.
Buy a few and rent them out, the rent money will pay for the mortgage and leave you with some extra income every month (as long as you buy them cheap of course). In the meantime, the housing market with time will recover, and you will find yourself with homes that are worth more that what you paid them for.
Same thing goes for stocks, buy a bunch of stuff like BAC, C etc and wait.
These are really exciting times, it's really sort of "now or never."
2 questions:
How do you find money to finance these cheap appts?
How do you find/know about these deals?
Sorry for this very late reply but it's been a while since I checked this website.
If you have good credit, a downpament and a job, you'll get financing, regardless of what people say. Lenders like to see the same job for the past 2 years, or at least the same type of income for the past 2 years.
Good credit helps...I was happy to find out my scores are 738, 743 and 750.
As far as where to find them...remax.com or realtor.com have a bunch of listings that you can look through...I do not know where you live, but here is SF the real estate market was hit really bad and you can find $70k, 2bd/2br apartments that 4 years ago were selling for 200k......so you'll pay 800 per month (including hoa, taxes and insurance) while the rental rate is 1300....meaning you save 500 dollars, or you can make the 500 by renting it to someone.
This is what recessions are for....it's now or never...I just thank God I had no money back in 2005 when everyone was buying....look at them now....sucks to be them.
So I know there's a lot to be
So I know there's a lot to be had with investing personally, even a lot. The problem I realize though is that you must have money to make money. Any significantly successful investor (as in regular family people who are just skilled) I can't see making so much with a regular job that they can invest enough to make millions. Is it really possible to turn, say, $20k in savings into millions?
Or do the "xxxx and family" investors that make all of this get portfolio money from other sources?
You will not find the
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I just got word that my offer
70k condo? whats that, like
Ski mask and a sawed off
"Cut the burger into thirds, place it on the fries, roll one up homey..." - Epic Meal Time
Earn more, Spend less, Marry
kmzz wrote: 70k condo? whats
MrFuture wrote: Same thing
Put your parents in a trailer
"Make 'Nanas, not war! "
Marry into it.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
Successfully make risky